Default on Designated Senior Indebtedness Sample Clauses
Default on Designated Senior Indebtedness. The Company may not pay the principal of, premium (if any) or interest on the Securities or make any deposit pursuant to Section 8.01 and may not otherwise repurchase, redeem or otherwise retire any Securities (except that Holders may receive and retain Permitted Junior Securities) (collectively, "pay the Securities") if (a) a default in the payment of the principal of, premium, if any, or interest on any Designated Senior Indebtedness of the Company occurs and is continuing or any other amount owing in respect of any such Designated Senior Indebtedness is not paid when due, or (b) any other default on such Designated Senior Indebtedness occurs and the maturity of such Designated Senior Indebtedness is accelerated in accordance with its terms unless, in either case, (i) the default has been cured or waived and any such acceleration has been rescinded or (ii) such Designated Senior Indebtedness has been paid in full in cash or Cash Equivalents; provided, however, that the Company may pay the Securities without regard to the foregoing if the Company and the Trustee receive written notice approving such payment from the Representative of the holders of such Designated Senior Indebtedness with respect to which either of the events set forth in clause (a) or (b) of this sentence has occurred and is continuing. During the continuance of any default (other than a default described in clause (a) or (b) of the preceding sentence) with respect to any Designated Senior Indebtedness of the Company pursuant to which the maturity thereof may be accelerated immediately without further notice (except such notice as may be required to effect such acceleration) or the expiration of any applicable grace periods, the Company may not pay the Securities for a period (a "Payment Blockage Period") commencing upon the receipt by the Trustee (with a copy to the Company) of written notice (a "Blockage Notice") of such default from the Representative of the holders of such Designated Senior Indebtedness specifying an election to effect a Payment Blockage Period and ending 179 days thereafter (or earlier if such Payment Blockage Period is terminated (i) by written notice to the Trustee and the Company from the Person or Persons who gave such Blockage Notice, (ii) because such Designated Senior Indebtedness has been repaid in full in cash or Cash Equivalents or (iii) because the default giving rise to such Blockage Notice is no longer continuing). Notwithstanding the provisions describ...
Default on Designated Senior Indebtedness. SECTION 14.04. When Distributions Must Be Paid Over...................... SECTION 14.05. Notice.................................................... SECTION 14.06. Subrogation............................................... SECTION 14.07.
Default on Designated Senior Indebtedness. 86 Section 12.04. Acceleration of Notes.........................................87 Section 12.05. Notice by Company or Guarantors...............................87 Section 12.06. Subrogation...................................................88 Section 12.07. Relative Rights...............................................88 Section 12.08. Subordination May Not Be Impaired by any Guarantor............89 Section 12.09. Distribution or Notice to Representative......................89 Section 12.10. Rights of Trustee and Paying Agent............................89 Section 12.11. Authorization to Effect Subordination.........................90 Section 12.12. Amendments....................................................90
Default on Designated Senior Indebtedness. (a) No ----------------------------------------- payment or distribution of any assets of the Company of any kind or character, whether in cash, property or securities (other than Permitted Junior Securities), may be made by or on behalf of the Company on account of principal of, premium, if any, or interest on the Notes or on account of the purchase, redemption or other acquisition of Notes upon the occurrence of any Payment Default until such Payment Default shall have been cured or waived in writing or shall have ceased to exist or such Designated Senior Indebtedness shall have been discharged or paid in full in cash or cash equivalents. "Payment Default" shall mean a default in payment, whether at scheduled maturity, upon scheduled installment, by acceleration or otherwise, of principal of, or premium, if any, or interest on Designated Senior Indebtedness beyond any applicable grace period.
Default on Designated Senior Indebtedness. (a) The Company shall not make any payment in respect of any Senior Subordinated Obligations (except in Permitted Junior Securities or from any trust described under Articles 8 and 12 hereof) if:
(i) a payment default on Designated Senior Indebtedness occurs and is continuing; or
(ii) any other default (a "non-payment default") occurs and is continuing on any series of Designated Senior Indebtedness that permits holders of that series of Designated Senior Indebtedness to accelerate its maturity and a Responsible Officer of the Trustee receives actual notice of such default (a "Payment Blockage Notice") from the trustee or other representative for the holders of any Designated Senior Indebtedness, or the holders of at least a majority of the outstanding principal amount of such Designated Senior Indebtedness.
Default on Designated Senior Indebtedness. The Company may not make any payment in respect of the Notes (except in Permitted Junior Securities or from the trust pursuant to Article Eight hereof):
Default on Designated Senior Indebtedness. 69 Section 11.04 Acceleration of Notes . . . . . . . . . . . . . . . . . 70 Section 11.05 When Distribution Must be Paid Over . . . . . . . . . . 70 Section 11.06 Notice by Company . . . . . . . . . . . . . . . . . . . 70 Section 11.07 Subrogation . . . . . . . . . . . . . . . . . . . . . . 71 Section 11.08
Default on Designated Senior Indebtedness. [Reserved]
Default on Designated Senior Indebtedness. No payment or distribution, other than Permitted Payments, of any assets of the Company of any kind or character, whether in cash, property or securities, may be made by or on behalf of the Company on account of the principal of, or premium, if any, or interest on the Securities or on account of the purchase, redemption or other acquisition of Securities, upon the occurrence of any Payment Default in respect of Designated Senior Indebtedness until such Payment Default shall have been cured or waived in writing or shall have ceased to exist or such Designated Senior Indebtedness shall have been discharged or paid in full in cash or cash equivalents. A “
Default on Designated Senior Indebtedness. No payment or distribution of any assets of the Company of any kind or character, whether in cash, property or securities (other than payments in the form of Permitted Junior Securities), may be made by or on behalf of the Company on account of principal of, or premium, if any, or Original Issue Discount or accrued cash interest, if any, on (including Liquidated Damages, if any) the Securities or on account of the conversion, purchase, redemption or other acquisition of Securities (i) upon the occurrence of any Payment Default and after receipt by the Trustee of written notice from the representative of the holders of the Senior Indebtedness in respect of which such Payment Default exists, until such Payment Default shall have been cured or waived in writing or shall have ceased to exist or the Senior Indebtedness giving rise to such Payment Default shall have been discharged or paid in full in cash or cash equivalents (or other payments satisfactory to holders of Senior Indebtedness) or (ii) during a Payment Blockage Period arising as a result of Non-Payment Default. A "Payment Blockage Period" will commence upon the date of receipt by the Trustee of written notice from the representative of the holders of the Designated Senior Indebtedness in respect of which the Non-Payment Default exists and shall end on the earliest to occur of: