Default on Senior Debt Clause Samples
Default on Senior Debt. (a) The Company may not make any payment or distribution to the Trustee or any Holder in respect of the Securities and may not acquire from the Trustee or any Holder any Securities for cash or property (other than (1) securities that are subordinated to at least the same extent as the Securities to (A) Senior Debt and (B) any securities issued in exchange for Senior Debt and (2) payments and other distributions made from any defeasance trust created pursuant to Section 10.5 hereof) until all principal and other Obligations with respect to the Senior Debt have been paid in full if:
(1) a default in the payment of the principal of, premium, if any, or interest on Senior Debt occurs and is continuing beyond any applicable grace period in the agreement, indenture or other document governing such Senior Debt; or
(2) a default on Senior Debt occurs and is continuing with respect to Senior Debt that then permits holders of the Senior Debt as to which such default relates to accelerate its maturity and the Trustee receives a notice of the default (a “Payment Blockage Notice”) from a Person who may give it pursuant to Section 12.12 hereof. If the Trustee receives any such Payment Blockage Notice, no subsequent Payment Blockage Notice shall be effective for purposes of this Section unless and until (I) at least 360 days shall have elapsed since the effectiveness of the immediately prior Payment Blockage Notice and (II) all scheduled payments of principal and premium, if any, and interest on the Securities that have come due (other than by reason of acceleration) have been paid in full in cash. No default described in this paragraph (2) that existed or was continuing on the date of delivery of any Payment Blockage Notice to the Trustee shall be, or be made, the basis for a subsequent Payment Blockage Notice.
(b) The Company may and shall resume payments on and distributions in respect of the Securities and may acquire them:
(1) in the case of a default described in Section 12.4(a)(1), upon the date on which the default is cured or waived,
(2) in the case of a default referred to in Section 12.4(a)(2) hereof, the earlier of the date on which such default is cured or waived or 179 days after the date on which the applicable Payment Blockage Notice is received, unless the maturity of any Senior Debt has been accelerated, and
(3) if this Article otherwise permits the payment, distribution or acquisition at the time of such payment, distribution or acquisition.
Default on Senior Debt. The Company may not pay principal of or interest on the Securities and may not acquire any Securities for cash or property other than capital stock of the Company if:
(i) a default on Senior Debt occurs and is continuing that permits holders of such Senior Debt to accelerate its maturity, and
(ii) the default is the subject of judicial proceedings or the Company receives a notice of the default from a person who may give it pursuant to Section 15.11. If the Company receives any such notice, a similar notice received within nine months thereafter relating to the same default on the same issue of Senior Debt shall not be effective for purposes of this Section. The Company may resume payments on the Securities and may acquire them when:
(a) the default is cured or waived, or
(b) 120 days pass after the notice is given if the default is not the subject of judicial proceedings, if this Article otherwise permits the payment or acquisition at that time.
Default on Senior Debt. In the event and during the continuation of any default by the Company in the payment of principal, premium, interest or any other payment due on any Senior Debt, or in the event that the maturity of any Senior Debt has been accelerated because of a default, then, in either case, no payment shall be made by the Company with respect to the principal (including redemption payments) of or premium, if any, or interest on the Debentures until such default shall have been cured or waived in writing or shall have ceased to exist or such Senior Debt shall have been discharged or paid in full. In the event of the acceleration of the maturity of the Debentures, then no payment shall be made by the Company with respect to the principal (including redemption payments) of or premium, if any, or interest on the Debentures until the holders of all Senior Debt outstanding at the time of such acceleration shall receive payment in full of such Senior Debt (including any amounts due upon acceleration). In the event that, notwithstanding the foregoing, any payment shall be received by the Trustee or any Debentureholder when such payment is prohibited by the preceding paragraphs of this Section 14.02, such payment shall be held in trust for the benefit of, and shall be paid over or delivered to, the holders of Senior Debt or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any of such Senior Debt may have been issued, as their respective interests may appear.
Default on Senior Debt. (a) The Company may not make any payment or distribution to the Trustee or any Holder in respect of Obligations with respect to the Debentures and may not acquire from the Trustee or any Holder any Debentures for cash or property (other than Permitted Junior Securities) until all principal and other Obligations with respect to the Senior Debt have been paid in full if:
(i) a default in the payment of any principal or other Obligations with respect to Senior Debt occurs and is continuing beyond any applicable grace period in the agreement, indenture or other document governing such Senior Debt; or
(ii) a default, other than a payment default, on Senior Debt occurs and is continuing that then permits holders of the Senior Debt to accelerate its maturity, provided that such default shall not have been cured or waived or ceased to exist after written notice of such default shall have been given to the Company and the Trustee by any holder of Senior Debt; or
(iii) any judicial proceeding shall be pending with respect to any such default in payment or event of default.
(b) Upon any acceleration of the principal due on the Debentures, all amounts due on all Senior Debt must be paid in full before the Holders of Debentures are entitled to receive any payment.
Default on Senior Debt. 71 SECTION 14.3.
Default on Senior Debt. 68 Section 12.04. Acceleration of Payment of Securities....................................... 68 Section 12.05. When Distribution Must Be Paid Over......................................... 68 Section 12.06. Subrogation................................................................. 69 Section 12.07. Relative Rights............................................................. 69 Section 12.08. Subordination May Not Be Impaired by the Company or the Subsidiary Guarantors ................................................................. 69 Section 12.09. Rights of Trustee and Paying Agent.......................................... 69 Section 12.10. Distribution or Notice to Representative.................................... 69 Section 12.11. Article 12 Not to Prevent Events of Default or Limit Right to Accelerate.... 70 Section 12.12. Trust Moneys Not Subordinated............................................... 70 Section 12.13. Trustee Entitled to Rely.................................................... 70
Default on Senior Debt. 96 Section 12.05. When Distribution Must Be Paid Over............................................97 Section 12.06. Subrogation....................................................................97 Section 12.07.
Default on Senior Debt. 67 SECTION 1604. Acceleration of Securities...............................68 SECTION 1605. When Distribution Must Be Paid Over......................68 SECTION 1606.
Default on Senior Debt. 86 SECTION 1804. Acceleration of Securities....................................................................86
Default on Senior Debt. So long as the Senior Debt has not been paid in full, if there shall occur a default in the payment when due of any amount due and owing on account of Senior Debt (any of the foregoing being a "Senior Debt Default") then, from and after the receipt of written notice thereof from the holder of Senior Debt unless and until such Senior Debt Default shall have been remedied or waived the Company will not make any Payment on any Subordinated Debt, and the Holders of Subordinated Debt will not receive or accept any direct or indirect Payment in respect thereof, and the Company may not redeem or otherwise acquire any Subordinated Debt.