Common use of Cure of Payment Stop Clause in Contracts

Cure of Payment Stop. Senior Parent Creditors (a) at any time following the issue of a Senior Parent Payment Stop Notice or the occurrence of a Senior Payment Default or Second Lien Payment Default, that Senior Parent Payment Stop Notice ceases to be outstanding and/or, as the case may be, the Senior Payment Default or Second Lien Payment Default ceases to be continuing; and (b) the relevant Senior Parent Debt Issuer or the relevant Debtor or Third Party Security Provider then promptly pays to the Senior Parent Creditors an amount equal to any Payments which had accrued under the Senior Parent Finance Documents and which would have been Permitted Senior Parent Payments but for that Senior Parent Payment Stop Notice, Senior Payment Default or Second Lien Payment Default, then any Event of Default (including any cross default or similar provision under any other Debt Document) which may have occurred as a result of that suspension of Payments shall be waived and any Senior Parent Enforcement Notice which may have been issued as a result of that Event of Default shall be waived, in each case without any further action being required on the part of the Senior Parent Creditors or any other Creditor or Operating Facility Lender.

Cure of Payment Stop. Senior Parent Creditors (a) at any time following the issue of a Senior Parent Payment Stop Notice or the occurrence of a Senior Payment Default or Second Lien Payment Default, that Senior Parent Payment Stop Notice ceases to be outstanding and/or, as the case may be, the Senior Payment Default or Second Lien Payment Default ceases to be continuing; and (b) the relevant Senior Parent Debt Issuer or the relevant Debtor or Third Party Security Provider then promptly pays to the Senior Parent Creditors an amount equal to any Payments which had accrued under the Senior Parent Finance Documents and which would have been Permitted Senior Parent Payments but for that Senior Parent Payment Stop Notice, Notice or Senior Payment Default or Second Lien Payment Default, then any Event of Default (including any cross default or similar provision under any other Debt Document) which may have occurred as a result of that suspension of Payments shall be waived and any Senior Parent Enforcement Notice which may have been issued as a result of that Event of Default shall be waived, in each case without any further action being required on the part of the Senior Parent Creditors or any other Creditor or Operating Facility Lender.

Cure of Payment Stop. Senior Parent Creditors (a) at any time following the issue of a Senior Parent Payment Stop Notice or the occurrence of a Senior Payment Default or Second Lien Payment Default, that Senior Parent Payment Stop Notice ceases to be outstanding and/or, as the case may be, the Senior Payment Default or Second Lien Payment Default ceases to be continuing; and (b) the relevant Senior Parent Debt Issuer or the relevant Debtor or Third Party Security Provider then promptly pays to the Senior Parent Creditors an amount equal to any Payments which had accrued under the Senior Parent Finance Documents and which would have been Permitted Senior Parent Payments but for that Senior Parent Payment Stop Notice, a Senior Payment Default or Second Lien Payment Default, then any Event of Default (including any cross default or similar provision under any other Debt Document) which may have occurred as a result of that suspension of Payments shall be waived and any Senior Parent Enforcement Notice which may have been issued as a result of that Event of Default shall be waived, in each case without any further action being required on the part of the Senior Parent Creditors or any other Creditor or Operating Facility Lender.