No Payment When Senior Debt in Default. In the event that any Senior Payment Default shall have occurred, then no Securities Payment shall be made unless and until such Senior Payment Default shall have been cured or waived in writing or shall have ceased to exist or all Obligations in respect of such Senior Debt shall have been paid in full in cash or cash equivalents. The provisions of this Section shall not apply to any Securities Payment with respect to which Section 1302 hereof would be applicable.
Appears in 4 contracts
Sources: Indenture (Uhc Capital I), Indenture (Olympic Financial LTD), Indenture (Olympic Financial LTD)
No Payment When Senior Debt in Default. In the event that any Senior Payment Default (as defined below) shall have occurredoccurred and be continuing, then no Securities Payment shall be made unless and until such Senior Payment Default shall have been cured or waived in writing or shall have ceased to exist or all Obligations amounts then due and payable in respect of such Senior Debt shall have been paid in full full, or provision shall have been made for such payment in cash or cash equivalentsequivalents or otherwise in a manner satisfactory to the holders of Senior Debt. The provisions of this Section shall not apply to any Securities Payment with respect to which Section 1302 hereof would be applicable."
Appears in 3 contracts
Sources: Indenture (Transtexas Gas Corp), Indenture (Transtexas Gas Corp), Indenture (Nextlink Communications LLC)
No Payment When Senior Debt in Default. In the event that any Senior Payment Default (as defined below) shall have occurredoccurred and be continuing, then no Securities Payment shall be made unless and until such Senior Payment Default shall have been cured or waived in writing or shall have ceased to exist or all Obligations amounts then due and payable in respect of such Senior Debt shall have been paid in full full, or provision shall have been made for such payment, in cash or cash equivalentsCash Equivalents or otherwise in a manner satisfactory to the holders of Senior Debt. The provisions of this Section shall not apply to any Securities Payment with respect to which Section 1302 hereof would be applicable.β
Appears in 2 contracts
Sources: Indenture (Geo MCF Lp, LLC), Indenture (OM Asset Management PLC)
No Payment When Senior Debt in Default. In the event that any Senior Payment Default (as defined below) shall have occurredoccurred and be continuing, then no Securities Payment (other than in Subordinated Consideration) shall be made unless and until such Senior Payment Default shall have been cured or waived in writing or shall have ceased to exist or all Obligations amounts then due and payable in respect of such Senior Debt shall have been paid in full full, or provision shall have been made for such payment in cash or cash equivalentsequivalents or otherwise in a manner satisfactory to the holders of Senior Debt. The provisions of this Section shall not apply to any Securities Payment with respect to which Section 1302 hereof would be applicable."
Appears in 2 contracts
Sources: Indenture (Granite Broadcasting Corp), Indenture (Granite Broadcasting Corp)
No Payment When Senior Debt in Default. In the event that any Senior Payment Default (as defined below) shall have occurredoccurred and be continuing, then no Securities Payment shall be made unless and until such Senior Payment Default shall have been cured or waived in writing or shall have ceased to exist or all Obligations amounts then due and payable in respect of such Senior Debt shall have been paid in full full, or provision shall have been made for such payment in cash or cash equivalentsequivalents or any other manner acceptable to the holders of the Senior Debt. The provisions of this Section shall not apply to any Securities Payment with respect to which Section 1302 hereof would be applicable."
Appears in 2 contracts
Sources: Indenture (Iridium Facilities Corp), Indenture (Pathology Building Partnership)