Common use of Default on Designated Senior Debt Clause in Contracts

Default on Designated Senior Debt. The Company may not make any direct or indirect payment to the Trustee or any Holder of principal of (premium, if any), or interest on, the Notes, whether pursuant to the terms of the Notes, upon acceleration or otherwise, if at the time of such payment there exists (i) a default in the payment of all or any portion of principal of (premium, if any), interest on, fees or other amounts owing in connection with any Designated Senior Debt, or (ii) any other default under any document or instrument governing or evidencing any Designated Senior Debt, and the Trustee has received written notice of such default from the Representative of the holders of Designated Senior Debt, and, in either case, such default shall not have been cured or waived in writing; provided, however, that if within the period specified in the next sentence with respect to a default referred to in clause (ii) above, the holders of Designated Senior Debt have not declared the Designated Senior Debt to be immediately due and payable (or have declared such Designated Senior Debt to be immediately due and payable and within such period have rescinded such acceleration), then and in that event, payment of principal of, and interest on, the Notes shall be resumed. With respect to any default under clause (ii) above, the period referred to in the preceding sentence shall commence upon receipt by the Trustee of a written notice or notices (which shall specify all defaults existing under the Designated Senior Debt on the date of such notice and of which the Representative giving such notice had actual knowledge at such time) of the commencement of such period from such Representative, and shall end at the completion of the 179th day after the beginning of such period. Only one such 179 day period may commence within any 360 consecutive days. Upon termination of any such period, the Company shall resume payments on account of the principal of (premium, if any), and interest on, the Notes, subject to the provisions of this Article XIII.

Default on Designated Senior Debt. The Company may also shall not make any direct payment upon or indirect payment to the Trustee or any Holder of principal of (premium, if any), or interest on, the Notes, whether pursuant to the terms in respect of the Notes, upon acceleration Notes (except in Permitted Junior Securities or otherwise, from the trust described under Sections 8.02 and 8.03) if at the time of such payment there exists (i) a default in the payment of all or any portion of the principal of (of, premium, if any), or interest on, fees or other amounts owing in connection with any on Designated Senior Debt, Debt occurs and is continuing or (ii) any other default under occurs and is continuing with respect to Designated Senior Debt that permits holders of the Designated Senior Debt as to which such default relates to accelerate its maturity, and in the case of this clause (ii) only, and the Trustee receives a notice of such default invoking the provisions described in this paragraph (a "Payment Blockage Notice") from the holders of any document Designated Senior Debt or instrument governing any agent or evidencing trustee therefor. Payments on the Notes may and shall be resumed (a) in the case of a payment default, upon the date on which such default is cured or waived and (b) in case of a nonpayment default, the earlier of the date on which such nonpayment default is cured or waived or 179 days after the date on which the applicable Payment Blockage Notice is received, unless a payment default has occurred and is continuing (as a result of the non-payment of a scheduled principal repayment upon Designated Senior Debt, nonpayment of principal upon the stated maturity of any Designated Senior Debt or the acceleration of the maturity of any Designated Senior Debt, ). No new period of payment blockage (other than for a payment default) may be commenced unless and until 360 days have elapsed since the effectiveness of the immediately prior Payment Blockage Notice. No nonpayment default that existed or was continuing on the date of delivery of any Payment Blockage Notice to the Trustee has received written notice of such default from shall be, or be made, the Representative of the holders of Designated Senior Debt, and, in either case, basis for a subsequent Payment Blockage Notice unless such default shall not have been cured or waived for a period of not less than 90 days. Whenever the Company is prohibited from making any payment in writing; provided, however, that if within the period specified in the next sentence with respect to a default referred to in clause (ii) above, the holders of Designated Senior Debt have not declared the Designated Senior Debt to be immediately due and payable (or have declared such Designated Senior Debt to be immediately due and payable and within such period have rescinded such acceleration), then and in that event, payment of principal of, and interest on, the Notes shall be resumed. With respect to any default under clause (ii) above, the period referred to in the preceding sentence shall commence upon receipt by the Trustee of a written notice or notices (which shall specify all defaults existing under the Designated Senior Debt on the date of such notice and of which the Representative giving such notice had actual knowledge at such time) of the commencement of such period from such Representative, and shall end at the completion of the 179th day after the beginning of such period. Only one such 179 day period may commence within any 360 consecutive days. Upon termination of any such periodNotes, the Company also shall resume payments be prohibited from making, directly or indirectly, any payment of any kind on account of the principal purchase or other acquisition of (premium, if any), and interest on, the Notes. If any Holder receives any payment or distribution that such Holder is not entitled to receive with respect to the Notes, subject such Holder shall be required to pay the same over to the provisions holders of this Article XIIISenior Debt.

Default on Designated Senior Debt. The Company may not make (a) In the event of and during the continuation of any direct or indirect payment to the Trustee or any Holder of principal of (premium, if any), or interest on, the Notes, whether pursuant to the terms of the Notes, upon acceleration or otherwise, if at the time of such payment there exists (i) a default in the payment of all principal of, interest or any portion of principal of (premium, if any), interest on, fees or other amounts owing in connection with on any Designated Senior Debt, or any Obligation owing from time to time under or in respect of Senior Debt, or in the event that any event of default (iiother than a payment default) with respect to any Senior Debt shall have occurred and be continuing and shall have resulted in such Senior Debt becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, or (b) if any event of default other default under any document or instrument governing or evidencing than as described in clause (a) above with respect to any Designated Senior Debt, Debt shall have occurred and the Trustee has received written notice of such default from the Representative of be continuing permitting the holders of such Designated Senior DebtDebt (or their Representative or Representatives) to declare such Designated Senior Debt due and payable prior to the date on which it would otherwise have become due and payable, andthen no payment shall be made by or on behalf of the Company on account of the Notes (x) in case of any payment or nonpayment default specified in (a), in either case, unless and until such default shall not have been cured or waived in writing; providedwriting in accordance with the instruments governing such Senior Debt or such acceleration shall have been rescinded or annulled, howeveror (y) in case of any nonpayment event of default specified in (b), that if within during the period specified in (a "PAYMENT BLOCKAGE PERIOD") commencing on the next sentence with respect date the Company or the Trustee receives written notice (a "PAYMENT NOTICE") of such event of default (which notice shall be binding on the Trustee and the Holders of Notes as to a default referred to in clause the occurrence of such nonpayment event of default) from the Credit Agent (ii) above, the or other holders of Designated Senior Debt have not declared or their Representative or Representatives) and ending on the Designated Senior Debt to be immediately due and payable earliest of (or have declared A) 179 days after such date, (B) the date, if any, on which such Designated Senior Debt to be immediately due and payable and within which such period have rescinded default relates is paid in full in cash or such acceleration), then and default is cured or waived in that event, payment of principal of, and interest on, writing in accordance with the Notes shall be resumed. With respect to any default under clause (ii) above, the period referred to in the preceding sentence shall commence upon receipt by the Trustee of a written notice or notices (which shall specify all defaults existing under the instruments governing such Designated Senior Debt by the holders of such Designated Senior Debt and (C) the date on which the Trustee receives written notice from the Credit Agent (or other holders of Designated Senior Debt or their Representative or Representatives), as the case may be, terminating the Payment Blockage Period. During any consecutive 360-day period, the aggregate of all Payment Blockage Periods shall not exceed 179 days and there shall be a period of at least 181 consecutive days in each consecutive 360-day period when no Payment Blockage Period is in effect. No event of default which existed or was continuing with respect to the Senior Debt for which notice commencing a Payment Blockage Period was given on the date of such notice and of which Payment Blockage Period commenced shall be or be made the Representative giving such notice had actual knowledge at such time) of basis for the commencement of any subsequent Payment Blockage Period unless such event of default is cured or waived for a period from such Representative, and shall end at the completion of the 179th day after the beginning of such period. Only one such 179 day period may commence within any 360 not less than 90 consecutive days. Upon termination of any such period, the Company shall resume payments on account of the principal of (premium, if any), and interest on, the Notes, subject to the provisions of this Article XIII.

Default on Designated Senior Debt. The Company may not make (a) In the event of and during the continuation of any direct or indirect payment to the Trustee or any Holder of principal of (premium, if any), or interest on, the Notes, whether pursuant to the terms of the Notes, upon acceleration or otherwise, if at the time of such payment there exists (i) a default in the payment of all principal of, interest or any portion of principal of (premium, if any), interest on, fees or other amounts owing in connection with on any Designated Senior Debt, or any Obligation owing from time to time under or in respect of Senior Debt, or in the event that any event of default (iiother than a payment default) with respect to any Senior Debt shall have occurred and be continuing and shall have resulted in such Senior Debt becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, or (b) if any event of default other default under any document or instrument governing or evidencing than as described in clause (a) above with respect to any Designated Senior Debt, Debt shall have occurred and the Trustee has received written notice of such default from the Representative of be continuing permitting the holders of such Designated Senior DebtDebt (or their Representative or Representatives) to declare such Designated Senior Debt due and payable prior to the date on which it would otherwise have become due and payable, andthen no payment shall be made by or on behalf of the Company on account of the Notes (other than payments in the form of Reorganization Securities) (x) in case of any payment or nonpayment default specified in (a), unless and until such Senior Debt is paid in either case, full in cash or cash equivalents or such default shall not have been cured or waived in writing; providedwriting in accordance with the instruments governing such Senior Debt or such acceleration shall have been rescinded or annulled, howeveror (y) in case of any nonpayment event of default specified in (b), that if within during the period specified in (a "Payment Blockage Period") commencing on the next sentence with respect date the Company and the Trustee receive written notice (a "Payment Notice") of such event of default specifically referring to this Article 10 (which notice shall be binding on the Trustee and the Holders of Notes as to the occurrence of such a payment default referred to in clause or nonpayment event of default) from the Credit Agent (ii) above, the or other holders of Designated Senior Debt have not declared or their Representative or Representatives) and ending on the earliest of (A) 179 days after such date, (B) the date, if any, on which the Trustee receives written notice from the Credit Agent (or other holders of Designated Senior Debt to be immediately due and payable (or have declared their Representative or Representatives), as the case may be, stating that such Designated Senior Debt to be immediately due and payable and within which such period have rescinded default relates is paid in full in cash or such acceleration), then and default is cured or waived in that event, payment of principal of, and interest on, writing in accordance with the Notes shall be resumed. With respect to any default under clause (ii) above, the period referred to in the preceding sentence shall commence upon receipt by the Trustee of a written notice or notices (which shall specify all defaults existing under the 77 instruments governing such Designated Senior Debt by the holders of such Designated Senior Debt and (C) the date on which the Trustee receives written notice from the Credit Agent (or other holders of Designated Senior Debt or their Representative or Representatives), as the case may be, terminating the Payment Blockage Period. During any consecutive 360-day period, the aggregate of all Payment Blockage Periods shall not exceed 179 days and there shall be a period of at least 181 consecutive days in each consecutive 360-day period when no Payment Blockage Period is in effect. No event of default which existed or was continuing with respect to the Senior Debt for which notice commencing a Payment Blockage Period was given on the date of such notice and of which Payment Blockage Period commenced shall be or be made the Representative giving such notice had actual knowledge at such time) of basis for the commencement of any subsequent Payment Blockage Period unless such event of default is cured or waived for a period from such Representative, and shall end at the completion of the 179th day after the beginning of such period. Only one such 179 day period may commence within any 360 not less than 90 consecutive days. Upon termination of any such period, the Company shall resume payments on account of the principal of (premium, if any), and interest on, the Notes, subject to the provisions of this Article XIII.

Default on Designated Senior Debt. The Company may Guarantors also shall not make any direct payment upon or indirect payment to the Trustee or any Holder of principal of (premium, if any), or interest on, the Notes, whether pursuant to the terms in respect of the Notes, upon acceleration Notes (except in Permitted Junior securities or otherwise, from the trust described under Sections 8.02 and 8.03) if at the time of such payment there exists (i) a default in the payment of all or any portion of the principal of (premium, if any), or interest on, fees or other amounts owing in connection with any on Designated Senior Debt, Debt occurs and is continuing or (ii) any other default under occurs and is continuing with respect to Designated Senior Debt that permits holders of the Designated Senior Debt as to which such default relates to accelerate its maturity, and in the case of this clause (ii) only, and the Trustee receives a notice of such default invoking the provisions described in this paragraph (a "Payment Blockage Notice") from the holders of any document Designated Senior Debt or instrument governing any agent or evidencing trustee therefor. Payments on the Notes may and shall be resumed (a) in the case of a payment default, upon the date on which such default is cured or waived and (b) in case of a nonpayment default, the earlier of the date on which such nonpayment default is cured or waived or 179 days after the date on which the applicable Payment Blockage Notice is received, unless a payment default has occurred and is continuing (as a result of the non-payment of a scheduled principal repayment upon Designated Senior Debt, non-payment of principal upon the stated maturity of any Designated Senior Debt or the acceleration of the maturity of any Designated Senior Debt, ). No new period of payment blockage (other than for a payment default) may be commenced unless and until 360 days have elapsed since the effectiveness of the immediately prior Payment Blockage Notice. No nonpayment default that existed or was continuing on the date of delivery of any Payment Blockage Notice to the Trustee has received written notice of such default from shall be, or be made, the Representative of the holders of Designated Senior Debt, and, in either case, basis for a subsequent Payment Blockage Notice unless such default shall not have been cured or waived for a period of not less than 90 days. Whenever a Guarantor is prohibited from making any payment in writing; provided, however, that if within respect of the period specified in the next sentence with respect to a default referred to in clause (ii) aboveNotes, the holders of Designated Senior Debt have not declared the Designated Senior Debt to Guarantor also shall be immediately due and payable (prohibited from making, directly or have declared such Designated Senior Debt to be immediately due and payable and within such period have rescinded such acceleration)indirectly, then and in that event, any payment of principal of, and interest on, the Notes shall be resumed. With respect to any default under clause (ii) above, the period referred to in the preceding sentence shall commence upon receipt by the Trustee of a written notice or notices (which shall specify all defaults existing under the Designated Senior Debt on the date of such notice and of which the Representative giving such notice had actual knowledge at such time) of the commencement of such period from such Representative, and shall end at the completion of the 179th day after the beginning of such period. Only one such 179 day period may commence within any 360 consecutive days. Upon termination of any such period, the Company shall resume payments kind on account of the principal purchase or other acquisition of (premium, if any), and interest on, the Notes. If any Holder receives any payment or distribution that such Holder is not entitled to receive with respect to the Notes, subject such Holder shall be required to pay the same over to the provisions holders of this Article XIIISenior Debt.

Default on Designated Senior Debt. The Company may shall not make any direct payment upon or indirect payment to the Trustee or any Holder of principal of (premium, if any), or interest on, the Notes, whether pursuant to the terms in respect of the Notes, upon acceleration Notes (except in Permitted Junior Securities or otherwise, from the trust described under Article 8 hereof) if at the time of such payment there exists (i) a default in the payment of all or any portion of the principal of (of, premium, if any), or interest on, fees or other amounts owing in connection with any on Designated Senior Debt, Debt occurs and is continuing beyond any applicable period of grace or (ii) any other default under any document occurs and is continuing with respect to Designated Senior Debt that permits holders of the Designated Senior Debt as to which such default relates to accelerate its maturity and the Trustee receives a notice of such default (a "Payment Blockage Notice") from the Company or instrument governing or evidencing the holders of any Designated Senior Debt. Payments on the Notes may and shall be resumed (a) in the case of a payment default, upon the date on which such default is cured or waived and (b) in case of a nonpayment default, the earlier of the date on which such nonpayment default is cured or waived or 179 days after the date on which the applicable Payment Blockage Notice is received, unless the maturity of any Designated Senior Debt has been accelerated. No new period of payment blockage may be commenced unless and until (i) 360 days have elapsed since the effectiveness of the immediately prior Payment Blockage Notice and (ii) all scheduled payments of principal, premium, if any, and interest on the Notes that have come due have been paid in full in cash. No nonpayment default that existed or was continuing on the date of delivery of any Payment Blockage Notice to the Trustee has received written notice of such default from shall be, or be made, the Representative of the holders of Designated Senior Debt, and, in either case, basis for a subsequent Payment Blockage Notice unless such default shall not have been cured or waived in writing; provided, however, that if within the for a period specified in the next sentence with respect to a default referred to in clause (ii) above, the holders of Designated Senior Debt have not declared the Designated Senior Debt to be immediately due and payable (or have declared such Designated Senior Debt to be immediately due and payable and within such period have rescinded such acceleration), then and in that event, payment of principal of, and interest on, the Notes shall be resumed. With respect to any default under clause (ii) above, the period referred to in the preceding sentence shall commence upon receipt by the Trustee of a written notice or notices (which shall specify all defaults existing under the Designated Senior Debt on the date of such notice and of which the Representative giving such notice had actual knowledge at such time) of the commencement of such period from such Representative, and shall end at the completion of the 179th day after the beginning of such period. Only one such 179 day period may commence within any 360 less than 90 consecutive days. Upon termination of any such period, the Company shall resume payments on account of the principal of (premium, if any), and interest on, the Notes, subject to the provisions of this Article XIII.

Default on Designated Senior Debt. (a) The Company may not make any direct payments or indirect payment distributions with respect to the Trustee Notes or any Holder of principal of guarantee if (i) any Designated Senior Debt (including principal, premium, if any)any or interest) or any Obligation owing from time to time under or in respect of Designated Senior Debt is not paid in full in cash when due (whether at maturity, or interest onby acceleration, the Noteslapse of time, whether pursuant to the terms of the Notes, upon acceleration demand or otherwise, if at the time of such payment there exists (i) a default in the payment of all or any portion of principal of (premium, if any), interest on, fees or other amounts owing in connection with any Designated Senior Debt, 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 prior to the date on which it would otherwise have been due and payable and a Responsible Officer of the Trustee receives a notice of such Default (a "PAYMENT BLOCKAGE NOTICE") from the Company or (1) with respect to Designated Senior Debt arising under the Credit Agreement, from the agent for the lenders thereunder, or (2) with respect to any document or instrument governing or evidencing any other Designated Senior Debt, and the Trustee has received written notice of such default from the Representative a representative of the holders of any such Designated Senior Debt, andDebt (unless, in either case, such the default shall not have has been cured or waived and any such acceleration has been rescinded or such Designated Senior Debt has been paid in writing; provided, however, that if within the period specified full in the next sentence with respect to a default referred to in clause (ii) abovecash or discharged). However, the holders Company and the Guarantors may and shall pay the Notes without regard to the foregoing if the Company and a Responsible Officer of the Trustee receive written notice approving such payment from the trustee, agent or representative, if any, (the "REPRESENTATIVE") for an issue of Designated Senior Debt have not declared the Designated Senior Debt to be immediately due and payable (or have declared such Designated Senior Debt to be immediately due and payable and within such period have rescinded such acceleration), then and in that event, payment of principal of, and interest on, the Notes shall be resumed. With with respect to any default under which either of the events set forth in clause (i) or (ii) above, of the period referred to in the immediately preceding sentence shall commence upon receipt by the Trustee of a written notice or notices (which shall specify all defaults existing under the Designated Senior Debt on the date of such notice has occurred and of which the Representative giving such notice had actual knowledge at such time) of the commencement of such period from such Representative, and shall end at the completion of the 179th day after the beginning of such period. Only one such 179 day period may commence within any 360 consecutive days. Upon termination of any such period, the Company shall resume payments on account of the principal of (premium, if any), and interest on, the Notes, subject to the provisions of this Article XIIIis continuing.

Default on Designated Senior Debt. The Company may not make (a) If any direct or indirect default occurs and is continuing in the payment to the Trustee or any Holder of principal of (premium, if any), or interest on, the Noteswhen due, whether pursuant to the terms of the Notesat maturity, upon acceleration any redemption, by declaration or otherwise, if at the time of such payment there exists (i) a default in the payment of all or any portion of principal of (premium, if any)of, interest on, unpaid drawings for letters of credit issued in respect of, or regularly accruing fees with respect to, any Designated Senior Debt of an Issuer, no payment of any kind or character shall be made by or on behalf of such Issuer or any other amounts owing in connection Person on its or their behalf with respect to any Obligations on the Notes or to acquire any of the Notes for cash or property or otherwise. In addition, if any other event of default occurs and is continuing with respect to any Designated Senior Debt, or (ii) any other as such event of default under any document or is defined in the instrument governing creating or evidencing any such Designated Senior Debt, and the Trustee has received written notice of such default from the Representative of permitting the holders of such Designated Senior DebtDebt then outstanding to accelerate the maturity thereof and if the Representative for the respective issue of Designated Senior Debt gives notice of the event of default to the Trustee (a “Default Notice”), andthen, in either case, such unless and until (i) all events of default shall not have been cured or waived in writing; providedor have ceased to exist (so long as no other Event of Default exists), however, that if within the period specified in the next sentence with respect to a default referred to in clause (ii) above, the holders Trustee receives notice thereof from the Representative for the respective issue of Designated Senior Debt have not declared terminating the Designated Senior Debt to be immediately due and payable Blockage Period (or have declared as defined below) (unless the maturity of such Designated Senior Debt to be immediately due has been accelerated) or (iii) all such Designated Senior Debt has been paid in full in cash and/or Cash Equivalents and payable and within the commitments thereunder have been terminated, during the 180 days after the delivery of such period have rescinded such accelerationDefault Notice (the “Blockage Period”), then and in that event, neither the Issuers nor any other Person on their behalf shall (x) make any payment of principal of, and interest on, the Notes shall be resumed. With any kind or character with respect to any default under clause Obligations on the Notes or (iiy) above, acquire any of the period referred Notes for cash or property or otherwise. Notwithstanding anything to the contrary in the immediately preceding sentence shall commence upon receipt by sentence, in no event will a Blockage Period extend beyond 180 days from the Trustee of a written notice or notices (which shall specify all defaults existing under date the Designated Senior Debt payment on the date of such notice Notes was due and of which the Representative giving such notice had actual knowledge at such time) of the commencement of such period from such Representative, and shall end at the completion of the 179th day after the beginning of such period. Only only one such 179 day period Blockage Period may commence be commenced within any 360 consecutive days. Upon termination No event of default which existed or was continuing on the date of the commencement of any such periodBlockage Period with respect to the Designated Senior Debt shall be, or be made, the Company basis for commencement of a second Blockage Period by the Representative of such Designated Senior Debt whether or not within a period of 360 consecutive days, unless such event of default shall resume payments on account have been cured or waived for a period of not less than 90 consecutive days (it being acknowledged that any subsequent action, or any breach of any financial covenants for a period commencing after the principal date of (premiumcommencement of such Blockage Period that, if anyin either case, would give rise to an event of default pursuant to any provisions under which an event of default previously existed or was continuing shall constitute a new event of default for this purpose), and interest on, the Notes, subject to the provisions of this Article XIII.

Default on Designated Senior Debt. The Company may not make (a) If any direct or indirect default occurs and is continuing in the payment to the Trustee or any Holder of principal of (premium, if any), or interest on, the Noteswhen due, whether pursuant to the terms of the Notesat maturity, upon acceleration any redemption, by declaration or otherwise, if at the time of such payment there exists (i) a default in the payment of all or any portion of principal of (premium, if any)of, interest on, unpaid drawings for letters of credit issued in respect of, or regularly accruing fees or other amounts owing in connection with respect to, any Designated Senior Debt, no payment of any kind or (ii) character shall be made by or on behalf of the Company or any other Person on its or their behalf with respect to any Obligations on the Notes or to acquire any of the Notes for cash or property or otherwise. In addition, if any other event of default under any document or instrument governing or evidencing occurs and is continuing with respect to any Designated Senior Debt, and as such event of default is defined in the Trustee has received written notice of instrument creating or evidencing such default from the Representative of the holders of Designated Senior Debt, andpermitting the holders of such Designated Senior Debt then outstanding to accelerate the maturity thereof and if the Representative for the respective issue of Designated Senior Debt gives notice of the event of default to the Trustee (a "Default Notice"), in either casethen, such unless and until all events of default shall not have been cured or waived in writing; provided, however, that if within or have ceased to exist or the period specified in Trustee receives notice thereof from the next sentence with respect to a default referred to in clause (ii) above, Representative for the holders respective issue of Designated Senior Debt have not declared terminating the Designated Senior Debt to be immediately due and payable Blockage Period (or have declared such Designated Senior Debt to be immediately due and payable and within such period have rescinded such accelerationas defined below), then and in that eventduring the 180 days after the delivery of such Default Notice (the "Blockage Period"), neither the Company nor any other Person on its behalf shall (x) make any payment of principal of, and interest on, the Notes shall be resumed. With any kind or character with respect to any default under clause Obligations on the Notes or (iiy) above, acquire any of the period referred Notes for cash or property or otherwise. Notwithstanding anything to the contrary in the immediately preceding sentence shall commence upon receipt by sentence, in no event will a Blockage Period extend beyond 180 days from the Trustee of a written notice or notices (which shall specify all defaults existing under date the Designated Senior Debt payment on the date of such notice Notes was due and of which the Representative giving such notice had actual knowledge at such time) of the commencement of such period from such Representative, and shall end at the completion of the 179th day after the beginning of such period. Only only one such 179 day period Blockage Period may commence be commenced within any 360 consecutive days. Upon termination No event of default which existed or was continuing on the date of the commencement of any such periodBlockage Period with respect to the Designated Senior Debt shall be, or be made, the Company basis for commencement of a second Blockage Period by the Representative of such Designated Senior Debt whether or not within a period of 360 consecutive days, unless such event of default shall resume payments on account have been cured or waived for a period of not less than 90 consecutive days (it being acknowledged that any subsequent action, or any breach of any financial covenants for a period commencing after the principal date of (premiumcommencement of such Blockage Period that, if anyin either case, would give rise to an event of default pursuant to any provisions under which an event of default previously existed or was continuing shall constitute a new event of default for this purpose), and interest on, the Notes, subject to the provisions of this Article XIII.