Common use of Payment Cross-Default Clause in Contracts

Payment Cross-Default. other than as specifically dealt with under this Section 12.1, if any Obligor defaults in the payment when due (whether at maturity, upon acceleration, on demand or otherwise) of any Debt for amounts in aggregate in excess of the Threshold Amount and, if there is a grace period applicable thereto, such payment default continues unremedied beyond the expiry of such grace period;