Default on Designated Senior Debt. (a) Neither the Company nor any of the Guarantors may make any payment in respect of the Notes (except in respect of Permitted Junior Securities or from the trusts described under Article 8 and Article 11 hereof) if:
(i) a payment default on any Senior Debt occurs and is continuing beyond any applicable grace period; or
(ii) any other default occurs and is continuing on any series of Designated Senior Debt that permits holders of that series of Designated Senior Debt to accelerate its maturity and the Trustee receives a notice of such default (a “Payment Blockage Notice”) from (a) with respect to Designated Senior Debt arising under the Credit Agreement, the administrative agent thereunder, or (b) with respect to any other Designated Senior Debt, the Representative of such Designated Senior Debt. Notwithstanding the foregoing, the Company may make payment on the Notes if the Company and the Trustee receive written notice approving such payment from the Representatives of any Designated Senior Debt with respect to which either of the events set forth in clauses (i) and (ii) of this Section 13.03(a) has occurred and is continuing.
(b) Payments on the Notes may and shall be resumed at the first to occur of the following:
(i) in the case of a payment default, upon the date on which such default is cured or waived; and
(ii) in the case of a nonpayment default, upon the earlier of (A) the date on which such nonpayment default is cured or waived, or (B) 179 days after the date on which the applicable Payment Blockage Notice is received, or (C) the date the Trustee receives notice from the Representative for such Designated Senior Debt rescinding the Payment Blockage Notice, unless the maturity of any Designated Senior Debt has been accelerated.
(c) No new Payment Blockage Notice may be delivered unless and until 360 days have elapsed since the delivery of the immediately prior Payment Blockage Notice irrespective of the number of defaults with respect to Designated Senior Debt during such period.
(d) No nonpayment default that existed or was continuing on the date of delivery of any Payment Blockage Notice to the Trustee will be, or will be made, the basis for a subsequent Payment Blockage Notice unless such default has been cured or waived for a period of not less than 90 days.
Default on Designated Senior Debt. 72 SECTION 10.04.
Default on Designated Senior Debt. 85 Section 10.04. Acceleration of Notes................................... 86 Section 10.05. When Distribution Must Be Paid Over..................... 86 Section 10.06. Notice by Company....................................... 87 Section 10.07. Subrogation............................................. 87 Section 10.08. Relative Rights......................................... 87 Section 10.09. Subordination May Not Be Impaired by Company............ 87 Section 10.10. Distribution or Notice to Representative................ 88 Section 10.11. Notice to Trustee; Rights of Trustee and Paying Agent... 88 Section 10.12.
Default on Designated Senior Debt. 68 Section 12.04. Acceleration of Subsidiary Guarantees............................. 68 Section 12.05. When Distribution Must Be Paid Over............................... 68 Section 12.06. Notice by Subsidiary Guarantor.................................... 69 Section 12.07. Subrogation....................................................... 69 Section 12.08. Relative Rights................................................... 69 Section 12.09. Subordination May Not Be Impaired by Subsidiary Guarantor......... 70 Section 12.10. Distribution or Notice to Representative.......................... 71 Section 12.11. Rights of Trustee and Paying Agent................................ 71 Section 12.12. Authorization to Effect Subordination............................. 71 Section 12.13. Amendments........................................................ 72
Default on Designated Senior Debt. The Company may not make any payment or distribution to the Trustee or any Holder in respect of Obligations with respect to the Notes and may not acquire from the Trustee or any Holder any Notes for cash or property (other than (i) securities that are subordinated to at least the same extent as the Notes to (a) Senior Debt and (b) any securities issued in exchange for Senior Debt and (ii) payments and other distributions made from any defeasance trust created pursuant to Section 8.01 hereof) until all principal and other Obligations with respect to the Senior Debt have been paid in full if:
(i) a default in the payment of any principal or other Obligations with respect to Designated Senior Debt occurs and is continuing; or
(ii) a default, other than a payment default, on Designated Senior Debt occurs and is continuing that then permits holders of the Designated Senior Debt as to which such default relates to accelerate its maturity (or that would permit such holders to accelerate with the giving of notice or the passage of time or both) and the Trustee receives a notice of the default (a "Payment Blockage Notice") from the Company or a Representative with respect to such Designated Senior Debt. If the Trustee receives any such Payment Blockage Notice, no subsequent Payment Blockage Notice shall be effective for purposes of this Section unless and until (i) at least 360 days shall have elapsed since the effectiveness of the immediately prior Payment Blockage Notice and
Default on Designated Senior Debt. 68 Section 10.05.
Default on Designated Senior Debt. The Company and the Guarantors may not make any payment (whether by redemption, purchase, retirements, defeasance or otherwise) upon or in respect of the Notes and the related Note Guarantees (other than (A) Permitted Junior Securities or (B) payments and other distributions made from any defeasance trust created pursuant to Sections 8.04 and 8.05 hereof if the applicable deposit did not violate Article 8 or 13 of this Indenture) until all principal and other Obligations with respect to the Designated Senior Debt of the Company and the Guarantors have been paid in full if:
Default on Designated Senior Debt. 59 Section 10.04. Acceleration of Notes ........................... 60 Section 10.05. When Distribution Must be Paid Over ............. 60 Section 10.06.
Default on Designated Senior Debt. 68 Section 10.04. Acceleration of Securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 Section 10.05. When Distribution Must Be Paid Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 Section 10.06. Notice by Company. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 Section 10.07. Subrogation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 Section 10.08. Relative Rights. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 Section 10.09. Subordination May Not Be Impaired by Company. . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 Section 10.10. Distribution or Notice to Representative. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 Section 10.11. Rights of Trustee and Paying Agent. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 Section 10.12. Authorization to Effect Subordination. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71 Section 10.13. Amendments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71
Default on Designated Senior Debt. No payment (by set-off or otherwise) may be made by or on behalf of the Issuer or a Guarantor, as applicable, on account of the principal of, premium, if any, or interest on, the Notes (including any repurchases of any of the Notes), or any Obligation (and Claim, but only in the case of Senior Debt under the New Credit Facility) in respect of the Notes, including for cash or property (other than Junior Securities, or on account of the redemption provisions of the Notes (or Liquidated Damages), (i) upon the maturity of any Senior Debt of the Issuer or such Guarantor by lapse of time, acceleration (unless waived) or otherwise, unless and until all principal of, premium, if any, and the interest on such Senior Debt (and in the case of Senior Debt under the New Credit Facility, all other monetary obligations in respect thereof) are first paid in full in cash or Cash Equivalents (or such payment is duly provided for) or otherwise to the extent holders accept satisfaction of amounts due by settlement in other than cash or Cash Equivalents, or (ii) in the event of default in the payment of any principal of, premium, if any, or interest on Senior Debt of the Issuer or such Guarantor (and, in the case of Senior Debt under the New Credit Facility, any other monetary obligation in respect thereof) when it becomes due and payable, whether at maturity, a scheduled payment date, or at a date fixed for prepayment or by declaration or otherwise (a "Payment Default"), unless and until such Payment Default has been cured or waived or otherwise has ceased to exist. Upon (i) the happening of an event of default (other than a Payment Default) that permits the holders of Senior Debt (or a trustee or agent on behalf of such holders) to declare such Senior Debt to be due and payable (or, in the case of letters of credit, require cash collateralization thereof) and (ii) written notice of such event of default being given to the Trustee by the holders (or a trustee, agent or other
