Common use of Default on Senior Guarantor Debt Clause in Contracts

Default on Senior Guarantor Debt. (a) Upon the maturity of any Senior Guarantor Debt by lapse of time, acceleration or otherwise, all principal thereof and interest thereon and other amounts due in connection therewith shall first be paid in full in cash (or as otherwise agreed to by the holders of Senior Guarantor Debt) before any payment is made by any of the Guarantors or any Person acting on behalf of any of the Guarantors in respect of the Guarantee of such Guarantor. (b) No payment (excluding payments in the form of Permitted Guarantor Junior Payments) shall be made by any Guarantor in respect of its Guarantee during any period in which Section 14.17 shall be applicable, while any Payment Default (as defined in Section 13.3(a) of this Indenture) exists or during any Payment Blockage Period in effect under Sections 13.3(b) and (c) of this Indenture. (c) In the event that, notwithstanding the foregoing, any Guarantor shall make any payment to the Trustee or the Holder of its Guarantee prohibited by the foregoing provisions of this Section, then and in such event such payment shall be held in trust for the benefit of, and shall be paid over and delivered forthwith to, the holders of the Senior Guarantor Debt (pro rata to such holders) or their respective Senior Representatives, as their interests may appear, for application to the Senior Guarantor Debt until the Senior Guarantor Debt has been paid in full in cash (or as otherwise agreed by the holders of Senior Guarantor Debt).

Default on Senior Guarantor Debt. (a) Upon the maturity of any Senior Guarantor Debt by lapse of time, acceleration or otherwise, all principal thereof and interest thereon and other amounts due in connection therewith shall first be paid in full in cash (or as otherwise agreed to by the holders of Senior Guarantor Debt) before any payment is made by any of the Guarantors or any Person acting on behalf of any of the Guarantors in respect of the Guarantee of such Guarantor. (b) No payment (excluding payments in the form of Permitted Guarantor Junior Payments) shall be made by any Guarantor in respect of its Guarantee during any period in which Section 14.17 1317 shall be applicable, while any Payment Default (as defined in Section 13.3(a1403(a) of this Indenture) exists or during any Payment Blockage Period in effect under Sections 13.3(b1403(b) and (c) of this Indenture. (c) In the event that, notwithstanding the foregoing, any Guarantor shall make any payment to the Trustee or the Holder of its Guarantee prohibited by the foregoing provisions of this Section, then and in such event such payment shall be held in trust for the benefit of, and shall be paid over and delivered forthwith to, the holders of the Senior Guarantor Debt (pro rata to such holders) or their respective Senior Representatives, as their interests may appear, for application to the Senior Guarantor Debt until the Senior Guarantor Debt has been paid in full in cash (or as otherwise agreed by the holders of Senior Guarantor Debt).