Common use of Default on Bank Indebtedness Clause in Contracts

Default on Bank Indebtedness. The Company may not pay the principal of, premium (if any) or interest on the Securities or make any deposit pursuant to Section 8.01 and may not otherwise repurchase, redeem or otherwise retire any Securities (collectively, "pay the Securities") if (a) any Bank Indebtedness of the Company is not paid when due or (b) any other default on such Bank Indebtedness occurs and the maturity of such Bank Indebtedness is accelerated in accordance with its terms unless, in either case, (i) the default has been cured or waived and any such acceleration has been rescinded or (ii) such Bank Indebtedness has been paid in full; provided, however, that the Company may pay the Securities without regard to the foregoing if the Company and the Trustee receive written notice approving such payment from the Representative of such Bank Indebtedness with respect to which either of the events set forth in clause (a) or (b) of this sentence has occurred and is continuing. During the continuance of any default (other than a default described in clause (a) or (b) of the preceding sentence) with respect to any Bank Indebtedness of the Company pursuant to which the maturity thereof may be accelerated immediately without further notice (except such notice as may be required to effect such acceleration) or the expiration of any applicable grace periods, the Company may not pay the Securities for a period (a "Payment Blockage Period") commencing upon the receipt by the Trustee (with a copy to the Company) of written notice (a "Blockage Notice") of such default from the Representative of such Bank Indebtedness specifying an election to effect a Payment Blockage Period and ending 179 days thereafter (or earlier if such Payment Blockage Period is terminated (a) by written notice to the Trustee and the Company from the Person or Persons who gave such Blockage Notice, (b) by repayment in full of such Bank Indebtedness or (c) because the default giving rise to such Blockage Notice is no longer continuing). Notwithstanding the provisions described in the immediately preceding sentence (but subject to the provisions contained in the first sentence of this Section), unless the holders of such Bank Indebtedness or the Representative of such holders shall have accelerated the maturity of such Bank Indebtedness, the Company may resume payments on the Securities after the end of such Payment Blockage Period, including any missed payments. Not more than two Blockage Notices may be given in any consecutive 365-day period, irrespective of the number of defaults with respect to Bank Indebtedness during such period; provided, however, that in no event may the total number of days during which any Payment Blockage Period or Periods is in effect exceed 179 days in the aggregate during any consecutive 365-day period. For purposes of this Section, no default or event of default that existed or was continuing on the date of the commencement of any Payment Blockage Period with respect to the Bank Indebtedness initiating such Payment Blockage Period shall be, or be made, the basis of the commencement of a subsequent Payment Blockage Period by the Representative of such Bank Indebtedness, whether or not within a period of 365 consecutive days, unless such default or event of default shall have been cured or waived for a period of not less than 90 consecutive days.

Default on Bank Indebtedness. The Company may not pay the principal of, premium (if any) or interest on the Securities or make any deposit pursuant to Section 8.01 and may not otherwise repurchase, redeem or otherwise retire any Securities (collectively, "pay the Securities") if (a) any Bank Indebtedness of the Company is not paid when due or (b) any other default on such Bank Indebtedness occurs and the maturity of such Bank Indebtedness is accelerated in accordance with its terms unless, in either case, (i) the default has been cured or waived and any such acceleration has been rescinded or (ii) such Bank Indebtedness has been paid in full; provided, however, that the Company may pay the Securities without regard to the foregoing if the Company and the Trustee receive written notice approving such payment from the Representative of such Bank Indebtedness with respect to which either of the events set forth in clause (a) or (b) of this sentence has occurred and is continuing. During the continuance of any default (other than a default described in clause (a) or (b) of the preceding sentence) with respect to any Bank Indebtedness of the Company pursuant to which the maturity thereof may be accelerated immediately without further notice (except such notice as may be required to effect such acceleration) or the expiration of any applicable grace periods, the Company Parent may not pay the Securities its Guaranty for a period (a "Parent Payment Blockage Period") commencing upon the receipt by the Trustee (with a copy to the CompanyParent) of written notice (a "Parent Blockage Notice") of such default from the Representative of such Bank Indebtedness under the Credit Agreement specifying an election to effect a Parent Payment Blockage Period and ending 179 days thereafter (or earlier if such Parent Payment Blockage Period is terminated (ai) by written notice to the Trustee and the Company Parent from the Person or Persons who gave such Parent Blockage Notice, (b) by repayment in full of such Bank Indebtedness or (cii) because the default giving rise to such Parent Blockage Notice is no longer continuingcontinuing or (iii) because such Bank Indebtedness has been repaid in full in cash and any outstanding letters of credit, bonds and guarantees under the Credit Agreement and any Hedging Obligations Incurred in connection with the Credit Agreement have been fully cash collateralized). Notwithstanding the provisions described in the immediately preceding sentence (but subject sentence, Parent shall resume payments pursuant to the provisions contained in the first sentence of this Section), unless the holders its Obligations after termination of such Bank Indebtedness or the Representative of such holders shall have accelerated the maturity of such Bank Indebtedness, the Company may resume payments on the Securities after the end of such Parent Payment Blockage Period, including any missed payments. Not The Parent Guaranty shall not be subject to more than two one Parent Payment Blockage Notices may be given Period in any consecutive 365360-day period, irrespective of the number of defaults with respect to Bank Indebtedness during such period; provided, however, that in no event may the total number of days during which any Payment Blockage Period or Periods is in effect exceed 179 days in the aggregate during any consecutive 365-day period. For purposes of this Section, no default or event of default that which existed or was continuing on the date of the commencement of any Parent Payment Blockage Period with respect to the Bank Indebtedness initiating such Parent Payment Blockage Period 103 96 shall be, or be made, the basis of the commencement of a subsequent Parent Payment Blockage Period by the Representative of such Bank Indebtedness, under the Credit Agreement whether or not within a period of 365 360 consecutive days, unless such default or event of default shall have been cured or waived for a period of not less than 90 180 consecutive daysdays (it being acknowledged that any subsequent action, omission or any breach of any financial covenants for a period commencing after the date of commencement of such Parent Payment Blockage Period or other matter or thing that, in any case, would give rise to a default pursuant to any provisions under which a default previously existed or was continuing shall constitute a new default for this purpose).

Default on Bank Indebtedness. The Company may not pay the ---------------------------- principal of, premium (if any) or interest on the Securities or make any deposit pursuant to Section 8.01 and may not otherwise repurchase, redeem or otherwise retire any Securities (collectively, "pay the Securities") if (a) any Bank Indebtedness of the Company is not paid when due or (b) any other default on such Bank Indebtedness occurs and the maturity of such Bank Indebtedness is accelerated in accordance with its terms unless, in either case, (i) the default has been cured or waived and any such acceleration has been rescinded or (ii) such Bank Indebtedness has been paid in full; provided, however, that the -------- ------- Company may pay the Securities without regard to the foregoing if the Company and the Trustee receive written notice approving such payment from the Representative of such Bank Indebtedness with respect to which either of the events set forth in clause (a) or (b) of this sentence has occurred and is continuing. During the continuance of any default (other than a default described in clause (a) or (b) of the preceding sentence) with respect to any Bank Indebtedness of the Company pursuant to which the maturity thereof may be accelerated immediately without further notice (except such notice as may be required to effect such acceleration) or the expiration of any applicable grace periods, the Company may not pay the Securities for a period (a "Payment Blockage Period") commencing upon the receipt by the Trustee (with a copy to the Company) of written notice (a "Blockage 63 Notice") of such default from the Representative of such Bank Indebtedness specifying an election to effect a Payment Blockage Period and ending 179 days thereafter (or earlier if such Payment Blockage Period is terminated (a) by written notice to the Trustee and the Company from the Person or Persons who gave such Blockage Notice, (b) by repayment in full of such Bank Indebtedness or (c) because the default giving rise to such Blockage Notice is no longer continuing). Notwithstanding the provisions described in the immediately preceding sentence (but subject to the provisions contained in the first sentence of this Section), unless the holders of such Bank Indebtedness or the Representative of such holders shall have accelerated the maturity of such Bank Indebtedness, the Company may resume payments on the Securities after the end of such Payment Blockage Period, including any missed payments. Not more than two Blockage Notices may be given in any consecutive 365-day period, irrespective of the number of defaults with respect to Bank Indebtedness during such period; provided, however, that in no event may the total number of days during which -------- ------- any Payment Blockage Period or Periods is in effect exceed 179 days in the aggregate during any consecutive 365-day period. For purposes of this Section, no default or event of default that existed or was continuing on the date of the commencement of any Payment Blockage Period with respect to the Bank Indebtedness initiating such Payment Blockage Period shall be, or be made, the basis of the commencement of a subsequent Payment Blockage Period by the Representative of such Bank Indebtedness, whether or not within a period of 365 consecutive days, unless such default or event of default shall have been cured or waived for a period of not less than 90 consecutive days.

Default on Bank Indebtedness. The Company may not pay the principal of, premium (if any) or interest on the Securities or make any deposit pursuant to Section 8.01 and may not otherwise repurchase, redeem or otherwise retire any Securities (collectively, "pay the Securities") if (a) any Bank Indebtedness of the Company is not paid when due or (b) any other default on such Bank Indebtedness occurs and the maturity of such Bank Indebtedness is accelerated in accordance with its terms unless, in either case, (i) the default has been cured or waived and any such acceleration has been rescinded or (ii) such Bank Indebtedness has been paid in full; provided, however, that the Company may pay the Securities without regard to the foregoing if the Company and the Trustee receive written notice approving such payment from the Representative of such Bank Indebtedness with respect to which either of the events set forth in clause (a) or (b) of this sentence has occurred and is continuing. During the continuance of any default (other than a default described in clause (a) or (b) of the preceding sentence) with respect to any Bank Indebtedness of the Company pursuant to which the maturity thereof may be accelerated immediately without further notice (except such notice as may be required to effect such acceleration) or the expiration of any applicable grace periods, the Company may not pay the principal of or interest on the Securities (except for payments made from the trusts described in Article 8) or make any deposit pursuant to Section 8.01 and may not repurchase, redeem or (except for Securities delivered to the Trustee pursuant to the second sentence of paragraph 6 of the Securities) otherwise retire any Securities (collectively, "pay the Securities") for a period (a "Payment Blockage Period") commencing upon the receipt by the Company and the Trustee (with a copy to the Company) of written notice (a "Blockage Notice") of such default from the Representative of such Bank Indebtedness under the Credit Agreement specifying an election to effect a Payment Blockage Period and ending 179 days thereafter (or earlier if such Payment Blockage Period is terminated (ai) by written notice to the Trustee and the Company from the Person or Persons who gave such Blockage Notice, (b) by repayment in full of such Bank Indebtedness or (cii) because the default giving rise to such Blockage Notice is no longer continuingcontinuing or (iii) because such Bank Indebtedness has been repaid in full in cash and any outstanding letters of credit, bonds and guarantees under the Credit Agreement and any Hedging Obligations Incurred in connection with the Credit Agreement have been fully cash collateralized). Notwithstanding the provisions described in the immediately preceding sentence (but subject to the provisions contained in the first sentence of this Section), unless the holders of such Bank Indebtedness or the Representative of such holders shall have accelerated the maturity of such Bank Indebtednesssentence, the Company may resume payments on the Securities after the end termination of such Payment Blockage Period, including any missed payments. Not more than two one Blockage Notices Notice may be given in any consecutive 365360-day period, irrespective of the number of defaults with respect to Bank Indebtedness during such period; provided, however, that in no event may the total number of days during which any Payment Blockage Period or Periods is in effect exceed 179 days in the aggregate during any consecutive 365-day period. For purposes of this Section, no default or event of default that which existed or was continuing on the date of the commencement of any Payment Blockage Period with respect to the Bank Indebtedness initiating such Payment Blockage Period shall be, or be made, the basis of the commencement of a subsequent Payment Blockage Period by the Representative of such Bank Indebtedness, under the Credit Agreement whether or not within a period of 365 360 consecutive days, unless such default or event of default shall have been cured or waived for a period of not less than 90 180 consecutive daysdays (it being acknowledged that any subsequent action, omission or any breach of any financial covenants for a period commencing after the date of commencement of such Payment Blockage Period or other matter or thing that, in any case, would give rise to a default pursuant to any provisions under which a default previously existed or was continuing shall constitute a new default for this purpose).