Payment Default on Other Indebtedness. Any Obligor or any of its Subsidiaries shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable after giving effect to any applicable grace or cure period as originally provided by the terms of such Indebtedness.
Payment Default on Other Indebtedness. Any default or event of default shall have occurred under any other Indebtedness of Note Parties in excess of $200,000 in outstanding principal amount which is either (x) a payment default or (y) a nonpayment default that gives the holder of such Indebtedness a right to accelerate such Indebtedness; or
Payment Default on Other Indebtedness. In the event ------------------------------------- that any Material Entity shall fail to make any payment when due (whether at scheduled maturity, by acceleration, when declared to be due and payable or otherwise) in respect of any Indebtedness outstanding (individually or in the aggregate) in a principal amount of $2,500,000 or more at any time that a Person affiliated with or designated by the Seller is then the Collection Agent, and such failure shall remain unremedied for three (3) days, the Agent may demand that the Seller thereupon seek and obtain the services of a new Collection Agent satisfactory to the Agent. For this purpose, "Material Entity" means The Bon- --------------- Ton Stores, Inc., The Bon-Ton National Corp., The Bon-Ton Trade Corp., The Bon- Ton Stores of Lancaster, Inc., Xxxx, Xxxxxxx & Xxxxxxxx Co., Inc. and any other Person controlling, controlled by or under common control with The Bon-Ton Stores, Inc. and representing not less than 5% of the net worth of the consolidated group of which The Bon-Ton Stores, Inc. comprises a part.
Payment Default on Other Indebtedness. In the event that any Material Entity (as defined below)
Payment Default on Other Indebtedness. In the event that any Material Entity (as defined below) shall fail to make any payment when due (whether at scheduled maturity, by acceleration, when declared to be due and payable or otherwise) in respect of any Indebtedness (other than any Indebtedness with respect to which the payee is The
Payment Default on Other Indebtedness. If there is (i) any “Event of Default” (or any similar term) as defined in the Revolving Loan Documents, or (ii) a default or event of default in one or more agreements to which any Note Party or any of its Subsidiaries is a party with one or more third Persons relative to Indebtedness of any such Note Party or its Subsidiary (other than the Revolving Loan Debt) involving an aggregate amount of $1,500,000 or more, and with respect to this clause (ii) such default (x) occurs at or prior to the final maturity of the obligations thereunder, or (y) results in a right by such third Person(s), irrespective of whether exercised, to accelerate the maturity of the obligations of the Note Party or its Subsidiary thereunder; or
Payment Default on Other Indebtedness. Section 7.4. [Reserved]. In the event that any Material Entity (as defined below) shall fail to make any payment when due (whether at scheduled maturity, by acceleration, when declared to be due and payable or otherwise) in respect of any Indebtedness (other than any Indebtedness with respect to which the payee is the Parent or any Affiliate thereof) outstanding (individually or in the aggregate) in a principal amount of $2,500,000 or more at any time that a Person affiliated with or designated by the Originator is then the Collection Agent or the Sub-Servicer, and such failure shall remain unremedied for three (3) Business Days, the Agent, as assignee of the Buyer, may, with the consent of the Managing Agents, and shall, at the direction of any Managing Agent, demand that the Originator thereupon seek and obtain the services of a new Collection Agent or Sub-Servicer satisfactory to the Agent and the Managing Agent. For this purpose, “
