No Payment When Senior Indebtedness in Default. (a) In the event that any Senior Payment Default (as defined below) shall have occurred, then no Securities Payment shall be made, nor shall any property of the Company or any Subsidiary of the Company be applied to the purchase, acquisition, retirement or redemption of the Securities, unless and until such Senior Payment Default shall have been cured or waived in writing or shall have ceased to exist or all amounts then due and payable in respect of such Senior Indebtedness (including amounts that have become and remain due by acceleration) shall have been paid in full in cash. "Senior Payment Default" means any default in the payment of principal of (or premium, if any) or interest on any Senior Indebtedness when due, whether at the Stated Maturity of any such payment or by declaration of acceleration of maturity, call for redemption, mandatory payment or prepayment or otherwise.
Appears in 2 contracts
Sources: Indenture (Ormat Technologies, Inc.), Indenture (Ipc Holdings LTD)
No Payment When Senior Indebtedness in Default. (a) In the event that any Senior Payment Default (as defined below) shall have occurred, then no Securities Payment shall be made, nor shall any property of the Company or any Subsidiary of the Company be applied to the purchase, acquisition, retirement or redemption of the SecuritiesDebentures, unless and until such Senior Payment Default shall have been cured or waived in writing or shall have ceased to exist or all amounts then due and payable in respect of such Senior Indebtedness (including amounts that have become and remain due by acceleration) shall have been paid in full in cash. "“Senior Payment Default" ” means any default in the payment of principal of (or premium, if any) or interest on any Senior Indebtedness when due, whether at the Stated Maturity of any such payment or by declaration of acceleration of maturityacceleration, call for redemption, mandatory payment or prepayment or otherwise.
Appears in 2 contracts
Sources: Sixth Supplemental Indenture (Allstate Corp), Fifth Supplemental Indenture (Allstate Corp)
No Payment When Senior Indebtedness in Default. (a) In the event that any Senior Payment Default (as defined below) shall have occurredoccurred and be continuing, then no Securities Senior Subordinated Notes Payment shall be made, nor shall any property of the Company or any Subsidiary of the Company be applied to the purchase, acquisition, retirement or redemption of the Securities, made unless and until such Senior Payment Default shall have been cured or waived in writing or shall have ceased to exist or all amounts then due and payable in respect of the Senior Indebtedness which was the subject of such Senior Indebtedness (including amounts that have become and remain due by acceleration) Payment Default shall have been paid in full in cashcash or cash equivalents. "“Senior Payment Default" ” means any default in the payment of principal of (or premium, if any), of interest or fees (or, with respect to Interest Swap Obligations constituting Senior Indebtedness, any equivalent payment Obligations) or interest on with respect to any Senior Indebtedness when due, whether at the Stated Maturity due date of any such payment or by declaration of acceleration of maturityacceleration, prepayment, call for redemption, mandatory payment or prepayment redemption or otherwise.. Upon the occurrence of a Senior Nonmonetary Default (as defined below) and receipt of written
Appears in 1 contract
Sources: Senior Subordinated Note Purchase Agreement (Digitalglobe Inc)
No Payment When Senior Indebtedness in Default. (a) In the event that any Senior Payment Default (as defined below) shall have occurred, then no Securities Payment shall be made, nor shall any property of the Company Corporation or any Subsidiary of the Company Corporation be applied to the purchase, acquisition, retirement or redemption of the Securities, unless and until such Senior Payment Default shall have been cured or waived in writing or shall have ceased to exist or all amounts then due and payable in respect of such Senior Indebtedness (including amounts that have become and remain due by acceleration) shall have been paid in full in cash. "Senior Payment Default" means any default in the payment of principal of (or premium, if any) or interest on any Senior Indebtedness when due, whether at on the Stated Maturity of Date for any such payment or by declaration of acceleration of maturityacceleration, call for redemption, mandatory payment or prepayment or otherwise.
Appears in 1 contract