Default in Senior Indebtedness Clause Samples
Default in Senior Indebtedness. The Company may not make any payment of the Principal Amount, interest or other such amounts as may be provided for in Section 2.3(a), if any, in respect of the Securities and may not acquire any Securities for cash or property (other than for Capital Stock of the Company) if:
(1) a default on Senior Indebtedness occurs and is continuing that permits holders of such Senior Indebtedness to accelerate its maturity; and
(2) the default is the subject of judicial proceedings or the Company receives a notice of default thereof from any person who may give such notice pursuant to the instrument evidencing or document governing such Senior Indebtedness. If the Company receives any such notice, then a similar notice received within nine months thereafter relating to the same default on the same issue of Senior Indebtedness shall not be effective for purposes of this Section 12.4. The Company may resume payments on the Securities and may acquire Securities if and when:
(A) the default is cured or waived; or
(B) 120 or more days pass after the receipt by the Company of the notice described in clause (2) above and the default is not then the subject of judicial proceedings; and
Default in Senior Indebtedness. In the event and during the continuation of any default by the Company in the payment of principal, premium, if any, interest or any other payment due on any Senior Indebtedness of the Company, as the case may be, beyond any applicable grace period with respect thereto, or in the event that the maturity of any Senior Indebtedness of the Company has been accelerated because of any default, then, in any such case, no payment shall be made by the Company with respect to the principal (including redemption payments, if any) of, premium or make-whole amount, if any, or interest or other amounts on the Securities until such default is cured or waived or ceases to exist or any such acceleration or demand for payment has been rescinded. In the event that, notwithstanding the foregoing, the Company shall make any payment to the Trustee or the Holder of any Securities of any series prohibited by the foregoing provisions of this Section [1.04], and if such facts then shall have been known or thereafter shall have been made known to the Trustee (as provided in Section [1.11]) or to such Holder, as the case may be, pursuant to the terms of this Indenture, then and in such event such payment shall be paid over and delivered forthwith to the Company by or on behalf of the person holding such payment for the benefit of the holders of Senior Indebtedness. The provisions of this Section [1.04] shall not apply to any payment with respect to which Section [1.02] would be applicable.
Default in Senior Indebtedness. In the event and during the continuation of any default by the Company in the payment of principal, premium, if any, interest or any other payment due on any Senior Indebtedness of the Company, as the case may be, beyond any applicable grace period with respect thereto, or in the event that the maturity of any Senior Indebtedness of the Company has been accelerated because of a default, then, in any such case, no payment shall be made by the Company with respect to the principal (including redemption payments, if any) of, premium, if any, or interest or other amounts on the Securities until such default is cured or waived or ceases to exist or any such acceleration or demand for payment has been rescinded.
Default in Senior Indebtedness. 51 SECTION 12.5 PAYMENT PERMITTED IF NO DEFAULT............................... 52 SECTION 12.6 SUBROGATION RIGHTS OF HOLDERS OF SENIOR INDEBTEDNESS.......... 52 SECTION 12.7 PROVISION SOLELY TO DEFINE RELATIVE RIGHTS.................... 52 SECTION 12.8
Default in Senior Indebtedness. 63 SECTION 12.5 PAYMENT PERMITTED IF NO DEFAULT . . . . . . . . . . . . . . . .64 SECTION 12.6. SUBROGATION RIGHTS OF HOLDERS OF SENIOR INDEBTEDNESS. . . . . .64 SECTION 12.7. PROVISION SOLELY TO DEFINE RELATIVE RIGHTS. . . . . . . . . . .65 SECTION 12.8.
Default in Senior Indebtedness. (a) Subject to Section 14.10(b), upon the happening of any event of default with respect to any Senior Indebtedness, as such event of default is defined in the instrument under which the Senior Indebtedness is outstanding, the holders of the Senior Indebtedness, directly or indirectly, may demand by giving written notice to the Company and the Trustee that, until such event of default shall have been cured or waived or shall have ceased to exist, the Company be prohibited from:
(i) exercising any right of redemption with respect to the Securities of any series pursuant to Article XI;
(ii) making any payments with respect to the redemption of the Securities of any series that were called for redemption pursuant to Article XI prior to the happening of an event of default with respect to any Senior Indebtedness; and
(iii) making any payment with respect to the principal of and interest on the Securities of any series or as a sinking fund payment pursuant to Article XII.
(b) If the holders of the Senior Indebtedness, directly or indirectly, fail to demand the rights provided in Section 14.10(a) within 90 days of the happening of an event of default with respect to such Senior Indebtedness they shall be deemed to have waived such rights with respect to such event of default; provided, however, that such waiver shall not affect the ability of the holders of the Senior Indebtedness to demand such rights upon the happening of any other event of default.
Default in Senior Indebtedness. The Company may not make any payment of the Principal Amount, interest or other such amounts as may be provided for in Section 2.3(a), if any, in respect of the Securities and may not acquire any Securities for cash or property (other than for Capital Stock of the Company) if:
Default in Senior Indebtedness. In the event of an event of default in the payment of any principal, premium, sinking fund or interest with respect to any Senior Indebtedness, as defined herein, or in the instrument under which it is outstanding, permitting the holder to accelerate the maturity thereof, then, unless and until such event of default shall have been cured or waived or shall have ceased to exist, or that Senior Indebtedness shall have been paid in full, no payment shall be made in respect of the principal of or interest on this Debenture, although interest otherwise payable shall continue to accrue hereon.
Default in Senior Indebtedness. 54 SECTION 12.5 Payment Permitted if No Default....................................55 SECTION 12.6 Subrogation Rights of Holders of Senior Indebtedness..................................................56 SECTION 12.7 Provision Solely to Define Relative Rights.........................57 SECTION 12.8
Default in Senior Indebtedness. 61 Section 12.5 Payment Permitted If No Default........................... 62 Section 12.6