MoneyGram 2009 Annual Report Download - page 248

Section 7.1 Representation or Warranty. Any representation or warranty made or deemed made by or on behalf of Holdco, the Borrower or any of the
Subsidiaries to the Lenders or the Administrative Agent under or in connection with any Loan Document, any Credit Extension, or any certificate or
information required to be delivered under any Loan Document shall be materially false on the date as of which made.
Section 7.2 Non-Payment. Nonpayment of principal of any Loan when due, nonpayment of any reimbursement obligation in respect of any LC
Disbursement within five Business Days after the same becomes due and the Borrower has received written notice of such fact, or nonpayment of interest
upon any Loan or of any commitment fee, LC Fee or other obligations under any of the Loan Documents within five Business Days after the same becomes
due.
Section 7.3 Specific Defaults. The breach by any Loan Party of any of the terms or provisions of Section 6.3, Sections 6.10 through and including 6.19.
Section 7.4 Other Defaults. The breach by any Loan Party (other than a breach which constitutes a Default under Section 7.2 or 7.3 of this Article VII) of
any of the terms or provisions of this Agreement or any other Loan Document which is not remedied within thirty days after written notice thereof from the
Administrative Agent to the Borrower.
Section 7.5 Cross-Default. Failure of Holdco or any of its Subsidiaries to pay when due any Material Indebtedness; or the default by Holdco or any of its
Subsidiaries in the performance (beyond the applicable grace period with respect thereto, if any, and provided that such default has not been cured or waived)
of any term, provision or condition contained in any Material Indebtedness Agreement, or any other event shall occur or condition exist, the effect of which
default, event or condition is to cause, or to permit the holder(s) of such Material Indebtedness or the lender(s) under any Material Indebtedness Agreement to
cause, such Material Indebtedness to become due prior to its stated maturity; or any Material Indebtedness of Holdco or any of its Subsidiaries shall be
declared to be due and payable or required to be prepaid or repurchased (other than by a regularly scheduled payment) prior to the stated maturity thereof.
Section 7.6 Insolvency; Voluntary Proceedings. Holdco or any of its Subsidiaries shall (i) have an order for relief entered with respect to it under the
Federal or state bankruptcy laws as now or hereafter in effect, (ii) make a general assignment for the benefit of creditors, (iii) apply for, seek, consent to, or
acquiesce in, the appointment of a receiver, custodian, trustee, examiner, liquidator or similar official for it or any Substantial Portion of its Property,
(iv) institute any proceeding seeking an order for relief under the Federal or state bankruptcy laws as now or hereafter in effect or seeking to adjudicate it a
bankrupt or insolvent, or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment or composition of it or its debts under any law
relating to bankruptcy, insolvency or reorganization or relief of debtors or fail to file an answer or other pleading denying the material allegations of any such
proceeding filed against it, (v) take any corporate or partnership action to authorize or effect any of the foregoing actions set forth in this Section 7.6, (vi) fail
to contest in good faith any appointment or proceeding described in Section 7.7 or (vii) not pay, or admit in writing its inability to pay, its debts generally as
they become due. 98