This excerpt taken from the SBH 8-K filed Nov 15, 2006.
8.01 Events of Default.
Any of the following shall constitute an Event of Default (but only to the extent existing on or occurring after the Effective Date):
(a) Non-Payment. The Company or any other Loan Party fails to pay, (i) within one Business Day after the same becomes due, any amount of principal of any Loan, or (ii) within five Business Days after the same becomes due, any fee payable under Section 2.09 or interest or under any other Loan Document; or
(b) Representation or Warranty. Any representation or warranty by the Company, any other Loan Party or any other Material Subsidiary made or deemed made herein, in any other Loan Document, or which is contained in any certificate, document or financial or other statement by the Company, any other Loan Party or any other Material Subsidiary, or any Responsible Officer, furnished at any time under this Agreement, or in or under any other Loan Document, is incorrect in any material respect on or as of the date made or deemed made; or
(c) Specific Defaults. The Company fails to perform or observe any term, covenant or agreement contained in any of Sections 6.04 (with respect to any Loan Partys existence), 7.03, 7.05, 7.06, 7.09, 7.10 or 7.11; or
(d) Other Defaults. The Company or any other Loan Party fails to perform or observe any other material term or covenant contained in this Agreement or any other Loan Document (other than as provided in Sections 8.01(a),(b) and (c)), and such default shall continue unremedied for a period of 30 days after the earlier of (i) the date upon which a Responsible Officer knew of such failure or (ii) the date upon which written notice thereof is received by the Company from the Administrative Agent; or
(e) Cross-Default. (i) The Company or any Subsidiary fails to perform or observe any condition or covenant, or any other event shall occur or condition shall exist, under any agreement or instrument relating to any Indebtedness of the Company or any Subsidiary having an aggregate principal amount (including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than $50,000,000, and such failure continues after the applicable grace or notice period, if any, specified in the relevant document on the date of such failure if (A) the effect of such failure, event or condition is to cause such Indebtedness to be declared to be due and payable prior to its stated maturity or (B) such failure is the failure to pay principal or interest on the final stated maturity date of such Indebtedness; or (ii) if there shall occur any default or event of default, however denominated, under any cross default provision under any agreement or instrument relating to any Indebtedness of the Company or any Subsidiary of more than $50,000,000 and the effect of such default or event of default is to permit such Indebtedness to be declared to be due and payable prior to its stated maturity; provided that this subsection (e) shall not apply to any repayment, put or similar provision which permits any holder of any Indebtedness of the Company to compel the Company to repay all or any portion of such Indebtedness prior to the stated maturity of such Indebtedness as long as such repayment, put or similar provision is not triggered by a default, event of default or change of control which permits such Indebtedness to be declared due and payable prior to its stated maturity (for purposes of clarification, the triggering of payments pursuant to any change of control provision contained in any of the Companys Pension Plans, Multiemployer Plans, other Plans and any other employee benefit plan, arrangement or agreement whether or not covered by ERISA shall not constitute a breach of this subsection (e)); or
(f) Insolvency; Voluntary Proceedings. The Company, any other Loan Party or any Material Subsidiary (i) ceases to be solvent, or generally fails to pay its debts, or admits in writing its inability to pay its debts as they become due, subject to applicable grace periods, if any, whether at stated maturity or otherwise; (ii) voluntarily ceases to conduct its business in the ordinary course; (iii) commences any Insolvency Proceeding with respect to itself; or (iv) takes any action to effectuate or authorize any of the foregoing; or
(g) Involuntary Proceedings. (i) Any involuntary Insolvency Proceeding is commenced or filed against the Company, any other Loan Party or any Material Subsidiary, or any writ, judgment, warrant of attachment, execution or similar process, is issued or levied against a substantial part of the Companys or any such Subsidiarys properties, and any such proceeding or petition shall not be dismissed, or such writ, judgment, warrant of attachment, execution or similar process shall not be released, stayed, vacated or fully bonded within 60 days after commencement, filing, issuance or levy; (ii) the Company, any other Loan Party or any Material Subsidiary admits the material allegations of a petition against it in any Insolvency Proceeding, or an order for relief (or similar order under non-U.S. law involving a material portion of the Companys or such Subsidiarys total assets) is ordered in any Insolvency Proceeding involving the Company or any such Subsidiary; or (iii) the Company, any other Loan Party or any Material Subsidiary acquiesces in the appointment of a receiver, trustee, custodian, conservator, liquidator, mortgagee in possession (or agent therefor), or other similar Person for itself or a substantial portion of its property or business; or
(h) ERISA. (i) An ERISA Event shall occur with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected to result in liability of the Company under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of $50,000,000; (ii) the aggregate amount of Unfunded Pension Liability among all Pension Plans at any time exceeds $50,000,000; or (iii) the Company or any ERISA Affiliate shall fail to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess of $50,000,000; or
(i) Monetary Judgments. One or more non-interlocutory judgments, non-interlocutory orders, non-interlocutory decrees or arbitration awards is entered against the Company, any other Loan Party or any Material Subsidiary involving in the aggregate a liability (to the extent not covered by independent third-party insurance as to which the insurer does not dispute coverage) as to any single or related series of transactions, incidents or conditions, of $50,000,000 or more, and the same shall not have been vacated, discharged, stayed or appealed within the applicable period for appeal from the date of entry thereof or paid within ten Business Days after the same becomes non-appealable; or
(j) Non-Monetary Judgments. Any non-monetary judgment, order or decree is entered against the Company, any other Loan Party or any Subsidiary which has or would reasonably be expected to have a Material Adverse Effect; or
(k) Change of Control. There occurs any Change of Control after the Effective Date. For purposes of this Section 8.01(k), a Change of Control shall occur if any Person (including any syndicate or group deemed to be a person under Section 13(d)(3) of the Exchange Act), other than the Company, any Subsidiary of the Company, any employee benefit plan of the Company or any Family Member, is or becomes the beneficial owner, directly or indirectly, through a purchase, merger or other acquisition transaction or series of transactions, of shares of capital stock of the Company entitling such Person to exercise 25% (or, if greater, the aggregate percentage held by the Family Members) or more of the total voting power of all shares of capital stock of the Company entitled to vote generally in the election of directors; provided, however, that the Permitted Separation Transaction shall not constitute a Change of Control. Family Member means (i) any of Leonard H. Lavin, Bernice E. Lavin, Carol L. Bernick, Howard B. Bernick, their estates, their respective descendants or spouses, trusts for their benefit or Persons Controlled by any of the foregoing and (ii) any syndicate or group deemed to be a person under Section 13(d)(3) of the Exchange Act which is Controlled by any person or entity referred to in clause (i); or
(l) Invalidity of Loan Documents. Any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Loan Party affirmatively asserts the invalidity of any Loan Document.