Common use of Acceleration of Payment of Securities Clause in Contracts

Acceleration of Payment of Securities. If payment of the Securities is accelerated because of an Event of Default, the Company or the Trustee (provided, that the Trustee shall have received written notice from the Company, on which notice the Trustee shall be entitled to conclusively rely) shall promptly notify the holders of the Designated Senior Indebtedness of the Company (or their Representative) of the acceleration. If any Designated Senior Indebtedness of the Company is outstanding, the Company may not pay the Securities until five Business Days after such holders or the Representative of such Designated Senior Indebtedness receive notice of such acceleration and, thereafter, may pay the Securities only if this Article 10 otherwise permits payment at that time.

Appears in 5 contracts

Samples: Credit Agreement (Trimas Corp), Indenture (TRW Automotive Inc), Indenture (TRW Automotive Inc)

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Acceleration of Payment of Securities. If payment of the Securities is accelerated because of an Event of Default, the Company Issuers or the Trustee (provided, that the Trustee shall have received written notice from the CompanyIssuers, on which notice the Trustee shall be entitled to conclusively rely) shall promptly notify the holders of the Designated Senior Indebtedness of the Company each Issuer (or their Representative) of the acceleration. If any Designated Senior Indebtedness of the Company Issuers is outstanding, the Company Issuers may not pay the Securities until five Business Days after such holders or the Representative of such Designated Senior Indebtedness receive notice of such acceleration and, thereafter, may pay the Securities only if this Article 10 otherwise permits payment at that time.

Appears in 4 contracts

Samples: Supplemental Indenture (Dex Media International Inc), Supplemental Indenture (Dex Media Inc), Dex Media West LLC

Acceleration of Payment of Securities. If payment of the Securities is accelerated because of an Event of Default, the Company or the Trustee (provided, that the Trustee shall have received written notice from the Company, on which notice the Trustee shall be entitled to conclusively rely) shall promptly notify the holders of the Designated Senior Indebtedness of the Company (or their Representative) the Representative of such Designated Senior Indebtedness of the acceleration; provided that any failure to give such notice shall have no effect whatsoever on the provisions of this Article Fourteen. If any Designated Senior Indebtedness of the Company is outstanding, the Company may not pay the Securities until five Business Days after such the Representatives of all the holders or the Representative of such Designated Senior Indebtedness receive notice of such acceleration and, thereafter, may pay the Securities only if this Article 10 Indenture otherwise permits payment at that time.

Appears in 2 contracts

Samples: Indenture (Peabody Energy Corp), Cottonwood Land Co

Acceleration of Payment of Securities. If payment of the Securities is accelerated because of an Event of Default, the Company or the Trustee (providedPROVIDED, that the Trustee shall have received written notice from the Company, on which notice the Trustee shall be entitled to conclusively rely) shall promptly notify the holders of the Designated Senior Indebtedness of the Company (or their Representative) of the acceleration. If any Designated Senior Indebtedness of the Company is outstanding, the Company may not pay the Securities until five Business Days after such holders or the Representative of such Designated Senior Indebtedness receive notice of such acceleration and, thereafter, may pay the Securities only if this Article 10 otherwise permits payment at that time.

Appears in 1 contract

Samples: Alliant Techsystems Inc

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Acceleration of Payment of Securities. If payment of the Securities is accelerated because of an Event of Default, the Company Issuer or the Trustee (provided, that the Trustee shall have received written notice from the CompanyIssuer, on which notice the Trustee shall be entitled to conclusively rely) shall promptly notify the holders of the Designated Senior Indebtedness of the Company Issuer (or their Representative) of the acceleration. If any Designated Senior Indebtedness of the Company Issuer is outstanding, the Company Issuer may not pay the Securities until five Business Days after such holders or the Representative of such Designated Senior Indebtedness receive notice of such acceleration and, thereafter, may pay the Securities only if this Article 10 otherwise permits payment at that time.

Appears in 1 contract

Samples: Seagate Technology Malaysia Holding Co Cayman Islands

Acceleration of Payment of Securities. If payment of -------------------------------------- the Securities is accelerated because of an Event of Default, the Company or the Trustee (provided, that the Trustee shall have received written notice from the -------- Company, on which notice the Trustee shall be entitled to conclusively rely) shall promptly notify the holders of the Designated Senior Indebtedness of the Company (or their Representative) of the acceleration. If any Designated Senior Indebtedness of the Company is outstanding, the Company may not pay the Securities until five Business Days after such holders or the Representative of such Designated Senior Indebtedness receive notice of such acceleration and, thereafter, may pay the Securities only if this Article 10 otherwise permits payment at that time.

Appears in 1 contract

Samples: Indenture (Commercial Aggregates Transportation & Sales LLC)

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