Designated Subordinated Lender Default

Designated Subordinated Lender Default. Any default in payment of the Subordinated Obligations beyond any applicable grace period with respect thereto or a default arising as any result of the Subordinated Lenders ceasing to have a valid and perfected Lien in any of the Collateral other than by reason of any action or omission on the part of any Subordinated Lender which entitles the Subordinated Lenders to accelerate the maturity of any of the Subordinated Obligations.

Designated Subordinated Lender Default. A default in payment of the Subordinated Obligations beyond any applicable grace period with respect thereto.