Default on Designated Senior 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 (except that Holders may receive and retain Permitted Junior Securities) (collectively, "pay the Securities") if (a) a default in the payment of the principal of, premium, if any, or interest on any Designated Senior Indebtedness of the Company occurs and is continuing or any other amount owing in respect of any such Designated Senior Indebtedness is not paid when due, or (b) any other default on such Designated Senior Indebtedness occurs and the maturity of such Designated Senior 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with its terms unless, in either case, (i) the default has been cured or waived and any such acceleration has been rescinded or (ii) such Designated Senior Indebtedness has been paid in full in cash or Cash Equivalents; provided, however, that the Company may pay the Securities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 the holders of such Designated Senior 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 Designated Senior 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 the holders of such Designated Senior Indebtedness specifying an election to effect a Payment Blockage Period and ending 179 days thereafter (or earlier if such Payment Blockage Period is terminated (i) by written notice to the Trustee and the Company from the Person or Persons who gave such Blockage Notice, (ii) because such Designated Senior Indebtedness has been repaid in full in cash or Cash Equivalents or (iii) because the default giving rise to such Blockage Notice is no longer continuing). Notwithstanding the provisions describ...
Default on Designated Senior Indebtedness. 63 SECTION 11.04 Acceleration of Notes..............................................................64 SECTION 11.05 When Distribution Must Be Paid Over................................................64 SECTION 11.06 Notice by the Company..............................................................65 SECTION 11.07 Subrogation........................................................................65 SECTION 11.08
Default on Designated Senior Indebtedness. (a) No payment or distribution of any assets of the Company of any kind or character, whether in cash, property or securities (other than Permitted Junior Securities), may be made by or on behalf of the Company on account of principal of, premium, if any, or interest on the Securities or on account of the purchase, redemption or other acquisition of Securities upon the occurrence of any Payment Default until such Payment Default shall have been cured or waived in writing or shall have ceased to exist or such Designated Senior Indebtedness shall have been discharged or paid in full in cash. “Payment Default” shall mean a default in payment, whether at scheduled maturity, upon scheduled installment, by acceleration or otherwise, of principal of, or premium, if any, or interest on Designated Senior Indebtedness beyond any applicable grace period.
Default on Designated Senior Indebtedness. (a) The Company shall not make any payment in respect of any Senior Subordinated Obligations (except in Permitted Junior Securities or from any trust described under Articles 8 and 12 hereof) if:
(i) a payment default on Designated Senior Indebtedness occurs and is continuing; or
(ii) any other default (a "non-payment default") occurs and is continuing on any series of Designated Senior Indebtedness that permits holders of that series of Designated Senior Indebtedness to accelerate its maturity and a Responsible Officer of the Trustee receives actual notice of such default (a "Payment Blockage Notice") from the trustee or other representative for the holders of any Designated Senior Indebtedness, or the holders of at least a majority of the outstanding principal amount of such Designated Senior Indebtedness.
Default on Designated Senior Indebtedness. The Company may not make any payment in respect of the Notes (except in Permitted Junior Securities or from the trust pursuant to Article Eight hereof):
Default on Designated Senior Indebtedness. 61 Section 10.04. Acceleration of Notes . . . . . . . . . . . . . . . . . .62 Section 10.05. When Distribution Must Be Paid Over . . . . . . . . . . .62 Section 10.06. Notice by Company . . . . . . . . . . . . . . . . . . . .63 Section 10.07. Subrogation . . . . . . . . . . . . . . . . . . . . . . .63 Section 10.08. Relative Rights . . . . . . . . . . . . . . . . . . . . .63 Section 10.09. Subordination May Not Be Impaired by Company. . . . .
Default on Designated Senior Indebtedness. 47 SECTION 11.4. Acceleration of Securities . . . . . . . . . . . . . . 48 SECTION 11.5. When Distribution Must Be Paid Over. . . . . . . . . . 48 SECTION 11.6. Notice by the Company. . . . . . . . . . . . . . . . . 49 SECTION 11.7. Subrogation. . . . . . . . . . . . . . . . . . . . . . 49 SECTION 11.8. Relative Rights. . . . . . . . . . . . . . . . . . . . 49 SECTION 11.9. Subordination May Not Be Impaired by the Company . . . 49 SECTION 11.10. Distribution or Notice to Representative . . . . . . . 49 SECTION 11.11. Rights of Trustee and Paying Agent . . . . . . . . . . 50 SECTION 11.12. Authorization to Effect Subordination. . . . . . . . . 50
Default on Designated Senior Indebtedness. The Subsidiary Guarantor may not make any payment upon or in respect of the Subordinated Note Obligations (except that holders of Notes may receive (i) Equity Interests of the Company and any debt securities of the Company that are subordinated at least to the same extent as the Notes to (a) Senior Indebtedness and (b) any Indebtedness issued in exchange for Senior Indebtedness and (ii) payments made from the trusts described in Article 8 of the Indenture) if:
Default on Designated Senior Indebtedness. The Company may not make any payment or distribution to the Trustee or any Holder in respect of Obligations with respect to the Securities and may not acquire from the Trustee or any Holder any Securities for cash or other property (other than (i) securities that are subordinated to at least the same extent as the Securities to (a) Senior Indebtedness and (b) any securities issued in exchange for Senior Indebtedness, provided that the operation of this clause (b) shall not cause the Securities to be treated in any case or proceeding or similar event described in Section 14.3 in the same class of claims as the Senior Indebtedness or any class of claims pari passu with the Senior Indebtedness for any payment or distribution and (ii) payments and other distributions made from any defeasance trust created pursuant to Article XII hereof) until all principal and other Obligations with respect to the Senior Indebtedness have been paid in full if:
(i) a default in the payment of any principal or other Obligations with respect to Designated Senior Indebtedness occurs and is continuing beyond any applicable grace
Default on Designated Senior Indebtedness. (a) The Company may not make any payment in respect of the Notes nor may Coast Resorts or any Subsidiary Guarantor make any payment with respect to the Parent Guarantee or a Subsidiary Guarantee (other than (A) Permitted Junior Securities and (B) payments and other distributions made from any defeasance trust created pursuant to Section 8.01 hereof) if:
(i) a payment default on Designated Senior Indebtedness occurs and is continuing beyond any applicable grace period (including any acceleration of the Designated Senior Indebtedness); or
(ii) a default, other than a payment default, on Designated Senior Indebtedness occurs and is continuing that then permits holders of the Designated Senior Indebtedness to accelerate its maturity and the Trustee receives a notice of the default (a "Payment Blockage Notice") from the Company, a Representative, or the holders of a majority of outstanding principal amount of any
