Common use of Default on Senior Debt Clause in Contracts

Default on Senior Debt. The Company may not pay the principal of, premium, if any, or interest on, the Debentures or make any deposit pursuant to Section 8.01 and may not repurchase, redeem or otherwise retire any Debentures (collectively, "pay the Debentures") if (i) any Designated Senior Debt is not paid when due or (ii) any other default on Designated Senior Debt occurs and the maturity of such Designated Senior Debt is accelerated in accordance with its terms unless, in either case, (x) the default has been cured or waived and any such acceleration has been rescinded or (y) such Designated Senior Debt has been paid in full; provided, however, that the Company may pay the Debentures without regard to the foregoing if the Company and the Trustee receive written notice approving such payment from the Representative of each issue of Designated Senior Debt. During the continuance of any default (other than a default described in clause (i) or (ii) of the preceding sentence) with respect to any Designated Senior Debt 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 Debentures for a period (a "Payment Blockage Period") commencing upon the receipt by the Company and the Trustee of written notice of such default from the Representative of the Bank Debt or a Representative of the holders of any Designated Senior Debt specifying an election to effect a Payment Blockage Period (a "Payment Blockage Notice") 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 Representative which gave such Payment Blockage Notice, (ii) by repayment in full of such Designated Senior Debt or (iii) because the default specified in such Payment 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 Designated Senior Debt or the Representative of such holders shall have accelerated the maturity of such Designated Senior Debt, the Company may resume payments on the Debentures after the end of such Payment Blockage Period. Not more than one Payment Blockage Notice may be given in any consecutive 360-day period, irrespective of the number of defaults with respect to Designated Senior Debt during such period.

Default on Senior Debt. The Company may not pay the principal of, premium, if any, or interest on, the Debentures or make any deposit pursuant to to Section 8.01 and may not repurchase, redeem or otherwise retire any Debentures (collectively, "pay the Debentures") if (i) any Designated Senior Debt is not paid when due or (ii) any other default on Designated Senior Debt occurs and the maturity of such Designated Senior Debt is accelerated in accordance with its terms unless, in either case, (x) the default has been cured or waived and any such acceleration has been rescinded or (y) such Designated Senior Debt has been paid in full; provided, however, that the Company may pay the Debentures without regard to the foregoing if the Company and the Trustee receive written notice approving such payment from the Representative of each issue of Designated Senior Debt. During the continuance of any default (other than a default described in clause (i) or (ii) of the preceding sentence) with respect to any Designated Senior Debt 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 Debentures for a period (a "Payment Blockage Period") commencing upon the receipt by the Company and the Trustee of written notice of such default from the Representative of the Bank Debt or a Representative of the holders of any Designated Senior Debt specifying an election to effect a Payment Blockage Period (a "Payment Blockage Notice") 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 Representative which gave such Payment Blockage Notice, (ii) by repayment in full of such Designated Senior Debt or (iii) because the default specified in such Payment 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 Designated Senior Debt or the Representative of such holders shall have accelerated the maturity of such Designated Senior Debt, the Company may resume payments on the Debentures after the end of such Payment Blockage Period. Not more than one Payment Blockage Notice may be given in any consecutive 360-day period, irrespective of the number of defaults with respect to Designated Senior Debt during such period.

Default on Senior Debt. The Company Borrower may not pay the principal of, premium, if any, of or interest on, the Debentures or make any deposit pursuant to Section 8.01 on and may not repurchase, redeem or otherwise retire any Debentures the Loan (collectively, "“pay the Debentures"Loan”) if (i) any Designated Senior Debt of the Borrower is not paid when due or (ii) any other default on Designated Senior Debt of the Borrower occurs and the maturity of such Designated Senior Debt is accelerated in accordance with its terms unless, in either case, (x) the default has been cured or waived and any such acceleration has been rescinded or (y) such Designated Senior Debt has been paid in full; provided, however, that the Company may pay the Debentures without regard to the foregoing if the Company and the Trustee receive written notice approving such payment from the Representative of each issue of Designated Senior Debt. During the continuance of any default (other than a default described in clause (i) or (ii) of the preceding sentence) with respect to any Designated Senior Debt 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 Borrower may not pay the Debentures Loan for a period (a "“Payment Blockage Period"”) commencing upon the receipt by the Company Borrower and the Trustee Lender of written notice (a “Payment Blockage Notice”) of such default from the Representative of the Bank Debt or a Representative of the holders of any Designated such Senior Debt specifying an election to effect a Payment Blockage Period (a "Payment Blockage Notice") and ending 179 days thereafter (or earlier if such Payment Blockage Period is terminated (i) by written notice to the Trustee Borrower and the Company Lender from the Representative which gave such Payment Blockage Notice, (ii) by repayment in full of such Designated Senior Debt or (iii) because the default specified in such Payment 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 Designated Senior Debt or the Representative of such holders shall have accelerated the maturity of such Designated Senior Debt, the Company Borrower may resume payments (including any missed payments) on the Debentures Loan after the end termination of such Payment Blockage Period. Not more than one Payment Blockage Notice may be given in any consecutive 360-day period, irrespective of the number of defaults with respect to Designated Senior Debt during such period; provided, however, that if any Payment Blockage Notice within such 360-day period is given by or on behalf of any holders of any Senior Debt (other than Bank Debt), the Representative of the Bank Debt may give another Payment Blockage Notice within such period; provided further, 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 360 day period.

Default on Senior Debt. The Company may not pay the principal ---------------------- of, premium, premium (if any, ) or interest on, on the Debentures New Subordinated Notes or make any deposit pursuant the other obligations of the Company arising under or relating to Section 8.01 this Agreement and may not repurchase, redeem or otherwise retire or make any Debentures other reduction or distribution with respect to all or any portion of any New Subordinated Notes whether directly or indirectly, in cash or otherwise, whether by way of loan, set-off or otherwise (collectively, "pay the DebenturesNew Subordinated Notes" or "make payment or distribution on the New Subordinated Notes") if (i) any Designated Senior Debt is not paid when due or (ii) any other default on Designated Senior Debt occurs and the maturity of such Designated Senior Debt is accelerated in accordance with its terms unless, in either case, (x) the default has been cured or waived and waived, any such acceleration has been rescinded or (y) such Designated Senior Debt has been paid in full; provided, however, that the Company may pay the Debentures New Subordinated Notes without regard to the foregoing if the Company and the Trustee receive receives written notice approving such payment from the Representative holder or holders of each issue of Designated the Senior Debt. During the continuance of any a default (other than a default described in clause (i) or (ii) of the preceding previous sentence) with respect to any Designated Senior Bank Debt 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 Debentures New Subordinated Notes for a period (a "Payment Blockage Period") commencing upon the receipt by the Company and the Trustee of written notice of such default from the Representative of the lead or agent bank with respect to any agreement under which Bank Debt or a Representative of the holders of any Designated Senior Debt is outstanding specifying an election to effect a Payment Blockage Period such 180-day prohibition (a "Payment Blockage Notice") and ending 179 180 days thereafter (or unless earlier if such Payment Blockage Period is terminated (i) by written notice to the Trustee and the Company from the Representative lead or agent bank with respect to any agreement under which gave such Payment Blockage Notice, Bank Debt is outstanding or (ii) by repayment in full of because such Designated Senior Debt or (iii) because the default specified in such Payment 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 Designated Senior lead or agent bank with respect to any agreement under which Bank Debt or the Representative of such holders is outstanding shall have accelerated the maturity of such Designated Senior the Bank Debt, the Company may resume payments on the Debentures New Subordinated Notes after the end of such Payment Blockage Period. Not The total number of days during which one or more than one Payment Blockage Notice may Notices shall be given in effect in any consecutive 360-day periodperiod shall not exceed 180 days, irrespective of without regard to the number of defaults with respect to Designated Senior Bank Debt during such period. No event of default which had occurred and was continuing on the date of receipt by the Company of a Payment Notice may be the basis for the delivery of a second Payment Notice whether or nor within any consecutive 360-day period unless such event of default shall have been cured or waived for a period of not less than 180 consecutive days.

Default on Senior Debt. The Company and the Subsidiary Guarantors may not pay (except in Permitted Junior Securities or from the trust described in Article 8 hereof) principal of, or premium, if any, or interest on, the Debentures Notes and the Subsidiary Guarantees, or make any deposit pursuant to Section 8.01 8.04, and may not repurchase, redeem or otherwise retire any Debentures Notes (collectively, "pay the DebenturesPAY THE NOTES") if (ia) any Designated principal, premium, interest or any other amount payable in respect of any Senior Debt is not paid when due within any applicable grace period (including at maturity) or (iib) any other default on Designated Senior Debt occurs and the maturity of such Designated Senior Debt is accelerated in accordance with its terms unless, in either case, (x1) the default has been cured or waived and any such acceleration has been rescinded or (y2) such Designated Senior Debt has been paid in fullfull in cash; provided, however, that the Company and the Subsidiary Guarantors may pay the Debentures Notes without regard to the foregoing if the Company and the Trustee receive written notice approving such payment from the Representative of each issue the holders of Designated such Senior Debt or, if there is no Representative, from the holders of such Senior Debt. During the continuance of any default (other than a default described in clause (ia) or (iib) of the preceding sentence) with respect to any Designated Senior Debt pursuant to which the maturity thereof may be accelerated immediately without further notice (except such any notice as may be required to effect such the acceleration) or the expiration of any applicable grace periodsperiod, the Company and the Subsidiary Guarantors may not pay the Debentures Notes for a period (a "Payment Blockage PeriodPAYMENT BLOCKAGE PERIOD") commencing upon the receipt by the Company and the Trustee of written notice of such default from the Representative of the Bank holders of such Designated Senior Debt or a Representative of or, if there is no Representative, from the holders of any such Designated Senior Debt Debt, specifying an election to effect a Payment Blockage Period (a "Payment Blockage NoticePAYMENT BLOCKAGE NOTICE") and ending 179 days thereafter (or earlier if unless such Payment Blockage Period is earlier terminated (ia) by written notice to the Trustee and the Company from the Representative which of the holders of such Designated Senior Debt or, if there is no Representative, from the holders of such Designated Senior Debt that gave such Payment Blockage Notice, (iib) by repayment in full of because such default is no longer continuing or (c) because such Designated Senior Debt or (iii) because the default specified has been repaid in such Payment Blockage Notice is no longer continuingfull in cash). 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 Designated Senior Debt or the Representative of such holders shall have accelerated the maturity of such Designated Senior Debt, the Company may resume payments on the Debentures after the end of such Payment Blockage Period. Not more than one Payment Blockage Notice with respect to all issues of Designated Senior Debt may be given in any consecutive 360-day period, irrespective of the number of defaults with respect to one or more issues of Designated Senior Debt during such period. No non-payment default that existed or was continuing on the date of delivery of any Payment Blockage Notice to the Trustee shall be the basis for a subsequent Payment Blockage Notice. Following the expiration of any period during which the Company and the Subsidiary Guarantors are prohibited from making payments on the Notes and the Subsidiary Guarantees pursuant to a Payment Blockage Notice, the Company and the Subsidiary Guarantors shall (unless otherwise prohibited as described in the first two sentences of this paragraph) resume making any and all required payments in respect of the Notes and the Subsidiary Guarantees, including, without limitation, any missed payments, unless the maturity of any Designated Senior Debt has been accelerated, and such acceleration remains in full force and effect. The Company shall give prompt written notice to the Trustee of any default in the payment of any Senior Debt or any acceleration under any Senior Debt or under any agreement pursuant to which Senior Debt may have been issued. Failure to give such notice shall not effect the subordination of the Notes and the Subsidiary Guarantees to the Senior Debt or the application of the other provisions provided in this Article 12.

Default on Senior Debt. The Company (a) If any Senior Debt of a Subordinated Subsidiary Guarantor is not paid when due, such Subordinated Subsidiary Guarantor may not pay the principal of, premium, if any, Subordinated Subsidiary Guaranty unless the default shall have been cured or interest on, the Debentures waived or make any deposit pursuant to Section 8.01 and may not repurchase, redeem or otherwise retire any Debentures (collectively, "pay the Debentures") if (i) any Designated such Senior Debt is not has been paid when due or in full in cash. (iib) If any other default on Designated any Senior Debt of a Subordinated Subsidiary Guarantor, other than as set forth in Section 13.03(a), occurs and the maturity of such Designated Senior Debt is accelerated in accordance with its terms unlessterms, in either case, (x) such Subordinated Subsidiary Guarantor may not pay the Subordinated Subsidiary Guaranty unless the default has shall have been cured or waived and any such acceleration has been rescinded or (y) such Designated Senior Debt has been paid in full; providedfull in cash. (c) Notwithstanding Sections 13.03(a) and (b), however, that the Company Subordinated Subsidiary Guarantors may pay the Debentures Subordinated Subsidiary Guaranties without regard to the foregoing if the Company Subordinated Subsidiary Guarantors and the Trustee receive written notice approving such payment from the Representative representative of each issue the Senior Debt with respect to which either of Designated Senior Debtthe events set forth in Sections 13.03(a) and (b) has occurred and is continuing. During the continuance of any default (default, other than a default described in clause Sections 13.03(a) and (i) or (ii) of the preceding sentence) b), with respect to any Designated Senior Debt Debt, of a Subordinated Subsidiary Guarantor 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 such Subordinated Subsidiary Guarantor may not pay the Debentures Subordinated Guaranty for a period (a "Payment Blockage Period") commencing upon the receipt by the Company and the Trustee (with a copy to such Subordinated Subsidiary Guarantor) of written notice (a "Blockage Notice") of such default from the Representative of the Bank Debt or a Representative representative of the holders of any such Designated Senior Debt specifying an election to effect a Payment Blockage Period (a "Payment Blockage Notice") and ending 179 days thereafter (or earlier if such Payment Blockage Period is terminated (i) by written notice to the Trustee and the Company such Subordinated Subsidiary Guarantor from the Representative which Person or Persons who gave such Payment Blockage Notice, (ii) by repayment because the default giving rise to such Blockage Notice has been waived in full of such Designated Senior Debt writing or (iii) because the default specified such Designated Senior Debt has been repaid in such Payment Blockage Notice is no longer continuingfull). Notwithstanding the provisions described in the immediately preceding sentence (but subject to the provisions contained in the first sentence of this Section)sentence, unless the holders of such Designated Senior Debt or the Representative representative of such holders shall have has accelerated the maturity of such Designated Senior Debt, the Company such Subordinated Subsidiary Guarantor may resume payments on the Debentures Subordinated Guaranty after the end of such Payment Blockage Period. Not The Subordinated Guaranties shall not be subject to more than one Payment Blockage Notice may be given Period in any consecutive 360-day period, irrespective of the number of such nonpayment defaults with respect to Designated Senior Debt during such period. (d) In the event that the Securities are declared due and payable before their Stated Maturity in accordance with this Indenture, then and in such event the holders of Senior Debt of any Subordinated Subsidiary Guarantor outstanding at the time the Securities so become due and payable shall be entitled to receive payment in full in cash of all amounts due or to become due on or in respect of such Senior Debt (whether or not an event of default has occurred thereunder or the Senior Debt of such Subordinated Subsidiary Guarantor is, or has been declared to be, due and payable prior to the date on which it otherwise would have become due and payable) before the Holders shall be entitled to receive any payment on the Securities.

Default on Senior Debt. The Company may not pay the principal of, premium, if any, of or interest on, on the Debentures Securities or make any deposit pursuant to Section 8.01 and may not repurchase, redeem or otherwise retire any Debentures Securities (collectively, "pay the DebenturesSecurities") if (i) any Designated principal, interest or other amounts due in respect of any Senior Debt is not paid when due within any applicable grace period (including at maturity) or (ii) any other default on Designated Senior Debt occurs and the maturity of such Designated Senior Debt is 85 77 accelerated in accordance with its terms unless, in either case, (x) the default has been cured or waived and any such acceleration has been rescinded or (y) such Designated Senior Debt has been paid in full; provided, however, that the Company may pay the Debentures Securities without regard to the foregoing if the Company and the Trustee receive written notice approving such payment from the Representative of each issue of Designated such Senior Debt. During the continuance of any default (other than a default described in clause (i) or (ii) of the preceding sentence) with respect to any Designated Senior Debt 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 after the expiration of any applicable grace periods, the Company may not pay the Debentures Securities for a period (a "Payment Blockage Period") commencing upon the receipt by the Company and the Trustee of written notice of such default from the Representative of the Bank Debt or a Representative of the holders of any Designated Senior Debt specifying an election to effect a Payment Blockage Period (a "Payment Blockage Notice") and ending 179 days thereafter (or after receipt of such notice by the Company and the Trustee unless earlier if such Payment Blockage Period is terminated (i) by written notice to the Trustee and the Company from the Representative which who gave such Payment Blockage Notice, (ii) by repayment in full of because such Designated Senior Debt has been repaid in full or (iii) because the default specified in giving rise to such Payment 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)sentence, unless the holders of such Designated Senior Debt or the Representative of such holders shall have accelerated the maturity of such Designated Senior DebtDebt and not rescinded such acceleration, the Company may (unless otherwise prohibited as described in the first sentence of this paragraph) resume payments on the Debentures Securities after the end of such Payment Blockage Period. Not more than one Payment Blockage Notice with respect to all issues of Designated Senior Debt may be given in any consecutive 360-day period, irrespective period regardless of the number of defaults with respect to one or more issues of Designated Senior Debt during such periodPeriod.

Default on Senior Debt. The Company No Guarantor shall make any payment under its Subsidiary Guarantee, whether in respect of the Reduced Principal Amount of, premium, if any, or interest on the Notes or make any deposit pursuant to Article 8 of this Second Supplemental Indenture or Article Four of the Original Indenture and shall not purchase, redeem or otherwise retire any Notes or make any other payment with respect to the Notes (collectively, “pay its Subsidiary Guarantee”), except that Noteholders may not pay receive and retain Permitted Junior Securities and payments made from a trust already established pursuant to Article 8 of this Second Supplemental Indenture or Article Four of the Original Indenture, if either: (1) a default (a “payment default”) in the payment of the principal of, premium, if any, or interest on, the Debentures or make any deposit pursuant to Section 8.01 and may not repurchaseother Obligation in respect of, redeem or otherwise retire any Debentures (collectively, "pay the Debentures") if (i) any Designated Senior Debt of such Guarantor occurs and is not paid when due or continuing beyond any applicable grace period; or (ii2) any other default on Designated Senior Debt (a “nonpayment default”) occurs and the maturity of such Designated Senior Debt is accelerated in accordance with its terms unless, in either case, (x) the default has been cured or waived and any such acceleration has been rescinded or (y) such Designated Senior Debt has been paid in full; provided, however, that the Company may pay the Debentures without regard to the foregoing if the Company and the Trustee receive written notice approving such payment from the Representative of each issue of Designated Senior Debt. During the continuance of any default (other than a default described in clause (i) or (ii) of the preceding sentence) continuing with respect to any Designated Senior Debt 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 Debentures for a period (a "Payment Blockage Period") commencing upon the receipt by the Company and the Trustee of written notice of such default from the Representative of the Bank Debt or a Representative of the Guarantor that permits holders of any Designated Senior Debt specifying an election to effect a Payment Blockage Period (a "Payment Blockage Notice") 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 Representative which gave such Payment Blockage Notice, (ii) by repayment in full of such Designated Senior Debt 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 such default (iii) because the default specified in such a “Subsidiary Guarantee Payment 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 Notice”) from such Guarantor or the holders of such Designated Senior Debt Debt. Except as provided in Section 14.02 hereof, payments on the Subsidiary Guarantees may and shall be resumed: (1) in the case of a payment default, upon the date on which such default is cured or waived; and (2) in the Representative case of a nonpayment default, upon the earlier of the date on which such holders shall have accelerated nonpayment default is cured or waived or 179 days after the date on which the applicable Subsidiary Guarantee Payment Blockage Notice is received, unless the maturity of such any Designated Senior Debt, the Company may resume payments on the Debentures after the end of such Payment Blockage PeriodDebt has been accelerated. Not more than one No new Subsidiary Guarantee Payment Blockage Notice may be given in any consecutive 360-day period, irrespective delivered unless and until 360 days have elapsed since the delivery of the number of defaults immediately prior Subsidiary Guarantee Payment Blockage Notice. No nonpayment default that existed or was continuing with respect to any Designated Senior Debt during on the date of delivery of any Subsidiary Guarantee Payment Blockage Notice to the Trustee with respect to such periodDesignated Senior Debt shall be, or be made, the basis for a subsequent Subsidiary Guarantee Payment Blockage Notice unless such default has been cured or waived for a period of not less than 90 days.