Common use of Default on Senior Indebtedness of the Company Clause in Contracts

Default on Senior Indebtedness of the Company. (a) The Company may not pay the principal of or interest on the Notes or make any deposit pursuant to Section 8.1 and may not repurchase, redeem or otherwise retire any Notes (collectively, "pay the Notes"), other than, with the consent of each Holder affected thereby, payments and other distributions in the form of Permitted Junior Securities if: (A) a payment default on Senior Indebtedness of the Company occurs and is continuing beyond any applicable grace period; or (B) any other default occurs and is continuing on Senior Indebtedness of the Company that permits the holders thereof to accelerate its maturity and the Trustee receives a notice of that default (a "Payment Blockage Notice") from the Company or the holders of such Senior Indebtedness. (b) Payments on the Notes may and shall be resumed: (A) in the case of a payment default, upon the date on which it is cured or waived by holders of Senior Indebtedness; and (B) in case of a Payment Blockage Notice relating to a nonpayment default, the earlier of the date on which it is cured or waived by holders of Senior Indebtedness or 179 days after the date on which such Payment Blockage Notice is received, unless the maturity of the relevant Senior Indebtedness of the Company has been accelerated.