Common use of Default on Issuer Senior Debt Clause in Contracts

Default on Issuer Senior Debt. (a) The Issuer 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 until all principal and other Obligations with respect to the Issuer Senior Debt have been paid in full if: (i) a payment default on Issuer Senior Debt occurs and is continuing; or (ii) any other default occurs and is continuing on any Issuer Senior Debt that permits the holders of such Issuer Senior Debt to accelerate its maturity, or otherwise demand its payment, and the Trustee receives a notice of such default (a “Notes Payment Blockage Notice”) from the Issuer or the holders of such Issuer Senior Debt. (b) The Issuer may and will resume payments or any distributions in respect of the Notes and may acquire them upon the earlier of: (i) in the case of a payment default with respect to any Issuer Senior Debt, the date upon which such default is cured or waived, and (ii) in the case of a nonpayment default with respect to any Issuer Senior Debt, upon the earlier of the date on which such nonpayment default is cured or waived and 179 days after the date on which the applicable Notes Payment Blockage Notice is received, unless in the case of this clause (ii), the maturity of any Issuer Senior Debt has been accelerated or demand for payment of such Issuer Senior Debt made, and such acceleration or demand for payment has not been waived or cancelled, if this Article 2 otherwise permits such payment, distribution or acquisition at the time of such payment, distribution or acquisition.

Default on Issuer Senior Debt. (a) The Issuer 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 until all principal and other Obligations with respect to the Issuer Senior Debt have been paid in full if: (i1) a payment default on Issuer Senior Debt occurs and is continuing; or (ii2) any other default occurs and is continuing on any Issuer Senior Debt that permits the holders of such Issuer Senior Debt to accelerate its maturity, or otherwise demand its payment, and the Trustee receives a notice of such default (a “Notes Payment Blockage Notice”) from the Issuer or the holders of such Issuer Senior Debt. (b) The Issuer may and will resume payments or any distributions in respect of the Notes and may acquire them upon the earlier of: (i1) in the case of a payment default with respect to any Issuer Senior Debt, the date upon which such default is cured or waived, and (ii2) in the case of a nonpayment default with respect to any Issuer Senior Debt, upon the earlier of the date on which such nonpayment default is cured or waived and or 179 days after the date on which the applicable Notes Payment Blockage Notice is received, unless in the case of this clause (ii2), the maturity of any Issuer Senior Debt has been accelerated or demand for payment of such Issuer Senior Debt made, and such acceleration or demand for payment has not been waived or cancelled, if this Article 2 otherwise permits such payment, distribution or acquisition at the time of such payment, distribution or acquisition.

Default on Issuer Senior Debt. (a) The Issuer 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 until all principal and other Obligations with respect to the Issuer Senior Debt have been paid in full if: (i1) a payment default on Issuer Senior Debt occurs and is continuing; or (ii2) any other default occurs and is continuing on any Issuer Senior Debt that permits the holders of such Issuer Senior Debt to accelerate its maturity, or otherwise demand its payment, and the Trustee receives a notice of such default (a “Notes Payment Blockage Notice”) from the Issuer or the holders of such Issuer Senior Debt. (b) The Issuer may and will resume payments or any distributions in respect of the Notes and may acquire them upon the earlier of: (i1) in the case of a payment default with respect to any Issuer Senior Debtdefault, the date upon which such default is cured or waived, and (ii2) in the case of a nonpayment default with respect to any Issuer Senior Debtdefault, upon the earlier of the date on which such nonpayment default is cured or waived and or 179 days after the date on which the applicable Notes Payment Blockage Notice is received, unless in the case of this clause (ii2), the maturity of any Issuer Senior Debt has been accelerated or demand for payment of such Issuer Senior Debt made, and such acceleration or demand for payment has not been waived or cancelled, if this Article 2 otherwise permits such payment, distribution or acquisition at the time of such payment, distribution or acquisition.