Other Material Default definition
Other Material Default means a default (other than a Monetary Default) by a party in the performance or observance of any obligation of that party under a contractual arrangement that (a) with the giving of notice or lapse of time or both, would become an event of default with respect to such party and (b) materially and adversely affects the other party to such contractual obligation.
Other Material Default any Obligant defaults in the payment when due of any Indebtedness or in the payment when due of any other Indebtedness in excess of $100,000, subject to any applicable grace or cure period, or a default or event of default occurs under, and is not cured or waived within any applicable grace or cure period provided by, any agreement or security document (other than the Loan Documents) evidencing or securing any Indebtedness of any Obligant or securing other Indebtedness of any Obligant in excess of $100,000;
Examples of Other Material Default in a sentence
GS agrees that, if any Dispute continues unresolved for more than five Business Days, a “Dispute-Related Repurchase Right” shall be deemed to exist until the earlier to occur (if any) of (a) the resolution of such Dispute by the parties and (b) the occurrence of an Event of Default, a Monetary Default or an Other Material Default with respect to Counterparty.
The remaining 50% of any minimum royalties due at the time of the Payment Default Notice or Other Material Default Notice due prior to the applicable reduction hereunder (the "Minimum Royalty Remainder"), shall not be waived, but shall remain due and shall be payable on the first anniversary of the Payment Default Notice or Other Material Default Notice, as the case may be.