Common use of Defaults and Remedies Clause in Contracts

Defaults and Remedies. Each of the following is an Event of Default: (i) default for 30 consecutive days in the payment when due of interest on the Notes, (ii) default in payment when due of the principal of or premium, if any, on the Notes, (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 of the Supplemental Indenture, (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their other covenants or agreements in the Supplemental Indenture, (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists or is created after the date of the Supplemental Indenture, if that default: (a) is caused by a failure to pay at final stated maturity the principal amount of such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or (b) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 million or more, (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days or (vii) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries. In the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notes. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect thereto.

Appears in 11 contracts

Samples: Fourth Supplemental Indenture (Charter Communications, Inc. /Mo/), Third Supplemental Indenture (Charter Communications, Inc. /Mo/), Fifth Supplemental Indenture (Charter Communications, Inc. /Mo/)

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Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (i) default for 30 consecutive days in the payment when due of interest on the Notes, ; (ii) default in payment when due (at maturity, upon redemption or otherwise) of the principal of of, or premium, if any, on on, the Notes, (iii) failure by the Company or any of its Restricted Subsidiaries to comply with the provisions of Sections 4.16 and 4.11 or 5.01 of the Supplemental Indenture, ; (iv) failure by the Company or any of its Restricted Subsidiaries Guarantor for 30 consecutive 60 days after written notice thereof has been given to the Company by from the Trustee or to the Company and the Trustee by the Holders of at least 25% of the in aggregate principal amount of the outstanding Notes outstanding to comply with any of their the other covenants or agreements in the Supplemental Indenture or the security documents required by the Indenture, ; (v) (a) default under any other mortgage, indenture indenture, agreement or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by of the Company or any of its Restricted Subsidiaries Guarantor (or the payment of which is guaranteed by the Company or any of its Restricted SubsidiariesGuarantor), whether such Indebtedness or guarantee Guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: (a) default is caused by a failure to pay at final stated maturity the principal amount of such Indebtedness prior at its stated final maturity (after giving effect to the expiration of the any applicable grace period provided in such Indebtedness on the date of such default Indebtedness) (a “Payment Default”); ) or (b) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, and the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 million 100,000,000 or more; provided that this clause (v)(a) shall not apply to Indebtedness that becomes due solely as a result of the voluntary sale or transfer of property or assets to the extent such sale or transfer is permitted by the terms of such Indebtedness; or (b) the Company and any Guarantor shall, with respect to Limited Recourse Debt in an aggregate principal amount in excess of $300,000,000, default in the observance or performance of any agreement or condition relating to any such Limited Recourse Debt or contained in any instrument or agreement evidencing, securing or relating thereto, and such Limited Recourse Debt shall as a result thereof become due prior to its final stated maturity; (vi) failure by any of the Security Documents shall cease, for any reason, to be in full force and effect (other than in accordance with its terms) with respect to Collateral with a book value greater than $50,000,000, or the Company or any Guarantor shall so assert, or any Lien (affecting Collateral with a book value greater than $50,000,000) created by any of the Security Documents shall cease to be enforceable and of the same effect and priority purported to be created thereby (other than, in each case, pursuant to a failure of the Trustee, the Collateral Agent, any other agent appointed by the Trustee, the Collateral Agent or the Holders to take any action within the sole control of such Person) (it being understood that the release of Collateral from the Security Documents or the discharge of a Guarantor therefrom shall not be construed (x) as any of the Security Documents ceasing to be in full force and effect or (y) as any of the Liens created thereunder ceasing to be enforceable or of the same priority and effect purported to be created thereby); (vii) except as permitted by the Indenture or the Guarantee and Collateral Agreement, any Note Guarantee of a Significant Subsidiary ceases, for any reason, to be in full force and effect (other than in accordance with its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 millionterms), net of applicable insurance which has not been denied or any Significant Subsidiary that is a Guarantor denies or disaffirms in writing its obligations under its Note Guarantee; (viii) the Lien subordination provisions in favor of the Holders or any other provision of the Collateral Agency and Intercreditor Agreement shall cease for any reason to be valid (other than by its express terms) and, in the insurercase of any provision of the Collateral Agency and Intercreditor Agreement other than the Lien subordination provisions in favor of the Holders, which judgments the result thereof is that the interests of the Holders are materially and adversely affected, or the Company or any Guarantor shall assert in writing that the Lien subordination provisions in favor of the Holders or any such other provision of the Collateral Agency and Intercreditor Agreement shall not paid, discharged or stayed for a period of 60 days or any reason be valid (viiother than by its express terms); and (ix) certain events of bankruptcy or insolvency described in the Indenture with respect to the Company or any Guarantor that is a Significant Subsidiary or any group of its Guarantors that, taken together, would constitute a Significant SubsidiariesSubsidiary. In If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Companyinsolvency, all outstanding Notes will become due and payable immediately without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interestinterest or premium, if any,) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding Notes by notice to the Trustee may may, on behalf of the Holders of all of the Notes Notes, rescind an acceleration or waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest or premium, if any, on, or the principal of, the Notes. The Issuers are Company is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture Indenture, and the Base Indenture. Upon Company is required, upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 8 contracts

Samples: Indenture (Calpine Corp), Indenture (Calpine Corp), Indenture (Calpine Corp)

Defaults and Remedies. Each of the following is an Event of Default: (i) default for 30 consecutive days in the payment when due of interest on the Notes, (ii) default in payment when due of the principal of or premium, if any, on the Notes, (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and Section 5.01 of the Supplemental Indenture, (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 2530% of the principal amount of the Notes outstanding to comply with any of their other covenants or agreements in the Supplemental Indenture, (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists or is created after the date of the Supplemental Indenture, if that default: (a) is caused by a failure to pay at final stated maturity the principal amount of such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or (b) results in the acceleration of such Indebtedness prior to its express maturity, ; and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default (measured at the time of the Payment Default) or the maturity of which has been so accelerated, aggregates the greater of (1) $100.0 1,000 million or moreand (2) 0.675% of Total Assets, (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments (measured when such judgment is rendered) which are non-appealable aggregating in excess of the greater of (1) $100.0 million1,000 million and (2) 0.675% of Total Assets, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days or (vii) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant SubsidiariesSubsidiaries as set forth in the Supplemental Indenture. However, a Default under clause (iii), (iv), (v) or (vi) of the previous paragraph will not constitute an Event of Default until the Trustee or the Holders of at least 30% in principal amount of the outstanding Notes notify the Issuers of the Default and, with respect to clauses (iv) and (vi), the Issuers do not cure such Default within the time specified in clause (iv) or (vi) of this paragraph after receipt of such notice; provided that a notice of Default may not be given with respect to any action taken, and reported publicly or to Holders, more than two years prior to such notice of Default. In the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 2530% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Any Noteholder Direction provided by any one or more Directing Holders must be accompanied by a Position Representation, which representation, in the case of a Default Direction shall be deemed repeated at all times until the resulting Event of Default is cured or otherwise ceases to exist or the Notes are accelerated. In addition, each Directing Holder must, at the time of providing a Noteholder Direction, make a Verification Covenant. In any case in which the Holder is DTC or its nominee, any Position Representation or Verification Covenant required hereunder shall be provided by the Beneficial Owner of the Notes in lieu of DTC or its nominee, and DTC shall be entitled to rely on such Position Representation and Verification Covenant in delivering its direction to the Trustee. If, following the delivery of a Noteholder Direction, but prior to acceleration of the Notes, the Issuers determine in good faith that there is a reasonable basis to believe a Directing Holder was, at any relevant time, in breach of its Position Representation and provide to the Trustee evidence that the Issuers have initiated litigation in a court of competent jurisdiction seeking a determination that such Directing Holder was, at such time, in breach of its Position Representation, and seeking to invalidate any Event of Default that resulted from the applicable Noteholder Direction, the cure period with respect to such Default shall be automatically stayed and the cure period with respect to such Event of Default shall be automatically reinstituted and any remedy stayed pending a final and non-appealable determination of a court of competent jurisdiction on such matter. If, following the delivery of a Noteholder Direction, but prior to acceleration of the Notes, the Issuers provide to the Trustee an Officers’ Certificate stating that a Directing Holder failed to satisfy its Verification Covenant, the cure period with respect to such Default shall be automatically stayed and the cure period with respect to any Event of Default that resulted from the applicable Noteholder Direction shall be automatically reinstituted and any remedy stayed until such time as the Issuers provide the Trustee with an Officers’ Certificate that the Verification Covenant has been satisfied; provided that the Issuers shall promptly deliver such Officers’ Certificate to the Trustee upon becoming aware that the Verification Covenant has been satisfied. Any breach of the Position Representation (as evidenced by the delivery to the Trustee of the Officers’ Certificate stating that a Directing Holder failed to satisfy its Verification Covenant) shall result in such Holder’s participation in such Noteholder Direction being disregarded; and if, without the participation of such Holder, the percentage of Notes held by the remaining Holders that provided such Noteholder Direction would have been insufficient to validly provide such Noteholder Direction, such Noteholder Direction shall be void ab initio, with the effect that such Event of Default shall be deemed never to have occurred, acceleration voided and the Trustee shall be deemed not to have received such Noteholder Direction or any notice of such Default or Event of Default. Notwithstanding anything in the preceding two paragraphs to the contrary, any Noteholder Direction delivered to the Trustee during the pendency of an Event of Default as the result of a bankruptcy or similar direction shall not require compliance with the foregoing paragraphs. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notes. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. Any time period in the Base Indenture or the Supplemental Indenture to cure any actual or alleged Default or Event of Default with respect to the Notes may be extended or stayed by a court of competent jurisdiction to the extent such actual or alleged Default or Event of Default is the subject of litigation. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect thereto.

Appears in 6 contracts

Samples: Eighth Supplemental Indenture (Cco Holdings LLC), Seventh Supplemental Indenture (Cco Holdings LLC), Indenture (Cco Holdings LLC)

Defaults and Remedies. Each Under the Indenture, Events of Default include (a) a Default in any payment of interest on any Note when the following is an Event same becomes due and payable occurs, and such default continues for a period of Default: 30 days; (ib) default for 30 consecutive days a Default in the payment when due of interest on the Notes, (ii) default in payment when due of the principal of or premium, if any, on any Note when the Notessame becomes due and payable at its Stated Maturity occurs, upon optional redemption or otherwise; (iiic) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 of the Supplemental Indenture, (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding guarantor fails to comply with any of their other covenants or its agreements in the Supplemental IndentureNotes, the Indenture or any guarantee of the Notes, as applicable (vother than those referred to in (a) or (b) above) and such failure continues for 60 days after the notice specified below; (d) a default under any bond, debenture, note or other evidence of indebtedness for money borrowed by the Company in an individual principal amount outstanding of at least $50,000,000 or under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness indebtedness for money borrowed by the Company in an individual principal amount outstanding of at least $50,000,000, whether such indebtedness now exists or shall hereafter be created, which default shall constitute a failure to pay $50,000,000 or more of the principal of such indebtedness when due and payable after the expiration of any applicable grace period with respect thereto or which default shall have resulted in such indebtedness becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, without such payment being made in full or such acceleration having been rescinded or annulled, within a period of its Restricted Subsidiaries 30 days after the notice specified below; (e) any guarantee with respect to the Notes ceases for any reason to be, or the payment of which is guaranteed asserted by the Company or the guarantor not to be, in full force and effect and enforceable in accordance with its terms except to the extent contemplated by this Indenture and any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists or is created after the date of the Supplemental Indenture, if that default: Notes; and (a) is caused by a failure to pay at final stated maturity the principal amount of such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or (b) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 million or more, (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days or (viif) certain events of bankruptcy or insolvency with respect to involving the Company or any of its Significant Subsidiariesguarantor. In the case of A Default with respect to Notes under clause (c) and (d) above is not an Event of Default arising from certain events of bankruptcy or insolvency with respect until the Trustee (by written notice to the Company, all ) or the Holders of at least 25% in aggregate principal amount of the outstanding Notes will become due (by written notice to the Company and payable without further action the Trustee) gives notice of the Default and the Company does not cure such Default within the time specified in said clause (c) or (d), as applicable, after receipt of such notice. Such notice must specify the Default, demand that it be remedied and state that such notice is a “Notice of Default.” If any other an Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payablepayable immediately. Holders Certain events of bankruptcy or insolvency involving the Company are Events of Default which will result in the Notes being due and payable immediately upon the occurrence of such Events of Default. Noteholders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. The Trustee may refuse to enforce the Indenture or the Notes unless it receives indemnity and/or security reasonably satisfactory to it. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders Noteholders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the in payment of principal or interest) if it in good faith determines that withholding notice is in not opposed to their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect thereto.

Appears in 5 contracts

Samples: Fifth Supplemental Indenture (Southwest Gas Corp), Fourth Supplemental Indenture (Southwest Gas Corp), Third Supplemental Indenture (Southwest Gas Corp)

Defaults and Remedies. Each Events of Default with respect to the following is an Event of DefaultNotes include: (i) default for 30 consecutive 60 days in the payment when due of interest on the Notes, ; (ii) default in payment when due of the principal of or premium, if any, on the NotesNotes at maturity, upon redemption or otherwise, (iii) failure by the Company an Issuer or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 of the Supplemental Indenture, (iv) failure by the Company or any of its Restricted Subsidiaries Subsidiary Guarantor for 30 consecutive 90 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their the other covenants or agreements in the Indenture (provided that notice need not be given, and an Event of Default shall occur, 90 days after any breach of the provisions of Section 6.01 of the Supplemental Indenture, ); (viv) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company Debt of an Issuer or any of its Restricted the Partnership’s Subsidiaries (or the payment of which is guaranteed by the Company Partnership or any of its Restricted Subsidiaries), whether such Indebtedness Debt or guarantee now exists or is created after the date of the Supplemental IndentureIssue Date, if that default: default (a) is caused by a failure to pay at final stated maturity the principal amount of or premium, if any, or interest on such Indebtedness Debt prior to the expiration of the grace period provided in such Indebtedness on the date of such default Debt (a “Payment Default”); ) or (b) results in the acceleration of the maturity of such Indebtedness Debt to a date prior to its express original stated maturity, and, in each casecase described in clause (a) or (b), the principal amount of any such IndebtednessDebt, together with the principal amount of any other such Indebtedness Debt under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 25.0 million or more, subject to the proviso set forth in Section 7.01(a)(iv) of the Supplemental Indenture; (v) except as permitted by the Indenture, any Guarantee shall cease for any reason to be in full force and effect (except as otherwise provided in the Indenture) or is declared null and void in a judicial proceeding or any Subsidiary Guarantor, or any Person acting on behalf of any Subsidiary Guarantor, shall deny or disaffirm its obligations under the Indenture or its Guarantee and (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days or (vii) certain events of bankruptcy or insolvency with respect to the Company an Issuer or any of its Significant Subsidiariesthe Subsidiary Guarantors. In If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then Outstanding Notes may declare all the Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Companyinvolving an Issuer, but not any Subsidiary Guarantor, all outstanding Outstanding Notes will shall become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to power. If and so long as the Notes. The board of directors, an executive committee of the board of directors or trust committee of Responsible Officers of the Trustee in good faith so determines, the Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal principal, premium, if any, or interest) if it determines that withholding notice is in their interestinterests. The Holders of a majority in aggregate principal amount of the Notes then outstanding Outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing past Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, or premium, if any, on the NotesNotes or any other Default specified in Section 6.06 of the Original Indenture. The Issuers and the Subsidiary Guarantors are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture Indenture, and the Base Indenture. Upon Issuers are required upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 5 contracts

Samples: Nineteenth Supplemental Indenture (Plains All American Pipeline Lp), Eighteenth Supplemental Indenture (Plains All American Pipeline Lp), Supplemental Indenture (Plains All American Pipeline Lp)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (i) default for 30 consecutive days in the payment when due of interest or Additional Interest, if any, on the Notes, ; (ii) default in payment when due of the principal of or premium, if any, on the NotesNotes when due at Stated Maturity, upon optional redemption, upon required repurchase, upon declaration or otherwise; (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and Section 3.09, 4.10, 4.15 or 5.01 of the Supplemental Indenture, ; (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive 90 days after written notice thereof has been given to comply with Section 4.03 of the Indenture; (v) failure by the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding for 60 days after notice to comply with any of their its other covenants or agreements in the Supplemental Indenture, Indenture or the Notes; (vvi) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists or is created after the date of the Supplemental IndentureInitial Issuance Date, if that default: such default (a) is caused by a failure to pay at final stated maturity the principal amount of of, or premium or interest, if any, on such Indebtedness prior to the expiration of the any grace period provided in such Indebtedness on the date of such default (a “Payment Default”); ) or (b) results in the acceleration of such Indebtedness prior to its express maturity, Stated Maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates in excess of $100.0 15.0 million provided that if any such default is cured or morewaived or any such acceleration rescinded, or such Indebtedness is repaid, within a period of 30 days from the continuation of such default beyond the applicable grace period or the occurrence of such acceleration, as the case may be, such Event of Default and any consequential acceleration of the Notes shall be automatically rescinded, so long as such rescission does not conflict with any judgment or decree; (vivii) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 15.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days days; (viii) except as permitted by the Indenture, any Subsidiary Guarantee is held in any judicial proceeding to be unenforceable or invalid or ceases for any reason to be in full force and effect or any Guarantor, or any Person acting on behalf of any Guarantor, denies or disaffirms its obligations under its Subsidiary Guarantee; and (viiix) certain events of bankruptcy bankruptcy, insolvency or insolvency reorganization with respect to the Company, Finance Corp., any of the Company’s Restricted Subsidiaries that is a Significant Subsidiary of the Company or any group of its Restricted Subsidiaries of the Company that, taken together, would constitute a Significant SubsidiariesSubsidiary of the Company as specified in Section 6.01(i) or 6.01(j) of the Indenture. In If any Event of Default occurs and is continuing, the Trustee, by notice to the Issuers, or the Holders of at least 25% in principal amount of the then outstanding Notes, by notice to the Issuers and the Trustee, may declare all the Notes to be due and payable immediately. Notwithstanding the preceding, in the case of an Event of Default arising from certain such events of bankruptcy bankruptcy, insolvency or insolvency with respect to reorganization described in Section 6.01(i) or 6.01(j) of the CompanyIndenture, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notesconferred on it. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal principal, interest, premium or interestAdditional Interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal ofof or premium, interest or Additional Interest, if any, on the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and Indenture, and, so long as any Notes are outstanding, the Base Indenture. Upon Issuers are required upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 4 contracts

Samples: Indenture (Inergy L P), Indenture (Inergy L P), Indenture (Inergy L P)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include in summary form: (i) default for 30 consecutive days in the payment when due of interest on on, including Additional Interest, if any, with respect to, the Notes, ; (ii) default in payment when due of the principal of or premium, if any, on the Notes, ; (iii) failure by the Company or any of its Restricted Subsidiaries to comply (for 30 days in the case of a failure to comply that is capable of cure) with Sections 4.16 and 4.06, 4.07 or 5.01 of the Supplemental Indenture, ; (iv) failure by the Company or to comply with any of its Restricted Subsidiaries other agreements in the Indenture for 30 consecutive 60 days after written notice thereof has been given to the Company Issuers by the Trustee or to the Company Issuers and the Trustee by the Holders of at least 25% of the in aggregate principal amount of the Notes outstanding to comply with any of their other covenants or agreements in the Supplemental Indenture, then outstanding; (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by an Issuer or any Restricted Subsidiary of the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company an Issuer or any Restricted Subsidiary of its Restricted Subsidiariesthe Company), whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: (a) is caused by a failure to pay at final stated maturity the principal amount of or premium, if any, or interest on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); ) or (b) results in the acceleration of such Indebtedness prior to its express maturity, maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 10.0 million or more, ; (vi) the failure by an Issuer or any Restricted Subsidiary of the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable by courts of competent jurisdiction aggregating in excess of $100.0 10.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days or days; (vii) except as permitted by the Indenture, any Guarantee of a Subsidiary Guarantor shall be held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or any Subsidiary Guarantor, or any Person acting on behalf of any Subsidiary Guarantor, shall deny or disaffirm its obligations under its Guarantee; and (ix) certain events of bankruptcy or insolvency with respect to an Issuer, the General Partner or any Restricted Subsidiary of the Company that is a Significant Subsidiary or any group of its Restricted Subsidiaries that, taken as a whole, would constitute a Significant SubsidiariesSubsidiary. In If any Event of Default occurs and is continuing, the Trustee may or at the request of the Holders of at least 25% in aggregate principal amount of the then outstanding Notes shall declare all the Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency insolvency, with respect to an Issuer or the CompanyGeneral Partner, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest (including Additional Interest, if any) on, or the principal ofor premium, if any, of the Notes. The Issuers and the Subsidiary Guarantors are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture Indenture, and the Base Indenture. Upon Issuers are required upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 4 contracts

Samples: Indenture (Atlas America Inc), Indenture (Atlas Pipeline Partners Lp), Indenture (Atlas Pipeline Holdings, L.P.)

Defaults and Remedies. Each of the following is an Event of Default: (i) default for 30 consecutive days in the payment when due of interest on the Notes, (ii) default in payment when due of the principal of or premium, if any, on the Notes, (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 of the Supplemental Indenture, (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their other covenants or agreements in the Supplemental Indenture, (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists or is created after the date of the Supplemental Indenture, if that default: (a) is caused by a failure to pay at final stated maturity the principal amount of such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or (b) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 million or more, (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days or (vii) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries. In the case of an Event of Default arising from certain events of bankruptcy or insolvency in-solvency with respect to the Company, all outstanding Notes will become due and payable without with-out further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notes. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect thereto.

Appears in 4 contracts

Samples: Indenture (Charter Communications, Inc. /Mo/), Indenture (Cco Holdings Capital Corp), Indenture (Charter Communications, Inc. /Mo/)

Defaults and Remedies. Each (a) Under the Indenture, Events of the following is an Event of DefaultDefault include: (i) default for 30 consecutive days in the payment when due of interest on on, or Additional Interest, if any, with respect to, the Notes, ; (ii) default in payment when due of the principal of principal, or premium, if any, on the Notesof any Note when due at maturity, upon optional redemption, upon required purchase, upon acceleration or otherwise; (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 its obligations under Section 5.10, 5.14, or 5.15 or Article 6 of the Supplemental Indenture, ; (iv) failure by to perform any other covenant or agreement of the Company or any of its Restricted Subsidiaries under the Indenture Documents for 30 consecutive days after the earlier to occur of (x) written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders holders of at least 25% of the in aggregate principal amount of the Notes then outstanding to comply with voting as a single class and (y) the date on which any of their other covenants the Chairman of the Board, the President, the Chief Financial Officer or agreements in the Supplemental Indenture, Treasurer became aware of such failure; (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed Guaranteed by the Company or any of its Restricted Subsidiaries), ) whether such Indebtedness or guarantee Guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: which default (aA) is caused by a failure to pay at final stated maturity the principal amount of or premium, if any, or interest on such Indebtedness on or prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); ) or (bB) results in the acceleration of such Indebtedness prior to its express maturity, maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates in excess of $100.0 10.0 million (or more, its foreign currency equivalent); (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, net of applicable 10.0 million (or its foreign currency equivalent) (not covered by independent third-party insurance as to which liability has not been denied in writing by the insurersuch insurance carrier), which judgments are not paid, discharged or stayed for a period of 60 days following such judgment becoming final, and in the event such judgment is covered by insurance, any enforcement proceeding has been commenced by any creditor upon such judgment or decree which is not promptly stayed; (vii) (A) any security interest created by any Collateral Document ceases to be in full force and effect (except as permitted by the terms of the Indenture or the Collateral Documents) or (viiB) the breach or repudiation by the Company or any of its Restricted Subsidiaries of any of their obligations under any Collateral Document; provided that, in the case of clauses (A) and (B), such cessation, breach or repudiation, individually or in the aggregate, results in Collateral having a Fair Market Value in excess of $5.0 million not being subject to a valid, perfected security interest; (viii) except as expressly permitted by the Indenture, any Note Guarantee shall be held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or any Guarantor, or any Person acting on behalf of any Guarantor, shall deny or disaffirm its obligations under its Note Guarantee in writing; and (ix) certain events of bankruptcy or insolvency with respect to the Company or any Significant Subsidiary or any group of its Restricted Subsidiaries that, taken as a whole, would constitute a Significant Subsidiaries. In the case Subsidiary. (b) If any Event of Default (other than an Event of Default arising from certain events specified in subsection (i) or (j) of bankruptcy or insolvency Section 7.01 of the Indenture with respect to the CompanyCompany or any Significant Subsidiary or any group of Restricted Subsidiaries that, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default taken as a whole, would constitute a Significant Subsidiary) occurs and is continuingcontinuing and has not been waived by the Holders, the Trustee by notice to the Issuers or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payablepayable immediately. Upon any such declaration, the Notes shall become due and payable immediately. Notwithstanding the foregoing, if an Event of Default specified in subsection (i) or (j) of Section 7.01 of the Indenture occurs with respect to the Company or any Significant Subsidiary or any group of Restricted Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary, all outstanding Notes shall be due and payable immediately without further action or notice. The Holders of at least a majority in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may on behalf of all of the Holders rescind an acceleration and its consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default (except nonpayment of principal, premium, if any, interest or Additional Interest, if any, that has become due solely because of the acceleration) have been cured or waived and all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements, and advances of the Trustee and its agents and counsel have been paid or deposited with the Trustee or provision therefor reasonably satisfactory to the Trustee has been made. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of at least a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal principal, premium, if any, or interestinterest or Additional Interest, if any) if it determines that withholding notice is in their interest. . (c) The Holders of at least a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of principal, premium, if any, interest onor Additional Interest, if any, on the Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes and a waiver of the payment default that resulted from such acceleration). (d) In the event of any Event of Default specified in clause (a)(v) above, such Event of Default and all consequences thereof (excluding any resulting payment default, other than as a result of acceleration of the Notes) shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the principal ofHolders, if within 20 days after such Event of Default arose the Company delivers an Officers’ Certificate to the Trustee stating that: (i) Indebtedness or guarantee that is the basis for such Event of Default has been discharged; (ii) holders thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event of Default; (iii) the annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction; and (iv) all existing Events of Default, except nonpayment of principal, premium or interest or Additional Interest on the Notes that became due solely because of the acceleration of the Notes. , have been cured or waived. (e) The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon Issuers are required, upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 4 contracts

Samples: Global Note (TMX Finance LLC), Global Note (TMX Finance LLC), Global Note (TMX Finance LLC)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (i) default for 30 consecutive days in the payment when due of interest interest, including Additional Interest, if any, on the Notes, ; (ii) default in payment when due of the principal of or premium, if any, on the Notes, ; (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and any of the then applicable provisions of Section 3.09, 4.10, 4.15 or 5.01 of the Supplemental Indenture, ; (iv) failure by the Company for 60 days (or 120 days in the case of any covenant or other agreement in Section 4.03 of its Restricted Subsidiaries for 30 consecutive days the Indenture) after it receives written notice thereof has been given to observe or perform any other then applicable covenant or other agreement in the Indenture or the Notes, subject to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% proviso set forth in Section 6.01(d) of the principal amount of the Notes outstanding to comply with any of their other covenants or agreements in the Supplemental Indenture, ; (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists or is created after the date of the Supplemental IndentureIssue Date, if that default: which default (a) is caused by a failure to pay at final stated maturity the principal amount of or premium or interest on such Indebtedness prior to the expiration of the any grace period provided in such Indebtedness on the date of such default Indebtedness, including any extension thereof (a “Payment Default”); ) or (b) results in the acceleration of such Indebtedness prior to its express maturity, maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates at least $100.0 million 25,000,000, and provided, further, that if such default is cured or morewaived or any such acceleration rescinded, or such Indebtedness is repaid within a period of 10 days from the continuation of such default beyond the applicable grace period or the occurrence of such acceleration, as the case may be, an Event of Default and any consequential acceleration of the Notes shall be automatically rescinded, so long as said rescission does not conflict with any judgment or decree; (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, net of applicable insurance which has not been denied in writing by the insurer25,000,000, which judgments are not paid, discharged or stayed for a period of 60 days or days; (vii) failure by any Guarantor to perform any covenant set forth in its Subsidiary Guarantee, or the repudiation by any Guarantor of its obligations under its Subsidiary Guarantee or the unenforceability of any Subsidiary Guarantee for any reason other than as provided in the Indenture; and (viii) certain events of bankruptcy or insolvency with respect to the Company or any Significant Subsidiary. If any Event of its Significant SubsidiariesDefault occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may, by written notice, declare all the Notes to be due and payable. In Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to a payment obligation on the payment of principal or interestNotes) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, or premium, if any, or interest on, the Notes. The Issuers are Company is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture Indenture, and the Base Indenture. Upon Company is required upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 3 contracts

Samples: Indenture (Hornbeck Offshore Services Inc /La), Indenture (Hornbeck Offshore Services Inc /La), Senior Note Agreement (HOS Port, LLC)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (i) default for 30 consecutive days in the payment when due of interest on interest, if any, with respect to the Notes, ; (ii) default in payment when due of the principal of of, or premium, if any, on the NotesNotes when the same becomes due and payable at maturity, upon redemption (including in connection with an offer to purchase) or otherwise, (iii) failure by the Company Wynn Capital, Xxxx Las Vegas or any of its Restricted Subsidiaries Guarantors to comply with Sections 4.16 and 4.11 or 5.01 of the Supplemental Indenture, ; (iv) failure by the Company Wynn Capital, Xxxx Las Vegas or any of its Restricted Subsidiaries Guarantor for 30 consecutive 60 days after written notice thereof has been given to the Company by from the Trustee or to the Company and the Trustee by the Holders of at least 25% of the in aggregate principal amount of the Notes then outstanding voting as a single class to comply with any of their the other covenants or agreements in the Supplemental IndentureIndenture or the Notes, not set forth in clause (iii) above; (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company Xxxx Las Vegas or any of its Restricted Subsidiaries Guarantor (or the payment of which is guaranteed by the Company Xxxx Las Vegas or any of its Restricted Subsidiaries), the Guarantors) whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: (a) is caused by a failure to pay at final stated maturity the principal amount of such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or (b) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 25.0 million or more, if such acceleration is not annulled within 30 days after written notice as provided in the Indenture; (vi) failure by the Company Wynn Capital, Xxxx Las Vegas or any of its Restricted Subsidiaries the Guarantors to pay final judgments which are non-appealable judgments (not paid or covered by insurance as to which the relevant insurance company has not denied responsibility) aggregating in excess of $100.0 25.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, bonded, discharged or stayed for a period of 60 days days; (vii) the Pledge Agreement shall cease, for any reason (other than pursuant to its terms or the terms of the Indenture), to be in full force and effect or Wynn Capital, Xxxx Las Vegas or any Affiliate of any such Person or any Person acting on behalf of any such Person, shall so assert, or any security interest created, or purported to be created, by Pledge Agreement shall cease to be enforceable and of the same effect and priority purported to be created by the Pledge Agreement; or (vii) certain events of bankruptcy or insolvency described in the Indenture with respect to the Company (a) either Issuer or (b) any of its Significant SubsidiariesGuarantor. In the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company(a) either Issuer or (b) any Guarantor, all outstanding Notes will shall become due and payable immediately without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payablepayable immediately. Holders of the Notes may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture, the Intercreditor Agreement and the Pledge Agreement. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (if it determines that withholding notice is in their interest, except a Default or Event of Default relating to the payment of principal or interest) interest or premium, if it determines that withholding notice is in their interestany. The Holders of a majority in aggregate principal amount of the Notes then outstanding Notes by notice to the Trustee may may, on behalf of the Holders of all of the Notes Notes, waive any existing Default or Event of Default and its consequences under the Supplemental Indenture Indenture, except a continuing Default or Event of Default in the payment of interest or premium, if any, on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 3 contracts

Samples: Indenture (Wynn Las Vegas LLC), Indenture (Wynn Las Vegas LLC), Indenture (Wynn Las Vegas LLC)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (i) default the Company defaults for 30 consecutive days in the payment when due of interest on the Notes, ; (ii) default the Company defaults in payment when due of the principal of or Accreted Value of, or premium, if any, on the Notes, ; (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and its obligations to make any Change of Control Payment pursuant to Section 4.15 or to comply with the provisions of Section 5.01 of the Supplemental Indenture, ; (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to the Company by from the Trustee or to the Company and the Trustee by the Holders of at least 25% of the in aggregate principal amount of the outstanding Notes to comply with the provisions of any of Section 4.07, 4.09 or 4.10 of the Indenture; (v) failure by the Company or any of its Restricted Subsidiaries for 60 days after written notice from the Trustee or Holders of at least 25% in aggregate principal amount of the outstanding Notes to comply with any of their the other covenants or agreements in the Supplemental Indenture, Indenture or the Security Documents; (vvi) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by of the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental IndentureIssue Date, if that default: default (aA) is caused by a failure to pay principal of or liquidation preference of such Indebtedness at the final stated maturity the principal amount of such Indebtedness prior thereof (giving effect to the expiration of the any applicable grace period provided in such Indebtedness on the date of such default periods and any extensions thereof), (a “Payment Default”); or (bB) results in the acceleration of such Indebtedness prior to its express maturity, and, or (C) results in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 million or more, (vi) failure by requirement that the Company or any of its Restricted Subsidiaries collateralize any letter of credit thereunder and the Company or such Restricted Subsidiary fails to pay provide the required collateral on the terms and within the times set forth therein (giving effect to any applicable grace periods and any extensions thereof), and, in each case, if the principal amount of any such Indebtedness aggregates $20.0 million or more; (vii) any final judgment or judgments which are non-appealable aggregating for the payment of money in an aggregate amount in excess of $100.0 million10.0 million (or its foreign currency equivalent at the time) in excess of amounts which the Company's insurance carriers have agreed to pay under applicable policies shall have been rendered against the Company or any Restricted Subsidiary of the Company that is a Significant Subsidiary and shall not have been waived, net of applicable insurance which has not been denied in writing by the insurersatisfied, which judgments are not paid, bonded or discharged or stayed for a any period of 60 consecutive days or during which a stay of enforcement is not in effect; (viiviii) certain events of bankruptcy or insolvency described in the Indenture with respect to the Company or any of its Significant Subsidiaries; and (ix) (a) any Subsidiary Guarantee or any Security Document or any security interest granted thereby is held in any judicial proceeding to be unenforceable or invalid, or ceases for any reason to be in full force and effect and such default continues for ten days after written notice, or (b) the Company or any Guarantor, or any Person acting on behalf of the Company or any Guarantor, denies or disaffirms its obligations under any Subsidiary Guarantee or Security Document. In If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount at Stated maturity of the then outstanding Notes may declare all the Notes to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency insolvency, with respect to the CompanyCompany or a Significant Subsidiary, all outstanding Notes will shall become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice The amount payable with respect to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to upon any acceleration shall be the Issuers and the Trustee may declare all Accreted Value of the Notes to be due and payableas of the date of such acceleration. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount at Stated Maturity of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notes. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interestpower. The Holders of a majority in aggregate principal amount at Stated Maturity of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of principal or Accreted Value of or premium or interest on, or on the Notes (except a rescission of acceleration of the Notes by the Holders of a majority in aggregate principal of, amount at Stated Maturity of the then outstanding Notes). The Issuers are Company is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture Indenture, and the Base Indenture. Upon becoming Company is required, within five Business Days after the date on which any Officer of the Company becomes aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 3 contracts

Samples: Indenture (Covanta Energy Corp), Indenture (Covanta Energy Corp), Indenture (Covanta Energy Corp)

Defaults and Remedies. Each Under the Indenture, Events of the following is an Event of DefaultDefault include in summary form: (i) default for 30 consecutive days in the payment of interest or Special Interest, if any, when due of interest on the Notes, ; (ii) default in payment when due of the principal of or premium, if any, on the Notes at Stated Maturity, upon required repurchase, upon optional redemption pursuant to paragraphs 5 and 6 of the Notes, upon declaration or otherwise; (iii) failure by the Company or any of its Restricted Subsidiaries to comply with the provisions of Sections 4.16 and 5.01 3.7, 3.9 or 4.1 of the Supplemental Indenture, ; (iv) the failure by the Company or any of its Restricted Subsidiaries to comply for 30 consecutive 60 days after written notice thereof has been given to with its other agreements contained in the Company by the Trustee Indenture or to the Company and the Trustee by the Holders of at least 25% of the principal amount of under the Notes outstanding (other than those referred to comply with any of their other covenants in (i), (ii) or agreements in the Supplemental Indenture, (iii) above); (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental IndentureIssue Date, if that default: default (a) is caused by a failure to pay at final stated maturity the principal amount of of, or interest or Special Interest or premium, if any, on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); ) or (b) results in the acceleration of such Indebtedness prior to its express maturity, maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 20.0 million or more, ; (vi) certain events of bankruptcy, insolvency or reorganization of the Company or a Significant Subsidiary or group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary; (vii) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable entered by a court or courts of competent jurisdiction aggregating in excess of $100.0 20.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged discharged, stayed or stayed fully bonded for a period of 60 days or (viiviii) certain events of bankruptcy any Note Guarantee shall be held in a judicial proceeding to be not enforceable or insolvency with respect valid or shall cease to be in full force and effect or any Guarantor or other Person acting on its behalf shall deny or disaffirm its obligations under its Note Guarantee (except pursuant to the Company release or termination of any of its Significant Subsidiaries. In such Note Guarantee in accordance with the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or noticeIndenture). If any other an Event of Default occurs and is continuingcontinuing (other than an Event of Default described in clause (vi) above), the Trustee by notice to the Issuers or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Certain events of bankruptcy or insolvency are Events of Default which will result in the Notes being due and payable immediately upon the occurrence of such Events of Default. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. The Trustee may refuse to enforce the Indenture or the Notes unless it receives reasonable indemnity or security. Subject to certain limitations, Holders of a majority in aggregate principal amount of the Notes then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (if it determines that withholding notice is in their interest, except a Default or Event of Default relating to the payment of principal principal, interest or interest) premium, if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest onany, or the principal ofSpecial Interest, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoif any.

Appears in 3 contracts

Samples: Indenture (Mariner Energy Resources, Inc.), Indenture (Mariner Energy Inc), Indenture (Mariner Energy Inc)

Defaults and Remedies. Each Under the Indenture, Events of the following is an Event of Default: Default include, but are not limited to, (i) default in any payment of interest, including any Contingent Interest on any Security when the same becomes due and payable, and such default continues for a period of 30 consecutive days in the payment when due of interest on the Notes, days; (ii) default in payment when due of principal on the Securities at Stated Maturity, upon required repurchase pursuant to paragraph 7 or upon optional redemption pursuant to paragraph 6 of the principal Securities, upon declaration or otherwise; (iii) the failure by the Company to comply with its obligations to convert the Securities into cash or a combination of cash and Common Stock, as applicable, upon the exercise of a holder’s conversion right and such failure continues for a period of ten calendar days; (iv) the failure by the Company to comply with its obligations under Article IV of the Indenture; (v) the failure by the Company to comply for 60 days after written notice with its other agreements contained in the Indenture or premiumunder the Securities (other than those referred to in (i), if any, on the Notes(ii), (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 of the Supplemental Indenture, (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their other covenants or agreements in the Supplemental Indenture, above); (vvi) default under any mortgage, indenture or instrument under which there may be issued or by which there may be outstanding, or by which there may be secured or evidenced any Indebtedness Debt for money borrowed by the Company or any of its Restricted Subsidiaries (or other than Non-Recourse Debt to the payment of which is guaranteed by the Company or any of its Restricted SubsidiariesCompany), whether such Indebtedness or guarantee Debt now exists exists, or is created after the date of the Supplemental Indenture, if that default: which default (a) is caused by a failure to pay at final stated maturity the principal amount of of, or interest (including any Contingent Interest), if any, or on such Indebtedness Debt prior to the expiration of the grace period provided in such Indebtedness on the date of such default Debt (a “Payment Default”); ) or (b) results in the acceleration of such Indebtedness Debt prior to its express maturity, maturity (the “cross acceleration provision”) and, in each case, the principal amount of any such IndebtednessDebt, together with the principal amount of any other such Indebtedness Debt under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 50.0 million or more, more or its foreign currency equivalent at the time and such acceleration shall not have been rescinded or annulled within 10 days after written notice of such acceleration has been received by the Company or such Subsidiary; (vivii) failure by the Company or any to issue a Company Notice of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating a Fundamental Change in excess accordance with the terms of $100.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days or Indenture; (viiviii) certain events of bankruptcy, insolvency or reorganization of the Company (the “bankruptcy provisions”); or insolvency with respect to (ix) entry in a court of competent jurisdiction of a final judgment for the payment of $50.0 million or more rendered against the Company or any of its Significant SubsidiariesSubsidiary, which judgment is not covered by insurance (other than with respect to customary deductibles) or not discharged, bonded or stayed within 90 days after (A) the date on which the right to appeal thereof has expired if no such appeal has commenced, or (B) the date on which all rights to appeal have been extinguished (the “judgment default provision”). In the case of However, a default under clause (v) will not constitute an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, until the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes Securities notify the Company of the default and the Company does not cure such default within the time specified in clause (v) hereof after receipt of such notice. If an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the Securities may declare all the Securities by notice to the Issuers and the Trustee may declare all the Notes Company to be due and payablepayable immediately. Holders A violation of any convent or agreement in the Indenture that expressly provides that a violation of such covenant or agreement shall not constitute an Event of Default may be enforced only by the Trustee or such other Person specified in such covenant or agreement by instituting a legal proceeding against the Company for enforcement of such covenant or agreement. Securityholders may not enforce the Supplemental Indenture or the Notes Securities except as provided in the Supplemental Indenture. The Trustee may refuse to enforce the Indenture or the Securities unless it receives reasonable indemnity or security. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes Securities may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders Securityholders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the in payment of principal or interest) interest (including any Contingent Interest), if any, if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect thereto.

Appears in 3 contracts

Samples: Indenture (Trinity Industries Inc), Indenture (Trinity Industries Inc), Indenture (Trinity Industries Inc)

Defaults and Remedies. Each of Under the following is Indenture, an Event of Default: ” with respect to Securities shall occur if: (ia) default for 30 consecutive days the Company defaults in the payment when due of any principal of any Security at Maturity (including, following a Fundamental Change), including any Additional Tax Amounts (if any) thereon; (b) the Company defaults in the payment of any interest on any Security, including any Additional Tax Amounts (if any) thereon, when it becomes due and payable, and continuance of such default for a period of 30 days (unless the Notes, (ii) default in entire amount of such payment when due is deposited by the Company with the Trustee or with a Paying Agent that is not an affiliate of the principal Company prior to the expiration of or premiumsuch period of 30 days); (c) the Company fails to pay the cash and deliver the shares of Common Stock, if any, on representing the NotesConversion Obligation (including any Additional Shares and any Additional Tax Amounts (if any) thereon) upon conversion of any Security within the time period required by the provisions of this Indenture; (d) the Company fails to perform or comply with any of its other covenants or agreements contained in the Securities or in the Indenture (other than a covenant or agreement a default in whose performance or whose breach is specifically dealt with in clauses (a), (iiib) failure or (c) of this definition) and the default continues for 60 days after notice is given as specified below; (e) any indebtedness under any bond, debenture, note or other evidence of indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 of the Supplemental Indenture, (iv) failure by the Company Subsidiary or any of its Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their other covenants or agreements in the Supplemental Indenture, (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness indebtedness for money borrowed by, or any other payment obligation of, the Company or any Subsidiary with a principal amount then, individually or in the aggregate, outstanding in excess of $30,000,000, whether such indebtedness now exists or shall hereafter be created, is not paid at final Maturity or when otherwise due or is accelerated, and such indebtedness is not discharged, or such default in payment or acceleration is not cured or rescinded, within a period of 30 days after there shall have been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the outstanding Securities of that Series a written notice specifying such default and requiring the Company to cause such indebtedness to be discharged or cause such default to be cured or waived or such acceleration to be rescinded or annulled and stating that such notice is a “Notice of Default” hereunder; provided that a payment obligation (other than indebtedness under any bond, debenture, note or other evidence of indebtedness for money borrowed by the Company or any Subsidiary or under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any indebtedness for money borrowed by the Company or any Subsidiary) shall not be deemed to have matured, come due, or been accelerated to the extent that it is being disputed by the relevant obligor or obligors in good faith; (f) the Company or any Subsidiary fails to pay one or more final and non-appealable judgments entered by a court or courts of its Restricted Subsidiaries competent jurisdiction, the aggregate uninsured or unbonded portion of which is in excess of $50,000,000, if the judgments are not paid, discharged, waived or stayed within 30 days; (or g) the Company defaults in the payment of which the purchase price of any Security when the same becomes due and payable, including any Additional Tax Amounts (if any) thereon; (h) the Company fails to provide a Fundamental Change Purchase Notice when required by Section 4.01 of the Supplemental Indenture; (i) the Company or any Subsidiary of the Company, pursuant to or within the meaning of any Bankruptcy Law: (1) commences a voluntary case or proceeding; (2) consents to the entry of an order for relief against it in an involuntary case or proceeding; (3) consents to the appointment of a Custodian of it or for all or substantially all of its property; or (4) makes a general assignment for the benefit of its creditors; or (5) or generally is guaranteed by unable to pay its debts as the same become due; or (j) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: (i) is for relief against the Company or any of its Restricted Subsidiaries), whether such Indebtedness Subsidiaries in an involuntary case or guarantee now exists or is created after the date proceeding; (ii) appoints a Custodian of the Supplemental Indenture, if that default: (a) is caused by a failure to pay at final stated maturity the principal amount of such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or (b) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 million or more, (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess for all or substantially all of $100.0 million, net the property of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged Company or stayed for a period of 60 days any such Subsidiary; or (viiiii) certain events orders the liquidation of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries. In ; and the case of each of clause (i), (ii) and (iii), the order or decree remains unstayed and in effect for 60 consecutive days. A default under clause (d) above is not an Event of Default arising from certain events of bankruptcy or insolvency with respect to until the Trustee notifies the Company, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in aggregate principal amount of the Securities then outstanding Notes notify the Company and the Trustee, in writing of the default, and the Company does not cure the default within 60 days after receipt of such notice. If an Event of Default (other than an Event of Default specified in clause (i) or (j) above) occurs and is continuing with respect to any Securities, then in every such case, the Trustee may, by notice to the Issuers Company, or the Holders of at least 25% in aggregate principal amount of the Securities then outstanding may, by notice to the Company and the Trustee may Trustee, declare all unpaid principal of, and accrued and unpaid interest on to the Notes date of acceleration, the Securities then outstanding (if not then due and payable) to be due and payable upon any such declaration, and the same shall become and be immediately due and payable. If an Event of Default specified in clause (i) or (j) above occurs, all unpaid principal of the Securities then outstanding, and all accrued and unpaid interest thereon to the date of acceleration, shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. Holders may not enforce the Supplemental Indenture or the Notes Securities except as provided in the Supplemental Indenture. The Trustee may require indemnity satisfactory to it before it enforces the Indenture or the Securities. Subject to certain limitations, Holders of a majority in aggregate principal amount of the Securities then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders notice of any continuing Default or Event of Default default (except a Default or Event of Default relating to the default in payment of principal or any interest) if it determines that withholding notice is in their interestinterests. The Holders Company is required to file periodic reports with the Trustee as to the absence of default. Under the terms of the Indenture, at the election of the Company in its sole discretion, the sole remedy for an Event of Default relating to the failure to comply with Section 4.02 of the Base Indenture, and for any failure to comply with the requirements of Section 314(a)(1) of the TIA, will consist, for the 180 days after the occurrence of such an Event of Default, exclusively of the right to receive additional interest on the Securities at a majority in rate equal to 0.50% per annum of the aggregate principal amount of the Notes Securities then outstanding by notice to up to, but not including, the Trustee may 181st day thereafter (or, if applicable, the earlier date on behalf of which the Holders of all of the Notes waive any existing Default or Event of Default relating to Section 4.02 of the Base Indenture or Section 314(a)(1) of the TIA is cured or waived). Any such additional interest will be paid and its consequences under the Supplemental Indenture except a continuing Default or Event of Default calculated in the payment of interest on, or manner set forth in the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect thereto.

Appears in 3 contracts

Samples: Second Supplemental Indenture (DHT Holdings, Inc.), First Supplemental Indenture (DHT Holdings, Inc.), First Supplemental Indenture (DHT Holdings, Inc.)

Defaults and Remedies. Each of the following is an Event of Default: (i) default for 30 consecutive days in the payment when due of interest on the Notes, (ii) default in payment when due of the principal of or premium, if any, on the Notes, (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 of the Supplemental Indenture, (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to the Company Issuers by the Trustee or to the Company Issuers and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their other covenants or agreements in the Supplemental Indenture, (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists or is created after the date of the Supplemental Indenture, if that default: (a) is caused by a failure to pay at final stated maturity the principal amount of such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or (b) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 100 million or more, (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, 100 million (net of applicable insurance which has not been denied in writing by the insurer), which judgments are not paid, discharged or stayed for a period of 60 days or (vii) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries. In the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 3 contracts

Samples: Indenture (Charter Communications Inc /Mo/), Indenture (Charter Communications Inc /Mo/), Indenture (CCH Ii Capital Corp)

Defaults and Remedies. Each of the following is an Event of Default: (i) default for 30 consecutive days in the payment when due of interest on the Notes, (ii) default in payment when due of the principal of or premium, if any, on the Notes, (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and Section 5.01 of the Supplemental Indenture, (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 2530% of the principal amount of the Notes outstanding to comply with any of their other covenants or agreements in the Supplemental Indenture, (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists or is created after the date of the Supplemental Indenture, if that default: (a) is caused by a failure to pay at final stated maturity the principal amount of such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or (b) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 million or more, (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days or (vii) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries. In the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 2530% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notes. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect thereto.

Appears in 2 contracts

Samples: Fifth Supplemental Indenture (Cco Holdings LLC), Fourth Supplemental Indenture (Cco Holdings LLC)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (i) default for 30 consecutive days in the payment when due of interest or Liquidated Damages, if any, on the Notes, Notes or the Guaranties (whether or not prohibited by the subordination provisions of the Indenture); (ii) default in payment when due of the principal of or premium, if any, on the NotesNotes or the Guaranties when due and payable, at maturity, upon acceleration, redemption or otherwise (whether or not prohibited by the subordination provisions of the Indenture), (iii) failure by the Company or any Obligor to comply with any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 of other agreements in the Supplemental Indenture, (iv) failure by the Company Notes or any of its Restricted Subsidiaries the Guaranties for 30 consecutive 60 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the in principal amount of the Notes then outstanding to comply with any of their other covenants or agreements in the Supplemental Indenture, voting as a single class; (viv) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries Obligor (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), Obligor) whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental IndentureIssue Date, if that default: (a) which default is caused by a failure to pay at final stated maturity the principal amount of or premium, if any, or interest, if any, on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); , or (b) results in the acceleration of such Indebtedness prior to its express maturity, maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 10 million or more, ; (viv) failure by the Company or any of its Restricted Subsidiaries to pay certain final judgments which are non-appealable aggregating in excess for the payment of $100.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed money that remain undischarged for a period of 60 days after such judgment or judgments become final and non-appealable; and (viivi) certain events of bankruptcy or insolvency with respect to any Obligor. If any Event of Default occurs and is continuing, the Company Trustee or any the Holders of its Significant Subsidiariesat least 25% in aggregate principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately. In Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Companyinsolvency, all outstanding Notes will become due and payable immediately without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interestinterest or premium or Liquidated Damages, if any,) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding Notes by notice to the Trustee may may, on behalf of the Holders of all of the Notes Notes, rescind an acceleration or waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest or premium or Liquidated Damages, if any, on, or the principal of, the Notes. The Issuers are Company is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture Indenture, and the Base Indenture. Upon Company is required, upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 2 contracts

Samples: Indenture (Casino One Corp), Indenture (Pinnacle Entertainment Inc)

Defaults and Remedies. Each Under the Indenture, Events of Default include (a) a Default in any payment of interest on any Note when the following is an Event same becomes due and payable occurs, and such default continues for a period of Default: 30 days; (ib) default for 30 consecutive days a Default in the payment when due of interest on the Notes, (ii) default in payment when due of the principal of or premium, if any, on any Note when the Notessame becomes due and payable at its Stated Maturity occurs, upon optional redemption or otherwise; (iiic) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 of the Supplemental Indenture, (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding guarantor fails to comply with any of their other covenants or its agreements in the Supplemental IndentureNotes, the Indenture or any guarantee of the Notes, as applicable (vother than those referred to in (a) or (b) above) and such failure continues for 60 days after the notice specified below; (d) a default under any bond, debenture, note or other evidence of indebtedness for money borrowed by the Company in an individual principal amount outstanding of at least $50,000,000 or under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness indebtedness for money borrowed by the Company in an individual principal amount outstanding of at least $50,000,000, whether such indebtedness now exists or shall hereafter be created, which default shall constitute a failure to pay $50,000,000 or more of the principal of such indebtedness when due and payable after the expiration of any applicable grace period with respect thereto or which default shall have resulted in such indebtedness becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, without such payment being made in full or such acceleration having been rescinded or annulled, within a period of its Restricted Subsidiaries 30 days after the notice specified below; (e) any guarantee with respect to the Notes ceases for any reason to be, or the payment of which is guaranteed asserted by the Company or the guarantor not to be, in full force and effect and enforceable in accordance with its terms except to the extent contemplated by this Indenture and any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists or is created after the date of the Supplemental Indenture, if that default: Notes; and (a) is caused by a failure to pay at final stated maturity the principal amount of such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or (b) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 million or more, (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days or (viif) certain events of bankruptcy or insolvency with respect to involving the Company or any of its Significant Subsidiariesguarantor. In the case of A Default with respect to Notes under clause (c) and (d) above is not an Event of Default arising from certain events of bankruptcy or insolvency with respect until the Trustee (by written notice to the Company, all ) or the Holders of at least 25% in aggregate principal amount of the outstanding Notes will become due (by written notice to the Company and payable without further action the Trustee) gives notice of the Default and the Company does not cure such Default within the time specified in said clause (c) or (d), as applicable, after receipt of such notice. Such notice must specify the Default, demand that it be remedied and state that such notice is a “Notice of Default”. If any other an Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payablepayable immediately. Holders Certain events of bankruptcy or insolvency involving the Company are Events of Default which will result in the Notes being due and payable immediately upon the occurrence of such Events of Default. Noteholders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. The Trustee may refuse to enforce the Indenture or the Notes unless it receives indemnity and/or security reasonably satisfactory to it. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders Noteholders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the in payment of principal or interest) if it in good faith determines that withholding notice is in not opposed to their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect thereto.

Appears in 2 contracts

Samples: First Supplemental Indenture (Southwest Gas Corp), First Supplemental Indenture (Southwest Gas Corp)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (i) default for 30 consecutive days in the payment when due of interest on on, or Liquidated Damages, if any, with respect to, the Notes, ; (ii) default in payment when due of the principal of of, or premium, if any, on on, the Notes, ; (iii) failure by the Company or any Restricted Subsidiary for 30 days after notice from the Trustee or by the Holders of its Restricted Subsidiaries at least 25% in principal amount of Notes then outstanding to comply with the provisions described in Sections 4.16 and 5.01 4.07, 4.09, 4.10 or 4.13 of the Supplemental Indenture, ; (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive 60 days after written notice thereof has been given to the Company by from the Trustee or to the Company and the Trustee by the Holders of at least 25% of the in principal amount of the Notes then outstanding to comply with any of their its other covenants or agreements in the Supplemental Indenture, Indenture or the Notes; (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), ) whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: which default (a) is caused by a failure to pay at final stated maturity the principal amount of such Indebtedness prior after giving effect to the expiration of the any grace period provided in such Indebtedness on the date of such default (a "Payment Default”); ") or (b) results in the acceleration of such Indebtedness prior to its express maturity, stated maturity and, in each case, the principal 104 amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 10.0 million or more, ; (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, 10.0 million (net of applicable any amounts with respect to which a reputable and creditworthy insurance which company has not been denied acknowledged liability in writing by the insurerwriting), which judgments are not paid, discharged or stayed for a period of 60 days or days; (vii) except as permitted by the Indenture, any Subsidiary Guarantee shall be held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or any Guarantor, or any Person acting on behalf of any Guarantor, shall deny or disaffirm its obligations under its Subsidiary Guarantee; and (viii) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant SubsidiariesSubsidiaries If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately. In Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the CompanyCompany or any Significant Subsidiary, all outstanding Notes will become due and payable without further action or notice. If Upon any other Event acceleration of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount maturity of the then outstanding Notes by notice to the Issuers Notes, all principal of and the Trustee may declare all accrued interest and Liquidated Damages, if any, on the Notes to shall be due and payablepayable immediately. Holders of Notes may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders In the event of a majority in aggregate principal amount declaration of acceleration of the Notes then outstanding by notice to the Trustee may on behalf because an Event of Default has occurred and is continuing as a result of the Holders acceleration of all any Indebtedness described in clause (v) of the preceding paragraph, the declaration of acceleration of the Notes waive any existing Default or Event of Default and its consequences under shall be automatically annulled if the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware holders of any Default Indebtedness described in clause (v) of the preceding paragraph have rescinded the declaration of acceleration in respect of such Indebtedness within 30 days of the date of such declaration and if (a) the annulment of the acceleration of Notes would not conflict with any judgment or Event decree of a court of competent jurisdiction and (b) all existing Events of Default, except nonpayment of principal or interest on the Issuers are required to deliver to Notes that became due solely because of the Trustee a statement specifying such Default acceleration of the Notes, have been cured or Event of Default and what action the Issuers are taking or propose to take with respect thereto.waived. 105

Appears in 2 contracts

Samples: Indenture (Diamond Brands Inc), Indenture (Diamond Brands Operating Corp)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (i) default for 30 consecutive days in the payment when due of interest on on, the Notes, ; (ii) default in the payment when due of the principal of of, or premiumpremium on, if any, on the Notes, ; (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 of the Supplemental Indenture, (iv) failure by the Company or any of its Restricted Subsidiaries Guarantor for 30 consecutive 45 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the in aggregate principal amount of the Notes then outstanding to comply with any of their other covenants or the agreements in the Supplemental Indenture (other than a default referred to in clause (i) or (ii) of Section 6.01 of the Indenture, ); (viv) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries Guarantor (or the payment of which is guaranteed Guaranteed by the Company or any of its Restricted SubsidiariesGuarantor), whether such Indebtedness or guarantee Guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: (aA) is caused by a failure to pay at final stated maturity the principal amount of of, or interest or premium, if any, on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or (bB) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates exceeds the greater of (1) 1% of Total Assets and (2) $100.0 million 200.0 million; provided that this clause (iv) shall not apply to (a) secured Indebtedness that becomes due as a result of the voluntary sale or more, transfer of the property or assets securing such Indebtedness to a Person that is not an Affiliate of the Company; (vib) failure by Non-Recourse Debt of NRG Peaker Finance Company LLC; and (c) Non-Recourse Debt of the Company or any of its Restricted Subsidiaries (except to pay final the extent that the Company or any of the Guarantors that are not parties to such Non-Recourse Debt become directly or indirectly liable, including pursuant to any contingent obligation, for any such Non-Recourse Debt and such liability, individually or in the aggregate, exceeds the greater of (i) 1% of Total Assets and (ii) $200.0 million); (v) one or more judgments which are non-appealable aggregating for the payment of money in an aggregate amount in excess of the greater of (i) 1% of Total Assets and (ii) $100.0 million, net of applicable insurance which has 200.0 million (excluding therefrom any amount reasonably expected to be covered by insurance) shall be rendered against the Company or any Guarantor or Guarantors or any combination thereof and the same shall not have been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days after such judgment became final and non-appealable; (vi) except as permitted by the Supplemental Indenture, any Subsidiary Guarantee shall be held in any final and non-appealable judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or any Guarantor (or any group of Guarantors) that constitutes a Significant Subsidiary, or any Person acting on behalf of any Guarantor (or any group of Guarantors) that constitutes a Significant Subsidiary, shall deny or disaffirm its or their obligations under its or their Subsidiary Guarantee(s); (vii) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries. In the case Guarantors: (A) commences a voluntary case, (B) consents to the entry of an Event of Default arising from certain events of bankruptcy or insolvency with respect order for relief against it in an involuntary case, (C) consents to the Companyappointment of a custodian of it or for all or substantially all of its property, all outstanding Notes will (D) makes a general assignment for the benefit of its creditors, or (E) generally is not paying its debts as they become due and payable without further action due; or notice. If (viii) a court of competent jurisdiction enters an order or decree under any other Event of Default occurs and Bankruptcy Law that: (A) is continuing, for relief against the Trustee by notice to the Issuers Company or the Holders of at least 25% in principal amount any Guarantor; (B) appoints a custodian of the then outstanding Notes by notice to the Issuers and the Trustee may declare Company or Guarantor for all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notes. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of substantially all of the Notes waive property of the Company or any existing Default Guarantor; or Event (C) orders the liquidation of Default and its consequences under the Supplemental Indenture except a continuing Default Company or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture any Guarantor; and the Base Indenture. Upon becoming aware of any Default order or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default decree remains unstayed and what action the Issuers are taking or propose to take with respect theretoin effect for 60 consecutive days.

Appears in 2 contracts

Samples: Third Supplemental Indenture (NRG Energy, Inc.), Supplemental Indenture (NRG Energy, Inc.)

Defaults and Remedies. Each of the following is an An "Event of Default" occurs if: (i) default for 30 consecutive days the Company defaults in the payment when due of interest on on, or Additional Interest with respect to, the Notes, Notes and such default continues for a period of 30 days; (ii) default the Company defaults in the payment when due of the principal of of, or premium, if any, on the Notes, ; (iii) failure by the Company or any of its Restricted Subsidiaries fails to comply with any of the provisions contained in Sections 4.16 and or 5.01 of the Supplemental Indenture, ; (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given of such failure fails to comply with any of Sections 3.09, 4.07, 4.09 or 4.10 of the Indenture or with any of the agreements contained in the Collateral Documents; (v) the Company or any of its Restricted Subsidiaries fails to observe or perform any other covenant or other agreement in the Indenture or the Notes for 60 days after notice of such failure to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their other covenants or agreements in the Supplemental Indenture, Trustee; (vvi) a default occurs under any mortgage, other indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), ) whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: (a) which default is caused by a failure to pay at final stated maturity the principal amount of of, or interest or premium, if any, on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a "Payment Default”); ") or (b) results in the acceleration of such Indebtedness prior to its express maturity, Stated Maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 15.0 million or more, ; (vivii) failure by the Company or any of its Restricted Subsidiaries is subject to pay final judgments which are non-appealable aggregating in excess of $100.0 15.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days or days; (vii) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries. In the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notes. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect thereto.viii)

Appears in 2 contracts

Samples: Global Note (Southern Star Central Corp), Global Note (Southern Star Central Corp)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (i) default for 30 consecutive days in the payment when due of interest on interest, if any, with respect to the Notes, ; (ii) default in payment when due of the principal of of, or premium, if any, on the NotesNotes when the same becomes due and payable at maturity, upon redemption (including in connection with an offer to purchase) or otherwise, (iii) failure by the Company Wynn Capital, Xxxx Las Vegas or any of its Restricted Subsidiaries the Guarantors to comply with Sections 4.16 and 4.11 or 5.01 of the Supplemental Indenture, ; (iv) failure by the Company Wynn Capital, Xxxx Las Vegas or any of its Restricted Subsidiaries Guarantor for 30 consecutive 60 days after written notice thereof has been given to the Company by from the Trustee or to the Company and the Trustee by the Holders of at least 25% of the in aggregate principal amount of the Notes then outstanding voting as a single class to comply with any of their the other covenants or agreements in the Supplemental IndentureIndenture or the Notes, not set forth in clause (iii) above; (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company Xxxx Las Vegas or any of its Restricted Subsidiaries Guarantor (or the payment of which is guaranteed by the Company Xxxx Las Vegas or any of its Restricted Subsidiaries), the Guarantors) whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: (a) is caused by a failure to pay at final stated maturity the principal amount of such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or (b) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 25.0 million or more, if such acceleration is not annulled within 30 days after written notice as provided in the Indenture; (vi) failure by the Company Wynn Capital, Xxxx Las Vegas or any of its Restricted Subsidiaries the Guarantors to pay final judgments which are non-appealable judgments (not paid or covered by insurance as to which the relevant insurance company has not denied responsibility) aggregating in excess of $100.0 25.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, bonded, discharged or stayed for a period of 60 days days; (vii) the Pledge Agreement shall cease, for any reason (other than pursuant to its terms or the terms of the Indenture), to be in full force and effect or Wynn Capital, Xxxx Las Vegas or any Affiliate of any such Person or any Person acting on behalf of any such Person, shall so assert, or any security interest created, or purported to be created, by Pledge Agreement shall cease to be enforceable and of the same effect and priority purported to be created by the Pledge Agreement; or (viiviii) certain events of bankruptcy or insolvency described in the Indenture with respect to the Company (a) either Issuer or (b) any of its Significant SubsidiariesGuarantor. In the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company(a) either Issuer or (b) any Guarantor, all outstanding Notes will shall become due and payable immediately without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payablepayable immediately. Holders of the Notes may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture, the Intercreditor Agreement and the Pledge Agreement. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (if it determines that withholding notice is in their interest, except a Default or Event of Default relating to the payment of principal or interest) interest or premium, if it determines that withholding notice is in their interestany. The Holders of a majority in aggregate principal amount of the Notes then outstanding Notes by notice to the Trustee may may, on behalf of the Holders of all of the Notes Notes, waive any existing Default or Event of Default and its consequences under the Supplemental Indenture Indenture, except a continuing Default or Event of Default in the payment of interest or premium, if any, on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 2 contracts

Samples: Indenture (Wynn Las Vegas LLC), Indenture (Wynn Las Vegas LLC)

Defaults and Remedies. Each of the following is an Event of Default: (i) default for 30 consecutive days in the payment when due of interest on the Notes, (ii) default in payment when due of the principal Accreted Value of or premium, if any, on the Notes, (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 of the Supplemental Indenture, (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the aggregate principal amount at maturity of the Notes outstanding to comply with any of their other covenants or agreements in the Supplemental Indenture, (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists or is created after the date of the Supplemental Indenture, if that default: (a) is caused by a failure to pay at final stated maturity the principal amount of such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a "Payment Default"); or (b) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 100 million or more, (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, 100 million (net of applicable insurance which has not been denied in writing by the insurer), which judgments are not paid, discharged or stayed for a period of 60 days or (vii) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries. In the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in aggregate principal amount at maturity of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payablepayable in an amount equal to (x) the Accreted Value of the Notes outstanding on the date of acceleration, if such declaration is made prior to the Full Accretion Date or (y) the entire principal amount at maturity of all the Notes outstanding on the date of acceleration, plus accrued interest, if any, to the date of acceleration, if such declaration is made after the Full Accretion Date. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount at maturity of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount at maturity of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal Accreted Value of, the Notes. The Issuers are Company is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are Company is required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 2 contracts

Samples: Indenture (Charter Communications Inc /Mo/), Indenture (Charter Communications Inc /Mo/)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (ia) default for 30 consecutive days in the payment when due of interest Interest on the Notes, ; (iib) default in payment when due of the principal of of, or premium, if any, on the Notes, ; (iiic) failure by the Company Issuers or any of its their Restricted Subsidiaries to perform or comply with the provisions described under Sections 4.16 and 4.10, 4.15 or 5.01 of the Supplemental Indenture, ; (ivd) failure by the Company Issuers or any of its their Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their the other covenants agreements representations or agreements warranties in the Supplemental Indenture, the Notes or the Collateral Documents (vother than as set forth in clauses (a)-(c) above); (e) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company Partnership or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company Partnership or any of its Restricted Subsidiaries), whether such the Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: (ai) is caused by a failure to pay at final stated maturity the principal amount of of, or interest or premium, if any, on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); ) or (bii) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 5.0 million or more, ; (vif) failure by the Company Issuers or any of its their Restricted Subsidiaries to pay final judgments which are non-appealable judgments (other than any judgments or portions thereof as to which a reputable insurance company has accepted full liability in writing) aggregating in excess of $100.0 5.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days days; (g) any Subsidiary Guarantee of any Subsidiary Guarantor shall be held in a judicial proceeding to be unenforceable or (vii) certain events of bankruptcy invalid or insolvency with respect shall cease for any reason, other than pursuant to the Company terms of the Indenture, to be in full force and effect or any Subsidiary Guarantor, or any Person acting on behalf of any Subsidiary Guarantor, shall deny or disaffirm its obligations under its Subsidiary Guarantee; (h) breach by either of the Issuers or any of the Subsidiary Guarantors in any material respect of any representation or warranty or agreement in any of the Collateral Documents or in any certificates delivered in connection therewith, the repudiation by any of them of any of its obligations under any of the Collateral Documents, the unenforceability of the Collateral Documents against any of them for any reason which continues for 30 days after written notice from the Trustee or Holders of at least 25% in outstanding principal amount of Notes or the loss of the perfection or priority of the Liens granted by any of them pursuant to the Collateral Documents for any reason; (i) any Gaming License is revoked, terminated or suspended or otherwise ceases to be effective resulting in the cessation or suspension of operation for a period of more than 30 days of any material portion or aspect of the Gaming Business of any Gaming Facility; (j) the Partnership fails to own 100% of the issued and outstanding Equity Interests of Capital; (k) the cessation of gaming operations of Silver Legacy Resort Casino for a period of more than 180 consecutive days; (l) either Issuer or any Significant SubsidiariesSubsidiary pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case, (ii) consents to the entry of an order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it or for all or substantially all of its property, (iv) makes a general assignment for the benefit of its creditors, or (v) admits in writing its inability generally to pay its debts as the same become due; or (m) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (i) is for relief against either Issuer or any Significant Subsidiary in an involuntary case, (ii) appoints a Custodian of either Issuer or any Significant Subsidiary or for all or substantially all of the property of either Issuer or any Significant Subsidiary, or (iii) orders the liquidation of either Issuer or any Significant Subsidiary, and the order or decree remains unstayed and in effect for 60 days. In the case of an Event of Default arising from certain events of bankruptcy described in clause (l) or insolvency with respect to the Company(m) above, all outstanding Notes will become due and payable without further action or notice. If Subject to the terms of the Intercreditor Agreement, if any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payablepayable immediately. Upon such declaration, the Notes shall become due and payable immediately. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, The Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notes. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by written notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default rescind an acceleration and its consequences under if the Supplemental Indenture except a continuing Default rescission would not conflict with any judgment or Event decree and if all existing Defaults or Events of Default in (except nonpayment of principal of or interest on the payment Notes that has become due solely because of interest on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoacceleration) have been cured as waived.

Appears in 2 contracts

Samples: Indenture (Circus & Eldorado Joint Venture), Indenture (Circus & Eldorado Joint Venture)

Defaults and Remedies. Each of the following is an An Event of DefaultDefault with respect to the Notes includes: (i) the default for 30 consecutive days in the payment when due of interest on the Notes, Notes (ii) whether or not prohibited by the subordination provisions of the Indenture); the default in payment when due of the principal of or premium, if any, on the Notes, Notes (iii) whether or not prohibited by the subordination provisions of the Indenture); the failure by the Company to comply with Section 4.17 of the Indenture; the failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 of the Supplemental Indenture, (iv) failure by the Company or any of its Restricted Subsidiaries Guarantor for 30 consecutive 60 days after written notice thereof has been given to the Company by from the Trustee or to the Company and the Trustee by the Holders of at least not less than 25% of the aggregate principal amount of the Notes (including Additional Notes, if any) outstanding to comply with any of their its other covenants or agreements in the Supplemental Indenture, (v) Notes or the Subsidiary Guarantees; the default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), ) whether such Indebtedness or guarantee now exists or is created after on the date of the Supplemental IndentureIndenture or is created thereafter, if that defaultif: (ai) is caused by a failure to pay at final stated maturity the principal amount of such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or (b) results in the acceleration of such Indebtedness prior to its express maturity, and, maturity or shall constitute a default in each case, the payment of such Indebtedness at final maturity of such Indebtedness and (ii) the principal amount of any such IndebtednessIndebtedness that has been accelerated or not paid at maturity, together with when added to the aggregate principal amount of any all other such Indebtedness under which there that has been a Payment Default accelerated or not paid at maturity, exceeds $10.0 million; the maturity of which has been so accelerated, aggregates $100.0 million or more, (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 10.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paidremain unpaid, discharged undischarged or stayed unstayed for a period of 60 days or (vii) days; certain events of bankruptcy or insolvency with respect to the Company or any of its Restricted Subsidiaries that is a Significant SubsidiariesSubsidiary; or except as permitted by the Indenture or the Subsidiary Guarantees, any Subsidiary Guarantee issued by a Restricted Subsidiary shall be held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect, or any Restricted Subsidiary or any Person acting on behalf of any Restricted Subsidiary shall deny or disaffirm in writing its obligations under its Subsidiary Guarantee. (1) the day which is five business days after written notice of acceleration is received by the Company and the Credit Agent or (2) the date of acceleration of the Indebtedness under the Credit Agreement. In Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the CompanyCompany or any Restricted Subsidiary that is a Significant Subsidiary, the principal of, and premium, if any, and any accrued and unpaid interest on all outstanding Notes will become due and payable without further action or notice. If any other In the event of a declaration of acceleration of the Notes because an Event of Default occurs has occurred and is continuingcontinuing as a result of the acceleration of any Indebtedness described in Section 6.1(5) of the Indenture, the Trustee by notice to the Issuers or the Holders declaration of at least 25% in principal amount acceleration of the then outstanding Notes by notice to shall be automatically annulled if the Issuers holders of any Indebtedness described in such section have rescinded the declaration of acceleration in respect of such Indebtedness within 30 days from the date of such declaration and if: (1) the Trustee may declare all annulment of the acceleration of the Notes to be due would not conflict with any judgment or decree of a competent jurisdiction and payable. Holders may not enforce the Supplemental Indenture (2) all existing Events of Default, except non-payment of principal or interest on the Notes except as provided in that became due solely because of the Supplemental Indentureacceleration of the Notes, have been cured or waived. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are Company is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture Indenture, and the Base Indenture. Upon Company is required, upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are Company is taking or propose proposes to take with respect thereto.

Appears in 2 contracts

Samples: First Supplemental Indenture (Iron Mountain Inc/Pa), First Supplemental Indenture (Iron Mountain Inc/Pa)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (i) default for 30 consecutive days in the payment when due of interest on on, the Notes, ; (ii) default in the payment when due of the principal of of, or premiumpremium on, if any, on the Notes, ; (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 of the Supplemental Indenture, (iv) failure by the Company or any of its Restricted Subsidiaries Guarantor for 30 consecutive 60 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 2530% of the in aggregate principal amount of the Notes then outstanding to comply with any of their other covenants or the agreements in the Supplemental Indenture (other than a default referred to in clause (i) or (ii) of Section 6.01 of the Indenture, ); (viv) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries Guarantor (or the payment of which is guaranteed Guaranteed by the Company or any of its Restricted SubsidiariesGuarantor), whether such Indebtedness or guarantee Guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: (aA) is caused by a failure to pay at final stated maturity the principal amount of of, or interest or premium, if any, on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or (bB) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates exceeds the greater of (1) 1.5% of Total Assets and (2) $100.0 million 375.0 million; provided that this clause (iv) shall not apply to (a) secured Indebtedness that becomes due as a result of the voluntary sale or more, transfer of the property or assets securing such Indebtedness to a Person that is not an Affiliate of the Company; (vib) failure by Non-Recourse Debt (except to the extent that the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments Guarantors that are not paidparties to such Non-Recourse Debt becomes directly or indirectly liable, discharged including pursuant to any contingent obligation, for any such Non-Recourse Debt and such liability, individually or stayed for a period in the aggregate, exceeds the greater of 60 days (i) 1.5% of Total Assets and (ii) $375.0 million); and (c) to the extent constituting Indebtedness, any indemnification, guarantee or (vii) certain events other credit support obligations of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries. In the case of an Event of Default arising from certain events of bankruptcy or insolvency Guarantors in connection with respect to the Company, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee tax equity financing entered into by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Notes a non-Guarantor Subsidiary; (v) except as provided in permitted by the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise any Subsidiary Guarantee of any trust Guarantor (or power with respect any group of Guarantors) that constitutes a Significant Subsidiary shall be held in any final and non-appealable judicial proceeding to matters relating be unenforceable or invalid or shall cease for any reason to the Notes. The Trustee may withhold from Holders notice be in full force and effect or any Guarantor (or any group of Guarantors) that constitutes a Significant Subsidiary, or any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may Person acting on behalf of any Guarantor (or any group of Guarantors) that constitutes a Significant Subsidiary, shall deny or disaffirm its or their obligations under its or their Subsidiary Guarantee(s); (vi) the Holders Company or any of the Guarantors: (A) commences a voluntary case, (B) consents to the entry of an order for relief against it in an involuntary case, (C) consents to the appointment of a custodian of it or for all or substantially all of its property, (D) makes a general assignment for the benefit of its creditors, or (E) generally is not paying its debts as they become due; or (vii) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: (A) is for relief against the Company or any Guarantor; (B) appoints a custodian of the Company or Guarantor for all or substantially all of the Notes waive property of the Company or any existing Default Guarantor; or Event (C) orders the liquidation of Default and its consequences under the Supplemental Indenture except a continuing Default Company or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture any Guarantor; and the Base Indenture. Upon becoming aware of any Default order or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default decree remains unstayed and what action the Issuers are taking or propose to take with respect theretoin effect for 60 consecutive days.

Appears in 2 contracts

Samples: Supplemental Indenture (NRG Energy, Inc.), Fifth Supplemental Indenture (NRG Energy, Inc.)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (i) default for 30 consecutive days in the payment when due of interest on the Notes, ; (ii) default in payment when due of the principal of or premium, if any, on the Notes, ; (iii) failure by the Company or any of its Restricted Subsidiaries to comply with the provisions of Sections 4.16 and 5.01 3.09, 4.10, 4.15 or Article 5 of the Supplemental Indenture, ; (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive 45 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their its other covenants or agreements in the Supplemental Indenture, Indenture or the Notes; (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or including any Indebtedness the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), ) other than a Receivables Subsidiary whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: which default (a) is caused by a failure to pay at final stated maturity the principal amount of or a premium, if any, on such Indebtedness at the Stated Maturity for such payment of principal or premium, if any, or such later date as has been agreed in a writing (provided such writing is entered into prior to such Stated Maturity) by the expiration of parties to the grace period provided in documentation relating to such Indebtedness on the date of such default (a "Payment Default”); ") or (b) results in the acceleration of such Indebtedness prior to its express maturity, maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 12.5 million or more, ; (vi) failure by the Company or any of its Restricted Subsidiaries other than a Receivables Subsidiary to pay final judgments which are non-appealable aggregating in excess of $100.0 12.5 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days (or 90 days if prior to such sixtieth day the Company has delivered to the Trustee an Officers' Certificate attesting that a financially responsible insurance company of recognized national standing has acknowledged in writing complete liability for such judgment and attached a copy of such acknowledgment thereto); (vii) certain events repudiation by any Subsidiary of bankruptcy its obligations under any Subsidiary Guarantee or, except as permitted by the Indenture, any Subsidiary Guarantee shall be held in a judicial proceeding to be unenforceable or insolvency with invalid in any material respect or shall cease to be in full force and effect; (viii) the Company or any of its Significant SubsidiariesSubsidiaries (other than a Receivables Subsidiary) within the meaning of any Bankruptcy Law (a) commences a voluntary case, (b) consents to the entry of an order for relief against it in an involuntary case, (c) consents to the appointment of a custodian of it or for all or substantially all of its property, (d) makes a general assignment for the benefit of its creditors, or (e) generally is not paying its debts as they become due; and (ix) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (a) is for relief against the Company or any of its Subsidiaries (other than a Receivables Subsidiary), (b) appoints a custodian of the Company or any of its Subsidiaries or for all or substantially all of the property of the Company or any of its Subsidiaries (other than a Receivables Subsidiary) or (c) orders the liquidation of the Company or any of its Subsidiaries (other than a Receivables Subsidiary) and any such order or decree described in this clause (ix) remains unstayed and in effect for 60 consecutive days. In the case event of a declaration of acceleration of the Notes because an Event of Default arising from certain events has occurred and is continuing as a result of bankruptcy a Payment Default or insolvency the acceleration of any Indebtedness described in clause (v) of the preceding paragraph, the declaration of acceleration of the Notes shall be automatically annulled if (i) any Payment Default described in clause (v)(a) of the preceding paragraph has been cured or waived and (ii) the holders of any accelerated Indebtedness described in clause (v)(b) of the preceding paragraph have rescinded the declaration of acceleration in respect of such Indebtedness, provided in each such case that (a) such cure, waiver or rescission of such declaration of acceleration shall have been made in writing within 30 days of the date of such Payment Default or declaration, as the case may be, and (b) the annulment of the acceleration of such Notes would not conflict with respect any judgment or decree of a court of competent jurisdiction and (c) all existing Events of Default, except nonpayment of principal or interest on the Notes that became due solely because of the acceleration of the Notes, have been cured or waived. A Default under clause (iv) the first paragraph of this Paragraph 12 is not an Event of Default until the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes give written notice to the CompanyCompany of the default and the Company does not cure the Default within the period provided in such clause. The notice must specify in reasonable detail the Default, all demand that it be remedied and state that the notice is a "Notice of Default". If the Holders of 25% or more in principal amount of the then outstanding Notes will become due and payable without further action or noticerequest the Trustee to give such notice on their behalf, the Trustee shall do so. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by written notice to the Issuers Trustee and the Trustee Company may declare all the Notes to be due and payablepayable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising under clause (viii) or (ix) of the first paragraph of this Paragraph 12, with respect to the Company, any Significant Subsidiary or any group of Subsidiaries, that taken together would constitute a Significant Subsidiary, all outstanding Notes will become due and payable without further action or notice. Holders of the Notes may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are Company is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture Indenture, and the Base Indenture. Upon Company is required upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default. In the case of any Event of Default occurring by reason of any willful action (or inaction) taken (or not taken) by or on behalf of the Company with the intention of avoiding payment of the premium that the Company would have had to pay if the Company then had elected to redeem the Notes pursuant to the optional redemption provisions of the Indenture, an equivalent premium shall also become and what be immediately due and payable to the extent permitted by law upon the acceleration of the Notes. If an Event of Default occurs prior to May 1, 2003 by reason of any willful action (or inaction) taken (or not taken) by or on behalf of the Issuers are taking or propose Company with the intention of avoiding the prohibition on redemption of the Notes prior to take with respect theretoMay 1, 2003, then the premium specified in the Indenture shall also become immediately due and payable to the extent permitted by law upon the acceleration of the Notes.

Appears in 2 contracts

Samples: Indenture (Finlay Fine Jewelry Corp), Indenture (Finlay Enterprises Inc /De)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (i) default for 30 consecutive days in the payment when due of interest or Special Interest on the Notes, ; (ii) default in payment when due of the principal of or premium, if any, on the NotesNotes when the same becomes due and payable at maturity, upon redemption (including in connection with an offer to purchase) or otherwise, (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and Section 4.15 or 5.01 of the Supplemental Indenture, ; (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive 60 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the in aggregate principal amount of the Notes then outstanding voting as a single class to comply with observe or perform any of their covenant, representation, warranty or other covenants or agreements agreement in the Supplemental Indenture, ; (v) a default occurs under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Significant Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Significant Subsidiaries), whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: default (a) is caused by a failure to pay at final stated maturity the principal amount of of, or interest or premium, if any, on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a "Payment Default"); or (b) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 million or more, more and has not been discharged in full or such acceleration rescinded or annulled within 20 days of such Payment Default or acceleration; (vi) failure by the Company or any of its Restricted Subsidiaries to pay certain final judgments which are non-appealable aggregating in excess for the payment of $100.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed money that remain undischarged for a period of 60 days or days; (vii) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries. In ; and (viii) except as permitted by the case of an Event of Default arising from certain events of bankruptcy Indenture, the Subsidiary Guarantee shall be held in any judicial proceeding to be unenforceable or insolvency with respect invalid or shall cease for any reason to be in full force and effect or the Company, all outstanding Notes will become due and payable without further action Guarantor or noticeany Person acting on its behalf shall deny or disaffirm its obligations under the Guarantor's Subsidiary Guarantee. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding Notes will become due and payable without further action or notice. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest or premium and Special Interest on, or the principal of, the Notes. The Issuers are Company is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture Indenture, and the Base Indenture. Upon Company is required upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 2 contracts

Samples: Indenture (Fort James Corp), Indenture (Fort James Corp)

Defaults and Remedies. Each of the following is an An "Event of Default" occurs if: (i) default for 30 consecutive days the Company defaults in the payment when due of interest on on, or Liquidated Damages, if any, with respect to, the Notes, Notes and such default continues for a period of 30 days; (ii) default the Company defaults in the payment when due of the principal of or premium, if any, on the Notes, ; (iii) failure by the Company fails to comply with any of the provisions of Sections 4.10, 4.15, or 5.01 of the Indenture; (iv) the Company or any of its Restricted Subsidiaries fails to comply with the provisions of Sections 4.16 4.07 and 5.01 4.09 for 30 days after notice of the Supplemental Indenture, such failure has been given; (ivv) failure by the Company fails to observe or perform any of its Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their other covenants or agreements in the Supplemental Indenture, Indenture or the Notes for 60 days after notice of such failure has been given; (vvi) a default occurs under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: (a) which default is caused by a failure to pay at final stated maturity the principal amount of of, or interest or premium, if any, on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a "Payment Default"); or (b) , results in the acceleration of such Indebtedness prior to its express maturity, maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 million 20,000,000 or more, ; (vivii) failure by the Company or any of its Restricted Subsidiaries fails to pay final judgments which are non-appealable aggregating in excess of $100.0 million, net of applicable insurance which has not been denied in writing by the insurer20,000,000, which judgments are not paid, discharged or stayed for a period of 60 days days; (viii) any Subsidiary Guarantee is held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or any Guarantor, or any Person acting on behalf of any Guarantor, shall deny or disaffirm its obligations under its Subsidiary Guarantee, except as permitted by this Indenture; and (viiix) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries. In the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payablepayable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, with respect to the Company or any Restricted Subsidiary, all outstanding Notes will become due and payable without further action or notice. Holders of the Notes may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. In the case of any Event of Default occurring by reason of any willful action (or inaction) taken (or not taken) by or on behalf of the Company with the intention of avoiding payment of the premium that the Company would have had to pay if the Company then had elected to redeem the Notes pursuant to the optional redemption provisions of the Indenture, an equivalent premium shall also become and be immediately due and payable to the extent permitted by law upon the acceleration of the Notes. If an Event of Default occurs prior to April 15, 2003 by reason of any willful action (or inaction) taken (or not taken) by or on behalf of the Company with the intention of avoiding the prohibition on redemption of the Notes prior to April 15, 2003, then the premium specified in the Indenture shall also become immediately due and payable to the extent permitted by law upon the acceleration of the Notes. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect thereto.

Appears in 2 contracts

Samples: Indenture (Ames Department Stores Inc), Indenture (Ames Department Stores Inc)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include in summary form: (i) default for 30 consecutive days in the any payment when due of interest on the Notes, any Note when due; (ii) default in payment when due of the principal of or premium, if any, on the Notes, ; (iii) failure by the Company an Issuer or any of its Restricted Subsidiaries Guarantor to comply with Sections 4.16 and its obligations under Section 5.01 of the Supplemental Indenture, (iv) failure by the Company or any of its Restricted Subsidiaries to comply for 30 consecutive days after written notice thereof has been given with Sections 4.06 or 4.07 of the Indenture; (v) failure by an Issuer or any Guarantor to comply with any of its other agreements in the Indenture for 60 days after notice to the Company Issuers or a Guarantor by the Trustee or to the Company Issuers or a Guarantor and the Trustee by the Holders of at least 25% of the in aggregate principal amount of the Notes outstanding to comply with any of their other covenants or agreements in the Supplemental Indenture, then outstanding; (vvi) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company ARP or any Restricted Subsidiary of its Restricted Subsidiaries ARP (or the payment of which is guaranteed by the Company ARP or any Restricted Subsidiary of its Restricted SubsidiariesARP), whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: (a) is caused by a failure to pay at final stated maturity the principal amount of or premium, if any, or interest on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); ) or (b) results in the acceleration of such Indebtedness prior to its express maturity, maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 10.0 million or more, ; (vivii) the failure by the Company ARP, an Issuer or any a Significant Subsidiary or group of its Restricted Subsidiaries of ARP that would constitute a Significant Subsidiary to pay final judgments which are non-appealable by courts of competent jurisdiction aggregating in excess of $100.0 10.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days days; (viii) except as permitted by the Indenture, any Guarantee of ARP, a Significant Subsidiary or group of Restricted Subsidiaries of ARP that would constitute a Significant Subsidiary shall be held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or any Guarantor, or any Person acting on behalf of ARP, a Significant Subsidiary or group of Restricted Subsidiaries of ARP that would constitute a Significant Subsidiary shall deny or disaffirm its obligations under its Guarantee; and (viiix) certain events of bankruptcy or insolvency with respect to ARP, an Issuer or any Restricted Subsidiary of the Company that is a Significant Subsidiary or any group of its Restricted Subsidiaries that, taken as a whole, would constitute a Significant SubsidiariesSubsidiary. In If any Event of Default occurs and is continuing, the Trustee may or at the request of the Holders of at least 25% in aggregate principal amount of the then outstanding Notes shall declare all the Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency insolvency, with respect to the Companyan Issuer, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it and so long as a committee of its Responsible Officers in good faith determines that withholding notice is in their interestthe interests of the Holders of the Notes. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest (including Additional Interest, if any) on, or the principal ofor premium, if any, of the Notes. The Issuers are required to shall deliver to the Trustee annually Trustee, within 120 days after the end of each fiscal year, a statement regarding compliance with certificate indicating whether the Supplemental Indenture and the Base Indenture. Upon becoming aware signers thereof know of any Default or Event of Default, that occurred during the previous year. The Issuers are required to shall also deliver to the Trustee Trustee, within 30 days after the occurrence thereof, written notice of any events which would constitute a statement specifying such Default or Event of Default Default, their status and what action the Issuers are taking or propose proposing to take with in respect theretothereof.

Appears in 2 contracts

Samples: Indenture (Atlas Resource Partners, L.P.), Indenture (Atlas Resource Partners, L.P.)

Defaults and Remedies. Each of the following is an Event of Default: (i) default for 30 consecutive days in the payment when due of interest on the Notes, (ii) default in payment when due of the principal of or premium, if any, on the Notes, (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 of the Supplemental Indenture, (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their other covenants or agreements in the Supplemental Indenture, (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists or is created after the date of the Supplemental Indenture, if that default: (a) is caused by a failure to pay at final stated maturity the principal amount of such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a "Payment Default"); or (b) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 100 million or more, (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, 100 million (net of applicable insurance which has not been denied in writing by the insurer), which judgments are not paid, discharged or stayed for a period of 60 days or (vii) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries. In the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are Company is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are Company is required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 2 contracts

Samples: Indenture (Charter Communications Inc /Mo/), Indenture (Charter Communications Inc /Mo/)

Defaults and Remedies. Each Events of Default under the following is an Event of DefaultIndenture include in summary form: (i) default for 30 consecutive days in the payment when due of interest on the Notes, Securities (whether or not prohibited by the subordination provisions of the Indenture); (ii) default in payment when due of principal on the Securities (whether or not prohibited by the subordination provisions of the principal of or premium, if any, on the Notes, Indenture); (iii) failure by default in the Company observance or performance of any other agreements of the Issuer or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 of the Supplemental Indenture, (iv) failure by the Company or any of its Restricted Subsidiaries Guarantor for 30 consecutive a period that continues for 60 days after receipt of a written notice thereof has been given to the Company by from the Trustee or to the Company and the Trustee by the Holders from Securityholders of at least 25% of the aggregate principal amount of the Notes outstanding to comply with any of their other covenants or agreements Securities then outstanding, specifying such default and requiring that it be remedied; (iv) defaults in the Supplemental Indenture, (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), certain other Indebtedness whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental Indenturehereafter, if that default: which default (a) is caused by a failure to pay at final stated maturity principal or interest on such indebtedness within the principal amount of such Indebtedness prior to the expiration of the grace grade period as provided in such Indebtedness on the date of such default (a “Payment Default”); or (b) results in the case of any default other than a payment default referred to in clause (a), has resulted in the acceleration of the maturity of such Indebtedness prior to its express maturity, and, in each case, maturity and the principal amount of any such IndebtednessIndebtedness (under sub-clauses (a) or (b) of this clause (iv)) either (x) is at least $10.0 million or (y), together with the principal amount of any other such Indebtedness under which there has been a Payment Default or Indebtedness, the maturity of which has been so acceleratedaccelerated or which has not been paid at maturity, aggregates $100.0 10.0 million or more, ; (viv) failure by the Company or any of its Restricted Subsidiaries to pay certain final judgments which are non-appealable aggregating in excess of $100.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged 10.0 million remain unstayed or stayed undischarged for a period of 60 consecutive days or after their entry; (viivi) certain events of bankruptcy or insolvency with respect insolvency; (vii) any Guarantee shall be held in any judicial proceeding to be unenforceable or invalid, or the Company Issuer or any Guarantor shall deny or disaffirm its obligations under a Guarantee; and (viii) subject to limited exceptions, the Issuer ceases to be a Wholly Owned Subsidiary of its Significant SubsidiariesSweetheart Holdings. In If an Event of Default occurs and is continuing, the Trustee or the Securityholders of at least 25% in principal amount of the then outstanding Securities may declare all the Securities to be due and payable immediately, except that in the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Companyinsolvency, all outstanding Notes will Securities become due and payable immediately without further action or notice. If any other Event of Default occurs and is continuing, Securityholders may not enforce the Trustee by notice to the Issuers Indenture or the Holders Securities except as provided in the Indenture. The Trustee may require indemnity satisfactory to it before it enforces the Indenture or the Securities. Subject to certain limitations, Securityholders of at least 25% a majority in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes Securities may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders Securityholders notice of any continuing Default or Event of Default default (except a Default or Event of Default relating to the default in payment of principal or interest) if it determines that withholding notice is in their interestthe interests of the Securityholders. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice Issuer must furnish an annual compliance certificate to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoTrustee.

Appears in 2 contracts

Samples: Indenture (Sweetheart Holdings Inc \De\), Indenture (Sweetheart Holdings Inc \De\)

Defaults and Remedies. Each Under the Indenture, Events of the following is an Event of DefaultDefault include in summary form: (i) default for 30 consecutive days in the payment of interest or Additional Interest, if any, when due of interest on the Notes, ; (ii) default in payment when due of the principal of or premium, if any, on the Notes at Stated Maturity, upon required repurchase, upon optional redemption pursuant to paragraphs 5 and 6 of the Notes, upon declaration or otherwise; (iii) the failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 its obligations under Article IV of the Supplemental Indenture, ; (iv) failure by the Company or to comply for 30 days with any of its Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to obligations under the Company by the Trustee covenants described under Sections 3.3 or to the Company and the Trustee by the Holders of at least 25% 3.4 of the principal amount of the Notes outstanding Indenture; (v) failure to comply with any the provisions of their Sections 3.7, 3.9 or 4.1 of the Indenture; (vi) the failure by the Company to comply for 60 days after notice with its other covenants or agreements contained in the Supplemental IndentureIndenture or under the Notes (other than those referred to in (i), (ii), (iii), (iv) or (v) above); (vii) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental IndentureIssue Date, if that default: default (a) is caused by a failure to pay at final stated maturity the principal amount of of, or interest or Additional Interest or premium, if any, on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “"Payment Default”); ") or (b) results in the acceleration of such Indebtedness prior to its express maturity, Stated Maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 10.0 million or more; (viii) certain events of bankruptcy, insolvency or reorganization of the Company or a Significant Subsidiary or group of Restricted Subsidiaries that, taken together (vias of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries), would constitute a Significant Subsidiary; (ix) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 10.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days or (viix) certain events of bankruptcy any Subsidiary Guarantee shall be held in a judicial proceeding to be not enforceable or insolvency with respect valid or shall cease to be in full force and effect or any Guarantor or other Person acting on its behalf shall deny or disaffirm its obligations under its Subsidiary Guarantee (except pursuant to the Company release or termination of any of its Significant Subsidiariessuch Subsidiary Guarantee in accordance with the Indenture). In the case of However, a default under clause (vi) will not constitute an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, until the Trustee by notice to the Issuers or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes by notice to notify the Issuers Company and the Trustee, in the case of a notice given by the Holders, of the default and the Company does not cure such default within the time specified in clause (vi) hereof after receipt of such notice. If an Event of Default occurs and is continuing (other than an Event of Default described in clause (viii) above), the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes may declare all the Notes to be due and payable. Holders Certain events of bankruptcy or insolvency are Events of Default which will result in the Notes being due and payable immediately upon the occurrence of such Events of Default. Noteholders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. The Trustee may refuse to enforce the Indenture or the Notes unless it receives reasonable indemnity or security. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders Noteholders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the in payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect thereto.

Appears in 2 contracts

Samples: Indenture (Venoco, Inc.), Indenture (BMC, Ltd.)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (i) default for 30 consecutive days in the payment when due of interest on the Notes, Exchange Debentures; (ii) default in payment when due of the principal of or premium, if any, on the Notes, Exchange Debentures; (iii) failure by the Company or any of its Restricted Subsidiaries Holdings to comply with Sections 4.16 and 5.01 Section 4.7, 4.8, 4.9, 4.10, 4.11 or 5.1 of the Supplemental Indenture, ; (iv) failure by the Company or any of its Restricted Subsidiaries Holdings for 30 consecutive 60 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their its other covenants or agreements in the Supplemental Indenture, Indenture or the Exchange Debentures; (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company Holdings or any of its Restricted Subsidiaries or Holdings (or the payment of which is guaranteed by the Company Holdings or any of its Restricted Subsidiaries), Subsidiaries or Holdings) whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: which default (a) is caused by a failure to pay at final stated maturity the principal amount of or premium, if any, or interest on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a "Payment Default”); ") or (b) results in the acceleration of such Indebtedness prior to its express maturity, maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 7.5 million or more, ; (vi) failure by the Company Holdings or any of its Restricted Subsidiaries or Holdings to pay final judgments which are non-appealable aggregating in excess of $100.0 4.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days or days; and (vii) certain events of bankruptcy or insolvency with respect to the Company Holdings or any of its Significant SubsidiariesSubsidiaries or group of Restricted Subsidiaries that, together, would constitute a Significant Subsidiary. In If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Exchange Debentures may declare all the Exchange Debentures to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the CompanyHoldings, any Significant Subsidiary or any group of Subsidiaries that, taken together, would constitute a Significant Subsidiary, all outstanding Notes Exchange Debentures will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders Exchange Debentures may not enforce the Supplemental Indenture or the Notes Exchange Debentures except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes Exchange Debentures may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Exchange Debentures notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes Exchange Debentures then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes Exchange Debentures waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal ofof and premium, if any, on the NotesExchange Debentures. The Issuers are Holdings is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture Indenture, and the Base Indenture. Upon Holdings is required upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 2 contracts

Samples: Indenture (Anvil Holdings Inc), Indenture (Cottontops Inc)

Defaults and Remedies. Each Under the Indenture, Events of the following is an Event of DefaultDefault include: (i1) default for 30 consecutive days defaults in the payment when due of interest on or any Additional Amounts on or with respect to the Notes, Notes when the same becomes due and payable and the default continues for a period of 30 days; (ii2) default defaults in the payment when due of the principal Principal of the Notes when the same becomes due and payable at maturity, upon redemption or premium, if any, on the Notes, otherwise; (iii3) failure by the Company OI Group or any of its Restricted Subsidiaries to comply with the provisions of Sections 4.16 and 5.01 4.10 or 4.11 or Article 5 of the Supplemental Indenture, ; (iv4) failure by the Company OI Group or any of its Restricted Subsidiaries for 30 consecutive 60 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their the other covenants or agreements in the Supplemental Indenture, the Notes and the Guarantees of the Notes (vwith respect to any Guarantor); (5) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company OI Group or any of its Restricted Subsidiaries Subsidiary (or the payment of which is guaranteed by the Company OI Group or any of its Restricted Subsidiaries), ) whether such Indebtedness or guarantee Guarantee now exists exists, or is created after the date of the Supplemental IndentureIssue Date, if that default: (a) is caused by a failure to pay at final stated maturity the principal amount of of, or interest or premium, if any, on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or (b) results in the acceleration of such Indebtedness prior to its express maturity; provided, that an Event of Default shall not be deemed to occur with respect to any such accelerated Indebtedness which is repaid or prepaid within 20 Business Days after such declaration; and, in each any individual case, the principal amount of any such IndebtednessIndebtedness is equal to or in excess of $75.0 million, or such Indebtedness together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 150.0 million or more, ; (vi6) failure by any final judgment or order for payment of money in excess of $75.0 million in any individual case and $150.0 million in the Company aggregate at any time shall be rendered against OI Group or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, net of applicable insurance which has and such judgment shall not have been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days days; (7) except as permitted by the Indenture, any Guarantee of the Notes shall be held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or any Guarantor, or any Person acting on behalf of any Guarantor, shall deny or disaffirm its obligations under its Guarantee of the Notes; (8) the Company, OI Group or any Significant Subsidiary of OI Group pursuant to or within the meaning of any Bankruptcy Law: (a) commences a voluntary case; (b) consents to the entry of an order for relief against it in an involuntary case; (c) consents to the appointment of a Custodian of it or for all or substantially all of its property; (d) makes a general assignment for the benefit of its creditors; or (viie) certain events admits in writing its inability generally to pay its debts as the same become due; and (9) a court of bankruptcy competent jurisdiction enters an order or insolvency decree under any Bankruptcy Law that: (a) is for relief against the Company, OI Group or any Significant Subsidiary of OI Group in an involuntary case; (b) appoints a Custodian of the Company, OI Group or any Significant Subsidiary of OI Group or for all or substantially all of such entity’s property; or (c) orders the liquidation of the Company, OI Group or any Significant Subsidiary of OI Group; and, with respect to (a), (b) and (c), the Company order or any of its Significant Subsidiariesdecree remains unstayed and in effect for 60 days. In the case of If an Event of Default arising from certain events other than an Event or Default specified in clauses (8) and (9) of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default preceding paragraph occurs and is continuing, the Trustee by notice to the Issuers Company, or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers Company and the Trustee Trustee, as provided in the Indenture, may declare all the unpaid Principal of and any accrued and unpaid interest on the Notes to be due and payablepayable immediately. Holders may not enforce Upon such declaration the Supplemental Indenture Principal (or such lesser amount) and interest shall be due and payable immediately If an Event of Default specified in clauses (8) or (9) of the preceding paragraph occurs, all outstanding Notes shall become and be due and payable immediately without any declaration, act or notice, or other act on the part of the Trustee or any Holders. At any time after a declaration of acceleration with respect to the Notes except as provided in has been made, the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct may, under certain circumstances, rescind such acceleration and its consequences if the Trustee in its exercise rescission would not conflict with any judgment or decree and if all existing Events of any trust or power Default with respect to matters relating the Notes have been cured or waived except nonpayment of Principal (or such lesser amount) or interest or Additional Amounts, if any, that has become due solely because of the acceleration. Subject to the Notes. The duty of the Trustee may withhold from Holders notice of any continuing Default or during an Event of Default (except a Default to act with the required standard of care, the Trustee is under no obligation to exercise any of its rights or Event powers under the Indenture at the request of Default relating any Holder of this Note, unless such Holder shall have offered to the payment Trustee indemnity satisfactory to it against any loss, liability or expense. Subject to certain provisions, including those requiring indemnification of principal or interest) if it determines that withholding notice is in their interest. The the Trustee, the Holders of a majority in aggregate principal amount of the outstanding Notes then outstanding by notice have the right to direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee may or exercising any trust power conferred on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest onit, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoto this Note.

Appears in 2 contracts

Samples: Supplemental Indenture (Owens-Illinois Group Inc), Indenture (Owens-Illinois Group Inc)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (i1) default for 30 consecutive days in the payment when due of interest on the Notes, ; (ii2) default in payment when due of the principal of of, or premium, if any, on the Notes, ; (iii3) failure by the Company or any of its Restricted Subsidiaries a Subsidiary Guarantor to comply with Sections 4.16 and 5.01 any covenant in the Indenture (other than a default specified in clause (1) or (2) above) for 60 days (or 120 days in the case of the Supplemental covenant set forth in Section 4.03 of the Indenture, ) after written notice by the Trustee or Holders of at least 30% in principal amount of the Notes then outstanding; provided that this clause (iv3) shall not apply to any such failure being contested in good faith by the Company or applicable Subsidiary Guarantor; (4) default under any document evidencing any indebtedness for borrowed money by the Company or any of its Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their other covenants or agreements in the Supplemental Indenture, (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries)Subsidiary Guarantor, whether such Indebtedness or guarantee indebtedness now exists or is created after the date of the Supplemental IndentureIssue Date, if that default: (aA) is caused by a failure to pay principal when due at final stated (and not any interim) maturity the principal amount of such Indebtedness on or prior to the expiration of the any grace period provided in such Indebtedness on the date of such default indebtedness (a “Payment Default”); or (bB) results in the acceleration of such Indebtedness indebtedness prior to its express maturitymaturity (without such acceleration having been rescinded, annulled or otherwise cured), and, in each case, the principal amount of any such Indebtednessindebtedness, together with the principal amount of any other such Indebtedness indebtedness under which there has been a Payment Default or the maturity of which has been so acceleratedaccelerated (without such acceleration having been rescinded, aggregates annulled or otherwise cured), exceeds the greater of (i) 1.5% of Total Assets and (ii) $100.0 million 600.0 million; provided that this clause (4) shall not apply to (i) secured indebtedness that becomes due as a result of the voluntary sale or more, transfer of the property or assets securing such indebtedness; (viii) failure by Non-Recourse Debt (except to the extent that the Company or any of its Restricted Subsidiaries the Subsidiary Guarantors that are not parties to pay final judgments which are nonsuch Non-appealable aggregating Recourse Debt becomes directly or indirectly liable, including pursuant to any contingent obligation, for any such Non-Recourse Debt and such liability, individually or in excess the aggregate, exceeds the greater of (a) 1.5% of Total Assets and (b) $100.0 600.0 million), net (iii) any such Payment Default that is waived (including in the form of applicable insurance which has not been denied in writing amendment) by the insurerrequisite holders of the applicable item of Indebtedness or contested in good faith by the Company or the applicable Subsidiary Guarantor; (iv) any indebtedness that is required to be converted into Qualifying Equity Interests upon the occurrence of certain designated events so long as no payments in cash or otherwise are required to be made in accordance with such conversion and (v) to the extent constituting Indebtedness, which judgments are not paidany indemnification, discharged guarantee or stayed for a period other credit support obligations of 60 days or (vii) certain events of bankruptcy or insolvency with respect to the Company or any of the Subsidiary Guarantors in connection with any tax equity financing entered into by a non-Guarantor Subsidiary or any standard securitization undertakings of the Company or any of the Subsidiary Guarantors in connection with any securitization or other structured finance transaction entered into by a non-Guarantor subsidiary; (5) except as permitted by the Indenture, any Subsidiary Guarantee of any Subsidiary Guarantor that is a Significant Subsidiary or any group of Subsidiary Guarantors that, taken together, would constitute a Significant Subsidiary shall be held in any final and non-appealable judicial proceeding to be unenforceable or invalid or shall cease for any reason (other than in accordance with its terms) to be in full force and effect or any Subsidiary Guarantor that is a Significant Subsidiaries. In the case Subsidiary or any group of Subsidiary Guarantors that, taken together would constitute a Significant Subsidiary, or any Person acting on behalf of any Subsidiary Guarantor that is a Significant Subsidiary or any group of Subsidiary Guarantors, taken together would constitute a Significant Subsidiary, shall deny or disaffirm in writing its or their obligations under its or their Subsidiary Guarantees; and (6)(a) a court of competent jurisdiction (i) enters an Event of Default arising from certain events of bankruptcy order or insolvency with respect to decree under any Bankruptcy Law that is for relief against the Company, any Subsidiary Guarantor that constitutes a Significant Subsidiary or any group of Subsidiary Guarantors that, taken together, would constitute a Significant Subsidiary in an involuntary case; (ii) appoints a custodian for all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notes. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of substantially all of the Notes waive property of the Company, any existing Default Subsidiary Guarantor that is a Significant Subsidiary or Event any group of Default and its consequences under Subsidiary Guarantors that, taken together, would constitute a Significant Subsidiary; or (iii) orders the Supplemental Indenture except liquidation of the Company, any Subsidiary Guarantor that is a continuing Default Significant Subsidiary or Event any group of Default Subsidiary Guarantors that, taken together, would constitute a Significant Subsidiary and, in the payment each of interest onclauses (i), (ii) or the principal of(iii), the Notes. The Issuers are required order, appointment or decree remains unstayed and in effect for at least 60 consecutive days; or (b) the Company, any Subsidiary Guarantor that is a Significant Subsidiary or any group of Subsidiary Guarantors that, taken together, would constitute a Significant Subsidiary, pursuant to deliver or within the meaning of Bankruptcy Law (i) commences a voluntary case; (ii) consents to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware entry of any Default or Event of Default, the Issuers are required to deliver an order for relief against it in an involuntary case; (iii) consents to the Trustee appointment of a statement specifying such Default custodian of it or Event for all or substantially all of Default and what action its property; or (iv) makes a general assignment for the Issuers are taking or propose to take with respect theretobenefit of its creditors.

Appears in 2 contracts

Samples: Indenture (Vistra Corp.), Indenture (Vistra Corp.)

Defaults and Remedies. Each of the following is an Event of Default: (i) default for 30 consecutive days in the payment when due of interest on the Notes, (ii) default in payment when due of the principal of or premium, if any, on the Notes, (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 of the Supplemental Indenture, (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their other covenants or agreements in the Supplemental Indenture, (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists or is created after the date of the Supplemental Indenture, if that default: (a) is caused by a failure to pay at final stated maturity the principal amount of such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or (b) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 million or more, (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days or (vii) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries. In the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers Issuer or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers Issuer and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notes. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are Issuer is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are Issuer is required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are Issuer is taking or propose to take with respect thereto.

Appears in 2 contracts

Samples: First Supplemental Indenture (Charter Communications, Inc. /Mo/), Second Supplemental Indenture (Charter Communications, Inc. /Mo/)

Defaults and Remedies. Each Under the Indenture, Events of the following is an Event of DefaultDefault include: (i1) default for 30 consecutive days defaults in the payment when due of interest on the Noteson, (ii) default in payment when due of the principal of or premiumLiquidated Damages, if any, on with respect to the NotesNotes when the same becomes due and payable and the default continues for a period of 30 days; (2) defaults in the payment of the Principal of the Notes when the same becomes due and payable at maturity, upon redemption or otherwise; (iii3) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 of the Supplemental Indenture, (iv) failure by the Company OI Group or any of its Restricted Subsidiaries for 30 consecutive 60 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their the other covenants or agreements in the Supplemental Indenture, the Notes, the Guarantees of the Notes (vwith respect to any Guarantor) and the Collateral Documents (with respect to any Restricted Subsidiary which has pledged assets or property to secure its obligations under the Indenture and the Notes); (4) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company OI Group or any of its Restricted Subsidiaries Subsidiary (or the payment of which is guaranteed by the Company OI Group or any of its Restricted Subsidiaries), ) whether such Indebtedness or guarantee Guarantee now exists exists, or is created after the date of the Supplemental IndentureIssue Date, if that default: (a) is caused by a failure to pay at final stated maturity the principal amount of of, or interest or premium, if any, on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or (b) results in the acceleration of such Indebtedness prior to its express maturity; provided, that an Event of Default shall not be deemed to occur with respect to any such accelerated Indebtedness which is repaid or prepaid within 20 Business Days after such declaration; and, in each any individual case, the principal amount of any such IndebtednessIndebtedness is equal to or in excess of $50.0 million, or such Indebtedness together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 million or more, ; (vi5) failure by any final judgment or order for payment of money in excess of $50.0 million in any individual case and $100.0 million in the Company aggregate at any time shall be rendered against OI Group or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, net of applicable insurance which has and such judgment shall not have been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days days; (6) except as permitted by the Indenture or the Collateral Documents, any Guarantee of the Notes shall be held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or any Guarantor, or any Person acting on behalf of any Guarantor, shall deny or disaffirm its obligations under its Guarantee of the Notes; (7) the Company, OI Group or any Significant Subsidiary of OI Group pursuant to or within the meaning of any Bankruptcy Law: (a) commences a voluntary case; (b) consents to the entry of an order for relief against it in an involuntary case; (c) consents to the appointment of a Custodian of it or for all or substantially all of its property; (d) makes a general assignment for the benefit of its creditors; or (viie) certain events admits in writing its inability generally to pay its debts as the same become due; (8) a court of bankruptcy competent jurisdiction enters an order or insolvency decree under any Bankruptcy Law that: (a) is for relief against the Company, OI Group or any Significant Subsidiary of OI Group in an involuntary case; (b) appoints a Custodian of the Company, OI Group or any Significant Subsidiary of OI Group or for all or substantially all of such entity’s property; or (c) orders the liquidation of the Company, OI Group or any Significant Subsidiary of OI Group; and, with respect to (a), (b) and (c), the Company order or decree remains unstayed and in effect for 60 days; (9) except as permitted by the Collateral Documents, any amendments thereto and the provisions of the Indenture, any of the Collateral Documents ceases to be in full force and effect or ceases to be effective, in all material respects, to create the Lien purported to be created in the Collateral in favor of the Holders of the Notes for 60 days after notice; and (10) failure by OI Group or any of its Significant SubsidiariesRestricted Subsidiaries to comply with the provisions of Sections 4.10 or 4.11 or Article 5 of the Indenture. In the case of If an Event of Default arising from certain events other than an Event or Default specified in clauses (7) and (8) of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default preceding paragraph occurs and is continuing, the Trustee by notice to the Issuers Company, or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers Company and the Trustee Trustee, as provided in the Indenture, may declare all the unpaid Principal of and any accrued and unpaid interest on the Notes to be due and payablepayable immediately. Holders may not enforce Upon such declaration the Supplemental Indenture Principal (or such lesser amount) and interest shall be due and payable immediately. At any time after a declaration of acceleration with respect to the Notes except as provided in has been made, the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct may, under certain circumstances, rescind such acceleration and its consequences if the Trustee in its exercise rescission would not conflict with any judgment or decree and if all existing Events of any trust or power Default with respect to matters relating the Notes have been cured or waived except nonpayment of Principal or interest that has become due solely because of the acceleration. Subject to the Notes. The duty of the Trustee may withhold from Holders notice of any continuing Default or during an Event of Default (except a Default to act with the required standard of care, the Trustee is under no obligation to exercise any of its rights or Event powers under the Indenture at the request of Default relating any Holder of this Note, unless such Holder shall have offered to the payment Trustee security and indemnity satisfactory to it against any loss, liability or expense. Subject to certain provisions, including those requiring security or indemnification of principal or interest) if it determines that withholding notice is in their interest. The the Trustee, the Holders of a majority in aggregate principal amount of the outstanding Notes then outstanding by notice have the right to direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest onTrustee, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoto this Note.

Appears in 2 contracts

Samples: Fourth Supplemental Indenture (Owens Illinois Inc /De/), Fourth Supplemental Indenture (Owens Illinois Group Inc)

Defaults and Remedies. Each Under the Indenture, Events of the following is an Event of DefaultDefault include in summary form: (i) default for 30 consecutive days in the payment of interest or Additional Interest, if any, when due of interest on the Notes, ; (ii) default in payment when due of the principal of or premium, if any, on the Notes at Stated Maturity, upon required repurchase, upon optional redemption pursuant to paragraphs 5 and 6 of the Notes, upon declaration or otherwise; (iii) the failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 its obligations under Article IV of the Supplemental Indenture, ; (iv) failure by the Company or to comply for 30 days with any of its Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to obligations under the Company by the Trustee covenants described under Sections 3.3 or to the Company and the Trustee by the Holders of at least 25% 3.4 of the principal amount of the Notes outstanding Indenture; (v) failure to comply with any the provisions of their Sections 3.7, 3.9 or 4.1 of the Indenture; (vi) the failure by the Company to comply for 60 days after notice with its other covenants or agreements contained in the Supplemental IndentureIndenture or under the Notes (other than those referred to in (i), (ii), (iii), (iv) or (v) above); (vii) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental IndentureIssue Date, if that default: default (a) is caused by a failure to pay at final stated maturity the principal amount of of, or interest or Additional Interest or premium, if any, on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “"Payment Default”); ") or (b) results in the acceleration of such Indebtedness prior to its express maturity, Stated Maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 10.0 million or more; (viii) certain events of bankruptcy, insolvency or reorganization of the Company or a Significant Subsidiary or group of Restricted Subsidiaries that, taken together (vias of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries), would constitute a Significant Subsidiary; (ix) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 10.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days days, or (viix) certain events of bankruptcy any Subsidiary Guarantee shall be held in a judicial proceeding to be not enforceable or insolvency with respect valid or shall cease to be in full force and effect or any Guarantor or other Person acting on its behalf shall deny or disaffirm its obligations under its Subsidiary Guarantee (except pursuant to the Company release or termination of any of its Significant Subsidiariessuch Subsidiary Guarantee in accordance with the Indenture). In the case of However, a default under clause (vi) will not constitute an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, until the Trustee by notice to the Issuers or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes by notice to notify the Issuers Company and the Trustee, in the case of a notice given by the Holders, of the default and the Company does not cure such default within the time specified in clause (vi) hereof after receipt of such notice. If an Event of Default occurs and is continuing (other than an Event of Default described in clause (viii) above), the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes may declare all the Notes to be due and payable. Holders Certain events of bankruptcy or insolvency are Events of Default which will result in the Notes being due and payable immediately upon the occurrence of such Events of Default. Noteholders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. The Trustee may refuse to enforce the Indenture or the Notes unless it receives reasonable indemnity or security. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders Noteholders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the in payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect thereto.

Appears in 2 contracts

Samples: Indenture (Venoco, Inc.), Indenture (BMC, Ltd.)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (i) default for 30 consecutive days in the payment when due of interest on the Notes, ; (ii) default in payment when due of the principal of or premium, if any, on the NotesNotes when due at Stated Maturity, upon optional redemption, upon required repurchase, upon declaration or otherwise; (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and Section 5.01 of the Supplemental Indenture, ; (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive 180 days after written notice thereof has been given to comply with Section 4.03 of the Supplemental Indenture; (v) failure by the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding for 60 days after notice to comply with any of their its other covenants or agreements in the Supplemental Indenture (including Sections 3.09, 4.10 and 4.15 of the Supplemental Indenture), the Base Indenture (vas it relates to the Notes) or the Notes; (vi) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists or is created after the date of the Supplemental IndentureIssue Date, if that default: such default (a) is caused by a failure to pay at final stated maturity the principal amount of of, or premium or interest, if any, on such Indebtedness prior to the expiration of the any grace period provided in such Indebtedness on the date of such default (a “Payment Default”); ) or (b) results in the acceleration of such Indebtedness prior to its express maturity, Stated Maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates in excess of $100.0 million 20.0 million, provided, however, that if any such Payment Default is cured or morewaived or any such acceleration rescinded, or such Indebtedness is repaid, within a period of 60 days from the continuation of such Payment Default beyond the applicable grace period or the occurrence of such acceleration, as the case may be, such Event of Default and any consequential acceleration of the Notes shall be automatically rescinded, so long as such rescission does not conflict with any judgment or decree; (vivii) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, net of applicable 20.0 million (to the extent not covered by insurance by a reputable and creditworthy insurer as to which the insurer has not been denied in writing by the insurerdisclaimed coverage), which judgments are not paid, discharged or stayed for a period of 60 days days; (viii) any Subsidiary Guarantee is held in any judicial proceeding to be unenforceable or invalid or ceases for any reason to be in full force and effect or any Guarantor, or any Person acting on behalf of any Guarantor, denies or disaffirms its obligations under its Subsidiary Guarantee (viiother than, in any such case, by reason of release of a Guarantor in accordance with Section 9.05 of the Supplemental Indenture); and (ix) certain events of bankruptcy bankruptcy, insolvency or insolvency reorganization with respect to the Company, Finance Corp., any of the Company’s Restricted Subsidiaries that is a Significant Subsidiary of the Company or any group of its Restricted Subsidiaries of the Company that, taken together, would constitute a Significant SubsidiariesSubsidiary of the Company as specified in Section 6.01(a)(ix) or 6.01(a)(x) of the Supplemental Indenture. In If any Event of Default occurs and is continuing, the Trustee, by notice to the Issuers, or the Holders of at least 25% in principal amount of the then outstanding Notes, by notice to the Issuers and the Trustee, may declare all the Notes to be due and payable immediately. Notwithstanding the preceding, in the case of an Event of Default arising from certain such events of bankruptcy bankruptcy, insolvency or insolvency with respect to reorganization described in Section 6.01(a)(ix) or 6.01(a)(x) of the CompanySupplemental Indenture, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture, the Base Indenture (as it relates to the Notes) or the Notes except as provided in the Supplemental IndentureIndenture and the Base Indenture (as it relates to the Notes). Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notesconferred on it. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal principal, interest or interestpremium) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture and the Base Indenture (as it relates to the Notes) except a continuing Default or Event of Default in the payment of interest on, or the principal of, of or premium or interest on the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon Indenture (as it relates to the Notes), and, so long as any Notes are outstanding, the Issuers are required upon certain Officers becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 2 contracts

Samples: Supplemental Indenture (Genesis Energy Lp), Supplemental Indenture (Genesis Energy Lp)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (ia) default for 30 consecutive days in the payment when due of interest on the Notes, ; (iib) default in payment when due of the principal of or premium, if any, on the Notes, ; (iiic) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 4.7 through 4.12 and 5.01 Article V of the Supplemental Indenture, ; (ivd) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their covenant, representation or warranty or other covenants or agreements in the Supplemental Indenture, Indenture or the Notes; (ve) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists or is created after the date of the Supplemental Indenture, if that default: which default (ai) is caused by a failure to pay at final stated maturity the principal amount of or premium or interest on such Indebtedness prior to the expiration of the any grace period provided in such Indebtedness on the date of such default (a "Payment Default"); , or (bii) results in the acceleration of such Indebtedness prior to its express maturity, maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 10.0 million or more, ; (vif) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 10.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days days; (g) failure by any Guarantor to perform any covenant set forth in its Subsidiary Guarantee, or the repudiation by any Guarantor of its obligations under its Subsidiary Guarantee or the unenforceability of any Subsidiary Guarantee against a Guarantor for any reason, unless, in each such case, such Guarantor and its Subsidiaries have no Indebtedness outstanding at such time or at any time thereafter; (viih) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries. In ; (i) the case Subsidiary Guarantees provided by the Guarantors that would constitute a Significant Subsidiary cease to be in full force and effect of an Event of Default arising from certain events of bankruptcy such Guarantors deny or insolvency with respect disaffirm their obligations under their Subsidiary Guarantees; and (j) (A) the Liens(s) created by the Security Agreement cease(s) to constitute valid and perfected Lien(s) on and security interests in the CompanyCollateral or (B) the Security Agreement shall be terminated or cease to be in full force and effect if, all outstanding Notes will become due and payable without further action in either case, such default continues for 30 days after notice or noticethe enforceability thereof shall be contested by the Company or any Guarantor. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding Notes will become due and payable without further action or notice. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notes. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interestpower. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are Company is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture Indenture, and the Base Indenture. Upon Company is required upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 2 contracts

Samples: Indenture (Wheeling Pittsburgh Steel Corp /De), Indenture (Wheeling Pittsburgh Corp /De/)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (i) default for 30 consecutive days in the payment when due of interest (including Special Interest, if any) on the Notes, ; (ii) default in the payment when due (at maturity, upon redemption or otherwise) of the principal of of, or premium, if any, on on, the Notes, ; (iii) failure by the Company or any of its Restricted Subsidiaries to comply with the provisions of Sections 4.16 4.07, 4.09, 4.10, 4.15, and 5.01 of the Supplemental Indenture, Indenture for 30 days; (iv) failure by the Company or any of its Restricted Subsidiaries to comply with any of the other agreements in the Indenture for 30 consecutive 60 days after written notice thereof has been given specifying such failure is delivered to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the in aggregate principal amount of the Notes outstanding to comply with any of their other covenants or agreements in the Supplemental Indenture, then outstanding; (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee Guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: default (aA) is caused by a failure to pay at final stated maturity the principal amount of of, or interest or premium, if any, on, such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); ) or (bB) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 15.0 million or more, ; (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are and non-appealable judgments entered by a court or courts of competent jurisdiction aggregating in excess of $100.0 million, 15.0 million (net of applicable amounts which are covered by insurance which has not been denied in writing by the insureror bonded), which judgments are not paid, discharged or stayed for a period of 60 days days; (vii) (A) breach by the Company or any of its Restricted Subsidiaries of any representation, warranty or agreement in any Collateral Document; (B) any security interest created by any Collateral Document ceases to be in full force and effect (except as permitted by the terms of the Indenture or the Collateral Documents); or (viiC) the repudiation by the Company or any of its Restricted Subsidiaries of any of its obligations under any Collateral Document; provided that, in the case of clauses (A), (B) and (C), such breach, cessation or repudiation, individually or in the aggregate, results in Collateral having a Fair Market Value in excess of $5.0 million not being subject to a valid, perfected security interest; (viii) except as permitted by the Indenture, any Note Guarantee is held in any judicial proceeding to be unenforceable or invalid or ceases for any reason to be in full force and effect, or any Guarantor, or any Person acting on behalf of any Guarantor, denies or disaffirms its obligations under its Note Guarantee; and (ix) certain events of bankruptcy or insolvency with respect to the Company or any of its Restricted Subsidiaries that is a Significant SubsidiariesSubsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary. In If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Companyinsolvency, all outstanding Notes will become due and payable immediately without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interestinterest or premium or Special Interest, if any) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding Notes by notice to the Trustee may may, on behalf of the Holders of all of the Notes Notes, rescind an acceleration or waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest or premium or Special Interest, if any, on, or the principal of, the Notes. The Issuers are Company is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture Indenture, and the Base Indenture. Upon Company is required, upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 2 contracts

Samples: Indenture (CPM Holdings, Inc.), Indenture (CPM Holdings, Inc.)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (i) default for 30 consecutive days in the payment when due of interest or Special Interest on the Notes, ; (ii) default in payment when due of the principal of or premium, if any, on the NotesNotes when the same becomes due and payable at maturity, upon redemption (including in connection with an offer to purchase) or otherwise, (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and Section 4.15 or 5.01 of the Supplemental Indenture, ; (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive 60 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the in aggregate principal amount of the Notes then outstanding voting as a single class to comply with observe or perform any of their covenant, representation, warranty or other covenants or agreements agreement in the Supplemental Indenture, ; (v) a default occurs under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Significant Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Significant Subsidiaries), whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: default (a) is caused by a failure to pay at final stated maturity the principal amount of of, or interest or premium, if any, on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a "Payment Default"); or (b) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 million or more, more and has not been discharged in full or such acceleration rescinded or annulled within 20 days of such Payment Default or acceleration; (vi) failure by the Company or any of its Restricted Subsidiaries to pay certain final judgments which are non-appealable aggregating in excess for the payment of $100.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed money that remain undischarged for a period of 60 days or days; (vii) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries. In ; and (viii) except as permitted by the case of an Event of Default arising from certain events of bankruptcy Indenture, the Subsidiary Guarantee shall be held in any judicial proceeding to be unenforceable or insolvency with respect invalid or shall cease for any reason to the Company, all outstanding Notes will become due be in full force and payable without further action effect or noticesuch Guarantor or any Person acting on its behalf shall deny or disaffirm its obligations under a Guarantor's Subsidiary Guarantee. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding Notes will become due and payable without further action or notice. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest or premium and Special Interest on, or the principal of, the Notes. The Issuers are Company is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture Indenture, and the Base Indenture. Upon Company is required upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 2 contracts

Samples: Indenture (Georgia Pacific Corp), Indenture (Georgia Pacific Corp)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (i) default for 30 consecutive days in the payment when due of interest on on, or Liquidated Damages, if any, with respect to, the Notes, ; (ii) default in payment when due of the principal of of, or premium, if any, on on, the 117 Notes, ; (iii) failure by the Company or any Restricted Subsidiary for 30 days after notice from the Trustee or at least 25% in principal amount of its Restricted Subsidiaries the Notes then outstanding to comply with the provisions described in Sections 4.16 and 5.01 4.07, 4.09, 4.10 or 4.13 of the Supplemental Indenture, ; (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive 60 days after written notice thereof has been given to the Company by from the Trustee or to the Company and the Trustee by the Holders of at least 25% of the in principal amount of the Notes then outstanding to comply with any of their its other covenants or agreements in the Supplemental Indenture, Indenture or the Notes; (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), ) whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: which default (a) is caused by a failure to pay at final stated maturity the principal amount of such Indebtedness prior after giving effect to the expiration of the any grace period provided in such Indebtedness on the date of such default (a "Payment Default”); ") or (b) results in the acceleration of such Indebtedness prior to its express maturity, stated maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 10.0 million or more, ; (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, 10.0 million (net of applicable any amounts with respect to which a reputable and creditworthy insurance which company has not been denied acknowledged liability in writing by the insurerwriting), which judgments are not paid, discharged or stayed for a period of 60 days or days; (vii) except as permitted by the Indenture, any Subsidiary Guarantee shall be held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or any Guarantor, or any Person acting on behalf of any Guarantor, shall deny or disaffirm its obligations under its Subsidiary Guarantee; and (viii) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries. In the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. Subsidiaries If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payablepayable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, with respect to the Company or any Significant Subsidiary, all outstanding Notes will become due and payable without further action or notice. Upon any acceleration of maturity of the Notes, all principal of and accrued interest and Liquidated Damages, if any, on the Notes shall be due and payable immediately. Holders of the Notes may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders In the event of a majority in aggregate principal amount declaration of acceleration of the Notes then outstanding by notice to the Trustee may on behalf because an Event of Default has occurred and is continuing as a result of the Holders acceleration of all any Indebtedness described in clause (v) of the preceding paragraph, the declaration of acceleration of the Notes waive any existing Default or Event of Default and its consequences under shall be automatically annulled if the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware holders of any Default Indebtedness described in clause (v) of the preceding paragraph have rescinded the declaration of acceleration in respect of such Indebtedness within 30 days of the date of such declaration and if (a) the annulment of the acceleration of Notes would not conflict with any judgment or Event decree of a court of competent jurisdiction and (b) all existing Events of Default, except nonpayment of principal or interest on the Issuers are required to deliver to Notes that became due solely because of the Trustee a statement specifying such Default acceleration of the Notes, have been cured or Event of Default and what action the Issuers are taking or propose to take with respect theretowaived.

Appears in 2 contracts

Samples: Indenture (Diamond Brands Inc), Indenture (Diamond Brands Operating Corp)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (i) default for 30 consecutive days in the payment when due of interest on on, or Liquidated Damages with respect to, the Senior Notes, ; (ii) default in payment when due of the principal of or premium, if any, on the Senior Notes, ; (iii) failure by the Company or any of its Restricted Subsidiaries Anvil to comply with Sections 4.16 and 5.01 Section 4.7, 4.8, 4.9, 4.10, 4.11 or 5.1 of the Supplemental Indenture, ; (iv) failure by the Company or any of its Restricted Subsidiaries Anvil for 30 consecutive 60 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their its other covenants or agreements in the Supplemental Indenture, Indenture or the Senior Notes; (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company Anvil or any of its Restricted Subsidiaries or Holdings (or the payment of which is guaranteed by the Company Anvil or any of its Restricted Subsidiaries), Subsidiaries or Holdings) whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: which default (a) is caused by a failure to pay at final stated maturity the principal amount of or premium, if any, or interest on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a "Payment Default”); ") or (b) results in the acceleration of such Indebtedness prior to its express maturity, maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 5.0 million or more, ; (vi) failure by the Company Anvil or any of its Restricted Subsidiaries or Holdings to pay final judgments which are non-appealable aggregating in excess of $100.0 3.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days or days; (vii) except as permitted by the Indenture, any Subsidiary Guarantee will be held in any judicial proceeding to be unenforceable or invalid or will cease for any reason to be in full force and effect or any Subsidiary Guarantor, or any Person acting on behalf of any Subsidiary Guarantor, will deny or disaffirm its obligations under the Subsidiary Guarantee; (viii) the Guarantee will be held in any judicial proceeding to be unenforceable or invalid or will cease for any reason to be in full force and effect or Holdings, or any Person acting on behalf of Holdings, will deny or disaffirm its obligations under the Guarantee and (ix) certain events of bankruptcy or insolvency with respect to the Company Holdings, Anvil or any of its Significant SubsidiariesSubsidiaries or group of Restricted Subsidiaries that, together, would constitute a Significant Subsidiary. In If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Senior Notes may declare all the Senior Notes to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the CompanyHoldings, Anvil, any Significant Subsidiary or any group of Subsidiaries that, taken together, would constitute a Significant Subsidiary, all outstanding Senior Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Senior Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Senior Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Senior Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Senior Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Senior Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Senior Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, premium and Liquidated Damages, if any, on the Senior Notes. The Issuers are Anvil is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture Indenture, and the Base Indenture. Upon Anvil is required upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 2 contracts

Samples: Indenture (Cottontops Inc), Indenture (Anvil Holdings Inc)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (i) default for 30 consecutive days in the payment when due of interest on the Notes, ; (ii) default in payment when due of the principal of or premium, if any, on the Notes, ; (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and the provisions of Section 3.10, 4.10, 4.15 or 5.01 of the Supplemental Indenture, ; (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive 60 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their its other covenants or agreements in the Supplemental this Indenture, ; (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists or is created after the date of the Supplemental IndentureInitial Issuance Date, if that default: such default (a) is caused by a failure to pay at final stated maturity the principal amount of of, interest or premium, if any, on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); ) or (b) results in the acceleration of such Indebtedness prior to its express maturity, Stated Maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 30.0 million or moremore provided that if any such default is cured or waived or any such acceleration rescinded, or such Indebtedness is repaid, within a period of 30 days from the continuation of such default beyond the applicable grace period or the occurrence of such acceleration, as the case may be, such Event of Default and any consequential acceleration of the Notes shall be automatically rescinded, so long as such rescission does not conflict with any judgment or decree; (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 30.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days or days; (vii) except as permitted by the Indenture, any Subsidiary Guarantee shall be held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or any Guarantor, or any Person acting on behalf of any Guarantor, shall deny or disaffirm its obligations under its Subsidiary Guarantee; and (viii) certain events of bankruptcy bankruptcy, insolvency or insolvency with respect to the Company or any of its Significant Subsidiaries. In the case of an Event of Default arising from certain events of bankruptcy or insolvency reorganization with respect to the Company, all outstanding Notes will become due and payable without further action or notice. If Finance Corp., any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of Company’s Restricted Subsidiaries that is a majority in aggregate principal amount Significant Subsidiary of the then outstanding Notes may direct the Trustee in its exercise Company or any group of any trust or power with respect to matters relating to the Notes. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount Restricted Subsidiaries of the Notes then outstanding by notice to the Trustee may on behalf Company that, taken together, would constitute a Significant Subsidiary of the Holders of all of the Notes waive any existing Default Company as specified in Section 6.01(h) or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect thereto.6.01(i)

Appears in 1 contract

Samples: Indenture (Pacific Energy Partners Lp)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (i) default for 30 consecutive days in the payment when due of interest or Liquidated Damages on the Notes, ; (ii) default in payment when due of the principal of or premium, if any, on the Notes, ; (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and Section 4.10, 4.15 or 5.01 of the Supplemental Indenture, ; (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive 60 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their its other covenants or agreements in the Supplemental Indenture, Indenture or the Notes; (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists or is created after the date of the Supplemental Indenture, if that default: which default (a) is caused by a failure to pay at final stated maturity the principal amount of or premium or interest on such Indebtedness prior to the expiration of the any grace period provided in such Indebtedness on the date of such default (a "Payment Default”); ") or (b) results in the acceleration of such Indebtedness prior to its express maturity, maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 5.0 million or more; and provided, further, that if such default is cured or waived or any such acceleration rescinded, or such Indebtedness is repaid within a period of 10 days from the continuation of such default beyond the applicable grace period or the occurrence of such acceleration, as the case may be, an Event of Default and any consequential acceleration of the Notes shall be automatically rescinded, so long as said rescission does not conflict with such judgment or decree; (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 5.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days or days; (vii) failure by any Guarantor to perform any covenant set forth in its Subsidiary Guarantee, or the repudiation by any Guarantor of its obligations under its Subsidiary Guarantee or the unenforceability of any Subsidiary Guarantee against a Guarantor for any reason; and (viii) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries. In the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or noticeGuarantor. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding Notes will become due and payable without further action or notice. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal ofof or premium, interest or Liquidated Damages, if any, on the Notes. The Issuers are Company is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture Indenture, and the Base Indenture. Upon Company is required upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 1 contract

Samples: Indenture (Trico Marine Services Inc)

Defaults and Remedies. Each of the following is an An "Event of Default" occurs if: (i) default for 30 consecutive days the Company defaults in the payment when due of interest on the Notes, Notes and such default continues for a period of 30 days; (ii) default the Company defaults in the payment when due of the principal of or premium, if any, on the NotesNotes when the same becomes due and payable at maturity, upon redemption (including in connection with an offer to purchase) or otherwise; (iii) failure by the Company fails to make any payment required to be made pursuant to the provisions of Section 4.10 or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 4.14 of the Supplemental Indenture, ; (iv) failure by the Company fails to observe or perform any of its Restricted Subsidiaries other covenant, representation, warranty or other agreement in the Indenture or the Notes for 30 consecutive 60 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the in aggregate principal amount of the Notes then outstanding to comply with any of their other covenants or agreements in the Supplemental Indenture, voting as a single class; (v) a default occurs under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee Guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: which default (aA) is caused by a failure to pay at final stated maturity the principal amount of such Indebtedness prior to at the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); Stated Maturity thereof or (bB) results in the acceleration of such Indebtedness prior to its express maturitythe Stated Maturity thereof, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 10 million or more, ; (vi) failure a final judgment or final judgments for the payment of money are entered by a court or courts of competent jurisdiction against the Company or any of its Restricted Significant Subsidiaries to pay final or any group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary and such judgment or judgments which are non-appealable aggregating in excess of $100.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed remain undischarged for a period (during which execution shall not be effectively stayed) of 60 days or days, provided that the aggregate of all such undischarged judgments exceeds $10 million (other than amounts covered by insurance); and (vii) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries. In the case Subsidiaries or any group of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the CompanySubsidiaries that, all outstanding Notes will become due and payable without further action or noticetaken together, would constitute a Significant Subsidiary. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding Notes will become due and payable without further action or notice. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may may, on behalf of the Holders of all of the Notes Notes, waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are Company is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture Indenture, and the Base Indenture. Upon Company is required upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 1 contract

Samples: Indenture (Amkor Technology Inc)

Defaults and Remedies. Each Subject to the provisions of the following is Indenture, an Event of Default” occurs if: (i) default for 30 consecutive days the Company fails to pay the principal of any Security when the same becomes due and payable, whether at maturity, upon Redemption, on a Repurchase Date with respect to a Repurchase Upon Change in the payment when due of interest on the Notes, Control or otherwise; (ii) default in payment the Company fails to pay Interest on any Security when due of the principal of or premiumdue, if any, on such failure continues for thirty (30) days after the Notes, date when due; (iii) failure the Company fails to timely provide a Change in Control Notice, as required by the Company or any provisions of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 of the Supplemental this Indenture, ; (iv) failure by the Company defaults in its obligation to convert the Securities into shares of Common Stock, cash or a combination of cash and Common Stock upon exercise of a Holder’s conversion right and such default continues for ten (10) days; (v) the Company defaults in its obligation to repurchase any Security on a Repurchase Date with respect to a Repurchase Upon Change in Control or otherwise; (vi) the Company defaults in its obligation to redeem any Security after exercise of its option to redeem; (vii) the Company fails to perform or observe any of its Restricted Subsidiaries the covenants in Article IV of the Indenture for 30 consecutive sixty (60) days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of fifty percent (50%) in the aggregate principal amount of the Notes outstanding Securities then outstanding; (viii) there occurs an event of default with respect to comply with any of their other covenants or agreements in the Supplemental Indenture, (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company Company’s or any of its Restricted Subsidiaries Subsidiaries’ Indebtedness having a principal amount then outstanding, individually or in the aggregate, of at least fifteen million (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries$15,000,000), whether such Indebtedness or guarantee now exists or is created after the date of the Supplemental Indenturehereafter incurred, if that defaultwhich default or defaults: (a) is caused by a failure to pay at final stated maturity the principal amount of shall have resulted in such Indebtedness becoming or being declared due and payable prior to the expiration of the grace period provided in such Indebtedness date on the date of such default (a “Payment Default”)which it would otherwise have become due and payable; or (b) results in shall constitute the acceleration of failure to pay such Indebtedness prior to its express maturity, and, in each case, at the principal amount final stated maturity thereof (after expiration of any such Indebtedness, together with applicable grace period); (ix) any final judgment or judgments for the principal amount payment of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 million or more, (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating money in excess of fifteen million ($100.0 million, net 15,000,000) shall be rendered against the Company and shall not be discharged for any period of applicable insurance sixty (60) consecutive days during which time a stay of enforcement shall not be in effect or during which time an appeal has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days filed; or (viix) certain events of bankruptcy bankruptcy, insolvency or insolvency with respect to reorganization involving the Company or any of its Significant SubsidiariesCompany. In the case of If an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. If any other (excluding an Event of Default specified in Section 6.1(x) of the Indenture (but including an Event of Default specified in Section 6.1(ix) of the Indenture)) occurs and is continuing, the Trustee by notice to the Issuers Company or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority fifty percent (50%) in aggregate principal amount of the Securities then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating by notice to the NotesCompany and the Trustee, may declare the Securities to be immediately due and payable in full. The Trustee may withhold from Holders notice of Upon such declaration, the principal of, premium, if any, and any continuing Default or accrued and unpaid interest on, all Securities shall be due and payable immediately. If an Event of Default (except a Default specified in Section 6.1(x) of the Indenture occurs, the principal of, and accrued and unpaid interest on, all the Securities shall ipso facto become and be immediately due and payable without any declaration or Event other act on the part of Default relating to the payment of principal Trustee or interest) if it determines that withholding notice is in their interestany Holder. The Holders of a majority in aggregate principal amount of the Notes Securities then outstanding by written notice to the Trustee may on behalf rescind or annul an acceleration and its consequences if (A) the rescission would not conflict with any order or decree, (B) all existing Events of Default, except the nonpayment of principal or interest that has become due solely because of the acceleration, have been cured or waived and (C) all amounts due to the Trustee under Section 7.7 if the Indenture have been paid. Holders may not enforce the Indenture or the Securities except as provided in the Indenture. The Holders of all a majority in aggregate principal amount of the Notes waive Securities then outstanding may direct the time, method and place of conducting any existing proceeding for any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law or the Indenture, is unduly prejudicial to the rights of other Holders or would involve the Trustee in personal liability unless the Trustee is offered indemnity reasonably satisfactory to it; provided, that the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction. If a Default or Event of Default occurs and its consequences under is continuing, the Supplemental Indenture except Trustee shall mail to Holders of Securities a continuing notice of the Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying within ninety (90) days after such Default or Event of Default becomes known to the Trustee. Except in the case of a Default in payment on any Security (including the failure to make a mandatory repurchase pursuant hereto), the Trustee may withhold the notice if and what action so long as a committee of its Responsible Officers in good faith determines that withholding the Issuers are taking or propose to take with respect theretonotice is in the interests of the Holders of the Securities.

Appears in 1 contract

Samples: Indenture (Terremark Worldwide Inc)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (i) default for 30 consecutive days in the payment, when due, of interest on, or Liquidated Damages, if any, with respect to the Notes; (ii) default in the payment when due of interest on the Notes, (ii) default in payment when due and payable of the principal of of, or premium, if any, on on, the NotesNotes at maturity, upon redemption or otherwise, (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 Section 4.10 or 4.15 of the Supplemental Indenture, ; (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive 60 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the in aggregate principal amount of the Notes then outstanding to comply with any of their the other covenants or agreements in the Supplemental Indenture, ; (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee Guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: default (aA) is caused by a failure to pay at final stated maturity the principal amount of of, or interest or premium, if any, on, such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a "Payment Default”); ") or (bB) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 25.0 million or more, ; (vi) failure by certain final and unappealable judgments for the Company or any payment of its Restricted Subsidiaries to pay final judgments which are non-appealable money aggregating in excess of $100.0 million, 25.0 million (net of applicable amounts covered by a valid policy of insurance which has not been denied in writing by between the defendant and the insurer) that remain undischarged, which judgments are not paid, discharged unpaid or stayed unstayed for a period of 60 days or days; (vii) certain events of bankruptcy or insolvency with respect to the Company or any of its Restricted Subsidiaries that is a Significant SubsidiariesSubsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary and (viii) except as permitted by the Indenture, any Note Guarantee is held in any judicial proceeding before a court of competent jurisdiction to be unenforceable or invalid or ceases for any reason to be in full force and effect, or any Guarantor or any Person acting on its behalf denies or disaffirms its obligations under such Guarantor's Note Guarantee. In If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Companyinsolvency, all outstanding Notes will become due and payable immediately without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice Company is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture Indenture, and the Base Indenture. Upon Company is required, within 10 Business Days of becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 1 contract

Samples: Indenture (M & F Worldwide Corp)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (i) default for 30 consecutive days in the payment when due of interest on on, or Liquidated Damages with respect to, the Senior Notes, ; (ii) default in payment when due of the principal of or premium, if any, on the Senior Notes, ; (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 4.9, 4.10, 4.11 or 5.1 of the Supplemental Indenture, ; (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their its other covenants or agreements in the Supplemental Indenture, Indenture or the Senior Notes; (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), ) whether such Indebtedness or guarantee now exists or is created after on the date of the Supplemental Indenture, if that default: or is created thereafter, which default (a) is caused by a failure to pay at final stated maturity the when due (after giving effect to any grace period related thereto) any principal amount of or premium, if any, or interest on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a "Payment Default”); ") or (b) results in the acceleration of such Indebtedness prior to its express maturity, maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 10 million or more, ; (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, 10.0 million (net of applicable any amounts with respect to which a reputable and creditworthy insurance which company has not been denied acknowledged liability in writing by the insurerwriting), which judgments are not paid, paid or discharged or stayed for a period of 60 days or days; and (vii) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries or group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Company and its Subsidiaries), would constitute a Significant Subsidiary. In If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Senior Notes may declare all the Senior Notes to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, any Significant Subsidiary or any group of Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Company and its Subsidiaries), would constitute a Significant Subsidiary, all outstanding Senior Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Senior Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Senior Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Senior Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Senior Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect thereto.or

Appears in 1 contract

Samples: Indenture (Oxford Health Plans Inc)

Defaults and Remedies. Each Under the Indenture, Events of Default include (each of which are more specifically described in the following is an Event of Default: Indenture): (i) default for 30 consecutive days in the any payment when due of interest on on, or Additional Interest (as required by the NotesRegistration Rights Agreement) with respect to, any Security; (ii) default in the payment when due of the principal of or premium, if any, on the Notesany Security when due at its Stated Maturity, upon optional redemption, upon required repurchase, upon declaration or otherwise; (iii) failure by the Company or any Subsidiary Guarantor to comply with its obligations under Section 4.1; (iv) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 of the Supplemental Indenture, (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive 60 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply as provided below with any of their its other covenants or agreements contained in the Supplemental Indenture, ; (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), other than Indebtedness owed to the Company or a Restricted Subsidiary, whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental IndentureIssue Date, if that which default: (a) is caused by a failure to pay at final stated maturity the principal amount of of, or interest or premium, if any, on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or (b) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default payment default or the maturity of which has been so accelerated, aggregates $100.0 15.0 million or more, ; (vi) failure by the Company or any of its Restricted Subsidiaries Material Subsidiary to pay final judgments which are non-appealable aggregating in excess of $100.0 million, 15.0 million (net of applicable any amounts that a reputable and creditworthy insurance which company has not been denied acknowledged liability for in writing by the insurerwriting), which judgments are not paid, discharged or stayed for a period of 60 days or days; (vii) certain events Bankruptcy Law Events of bankruptcy Default; (viii) any Subsidiary Guarantee of a Material Subsidiary ceases to be in full force and effect (except as contemplated by the terms of the Indenture) or insolvency is declared null and void in a judicial proceeding or any Subsidiary Guarantor that is a Material Subsidiary denies or disaffirms its obligations under the Indenture or its Subsidiary Guarantee; or (ix) with respect to any Collateral having a fair market value in excess of $15.0 million, individually or in the aggregate, (a) the security interest under the Collateral Documents, at any time, ceases to be in full force and effect for any reason (other than solely as a result of any action taken or not taken by the Collateral Agent that was required to be taken or not taken by the Collateral Agent pursuant to the Collateral Documents) other than in accordance with their terms and the terms of the Indenture and other than the satisfaction in full of all obligations under the Indenture and discharge of the Indenture, (b) the security interest created under the Collateral Documents is declared invalid or unenforceable in any material respect by a court of competent jurisdiction or (c) the Company or any Subsidiary Guarantor asserts that any such security interest or Collateral Document is invalid or unenforceable prior to the time that the Collateral is to be released to the Company or any of its Significant Subsidiaries. In the Subsidiary Guarantors, and in the case of any default referred to in clause (a) or (b) hereof, such default continues uncured for 30 days after written notice thereof is given to the Company by the Trustee or Holders of at least 25% in principal amount of the outstanding Securities. However, a default under clause (iv) of this paragraph will not constitute an Event of Default arising from certain events until the Trustee or the Holders of bankruptcy or insolvency with respect to 25% in principal amount of the Company, all outstanding Notes will become due Securities notify the Company of the default and payable without further action or the Company does not cure such default within the time specified in clause (iv) of this paragraph after receipt of such notice. If any other an Event of Default (other than an Event of Default described in clause (vii) above) occurs and is continuing, the Trustee by notice to the Issuers Company, or the Holders of at least 25% in principal amount of the then outstanding Notes Securities by notice to the Issuers Company and the Trustee, may, and the Trustee may at the request of such Holders shall, declare the principal of, premium, if any, and accrued and unpaid interest, if any, on all the Notes Securities to be due and payable. Upon such a declaration, such principal, premium and accrued and unpaid interest will be due and payable immediately. If an Event of Default described in clause (vii) above occurs and is continuing, the principal of, premium, if any, and accrued and unpaid interest on all the Securities will become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holders. Holders may not enforce the Supplemental Indenture or the Notes Securities except as provided in the Supplemental Indenture. The Trustee may refuse to enforce the Indenture or the Securities unless it receives indemnity or security reasonably satisfactory to it. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes Securities may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the in payment of principal principal, premium, if any, or interest) if it determines in good faith that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect thereto.

Appears in 1 contract

Samples: Indenture (Conexant Systems Inc)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (i) default if the Company defaults for 30 consecutive days in the payment when due of interest on on, or Liquidated Damages with respect to, the Notes, ; (ii) default if the Company defaults in the payment when due (at maturity, upon redemption or otherwise) of the principal of of, or premium, if any, on the Notes, ; (iii) failure by if the Company fails to comply with the provisions of Sections 3.09, 4.07, 4.09, 4.10 or 4.14 of the Indenture; (iv) if the Company or any of its Restricted Subsidiaries fails to comply with Sections 4.16 and 5.01 of observe or perform any other covenant, representation, warranty or other agreement in this Indenture or the Supplemental Indenture, (iv) failure by the Company or any of its Restricted Subsidiaries Notes for 30 consecutive 60 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the in aggregate principal amount of the Notes then outstanding to comply with any of their other covenants or agreements in the Supplemental Indenture, voting as a single class; (v) if a default occurs under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental this Indenture, if that default: (aA) is caused by a failure to pay at final stated maturity the principal amount of of, or interest or premium, if any, on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default and the aggregate amount of such principal, premium and interest that has not been paid exceeds $5.0 million (a “Payment Default”"PAYMENT DEFAULT"); or (bB) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 5.0 million or more, ; (vi) failure if a final judgment or final judgments for the payment of money are entered by a court or courts of competent jurisdiction against the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, net of applicable insurance which has not been denied in writing by the insurerSubsidiaries, which judgment or judgments are not paid, discharged or stayed for a period of 60 days or days; PROVIDED that the aggregate of all such undischarged judgments exceeds $5.0 million; (vii) certain events of bankruptcy or insolvency with respect to if the Company or any of its Significant Subsidiaries. In Subsidiaries or any group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary pursuant to or within the case meaning of Bankruptcy Law: (A) commences a voluntary case; (B) consents to the entry of an Event order for relief against it in an involuntary case; (C) consents to the appointment of Default arising from certain events a custodian of bankruptcy it or insolvency with respect to for all or substantially all of its property; (D) makes a general assignment for the benefit of its creditors; or (E) generally is not paying its debts as they become due; or (viii) if a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: (A) is for relief against the Company or any of its Restricted Subsidiaries in an involuntary case; (B) appoints a Custodian of the Company, any of its Restricted Subsidiaries or any group of Subsidiaries that, taken together, would constitute a Significant Subsidiary, or for all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount substantially all of the then outstanding Notes by notice to A2-6 property of the Issuers Company, any of its Significant Subsidiaries or any group of Subsidiaries that taken, taken together, would constitute a Significant Subsidiary, or (C) orders the liquidation of the Company or any of its Restricted Subsidiaries, and the Trustee may declare all order or decree remains unstayed and in effect for 60 consecutive days; or (ix) except as permitted by the Notes Indenture, if any Note Guarantee is held in any judicial proceeding to be due unenforceable or invalid or shall cease for any reason to be in full force and payable. Holders may not enforce the Supplemental Indenture effect or the Notes except as provided in the Supplemental Indenture. Subject to certain limitationsany Guarantor, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of or any trust or power with respect to matters relating to the Notes. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may Person acting on behalf of the Holders of all of the Notes waive any existing Default Guarantor, shall deny or Event of Default and disaffirm its consequences obligations under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoits Note Guarantee.

Appears in 1 contract

Samples: Indenture (Von Hoffmann Holdings Inc)

Defaults and Remedies. Each of the following is constitutes an "Event of Default": (ia) default for 30 consecutive days in the payment when due of interest on on, or Liquidated Damages with respect to, the Notes, ; (iib) default in payment when due of the principal of or premium, if any, on the Notes, ; (iiic) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 the provisions described under Section 4.10 or 4.15 of the Supplemental Indenture, ; (ivd) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to the Company by from the Trustee or at least 25% in principal amount of the Notes then outstanding to comply with the provisions described under Sections 4.07 or 4.09 of the Indenture; (e) failure by the Company and for 60 days after notice from the Trustee by the Holders or holders of at least 25% of the in principal amount of the Notes then outstanding to comply with any of their its other covenants or agreements in the Supplemental Indenture, Indenture or the Notes; (vf) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), ) whether such Indebtedness or guarantee Guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: which default (ai) is caused by a failure to pay at final stated maturity the principal amount of or premium, if any, or interest on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a "Payment Default”); ") or (bii) results in the acceleration of such Indebtedness prior to its express maturity, maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 10.0 million or more, ; (vig) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 5.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days or days; and (viih) certain events of bankruptcy or insolvency with respect to as described in the Company or Indenture. A1-5 If any of its Significant Subsidiaries. In the case of an Event of Default arising from (other than certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default insolvency) occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payablepayable immediately. Holders may not enforce the Supplemental Indenture or Upon any such declaration, the Notes except as provided shall become due and payable immediately. Notwithstanding the foregoing, in the Supplemental Indenturecase of an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding Notes shall be due and payable immediately without further action or notice. Subject to certain limitations, The Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notes. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by written notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default Holders rescind an acceleration and its consequences under if the Supplemental Indenture except a continuing Default rescission would not conflict with any judgment or Event decree and if all existing Events of Default in (except nonpayment of principal or interest that has become due solely because of the payment of interest on, acceleration) have been cured or the principal of, the Noteswaived. The Issuers are Company is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture Indenture, and the Base Indenture. Upon Company is required upon becoming aware of any Default or Event of Default, the Issuers are required Default to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 1 contract

Samples: Indenture (Aki Holding Corp)

Defaults and Remedies. Each Under the Indenture, Events of Default include (each of which are more specifically described in the following is an Event of Default: Indenture): (i) default for 30 consecutive days in the any payment when due of interest on on, or Additional Interest (if required by the NotesRegistration Rights Agreement) with respect to, any Security; (ii) default in the payment when due of the principal of or premium, if any, on the Notesany Security when due at its Stated Maturity, upon optional redemption, upon required repurchase, upon declaration or otherwise; (iii) failure by the Company or any of its Restricted Subsidiaries Subsidiary Guarantor to comply with Sections 4.16 and 5.01 its obligations under Article V of the Supplemental Indenture, ; (iv) failure by the Company or any of its Restricted Subsidiaries Subsidiary Guarantor to comply for 30 consecutive 60 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply as provided below with any of their its other covenants or agreements contained in the Supplemental Indenture, ; (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), other than Indebtedness owed to the Company or a Restricted Subsidiary, whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental IndentureIssue Date, if that which default: (a) is caused by a failure to pay at final stated maturity the principal amount of of, or interest or premium, if any, on such Indebtedness prior to the expiration of the after any grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or (b) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default payment default or the maturity of which has been so accelerated, aggregates $100.0 75.0 million or more, ; (vi) a Bankruptcy Law Event of Default; (vii) failure by the Company or any Significant Subsidiary or group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries Subsidiaries), would constitute a Significant Subsidiary to pay final judgments which are non-appealable aggregating in excess of $100.0 million, 80.0 million (net of applicable any amounts that a reputable and creditworthy insurance which company has not been denied acknowledged liability for in writing by the insurerwriting), which judgments are not paid, discharged or stayed for a period of 60 days days; or (viiviii) certain events any Subsidiary Guarantee of bankruptcy a Significant Subsidiary or insolvency with respect to group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries), would constitute a Significant Subsidiary ceases to be in full force and effect (except as contemplated by the terms of the Indenture) or is declared null and void in a judicial proceeding or any Subsidiary Guarantor that is a Significant Subsidiary or group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries), would constitute a Significant SubsidiariesSubsidiary denies or disaffirms its obligations under the Indenture or its Subsidiary Guarantee. In the case However, a default under clause (iv) of this paragraph will not constitute an Event of Default arising from certain events until the Trustee or the Holders of bankruptcy or insolvency with respect to 25% in principal amount of the Company, all outstanding Notes will become due Securities notify the Company of the default and payable without further action or the Company does not cure such default within the time specified in clause (iv) of this paragraph after receipt of such notice. If any other an Event of Default (other than an Event of Default described in clause (vi) above) occurs and is continuing, the Trustee by notice to the Issuers Company, or the Holders of at least 25% in principal amount of the then outstanding Notes Securities by notice to the Issuers Company and the Trustee, may, and the Trustee may at the request of such Holders shall, declare the principal of, premium, if any, and accrued and unpaid interest, if any, on all the Notes Securities to be due and payable. Upon such a declaration, such principal, premium and accrued and unpaid interest will be due and payable immediately. If an Event of Default described in clause (vi) above occurs and is continuing, the principal of, premium, if any, and accrued and unpaid interest on all the Securities will become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holders. Holders may not enforce the Supplemental Indenture or the Notes Securities except as provided in the Supplemental Indenture. The Trustee may refuse to enforce the Indenture or the Securities unless it receives indemnity or security reasonably satisfactory to it. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes Securities may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the in payment of principal principal, premium, if any, or interest) if it determines in good faith that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect thereto.

Appears in 1 contract

Samples: Indenture (Deluxe Corp)

Defaults and Remedies. Each Events of Default under the following is an Event of DefaultIndenture include: (i) a default for 30 consecutive days in the payment when due of interest on the NotesSecurities, whether or not such payment is prohibited by the provisions of Article 10 of the Indenture; (ii) a default in payment when due of the principal of or premium, if any, on the NotesSecurities, at maturity or otherwise, whether or not such payment is prohibited by the provisions of Article 10 of the Indenture; (iii) a failure by the Company or any of its Restricted Subsidiaries to comply with the provisions of Sections 4.16 and 5.01 4.07, 4.09 or 4.12 of the Supplemental Indenture, ; (iv) a failure by the Company or any of its Restricted Subsidiaries for 30 consecutive 60 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their its other covenants or agreements in the Supplemental Indenture, Indenture or the Securities; (v) any default that occurs under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Significant Subsidiaries (or the payment of which is guaranteed Guaranteed by the Company or any of its Restricted Significant Subsidiaries), whether such Indebtedness or guarantee now Guarantee exists on the date of the Indenture or is created after the date of the Supplemental Indenture, if that default: which default (a) is caused by constitutes a failure to pay principal at final stated maturity the principal amount of such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or (b) results in the acceleration of such Indebtedness prior to its express maturity, maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there that has not been a Payment Default paid at final maturity or the maturity of which that has been so accelerated, aggregates $100.0 25.0 million or more, ; (vi) failure by the Company or any of its Restricted Significant Subsidiaries to pay a final judgment or final judgments which are non-appealable aggregating in excess of $100.0 25.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgment or judgments are not paid, discharged or stayed for a period of 60 days or days; and (vii) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries. In If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Securities by written notice to the Company and the Trustee, may declare all the Securities to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the CompanyCompany or any of its Significant Subsidiaries, all outstanding Notes will Securities shall become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders Securities may not enforce the Supplemental Indenture or the Notes Securities except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes Securities may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Securities notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their the Holders' interest. In the case of any Event of Default occurring by reason of any willful action (or inaction) taken (or not taken) by or on behalf of the Company with the intention of avoiding payment of the premium that the Company would have had to pay if the Company then had elected to redeem the Securities pursuant to the optional redemption provisions of the Indenture, an equivalent premium shall also become and be immediately due and payable to the extent permitted by law upon the acceleration of the Securities. If an Event of Default occurs under the Indenture prior to June 1, 2003 by reason of any willful action (or inaction) taken (or not taken) by or on behalf of the Company with the intention of avoiding the prohibition on redemption of such Securities prior to June 1, 2003, then the premium specified in Section 6.02 of the Indenture shall also become immediately due and payable to the extent permitted by law upon the acceleration of such Securities. The Holders of not less than a majority in aggregate principal amount of the Notes Securities then outstanding by written notice to the Trustee may on behalf of the Holders of all of the Notes Securities waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, premium, if any, or interest on the NotesSecurities. The Issuers are Company is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture Indenture, and the Base Indenture. Upon Company is required upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default. The above description of Events of Default and what action remedies is qualified by reference, and subject in its entirety, to the Issuers are taking or propose to take with respect theretomore complete description thereof contained in the Indenture.

Appears in 1 contract

Samples: Indenture (Tenet Healthcare Corp)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault shall include: (i1) default for 30 consecutive thirty (30) days in the payment when due of interest on on, or Additional Interest, if any, with respect to the Notes, (ii2) default in payment when due of the principal of or premium, if any, on the Notes, (iii3) failure by the Company or any of its the Restricted Subsidiaries to comply with Sections 4.16 and 5.01 the provisions described under Article 5 or failure by the Company to consummate a Change of Control Offer or Asset Sale Offer in accordance with the provisions of the Supplemental IndentureIndenture applicable to the offers, (iv4) failure by the Company or any of its the Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to perform any other covenant in the Indenture, other than a covenant specified in clauses (1), (2) or (3) above or that does not relate to the Company by Notes, that continues for sixty (60) days (or one hundred twenty (120) days in the Trustee or to the Company and the Trustee by the Holders case of at least 25% of the principal amount of the Notes outstanding a failure to comply with any the reporting obligations described under Section 4.03 of their other covenants or agreements in the Supplemental Indenture) after notice to comply, (v5) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (Significant Subsidiaries, or the payment of which is guaranteed by the Company or any of its Restricted Significant Subsidiaries), whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental IndentureIssue Date, if that default: which default (a) is caused by a failure to pay at final stated maturity principal of or premium, if any, interest on, if any, or Additional Interest, if any, with respect to the principal amount of such Indebtedness prior to the expiration of the grace period provided in such Indebtedness indebtedness on the date of such the default (a “Payment Default”); ) or (b) results in the acceleration of such the Indebtedness prior to its express maturity, maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 20.0 million or more, (vi6) failure by the Company or any of its Restricted Significant Subsidiaries to pay final judgments which are non-appealable aggregating (net of amounts covered by insurance policies) in excess of $100.0 20.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 sixty (60) days or (vii7) certain events of bankruptcy or insolvency described in the Indenture with respect to the Guarantor, the Company or any of its Significant Restricted Subsidiaries. In Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency insolvency, with respect to the CompanyCompany or the Guarantor, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may may, and the Trustee at the request of such Holders shall, declare all the Notes to be due and payablepayable immediately. Upon any such declaration, the principal of, premium, if any, and accrued and unpaid interest, if any, and Additional Interest, if any, shall become due and payable immediately. Holders of the Notes may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in of the aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to power. Except in the Notes. The Trustee may withhold from Holders notice case of any continuing Default or Event of Default (except a Default or Event of Default relating to in the payment of principal of, interest on, if any, or interest) Additional Interest, if it any, with respect to any Note, the Trustee may withhold notice if and so long as a committee of its trust officers determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice not opposed to the Trustee may on behalf interest of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect thereto.

Appears in 1 contract

Samples: Indenture (Sba Communications Corp)

Defaults and Remedies. Each of the following is constitutes an "Event of Default": (ia) default for 30 consecutive days in the payment when due of interest on on, or Liquidated Damages, if any, with respect to, the Notes, ; (iib) default in payment when due of the principal of or premium, if any, on the Notes, ; (iiic) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 make the offer required or to purchase any of the Supplemental Notes as required under the provisions described in Section 4.10 or Section 4.15 of the Indenture, ; (ivd) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to comply with the provisions of the covenants in Section 4.07 or Section 4.09 of the Indenture or failure by the Company by the Trustee or to the Company and the Trustee by the Holders any of at least 25% of the principal amount of the Notes outstanding its Subsidiaries for 60 days after notice to comply with any of their its other covenants or agreements in the Supplemental Indenture, Indenture or the Notes; (ve) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), ) whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental this Indenture, if that default: which default (ai) is caused by a failure to pay at final stated maturity the principal amount of or premium, if any, or interest on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a "Payment Default”); ") or (bii) results in the acceleration of such Indebtedness prior to its express maturity, maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 25.0 million or more, ; (vif) failure by the Company or any of its Restricted Subsidiaries or any group of Restricted Subsidiaries that, taken as a whole, would be a Significant Subsidiary to pay final judgments which are non-appealable aggregating in excess of $100.0 25.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days days; (g) except as permitted by the Indenture, any Subsidiary Guarantee shall be held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or any Guarantor, or any Person acting on behalf of any Guarantor, shall deny or disaffirm its obligations under its Subsidiary Guarantee; and (viih) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries. In the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or noticeinsolvency. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding Notes will become due and payable without further action or notice. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are Company is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture Indenture, and the Base Indenture. Upon Company is required upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 1 contract

Samples: Indenture (Appalachian Realty Co)

Defaults and Remedies. Each of the following is an Event of Default: (i) default for 30 consecutive days in the payment when due of interest on the Notes, (ii) default in payment when due of the principal of or premium, if any, on the Notes, (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and Section 5.01 of the Supplemental Indenture, (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 2530% of the principal amount of the Notes outstanding to comply with any of their other covenants or agreements in the Supplemental Indenture, (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists or is created after the date of the Supplemental Indenture, if that default: (a) is caused by a failure to pay at final stated maturity the principal amount of such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or (b) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 750.0 million or more, (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 750.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days or (vii) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant SubsidiariesSubsidiaries as set forth in the Supplemental Indenture. However, a Default under clause (iii), (iv), (v) or (vi) of the previous paragraph will not constitute an Event of Default until the Trustee or the Holders of at least 30% in principal amount of the outstanding Notes notify the Issuers of the Default and, with respect to clauses (iv) and (vi), the Issuers do not cure such Default within the time specified in clause (iv) or (vi) of this paragraph after receipt of such notice; provided that a notice of Default may not be given with respect to any action taken, and reported publicly or to Holders, more than two years prior to such notice of Default. In the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 2530% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Any Noteholder Direction provided by any one or more Directing Holders must be accompanied by a Position Representation, which representation, in the case of a Default Direction shall be deemed repeated at all times until the resulting Event of Default is cured or otherwise ceases to exist or the Notes are accelerated. In addition, each Directing Holder must, at the time of providing a Noteholder Direction, make a Verification Covenant. In any case in which the Holder is DTC or its nominee, any Position Representation or Verification Covenant required hereunder shall be provided by the Beneficial Owner of the Notes in lieu of DTC or its nominee, and DTC shall be entitled to rely on such Position Representation and Verification Covenant in delivering its direction to the Trustee. If, following the delivery of a Noteholder Direction, but prior to acceleration of the Notes, the Issuers determine in good faith that there is a reasonable basis to believe a Directing Holder was, at any relevant time, in breach of its Position Representation and provide to the Trustee evidence that the Issuers have initiated litigation in a court of competent jurisdiction seeking a determination that such Directing Holder was, at such time, in breach of its Position Representation, and seeking to invalidate any Event of Default that resulted from the applicable Noteholder Direction, the cure period with respect to such Default shall be automatically stayed and the cure period with respect to such Event of Default shall be automatically reinstituted and any remedy stayed pending a final and non-appealable determination of a court of competent jurisdiction on such matter. If, following the delivery of a Noteholder Direction, but prior to acceleration of the Notes, the Issuers provide to the Trustee an Officers’ Certificate stating that a Directing Holder failed to satisfy its Verification Covenant, the cure period with respect to such Default shall be automatically stayed and the cure period with respect to any Event of Default that resulted from the applicable Noteholder Direction shall be automatically reinstituted and any remedy stayed until such time as the Issuers provide the Trustee with an Officers’ Certificate that the Verification Covenant has been satisfied; provided that the Issuers shall promptly deliver such Officers’ Certificate to the Trustee upon becoming aware that the Verification Covenant has been satisfied. Any breach of the Position Representation (as evidenced by the delivery to the Trustee of the Officers’ Certificate stating that a Directing Holder failed to satisfy its Verification Covenant) shall result in such Holder’s participation in such Noteholder Direction being disregarded; and if, without the participation of such Holder, the percentage of Notes held by the remaining Holders that provided such Noteholder Direction would have been insufficient to validly provide such Noteholder Direction, such Noteholder Direction shall be void ab initio, with the effect that such Event of Default shall be deemed never to have occurred, acceleration voided and the Trustee shall be deemed not to have received such Noteholder Direction or any notice of such Default or Event of Default. Notwithstanding anything in the preceding two paragraphs to the contrary, any Noteholder Direction delivered to the Trustee during the pendency of an Event of Default as the result of a bankruptcy or similar direction shall not require compliance with the foregoing paragraphs. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notes. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. Any time period in the Base Indenture or the Supplemental Indenture to cure any actual or alleged Default or Event of Default with respect to the Notes may be extended or stayed by a court of competent jurisdiction to the extent such actual or alleged Default or Event of Default is the subject of litigation. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect thereto.

Appears in 1 contract

Samples: Second Supplemental Indenture (Cco Holdings Capital Corp)

Defaults and Remedies. Each Under the Indenture, Events of the following is an Event of Default: Default include (i) default for 30 consecutive days in the payment of any cash interest upon any Security when such interest becomes due and payable, and such default in payment of interest on the Notes, shall continue for 30 days; (ii) default in the payment of the Principal Amount at Maturity (or, if the Securities have been converted to semiannual coupon debentures following a Tax Event pursuant to Article 10, the Restated Principal Amount), Issue Price plus accrued Original Issue Discount, Redemption Price, Purchase Price or Change in Control Purchase Price on any Security when the same becomes due and payable at its Stated Maturity, upon redemption, upon declaration, when due of for purchase by the principal of Company or premium, if any, on the Notes, otherwise; (iii) failure by the Company to deliver shares of Class A Common Stock (together with cash in lieu of fractional shares) when such Class A Common Stock (or any cash in lieu of its Restricted Subsidiaries fractional shares) is required to comply with Sections 4.16 be delivered upon conversion of a Security and 5.01 of the Supplemental Indenture, such failure continues for 10 days; (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their other covenants or its agreements in the Supplemental IndentureSecurities or the Indenture (other than those referred to in clauses (i), (ii) and (iii) above) and such failure continues for 30 days after receipt by the Company of a Notice of Default; (v) there shall be (a) a default under any bond, debenture, note or other evidence of indebtedness for money borrowed or under any mortgage, indenture or other instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any Significant Subsidiary or by any Subsidiaries of its Restricted Subsidiaries (the Company which in the aggregate would constitute a Significant Subsidiary or the under any guarantee of payment of which is guaranteed Indebtedness by the Company or any Significant Subsidiary or by any Subsidiaries of its Restricted Subsidiaries)the Company which in the aggregate would constitute a Significant Subsidiary, whether such Indebtedness or guarantee now exists or shall hereafter be created, and the effect of such default is created after the date of the Supplemental Indenture, if that default: to cause such Indebtedness (aor Indebtedness so guaranteed) is caused by to become due prior to its stated maturity or (b) a failure to pay at final the stated maturity the of any such Indebtedness (or Indebtedness so guaranteed) any amounts then due and owing thereunder; provided, however, that no Default under this clause (v) shall exist if all such defaults and failures to pay relate to Indebtedness (including Indebtedness so guaranteed) with an aggregate principal amount of such Indebtedness prior to not more than $25,000,000 at the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”)time outstanding; or (b) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 million or more, (vi) failure by final judgments for the payment of money which in the aggregate exceed $25,000,000 at the time outstanding shall be rendered against the Company or any Significant Subsidiary or any Subsidiaries of its Restricted Subsidiaries to pay final judgments the Company which are non-appealable aggregating in excess the aggregate would constitute a Significant Subsidiary by a court of $100.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed competent jurisdiction and shall remain undischarged for a period (during which execution shall not be effectively stayed) of 60 days after such judgment becomes final and nonappealable; or (vii) certain events of bankruptcy bankruptcy, insolvency or insolvency reorganization with respect to the Company or any Significant Subsidiary or any Subsidiaries of its the Company which in the aggregate would constitute a Significant Subsidiaries. In the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or noticeSubsidiary. If any other an Event of Default occurs and is continuing, the Trustee by notice to the Issuers Trustee, or the Holders of at least 25% in principal amount aggregate Principal Amount at Maturity of the then outstanding Notes by notice to Securities at the Issuers and the Trustee time outstanding, may declare all the Notes Securities to be due and payablepayable immediately. Holders Certain events of bankruptcy or insolvency are Events of Default which will result in the Securities becoming due and payable immediately upon the occurrence of such Events of Default. Securityholders may not enforce the Supplemental Indenture or the Notes Securities except as provided in the Supplemental Indenture. The Trustee may refuse to enforce the Indenture or the Securities unless it receives reasonable indemnity or security. Subject to certain limitations, Holders of a majority in aggregate principal amount Principal Amount at Maturity of the then Securities at the time outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders Securityholders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the in payment of principal amounts specified in clause (i) or interest(ii) above) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretointerests.

Appears in 1 contract

Samples: Indenture (Health Management Associates Inc)

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Defaults and Remedies. Each of the following is constitutes an Event of Default: (i) default for 30 consecutive days by the Company in the payment when due of interest and Liquidated Damages, if any, on the Notes, Notes when the same becomes due and payable and the Default continues for a period of 30 days; (ii) default by the Company in the payment when due of the principal of or premium, if any, on the NotesNotes when the same becomes due and payable at maturity, upon redemption or otherwise; (iii3) failure by the Company or any of its Restricted Subsidiaries Subsidiary to comply with Sections 4.16 and 4.07, 4.09, 4.10, 4.15, or 5.01 of the Supplemental Indenture, ; (iv4) failure by the Company or any of its Restricted Subsidiaries Subsidiary for 30 consecutive 60 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their its other covenants or agreements in the Supplemental Indenture, Indenture or the Notes; (v5) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists exists, or is shall be created after the date of the Supplemental Indenturehereafter, if that default: which default (a) is caused by a failure to pay at final stated maturity the principal amount of or premium, if any, or interest on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a "Payment Default”); ") or (b) results in the acceleration of such Indebtedness prior to its express maturity, maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 25.0 million or more, ; (vi6) failure a final judgment or final judgments for the payment of money are entered by a court or courts of competent jurisdiction against the Company or any of its Restricted Subsidiaries to pay final Subsidiary that would be a Significant Subsidiary and such judgment or judgments which are non-appealable aggregating in excess of $100.0 millionremain unpaid, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged undischarged or stayed unstayed for a period of 60 days or days, provided that the aggregate of all such undischarged judgments exceeds $25.0 million; (vii7) certain events of bankruptcy or insolvency with respect to the Company Company, any Restricted Subsidiary that would constitute a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary and (8) the termination of any Subsidiary Guarantee for any reason not permitted by the Indenture, or the denial by any Subsidiary Guarantor or any Person acting on behalf of any Subsidiary Guarantor of such Subsidiary Guarantor's obligations under its Significant Subsidiariesrespective Subsidiary Guarantee. In If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notes. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines Restricted Subsidiary that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect thereto.would

Appears in 1 contract

Samples: Indenture (Pegasus Communications Corp /)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault shall include: (i1) default for 30 consecutive thirty (30) days in the payment when due of interest on on, or Additional Interest, if any, with respect to the 2016 Notes, (ii2) default in payment when due of the principal of or premium, if any, on the 2016 Notes, (iii3) failure by the Company or any of its the Restricted Subsidiaries to comply with Sections 4.16 and 5.01 the provisions described under Article 5 or failure by the Company to consummate a Change of Control Offer or Asset Sale Offer in accordance with the provisions of the Supplemental IndentureIndenture applicable to the offers, (iv4) failure by the Company or any of its the Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to perform any other covenant in the Indenture, other than a covenant specified in clauses (1), (2) or (3) above or that does not relate to the Company by 2016 Notes, that continues for sixty (60) days (or one hundred twenty (120) days in the Trustee or to the Company and the Trustee by the Holders case of at least 25% of the principal amount of the Notes outstanding a failure to comply with any the reporting obligations described under Section 4.03 of their other covenants or agreements in the Supplemental Indenture) after notice to comply, (v5) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (Significant Subsidiaries, or the payment of which is guaranteed by the Company or any of its Restricted Significant Subsidiaries), whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental IndentureIssue Date, if that default: which default (a) is caused by a failure to pay at final stated maturity principal of or premium, if any, interest on, if any, or Additional Interest, if any, with respect to the principal amount of such Indebtedness prior to the expiration of the grace period provided in such Indebtedness indebtedness on the date of such the default (a “Payment Default”); ) or (b) results in the acceleration of such the Indebtedness prior to its express maturity, maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 20.0 million or more, (vi6) failure by the Company or any of its Restricted Significant Subsidiaries to pay final judgments which are non-appealable aggregating (net of amounts covered by insurance policies) in excess of $100.0 20.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 sixty (60) days or (vii7) certain events of bankruptcy or insolvency described in the Indenture with respect to the Guarantor, the Company or any of its Significant Restricted Subsidiaries. In Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency insolvency, with respect to the Company, all outstanding 2016 Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in aggregate principal amount of the then outstanding 2016 Notes by notice to the Issuers and the Trustee may may, and the Trustee at the request of such Holders shall, declare all the 2016 Notes to be due and payablepayable immediately. Upon any such declaration, the principal of, premium, if any, and accrued and unpaid interest, if any, and Additional Interest, if any, shall become due and payable immediately. Holders of the 2016 Notes may not enforce the Supplemental Indenture or the 2016 Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in of the aggregate principal amount of the then outstanding 2016 Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the 2016 Notes notice of any continuing Default or Event of Default (Default, except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest onof, or interest or premium or Additional Interest, if any, on the principal of, the 2016 Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect thereto.

Appears in 1 contract

Samples: Indenture (Sba Communications Corp)

Defaults and Remedies. Each Under the Indenture, Events of the following is an Event of DefaultDefault include: (i1) default for 30 consecutive days defaults in the payment when due of interest on the Noteson, (ii) default in payment when due of the principal of or premiumLiquidated Damages, if any, on with respect to the NotesNotes when the same becomes due and payable and the default continues for a period of 30 days; (2) defaults in the payment of the Principal of the Notes when the same becomes due and payable at maturity, upon redemption or otherwise; (iii3) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 of the Supplemental Indenture, (iv) failure by the Company OI Group or any of its Restricted Subsidiaries for 30 consecutive 60 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their the other covenants or agreements in the Supplemental Indenture, the Notes, the Guarantees of the Notes (vwith respect to any Guarantor) and the Collateral Documents (with respect to any Restricted Subsidiary which has pledged assets or property to secure its obligations under the Indenture and the Notes); (4) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company OI Group or any of its Restricted Subsidiaries Subsidiary (or the payment of which is guaranteed by the Company OI Group or any of its Restricted Subsidiaries), ) whether such Indebtedness or guarantee Guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: (a) is caused by a failure to pay at final stated maturity the principal amount of Principal of, or interest on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”"PAYMENT DEFAULT"); or (b) results in the acceleration D1-6 of such Indebtedness prior to its express maturity; PROVIDED, that an Event of Default shall not be deemed to occur with respect to any such accelerated Indebtedness which is repaid or prepaid within 20 Business Days after such declaration; and, in each any individual case, the principal amount of any such IndebtednessIndebtedness is equal to or in excess of $50.0 million, or such Indebtedness together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 million or more, ; (vi5) failure by any final judgment or order for payment of money in excess of $50.0 million in any individual case and $100.0 million in the Company aggregate at any time shall be rendered against OI Group or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, net of applicable insurance which has and such judgment shall not have been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days days; (6) except as permitted by the Indenture or the Collateral Documents, any Guarantee of the Notes shall be held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or any Guarantor, or any Person acting on behalf of any Guarantor, shall deny or disaffirm its obligations under its Guarantee of the Notes; (7) the Company, OI Group or any Significant Subsidiary of OI Group pursuant to or within the meaning of any Bankruptcy Law: (a) commences a voluntary case; (b) consents to the entry of an order for relief against it in an involuntary case; (c) consents to the appointment of a Custodian of it or for all or substantially all of its property; (d) makes a general assignment for the benefit of its creditors; or (viie) certain events admits in writing its inability generally to pay its debts as the same become due; (8) a court of bankruptcy competent jurisdiction enters an order or insolvency decree under any Bankruptcy Law that: (a) is for relief against the Company, OI Group or any Significant Subsidiary of OI Group in an involuntary case; (b) appoints a Custodian of the Company, OI Group or any Significant Subsidiary of OI Group or for all or substantially all of such entity's property; or (c) orders the liquidation of the Company, OI Group or any Significant Subsidiary of OI Group; and, with respect to (a), (b) and (c), the Company order or decree remains unstayed and in effect for 60 days; (9) except as permitted by the Collateral Documents, any amendments thereto and the provisions of the Indenture, any of the Collateral Documents ceases to be in full force and effect or ceases to be effective, in all material respects, to create the Lien purported to be created in the Collateral in favor of the Holders of the Notes for 60 days after notice; and (10) failure by OI Group or any of its Significant SubsidiariesRestricted Subsidiaries to comply with the provisions of Sections 4.10 or 4.11 or Article 5 of the Indenture. In the case of If an Event of Default arising from certain events other than an Event or Default specified in clauses (7) and (8) of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default preceding paragraph occurs and is continuing, the Trustee by notice to the Issuers Company, or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers Company and the Trustee Trustee, as provided in the Indenture, may declare all the unpaid Principal of and any accrued and unpaid interest on the Notes to be due and payablepayable immediately. Holders may not enforce Upon such declaration the Supplemental Indenture Principal (or such lesser amount) and interest shall be due and payable immediately. At any time after a declaration of acceleration with respect to the Notes except as provided in has been made, the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct may, under certain circumstances, rescind such acceleration and its consequences if the Trustee in its exercise rescission would not conflict with any judgment or decree and if all existing Events of any trust or power Default with respect to matters relating the Notes have been cured or waived except nonpayment of Principal or interest that has become due solely because of the acceleration. Subject to the Notes. The duty of the Trustee may withhold from Holders notice of any continuing Default or during an Event of Default (except a Default to act with the required standard of care, the Trustee is under no obligation to exercise any of its rights or Event powers D1-7 under the Indenture at the request of Default relating any Holder of this Note, unless such Holder shall have offered to the payment Trustee security and indemnity satisfactory to it against any loss, liability or expense. Subject to certain provisions, including those requiring security or indemnification of principal or interest) if it determines that withholding notice is in their interest. The the Trustee, the Holders of a majority in aggregate principal amount of the Notes then outstanding by notice Note have the right to direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest onTrustee, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoto this Note.

Appears in 1 contract

Samples: First Supplemental Indenture (NHW Auburn LLC)

Defaults and Remedies. Each of the following is constitutes an Event of Default: (i) default for 30 consecutive days in the payment when due of interest on the Notes, (ii) default in payment when due of the principal of or premiuminterest, if any, on the Notes, Notes (whether or not prohibited by Article 9 of the Indenture); (ii) default for five days in payment when due of any installment of principal on the Notes (whether or not prohibited by Article 9 of the Indenture); (iii) failure by the Company for 30 days after notice from the Trustee or any the Holders of its Restricted Subsidiaries at least 25% in aggregate principal amount of the then outstanding Notes to comply with Sections 4.16 and 5.01 the provisions described under Article 5 of the Supplemental Indenture, ; (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive 60 days after written notice thereof has been given to the Company by from the Trustee or to the Company and the Trustee by the Holders of at least 25% of the in aggregate principal amount of the then outstanding Notes outstanding to comply with any of their its other covenants or agreements in the Supplemental Indenture, Indenture or the Notes; (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), Company) whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: (a) is caused by a failure to pay at final stated maturity the principal amount of such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such which default (a “Payment Default”); or (b) results in the acceleration of such Indebtedness prior to its express maturity, maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 5.0 million or more, ; (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 5.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days or days; and (vii) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries. In the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payablepayable immediately. Holders may not enforce At any time after a declaration of acceleration with respect to the Supplemental Indenture or Notes, the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct rescind and cancel such declaration and its consequences (i) if the Trustee in its exercise of rescission would not conflict with any trust judgment or power with respect to matters relating to the Notes. The Trustee may withhold from Holders notice of any continuing Default or Event decree, (ii) if all existing Events of Default (have been cured or waived except a Default or Event of Default relating to the payment nonpayment of principal or interest, if any, that have become due solely because of the acceleration, (iii) if it determines the Company has paid the Trustee its reasonable compensation and reimbursed the Trustee for its expenses, disbursements and advances and (iv) if, in the event of the cure or waiver of an Event of Default of the type described in clauses (vii) or (viii) of Section 6.01 of the Indenture, the Trustee shall have received an Officer's Certificate and an Opinion of Counsel that withholding notice is in their interestsuch Event of Default has been cured or waived. The No such rescission shall affect any subsequent Default or impair any right consequent thereto. Subject to the second paragraph of Section 6.02 of the Indenture, Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture Indenture, except a continuing Default or Event of Default in the payment of interest on, or the principal of, the NotesNotes or a default with respect to any covenant or provision which cannot be modified or amended without the consent of the Holder of each outstanding Note affected. The Issuers are Company is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture Indenture, and the Base Indenture. Upon Company is required, upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 1 contract

Samples: Indenture (Bissell Inc)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (i) default for 30 consecutive days in the payment when due of interest on on, or Liquidated Damages with respect to, the Notes, Notes (whether or not prohibited by the subordination provisions of the Indenture); (ii) default in payment when due of the principal of or premium, if any, on the Notes, Notes (whether or not prohibited by the subordination provisions of the Indenture); (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 4.07, 4.09, 4.10 or 4.13 of the Supplemental Indenture, and such default continues for ten days; (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive 60 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their its other covenants or agreements in the Supplemental Indenture, Indenture or the Notes; (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), ) whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: which default (a) is caused by a failure to pay at final stated maturity the principal amount of or premium, if any, or interest on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a "Payment Default”); ") or (b) results in the acceleration of such Indebtedness prior to its express maturity, maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 10 million or more, ; (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 10 million, net of applicable insurance which has not been denied in writing covered by the insurerinsurance, which judgments are not paid, discharged or stayed for a period of 60 days or days; (vii) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries. In ; and (viii) except as permitted by the case Indenture, any Subsidiary Guarantee shall be held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or any Subsidiary Guarantor, or any Person acing on behalf of an Event any Subsidiary Guarantor, shall deny or disaffirm its obligations under its Subsidiary Guarantee (other than by reason of Default arising from certain events of bankruptcy or insolvency with respect release pursuant to the Company, all outstanding Notes will become due and payable without further action or noticeIndenture). If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee (including Additional Notes, if any) may declare all the Notes to be due and payablepayable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, with respect to the Company, any Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, all outstanding Notes will become due and payable without further action or notice. Holders of the Notes may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect thereto.

Appears in 1 contract

Samples: Indenture (National Equipment Services Inc)

Defaults and Remedies. Each Under the Indenture, Events of Default include (each of which are more specifically described in the following is an Event of Default: Indenture): (i) default for 30 consecutive days in the any payment when due of interest on on, or Additional Interest (if required by the NotesRegistration Rights Agreement) with respect to, any Security; (ii) default in the payment when due of the principal of or premium, if any, on the Notesany Security when due at its Stated Maturity, upon optional redemption, upon required repurchase, upon declaration or otherwise; (iii) failure by the Company or any of its Restricted Subsidiaries Subsidiary Guarantor to comply with Sections 4.16 and 5.01 of the Supplemental Indenture, its obligations under Section 5.1; (iv) failure by the Company or any of its Restricted Subsidiaries to comply for 30 consecutive 45 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply as provided below with any of their its other covenants or agreements contained in the Supplemental Indenture, ; (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), other than Indebtedness owed to the Company or a Restricted Subsidiary, whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental IndentureIssue Date, if that which default: (a) is caused by a failure to pay at final stated maturity the principal amount of of, or interest or premium, if any, on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or (b) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default payment default or the maturity of which has been so accelerated, aggregates $100.0 50 million or more, ; (vi) a Bankruptcy Law Event of Default; (vii) failure by the Company or any Significant Subsidiary or group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries Subsidiaries), would constitute a Significant Subsidiary to pay final judgments which are non-appealable aggregating in excess of $100.0 million, 50 million (net of applicable any amounts that a reputable and creditworthy insurance which company has not been denied acknowledged liability for in writing by the insurerwriting), which judgments are not paid, discharged or stayed for a period of 60 days days; or (viiviii) certain events any Subsidiary Guarantee of bankruptcy a Significant Subsidiary or insolvency with respect to group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries), would constitute a Significant Subsidiary ceases to be in full force and effect (except as contemplated by the terms of the Indenture) or is declared null and void in a judicial proceeding or any Subsidiary Guarantor that is a Significant Subsidiary or group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries), would constitute a Significant SubsidiariesSubsidiary denies or disaffirms its obligations under the Indenture or its Subsidiary Guarantee. In the case However, a default under clause (iv) of this paragraph will not constitute an Event of Default arising from certain events until the Trustee or the Holders of bankruptcy or insolvency with respect to 25% in principal amount of the Company, all outstanding Notes will become due Securities notify the Company of the default and payable without further action or the Company does not cure such default within the time specified in clause (iv) of this paragraph after receipt of such notice. If any other an Event of Default (other than an Event of Default described in clause (vi) above) occurs and is continuing, the Trustee by notice to the Issuers Company, or the Holders of at least 25% in principal amount of the then outstanding Notes Securities by notice to the Issuers Company and the Trustee, may, and the Trustee may at the request of such Holders shall, declare the principal of, premium, if any, and accrued and unpaid interest, if any, on all the Notes Securities to be due and payable. Upon such a declaration, such principal, premium and accrued and unpaid interest will be due and payable immediately. If an Event of Default described in clause (vi) above occurs and is continuing, the principal of, premium, if any, and accrued and unpaid interest on all the Securities will become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holders. Holders may not enforce the Supplemental Indenture or the Notes Securities except as provided in the Supplemental Indenture. The Trustee may refuse to enforce the Indenture or the Securities unless it receives indemnity or security reasonably satisfactory to it. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes Securities may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the in payment of principal principal, premium, if any, or interest) if it determines in good faith that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect thereto.

Appears in 1 contract

Samples: Indenture (Deluxe Corp)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (i) default for 30 consecutive days in the payment when due of interest on on, or Liquidated Damages with respect to, the Notes, Notes (whether or not prohibited by the subordination provisions of the Indenture); (ii) default in the payment when due of the principal of or premium, if any, on the Notes, Notes (whether or not prohibited by the subordination provisions of the Indenture); (iii) failure by the Company or any of its Restricted Subsidiaries Holdings to comply with Sections 4.16 and the provisions of Section 4.07, 4.09, 4.10, 4.15 or 5.01 of the Supplemental Indenture, ; (iv) failure by the Company or any of its Restricted Subsidiaries Holdings for 30 consecutive 60 days after written notice thereof has been given to the Company by from the Trustee or to the Company and the Trustee by the Holders of at least 25% of the in aggregate principal amount of the outstanding Notes outstanding to comply with any of their its other covenants or agreements in the Supplemental Indenture, the Notes or any Guarantee; (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company Company, Holdings or any of its the Restricted Subsidiaries (or the payment of which is guaranteed by the Company Company, Holdings or any of its the Restricted Subsidiaries), ) whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: which default (a) is caused by a failure to pay at principal of or premium, if any, or interest on the final stated maturity the principal amount date of such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a "Payment Default”); or (b") results in the acceleration of such Indebtedness prior to its express maturity, maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 5.0 million or more, ; (vi) failure by the Company Company, Holdings or any of its the Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 5.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days or days; (vii) certain events of bankruptcy or insolvency with respect to except as permitted by the Company Indenture or any Guarantee that is given by a Guarantor, any Guarantee of its a Significant Subsidiaries. In the case of an Event of Default arising from Restricted Subsidiary shall be held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect; and (viii) certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action Holdings or noticeany of their Significant Restricted Subsidiaries or a group of Subsidiaries that, taken as a whole, would constitute a Significant Restricted Subsidiary. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable; provided, however that such declaration will not become effective until the earlier to occur of (i) the acceleration of the maturity of any Indebtedness under the New Credit Facility or (ii) five Business Days after the Agent under the New Credit Facility or other designated representative of holders of Senior Indebtedness shall have received written notice of the intention of such Holders to accelerate. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding Notes will become due and payable without further action or notice. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are Company is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture Indenture, and the Base Indenture. Upon Company is required upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 1 contract

Samples: Indenture (Desa Holdings Corp)

Defaults and Remedies. Each of the following is an Event of Default: (i) default for 30 consecutive days in the payment when due of interest on the Notes, (ii) default in payment when due of the principal Accreted Value of or premium, if any, on the Notes, (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 of the Supplemental Indenture, (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the aggregate principal amount at maturity of the Notes outstanding to comply with any of their other covenants or agreements in the Supplemental Indenture, (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists or is created after the date of the Supplemental Indenture, if that default: (a) is caused by a failure to pay at final stated maturity the principal amount of such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a "Payment Default"); or (b) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 100 million or more, (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, 100 million (net of applicable insurance which has not been denied in writing by the insurer), which judgments are not paid, discharged or stayed for a period of 60 days or (vii) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries. In the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in A-8 107 aggregate principal amount at maturity of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payablepayable in an amount equal to (x) the Accreted Value of the Notes outstanding on the date of acceleration, if such declaration is made prior to the Full Accretion Date or (y) the entire principal amount at maturity of all the Notes outstanding on the date of acceleration, plus accrued interest, if any, to the date of acceleration, if such declaration is made after the Full Accretion Date. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount at maturity of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount at maturity of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal Accreted Value of, the Notes. The Issuers are Company is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are Company is required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 1 contract

Samples: Indenture (Charter Communications Holdings Capital Corp)

Defaults and Remedies. Each of the following is constitutes an Event of Default: (i) default for 30 consecutive days by the Company in the payment when due of interest and Liquidated Damages, if any, on the Notes, Notes when the same becomes due and payable and the Default continues for a period of 30 days; (ii) default by the Company in the payment when due of the principal of or premium, if any, on the NotesNotes when the same becomes due and payable at maturity, upon redemption or otherwise; (iii3) failure by the Company or any of its Restricted Subsidiaries Subsidiary to comply with Sections 4.16 and 4.07, 4.09, 4.10, 4.15, or 5.01 of the Supplemental Indenture, ; (iv4) failure by the Company or any of its Restricted Subsidiaries Subsidiary for 30 consecutive 60 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their its other covenants or agreements in the Supplemental Indenture, Indenture or the Notes; (v5) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists exists, or is shall be created after the date of the Supplemental Indenturehereafter, if that default: which default (a) is caused by a failure to pay at final stated maturity the principal amount of or premium, if any, or interest on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a "Payment Default”); ") or (b) results in the acceleration of such Indebtedness prior to its express maturity, maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 25.0 million or more, ; (vi6) failure a final judgment or final judgments for the payment of money are entered by a court or courts of competent jurisdiction against the Company or any of its Restricted Subsidiaries to pay final Subsidiary that would be a Significant Subsidiary and such judgment or judgments which are non-appealable aggregating in excess of $100.0 millionremain unpaid, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged undischarged or stayed unstayed for a period of 60 days or days, provided that the aggregate of all such undischarged judgments exceeds $25.0 million; (vii7) certain events of bankruptcy or insolvency with respect to the Company Company, any Restricted Subsidiary that would constitute a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary and (8) the termination of any Subsidiary Guarantee for any reason not permitted by the Indenture, or the denial by any Subsidiary Guarantor or any Person acting on behalf of any Subsidiary Guarantor of such Subsidiary Guarantor's obligations under its Significant Subsidiariesrespective Subsidiary Guarantee. In If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, any Restricted Subsidiary that would constitute a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interestinterest or Liquidated Damages, if any) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of principal, interest onor premium or Liquidated Damages, or the principal ofif any, on the Notes. The Issuers are Company is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture Indenture, and the Base Indenture. Upon Company is required upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 1 contract

Samples: Indenture (Pegasus Communications Corp /)

Defaults and Remedies. Each Events of Default under the following is an Event of DefaultIndenture include: (i) default for 30 consecutive days in the payment when due of interest on on, or Liquidated Damages with respect to, the Notes, Notes (whether or not prohibited by the subordination provisions of the Indenture); (ii) default in payment when due of the principal of or premium, if any, on the Notes, Notes (whether or not prohibited by the subordination provisions of the Indenture); (iii) failure by the Company or any of its Restricted Subsidiaries for 30 days after notice to comply with the provisions of Sections 4.16 and 5.01 4.07, 4.09, 4.10 or 4.15 of the Supplemental Indenture, ; (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive 60 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their its other covenants or agreements in the Supplemental Indenture, Indenture or the Notes; (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), ) whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: which default (a) is caused by a failure to pay at final stated maturity the principal amount of or premium, if any, or interest on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a "Payment Default”); ") or (b) results in the acceleration of such Indebtedness prior to its express maturity, maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 10.0 million or more, ; (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 10.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days or days; (vii) except as permitted by the Indenture, any Subsidiary Guarantee(s) of any Guarantor that is a Significant Subsidiary or of any group of Guarantors that collectively would constitute a Significant Subsidiary shall be held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or any Guarantor that is a Significant Subsidiary or any group of Guarantors that collectively would constitute a Significant Subsidiary, or any Person acting on behalf of any such Guarantor or group of Guarantors, shall deny or disaffirm the obligations of each such Guarantor under its Subsidiary Guarantee; and (viii) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries. In the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notes. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect thereto.

Appears in 1 contract

Samples: Indenture (Scotts Company)

Defaults and Remedies. Each (a) Under the Indenture, Events of the following is an Event of DefaultDefault include: (i) default for 30 consecutive days in the payment when due of interest on on, or Additional Interest, if any, with respect to, the Notes, ; (ii) default in payment when due of the principal of principal, or premium, if any, on the Notesof any Note when due at maturity, upon optional redemption, upon required purchase, upon acceleration or otherwise; (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 its obligations under Section 5.10, 5.14, or 5.15 or Article 6 of the Supplemental Indenture, ; (iv) failure by to perform any other covenant or agreement of the Company or any of its Restricted Subsidiaries under the Indenture Documents for 30 consecutive days after the earlier to occur of (x) written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders holders of at least 25% of the in aggregate principal amount of the Notes then outstanding to comply with voting as a single class and (y) the date on which any of their other covenants the Chairman of the Board, the President, the Chief Financial Officer or agreements in the Supplemental Indenture, Treasurer became aware of such failure; (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed Guaranteed by the Company or any of its Restricted Subsidiaries), ) whether such Indebtedness or guarantee Guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: which default (aA) is caused by a failure to pay at final stated maturity the principal amount of or premium, if any, or interest on such Indebtedness on or prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); ) or (bB) results in the acceleration of such Indebtedness prior to its express maturity, maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates in excess of $100.0 10.0 million (or more, its foreign currency equivalent); (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, net of applicable insurance which has 10.0 million (or its foreign currency equivalent) (not been denied covered by (A) any security interest created by any Collateral Document ceases to be in writing full force and effect (except as permitted by the insurer, which judgments are not paid, discharged terms of the Indenture or stayed for a period of 60 days the Collateral Documents) or (viiB) the breach or repudiation by the Company or any of its Restricted Subsidiaries of any of their obligations under any Collateral Document; provided that, in the case of clauses (A) and (B), such cessation, breach or repudiation, individually or in the aggregate, results in Collateral having a Fair Market Value in excess of $5.0 million not being subject to a valid, perfected security interest; (viii) except as expressly permitted by the Indenture, any Note Guarantee shall be held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or any Guarantor, or any Person acting on behalf of any Guarantor, shall deny or disaffirm its obligations under its Note Guarantee in writing; and (ix) certain events of bankruptcy or insolvency with respect to the Company or any Significant Subsidiary or any group of its Restricted Subsidiaries that, taken as a whole, would constitute a Significant Subsidiaries. In the case Subsidiary. (b) If any Event of Default (other than an Event of Default arising from certain events specified in subsection (i) or (j) of bankruptcy or insolvency Section 7.01 of the Indenture with respect to the CompanyCompany or any Significant Subsidiary or any group of Restricted Subsidiaries that, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default taken as a whole, would constitute a Significant Subsidiary) occurs and is continuingcontinuing and has not been waived by the Holders, the Trustee by notice to the Issuers or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payablepayable immediately. Upon any such declaration, the Notes shall become due and payable immediately. Notwithstanding the foregoing, if an Event of Default specified in subsection (i) or (j) of Section 7.01 of the Indenture occurs with respect to the Company or any Significant Subsidiary or any group of Restricted Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary, all outstanding Notes shall be due and payable immediately without further action or notice. The Holders of at least a majority in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may on behalf of all of the Holders rescind an acceleration and its consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default (except nonpayment of principal, premium, if any, interest or Additional Interest, if any, that has become due solely because of the acceleration) have been cured or waived and all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements, and advances of the Trustee and its agents and counsel have been paid or deposited with the Trustee or provision therefor reasonably satisfactory to the Trustee has been made. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of at least a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal principal, premium, if any, or interestinterest or Additional Interest, if any) if it determines that withholding notice is in their interest. . (c) The Holders of at least a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of principal, premium, if any, interest onor Additional Interest, if any, on the Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes and a waiver of the payment default that resulted from such acceleration). (d) In the event of any Event of Default specified in clause (a)(v) above, such Event of Default and all consequences thereof (excluding any resulting payment default, other than as a result of acceleration of the Notes) shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the principal ofHolders, if within 20 days after such Event of Default arose the Company delivers an Officers’ Certificate to the Trustee stating that: (i) Indebtedness or guarantee that is the basis for such Event of Default has been discharged; (ii) holders thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event of Default; (iii) the annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction; and (iv) all existing Events of Default, except nonpayment of principal, premium or interest or Additional Interest on the Notes that became due solely because of the acceleration of the Notes. , have been cured or waived. (e) The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon Issuers are required, upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 1 contract

Samples: Indenture (TitleMax of Virginia, Inc.)

Defaults and Remedies. Each of the following is an Event of DefaultDefault under the Indenture: (ia) default for 30 consecutive days in the payment when due of interest on interest, or with respect to, the Notes, ; (iib) default in payment payment, when due at Stated Maturity, upon acceleration, redemption, required repurchase or otherwise, of the principal of of, or premium, if any, on the Notes, ; (iiic) failure by the Company or any of its Restricted Subsidiaries Subsidiary to comply with Sections 4.16 and the provisions of Section 4.12, 4.18 or 5.01 of the Supplemental Indenture, ; (ivd) failure by the Company or any of its Restricted Subsidiaries Subsidiary for 30 consecutive 45 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the aggregate principal amount of the Notes outstanding to comply with any of their its other covenants or agreements in the Supplemental Indenture, ; (ve) default under any hypothec, mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (Subsidiary, or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries)Subsidiary, whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental IndentureIssue Date, if that default: (ai) is caused by a failure to pay principal of, or interest or premium, if any, on, such Indebtedness when due at the final stated maturity the principal amount of such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or (bii) results in the acceleration of such Indebtedness prior to its express maturityStated Maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 US$25.0 million or more, ; (vif) failure by the Company or any of its Restricted Subsidiaries Subsidiary to pay final judgments which are final, non-appealable judgments aggregating in excess of $100.0 US$25.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days or days; and (viig) certain events of bankruptcy bankruptcy, insolvency or insolvency with respect to reorganization affecting the Company or any of its Significant Subsidiaries. In the case Subsidiaries that are Restricted Subsidiaries or any group of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the CompanyRestricted Subsidiaries that, all outstanding Notes will become due and payable without further action or noticetaken together, would constitute a Significant Subsidiary. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency described in the Indenture, all outstanding Notes shall become due and payable without further action or notice. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of at least a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal principal, premium, if any, or interestinterest or Additional Amounts, if any) if it determines in good faith that withholding notice is in their interestthe interests of the Holders. The Holders of at least a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest onprincipal, premium, if any, or the principal ofinterest or Additional Amounts, the Notesif any. The Issuers are Company is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture Indenture, and the Base Indenture. Upon Company is required upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 1 contract

Samples: Indenture (Quebecor Media Inc)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (i) default the Company defaults for 30 consecutive days in the payment when due of interest on on, or Liquidated Damages with respect to, the Notes, ; (ii) default the Company defaults in payment when due of the principal of of, or premium, if any, on the Notes, ; (iii) failure by the Company or any of its Restricted Subsidiaries to comply with the provisions of Sections 4.16 and 4.07, 4.09, 4.10, 4.15 or 5.01 of the Supplemental Indenture, ; (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive 60 days after written notice thereof has been given to the Company by from the Trustee or to the Company and the Trustee by the Holders of at least 25% of the in aggregate principal amount of the outstanding Notes outstanding voting as a single class to comply with any the provisions of their other covenants the Security Documents or agreements in the Supplemental Indenture, ; (v) default under any mortgageMortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by of the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), ) whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: default (aA) is caused by a failure to pay at final stated maturity the principal amount of of, or interest or premium, if any, on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness indebtedness on the date of such default (a “Payment Default”); "PAYMENT DEFAULT") or (bB) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 5.0 million or more, ; (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable entered by a court or courts of competent jurisdiction aggregating in excess of $100.0 5.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days or days; and (vii) except as permitted by the Indenture, an Note Guarantee is held in any judicial proceeding to by unenforceable or invalid or ceases for any reason to be in full force and effect, or any Guarantor, or any Person acting on behalf of any Guarantor, denies or disaffirms its obligations under its Note Guarantee; and (viii) certain events of bankruptcy or insolvency described in the Indenture with respect to the Company or any of its Restricted Subsidiaries that is a Significant SubsidiariesSubsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary. In If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency insolvency, with respect to the CompanyCompany or a Significant Subsidiary, all outstanding Notes will become due and payable without further action or notice. If In the case of any other Event of Default occurs occurring by reason of any willful action (or inaction) taken (or not taken) by or on behalf of the Company with the intention of avoiding payment of the premium that the Company would have had to pay if the Company then had elected to redeem the Notes pursuant to Section 3.07 of the Indenture, then an equivalent premium shall also become and is continuingbe immediately due and payable upon acceleration of the Notes, the Trustee by notice to the Issuers extent permitted by law, anything in this Indenture or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payablethe contrary notwithstanding. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notes. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interestpower. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are Company is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture Indenture, and the Base Indenture. Upon Company is required upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 1 contract

Samples: Indenture (National Coal Corp)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (i) default for 30 consecutive days in the payment when due of interest on on, the Notes, ; (ii) default in the payment when due of the principal of of, or premiumpremium on, if any, on the Notes, (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 of the Supplemental Indenture, (iv) failure by the Company or any of its Restricted Subsidiaries Guarantor for 30 consecutive 45 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the in aggregate principal amount of the Notes then outstanding to comply with any of their other covenants or the agreements in the Supplemental Indenture (other than a default referred to in clause (i) or (ii) of Section 6.01 of the Indenture, ); (viv) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries Guarantor (or the payment of which is guaranteed Guaranteed by the Company or any of its Restricted SubsidiariesGuarantor), whether such Indebtedness or guarantee Guarantee now exists exists, or is created after the date of the Supplemental this Indenture, if that default: (aA) is caused by a failure to pay at final stated maturity the principal amount of of, or interest or premium, if any, on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or (bB) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates exceeds the greater of (1) 1.5% of Total Assets and (2) $100.0 75.0 million; provided that this clause (iv) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness to a Person that is not an Affiliate of the Company; (v) one or more judgments for the payment of money in an aggregate amount in excess of the greater of (i) 1.5% of Total Assets and (ii) $75.0 million or more, (viexcluding therefrom any amount reasonably expected to be covered by insurance) failure by shall be rendered against the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, net of applicable insurance which has Guarantor or Guarantors or any combination thereof and the same shall not have been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days after such judgment became final and non-appealable; (vi) except as permitted by the Indenture, any Guarantee shall be held in any final and non-appealable judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or any Guarantor (or any group of Guarantors) that, if a Subsidiary of the Company, would constitute a Significant Subsidiary, or any Person acting on behalf of any Guarantor (or any group of Guarantors) that, if a Subsidiary of the Company, would constitute a Significant Subsidiary, shall deny or disaffirm its or their obligations under its or their Subsidiary Guarantee(s); (vii) certain events of bankruptcy or insolvency with respect to the Company or any Guarantor of its Significant Subsidiaries. In the case Company that, if a Subsidiary of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action would constitute a Significant Subsidiary or notice. If any other Event group of Default occurs and is continuingGuarantors of the Company that, if Subsidiaries of the Trustee by notice Company, taken together, would constitute a Significant Subsidiary: (A) commences a voluntary case, (B) consents to the Issuers entry of an order for relief against it in an involuntary case, (C) consents to the appointment of a custodian of it or for all or substantially all of its property, (D) makes a general assignment for the Holders benefit of at least 25% in principal amount its creditors, or (E) generally is not paying its debts as they become due; or (viii) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: (A) is for relief against the Company or any Guarantor of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitationsCompany that, Holders of if a majority in aggregate principal amount Subsidiary of the then outstanding Notes may direct the Trustee in its exercise Company, would constitute a Significant Subsidiary or any group of any trust or power with respect to matters relating to the Notes. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount Guarantors of the Notes then outstanding by notice to the Trustee may on behalf Company that, if Subsidiaries of the Holders Company, taken together, would constitute a Significant Subsidiary; (B) appoints a custodian of the Company or any Guarantor of the Company that, if a Subsidiary of the Company, would constitute a Significant Subsidiary or any group of Guarantors of the Company that, if Subsidiaries of the Company, taken together, would constitute a Significant Subsidiary, for all or substantially all of the Notes waive property of the Company or any existing Default such Guarantor; or Event (C) orders the liquidation of Default and its consequences under the Supplemental Indenture except Company or any Guarantor of the Company that, if a continuing Default Subsidiary of the Company, would constitute a Significant Subsidiary or Event any group of Default in Guarantors of the payment Company that, if Subsidiaries of interest onthe Company, or the principal oftaken together, the Notes. The Issuers are required to deliver to the Trustee annually would constitute a statement regarding compliance with the Supplemental Indenture Significant Subsidiary; and the Base Indenture. Upon becoming aware of any Default order or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default decree remains unstayed and what action the Issuers are taking or propose to take with respect theretoin effect for 60 consecutive days.

Appears in 1 contract

Samples: Indenture (NRG Yield, Inc.)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (i) default for 30 consecutive days in the payment when due of interest interest, including Additional Interest, if any, on the Notes, ; (ii) default in payment when due of the principal of or premium, if any, on the Notes, ; (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and any of the then applicable provisions of Section 3.09, 4.10, 4.15 or 5.01 of the Supplemental Indenture, ; (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive 60 days after it receives written notice thereof has been given to the Company by the Trustee observe or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with perform any of their other covenants then applicable covenant or agreements other agreement in the Supplemental Indenture, Indenture or the Notes; (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists or is created after the date of the Supplemental IndentureIssue Date, if that default: which default (a) is caused by a failure to pay at final stated maturity the principal amount of or premium or interest on such Indebtedness prior to the expiration of the any grace period provided in such Indebtedness on the date of such default Indebtedness, including any extension thereof (a “Payment Default”); ) or (b) results in the acceleration of such Indebtedness prior to its express maturity, maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates at least $100.0 million 10,000,000, and provided, further, that if such default is cured or morewaived or any such acceleration rescinded, or such Indebtedness is repaid within a period of 10 days from the continuation of such default beyond the applicable grace period or the occurrence of such acceleration, as the case may be, an Event of Default and any consequential acceleration of the Notes shall be automatically rescinded, so long as said rescission does not conflict with any judgment or decree; (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, net of applicable insurance which has not been denied in writing by the insurer10,000,000, which judgments are not paid, discharged or stayed for a period of 60 days or days; (vii) failure by any Guarantor to perform any covenant set forth in its Subsidiary Guarantee, or the repudiation by any Guarantor of its obligations under its Subsidiary Guarantee or the unenforceability of any Subsidiary Guarantee for any reason other than as provided in the Indenture; and (viii) certain events of bankruptcy or insolvency with respect to the Company or any Significant Subsidiary. If any Event of its Significant SubsidiariesDefault occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may, by notice, declare all the Notes to be due and payable. In Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to a payment obligation on the payment of principal or interestNotes) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, or premium, if any, or interest on, the Notes. The Issuers are Company is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture Indenture, and the Base Indenture. Upon Company is required upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 1 contract

Samples: Indenture (Hornbeck Offshore Services Inc /La)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (ia) default for 30 consecutive days in the payment when due of interest on Interest on, or Liquidated Damages with respect to, the Notes, ; (iib) default in payment when due of the principal of of, or premium, if any, on the Notes, ; (iiic) failure by the Company Issuers or any of its their Restricted Subsidiaries to perform or comply with the provisions described under Sections 4.16 and 4.10, 4.15 or 5.01 of the Supplemental Indenture, ; (ivd) failure by the Company Issuers or any of its their Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their the other covenants agreements representations or agreements warranties in the Supplemental Indenture, the Notes or the Collateral Documents (vother than as set forth in clauses (a)-(c) above); (e) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company Partnership or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company Partnership or any of its Restricted Subsidiaries), whether such the Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: (ai) is caused by a failure to pay at final stated maturity the principal amount of of, or interest or premium, if any, on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); ) or (bii) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 5.0 million or more, ; (vif) failure by the Company Issuers or any of its their Restricted Subsidiaries to pay final judgments which are non-appealable judgments (other than any judgments or portions thereof as to which a repectable insurance company has accepted full liability in writing) aggregating in excess of $100.0 5.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days days; (g) any Subsidiary Guarantee of any Subsidiary Guarantor shall be held in a judicial proceeding to be unenforceable or (vii) certain events of bankruptcy invalid or insolvency with respect shall cease for any reason, other than pursuant to the Company terms of the Indenture, to be in full force and effect or any Subsidiary Guarantor, or any Person acting on behalf of any Subsidiary Guarantor, shall deny or disaffirm its obligations under its Subsidiary Guarantee; (h) breach by either of the Issuers or any of the Subsidiary Guarantors in any material respect of any representation or warranty or agreement in any of the Collateral Documents or in any certificates delivered in connection therewith, the repudiation by any of them of any of its obligations under any of the Collateral Documents, the unenforceability of the Collateral Documents against any of them for any reason which continues for 30 days after written notice from the Trustee or Holders of at least 25% in outstanding principal amount of Notes or the loss of the perfection or priority of the Liens granted by any of them pursuant to the Collateral Documents for any reason; (i) any Gaming License is revoked, terminated or suspended or otherwise ceases to be effective resulting in the cessation or suspension of operation for a period of more than 30 days of any material portion or aspect of the Gaming Business of any Gaming Facility; (j) the Partnership fails to own 100% of the issued and outstanding Equity Interests of Capital; (k) the cessation of gaming operations of Silver Legacy Resort Casino for a period of more than 180 consecutive days; (l) either Issuer or any Significant SubsidiariesSubsidiary pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case, (ii) consents to the entry of an order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it or for all or substantially all of its property, (iv) makes a general assignment for the benefit of its creditors, or (v) admits in writing its inability generally to pay its debts as the same become due; or (m) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (i) is for relief against either Issuer or any Significant Subsidiary in an involuntary case, (ii) appoints a Custodian of either Issuer or any Significant Subsidiary or for all or substantially all of the property of either Issuer or any Significant Subsidiary, or (iii) orders the liquidation of either Issuer or any Significant Subsidiary, and the order or decree remains unstayed and in effect for 60 days. In the case of an Event of Default arising from certain events of bankruptcy described in (l) or insolvency with respect to the Company(m) above, all outstanding Notes will become due and payable without further action or notice. If Subject to the terms of the Intercreditor Agreement, if any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payablepayable immediately. Upon such declaration, the Notes shall become due and payable immediately. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, The Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notes. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by written notice to the Trustee may on behalf of the Holders rescind an acceleration and its consequences if the rescission would not conflict with any judgment or decree and if all existing Defaults or Events of all Default (except nonpayment of principal or interest or Liquidated Damages, if any, on the Notes that has become due solely because of the acceleration) have been cured as waived. If any Event of Default occurs by reason of any willful action (or inaction) taken (or not taken) by or on behalf of the Issuers with the intention of avoiding payment of the premium that the Issuers would have had to pay if the Issuers then had elected to redeem the Notes pursuant to the optional redemption provisions of the Indenture, an equivalent premium shall also become and be immediately due and payable to the extent permitted by law upon the acceleration of the Notes. If an Event of Default occurs prior to March 1, 2007, by reason of any willful action (or inaction) taken (or not taken) by or on behalf of the Issuers with the intention of avoiding the prohibition on redemption of the Notes waive any existing Default or Event prior to such date, then the premium specified below shall also become immediately due and payable to the extent permitted by law upon the acceleration of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of DefaultMarch 1, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect thereto.2003 13.5000 % March 1, 2004 11.8125 % March 1, 2005 10.1250 % March 1, 2006 8.4375 % March 1, 2007 6.7500 %

Appears in 1 contract

Samples: Indenture (Eldorado Resorts LLC)

Defaults and Remedies. Each of the following is an Event of Default: (i) default for 30 consecutive days in the payment when due of interest on the Notes, (ii) default in payment when due of the principal of or premium, if any, on the Notes, (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 of the Supplemental Indenture, (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their other covenants or agreements in the Supplemental Indenture, (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists or is created after the date of the Supplemental Indenture, if that default: (a) is caused by a failure to pay at final stated maturity Stated Maturity the principal amount of such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or (b) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 million or more, (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days or (vii) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries. In the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers Issuer or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers Issuer and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notes. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are Issuer is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are Issuer is required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are Issuer is taking or propose to take with respect thereto.

Appears in 1 contract

Samples: First Supplemental Indenture (Charter Communications, Inc. /Mo/)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (i) default for 30 consecutive days in the payment when due of interest on the Senior Subordinated Notes, ; (ii) default in payment when due of the principal of or premiumpremium or Liquidated Damages, if any, on the Senior Subordinated Notes, ; (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 4.07, 4.09, 4.10 and 5.01 4.14 of the Supplemental Indenture, ; (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their its other covenants or agreements in the Supplemental Indenture, Indenture or the Senior Subordinated Notes; (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), ) whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: which default (a) is caused by a failure to pay at final stated maturity the principal amount of or premium, if any, or interest on such Indebtedness prior to the expiration of the grace period provided in respect of such Indebtedness on the date of such default (a "Payment Default”); ") or (b) results in the acceleration of such Indebtedness prior to its express maturity, maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 5.0 million or more, ; (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, net of applicable insurance which has not been denied in writing by the insurer, which 5.0 million and either (a) any creditor commences enforcement proceedings upon any such judgment or (b) such judgments are not paid, discharged or stayed for a period of 60 days or 45 days; and (vii) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Restricted Subsidiaries. In the case If any Event of Default (other than an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default specified in clause (vii) above) occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Senior Subordinated Notes by notice to the Issuers and the Trustee may declare all the Senior Subordinated Notes to be due and payablepayable immediately. Notwithstanding the foregoing, in the case of an Event of Default specified in clause (vii) above, all outstanding Senior Subordinated Notes will become due and payable without further action or notice. Holders of Senior Subordinated Notes may not enforce the Supplemental Indenture or the Senior Subordinated Notes except as provided in the Supplemental Indenture. Subject to certain limitations, the Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating Senior Subordinated Notes, by written notice to the NotesTrustee, may on behalf of the Holders rescind an acceleration and its consequences if the rescission would not conflict with any judgment or decree and if all Events of Default (except nonpayment of principal, interest or premium that has become due solely because of acceleration) have been cured or waived. The Trustee may withhold from Holders of the Senior Subordinated Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. In the case of any Event of Default occurring by reason of any willful action (or inaction) taken (or not taken) by or on behalf of the Company with the intention of avoiding payment of the premium that the Company would have had to pay if the Company then had elected to redeem the Senior Subordinated Notes pursuant to the optional redemption provisions of the Indenture, an equivalent premium shall also become and be immediately due and payable to the extent permitted by law upon the acceleration of the Senior Subordinated Notes. If an Event of Default occurs prior to March 1, 2002 by reason of any willful action (or inaction) taken (or not taken) by or on behalf of the Company with the intention of avoiding the prohibition on redemption of the Senior Subordinated Notes prior to such date, then, upon acceleration of the Senior Subordinated Notes, an additional premium shall also become immediately due and payable to the extent permitted by law. The Holders of a majority in aggregate principal amount of the Senior Subordinated Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Senior Subordinated Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture Indenture, except a continuing Default or Event of Default in the payment of interest on, or the principal ofof or premium, interest or Liquidated Damages, if any, on the Senior Subordinated Notes, including in connection with an offer to purchase; provided, however, that the Holders of a majority in aggregate principal amount of the then outstanding Senior Subordinated Notes may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration. The Issuers are Company is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture Indenture, and the Base Indenture. Upon Company is required upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 1 contract

Samples: Indenture (Fonda Group Inc)

Defaults and Remedies. Each of the following is an Event of DefaultAn "EVENT OF DEFAULT" occurs if: (i) default the Company defaults for a period of 30 consecutive days in the payment when due of interest on on, or Liquidated Damages, if any, with respect to, the Notes, ; (ii) default the Company defaults in the payment when due of the principal of or premium, if any, on the Notes, ; (iii) failure by the Company or any of its Restricted Subsidiaries fails to comply with Sections 4.16 and the provisions of Section 5.01 of the Supplemental Indenture, ; (iv) failure by the Company or any of its Restricted Subsidiaries fails for 30 consecutive days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their the provisions of Sections 4.07, 4.09, 4.10 or 4.15 of the Indenture; (v) the Company or any of its Restricted Subsidiaries fails for 60 days after notice to comply with any of the other covenants or agreements in the Supplemental Indenture, Indenture or the Notes; (vvi) default the Company or any of its Restricted Subsidiaries defaults under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (other than a Securitization Entity) (or the payment of which is guaranteed by the Company or any of its Restricted SubsidiariesSubsidiaries (other than a Securitization Entity), ) whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental this Indenture, if that default: default (a) is caused by a failure to pay at final stated maturity the principal amount of or premium, if any, or interest on such Indebtedness prior to on or before the expiration of the grace period provided in such Indebtedness on the date of such default (a "Payment Default”); ") or (b) results in the acceleration of such Indebtedness prior to its express maturity, maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates without duplication $100.0 50 million or more, more or its foreign currency equivalent; (vivii) failure by the Company or any of its Restricted Subsidiaries fails to pay final judgments which are non-appealable aggregating in excess of $100.0 million50 million or its foreign currency equivalent, net of applicable insurance which has not been denied in writing excluding amounts covered by the insurerinsurance, which judgments are not paid, discharged or stayed for a period of 60 days or days; (viiviii) certain events of bankruptcy or insolvency occur with respect to the Company or any of its Significant Subsidiaries. In Subsidiaries that are Restricted Subsidiaries or any group of Restricted Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary pursuant to or within the case meaning of an Event Bankruptcy Law; or (ix) except as permitted by the Indenture, any Guarantee shall be held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or any Guarantor, or any Person acting on behalf of Default arising from certain events of bankruptcy any Guarantor, shall deny or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or noticedisaffirm its obligations under such Guarantor's Guarantee. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, with respect to the Company or any Significant Subsidiary or any group of Restricted Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary pursuant to or within the meaning of Bankruptcy Law, all outstanding Notes shall become due and payable without further action or notice. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (if it determines that withholding notice is in their interest, except a Default or Event of Default relating to the payment of principal or interest) interest or Liquidated Damages, if it determines that withholding notice is in their interestany. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest or Liquidated Damages, if any, on, or the principal of, the Notes. The Issuers are Company is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture Indenture, and the Base Indenture. Upon Company is required upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 1 contract

Samples: Indenture (Ball Corp)

Defaults and Remedies. Each of the following is an Event of Default: (i) default for 30 consecutive days in the payment when due of interest on the 11.125% Notes, (ii) default in payment when due of the principal of or premium, if any, on the 11.125% Notes, (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 of the Supplemental Indenture, (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to the Company Issuers by the Trustee or to the Company Issuers and the Trustee by the Holders of at least 25% of the principal amount of all of the series of the Notes to which such failure relates outstanding to comply with any of their other covenants or agreements in the Supplemental Indenture, (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists or is created after the date of the Supplemental Indenture, if that default: (a) is caused by a failure to pay at final stated maturity the principal amount of such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or (b) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 100 million or more, (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, 100 million (net of applicable insurance which has not been denied in writing by the insurer), which judgments are not paid, discharged or stayed for a period of 60 days days, or (vii) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries. In the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, the Accreted Value of and accrued and unpaid cash interest on all series of outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of all of the then outstanding series of Notes to which such Event of Default relates may by notice to the Issuers and the Trustee may declare all the Accreted Value of and accrued and unpaid cash interest on such Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Notes of any series notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of all of the series of the Notes to which such Default or Event of Default relates then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes of such series waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the such Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 1 contract

Samples: Indenture (Charter Communications Inc /Mo/)

Defaults and Remedies. Each of (a) Under the following is an Event Indenture, “Events of Default” include: (i) default for 30 consecutive days in the payment when due of interest on the Notes, ; (ii) default in payment when due of the principal of principal, or premium, if any, on the Notesof any Note when due at maturity, upon optional redemption, upon required purchase, upon acceleration or otherwise; (iii) failure by the Company or any of its Restricted Subsidiaries to comply with its obligations under Sections 4.16 and 5.01 3.12, 3.13, 5.14 or Article 6 of the Supplemental Indenture, ; (iv) failure by to perform any other covenant or agreement of the Company or any of its Restricted Subsidiaries under the Indenture Documents for 30 consecutive 60 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 2530% of the in aggregate principal amount of the Notes then outstanding to comply with any of their other covenants or agreements in the Supplemental Indenture, voting as a single class; (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed Guaranteed by the Company or any of its Restricted Subsidiaries), ) whether such Indebtedness or guarantee Guarantee now exists exists, or is created after the date of the Supplemental IndentureIssue Date, if that default: which default (aA) is caused by a failure to pay principal at final stated maturity the principal amount of such Indebtedness prior (after giving effect to the expiration of the all applicable grace period periods provided in such Indebtedness on the date of such default Indebtedness) (a “Payment Default”); ) or (bB) results in the acceleration of such Indebtedness prior to its express maturity, final stated maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates in excess of $100.0 20.0 million (or more, its foreign currency equivalent); (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, net of applicable 20.0 million (or its foreign currency equivalent) (not covered by independent third-party insurance as to which liability has not been denied in writing by the insurersuch insurance carrier), which judgments are not paid, discharged or stayed for a period of 60 days following such judgment becoming final, and in the event such judgment is covered by insurance, any enforcement proceeding has been commenced by any creditor upon such judgment or decree which is not promptly stayed; (vii) (A) any security interest created by any Collateral Document ceases to be in full force and effect (except as permitted by the terms of the Indenture or the Collateral Documents) or (viiB) certain events of bankruptcy the breach or insolvency with respect to repudiation by the Company or any of its Significant Subsidiaries. In Restricted Subsidiaries of any of their obligations under any Collateral Document; provided that, in the case of an Event clauses (A) and (B), such cessation, breach or repudiation, individually or in the aggregate, results in Collateral having a Fair Market Value in excess of Default arising from $20.0 million not being subject to a valid, perfected security interest; and (viii) certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. any Significant Subsidiary of the Company or any group of Restricted Subsidiaries of the Company that, taken as a whole, would constitute a Significant Subsidiary of the Company. (b) If any other Event of Default (other than an Event of Default specified in subsection (i) or (j) of Section 7.01 of the Indenture occurs and is continuingcontinuing and has not been waived by the Holders, the Trustee by notice to the Issuers or the Holders of at least 2530% in aggregate principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payablepayable immediately. Upon any such declaration, the Notes shall become due and payable immediately. Notwithstanding the foregoing, if an Event of Default specified in subsection (i) or (j) of Section 7.01 of the Indenture occurs, all outstanding Notes shall be due and payable immediately without further action or notice. The Holders of at least a majority in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may on behalf of all of the Holders rescind an acceleration and its consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default (except nonpayment of principal, premium, if any, or interest that has become due solely because of the acceleration) have been cured or waived and all sums paid or advanced by the Trustee under the Indenture and the reasonable compensation, expenses, disbursements, and advances of the Trustee and its agents and counsel have been paid or deposited with the Trustee or provision therefor reasonably satisfactory to the Trustee has been made. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of at least a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal principal, premium, if any, or interest) if it determines that withholding notice is in their interest. . (c) The Holders of at least a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest onprincipal, premium, if any, or interest on the Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal ofamount of the then outstanding Notes and a waiver of the payment default that resulted from such acceleration). (d) In the event of any Event of Default specified in clause (a)(v) above, such Event of Default and all consequences thereof (excluding any resulting payment default, other than as a result of acceleration of the Notes. ) shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the Holders, if within 20 days after such Event of Default arose the Company delivers an Officer’s Certificate to the Trustee stating that: (i) the Indebtedness or guarantee that is the basis for such Event of Default has been discharged; or (ii) holders thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event of Default; (iii) the annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction; and (iv) all existing Events of Default, except nonpayment of principal, premium or interest on the Notes that became due solely because of the acceleration of the Notes, have been cured or waived. (e) The Issuers are Company is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon Company is required, upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are Company is taking or propose proposes to take with respect thereto.

Appears in 1 contract

Samples: Indenture (CURO Group Holdings Corp.)

Defaults and Remedies. Each of (a) Under the following is an Event Indenture, “Events of Default” include: (i) default for 30 consecutive days in the payment when due of interest on the Notes, ; (ii) default in payment when due of the principal of principal, or premium, if any, on the Notesof any Note when due at maturity, upon optional redemption, upon required purchase, upon acceleration or otherwise; (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 its obligations under Section 5.10, 5.14 or Article 6 of the Supplemental Indenture, ; (iv) failure by to perform any other covenant or agreement of the Company or any of its Restricted Subsidiaries under the Indenture Documents for 30 consecutive 60 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 2530% of the in aggregate principal amount of the Notes then outstanding to comply with any of their other covenants or agreements in the Supplemental Indenture, voting as a single class; (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed Guaranteed by the Company or any of its Restricted Subsidiaries), ) whether such Indebtedness or guarantee Guarantee now exists exists, or is created after the date of the Supplemental IndentureIssue Date, if that default: which default (aA) is caused by a failure to pay principal at final stated maturity the principal amount of such Indebtedness prior (after giving effect to the expiration of the all applicable grace period periods provided in such Indebtedness on the date of such default Indebtedness) (a “Payment Default”); ) or (bB) results in the acceleration of such Indebtedness prior to its express maturity, final stated maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates in excess of $100.0 20.0 million (or more, its foreign currency equivalent); (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, net of applicable 20.0 million (or its foreign currency equivalent) (not covered by independent third-party insurance as to which liability has not been denied in writing by the insurersuch insurance carrier), which judgments are not paid, discharged or stayed for a period of 60 days following such judgment becoming final, and in the event such judgment is covered by insurance, any enforcement proceeding has been commenced by any creditor upon such judgment or decree which is not promptly stayed; (vii) (A) any security interest created by any Collateral Document ceases to be in full force and effect (except as permitted by the terms of the Indenture or the Collateral Documents) or (viiB) certain events of bankruptcy the breach or insolvency with respect to repudiation by the Company or any of its Significant Subsidiaries. In Restricted Subsidiaries of any of their obligations under any Collateral Document; provided that, in the case of an Event clauses (A) and (B), such cessation, breach or repudiation, individually or in the aggregate, results in Collateral having a Fair Market Value in excess of Default arising from $20.0 million not being subject to a valid, perfected security interest; (viii) except as permitted by the Indenture, any Notes Guarantee shall be held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or any Guarantor, or any Person acting on behalf of any Guarantor, shall deny or disaffirm its obligations under its Notes Guarantee; and (ix) certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. any Significant Subsidiary of the Company or any group of Restricted Subsidiaries of the Company that, taken as a whole, would constitute a Significant Subsidiary of the Company. (b) If any other Event of Default (other than an Event of Default specified in subsection (i) or (j) of Section 7.01 of the Indenture occurs and is continuingcontinuing and has not been waived by the Holders, the Trustee by notice to the Issuers or the Holders of at least 2530% in aggregate principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payablepayable immediately. Upon any such declaration, the Notes shall become due and payable immediately. Notwithstanding the foregoing, if an Event of Default specified in subsection (i) or (j) of Section 7.01 of the Indenture occurs, all outstanding Notes shall be due and payable immediately without further action or notice. The Holders of at least a majority in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may on behalf of all of the Holders rescind an acceleration and its consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default (except nonpayment of principal, premium, if any, or interest that has become due solely because of the acceleration) have been cured or waived and all sums paid or advanced by the Trustee under the Indenture and the reasonable compensation, expenses, disbursements, and advances of the Trustee and its agents and counsel have been paid or deposited with the Trustee or provision therefor reasonably satisfactory to the Trustee has been made. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of at least a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal principal, premium, if any, or interest) if it determines that withholding notice is in their interest. . (c) The Holders of at least a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest onprincipal, premium, if any, or interest on the Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal ofamount of the then outstanding Notes and a waiver of the payment default that resulted from such acceleration). (d) In the event of any Event of Default specified in clause (a)(v) above, such Event of Default and all consequences thereof (excluding any resulting payment default, other than as a result of acceleration of the Notes. ) shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the Holders, if within 20 days after such Event of Default arose the Company delivers an Officer’s Certificate to the Trustee stating that: (i) the Indebtedness or guarantee that is the basis for such Event of Default has been discharged; or (ii) holders thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event of Default; (iii) the annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction; and (iv) all existing Events of Default, except nonpayment of principal, premium or interest on the Notes that became due solely because of the acceleration of the Notes, have been cured or waived. (e) The Issuers are Company is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon Company is required, upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are Company is taking or propose proposes to take with respect thereto.

Appears in 1 contract

Samples: Indenture (CURO Group Holdings Corp.)

Defaults and Remedies. Each of the following is an Event of DefaultDefault under the Indenture: (ia) default for 30 consecutive days in the payment when due of interest on interest, or with respect to, the Notes, ; (iib) default in payment payment, when due at Stated Maturity, upon acceleration, redemption, required repurchase or otherwise, of the principal of of, or premium, if any, on the Notes, ; (iiic) failure by the Company or any of its Restricted Subsidiaries Subsidiary to comply with Sections 4.16 and the provisions of Section 4.12, 4.18 or 5.01 of the Supplemental Indenture, ; (ivd) failure by the Company or any of its Restricted Subsidiaries Subsidiary for 30 consecutive 45 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the aggregate principal amount of the Notes outstanding to comply with any of their its other covenants or agreements in the Supplemental Indenture, ; (ve) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (Subsidiary, or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries)Subsidiary, whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental IndentureIssue Date, if that default: (ai) is caused by a failure to pay principal of, or interest or premium, if any, on, such Indebtedness when due at the final stated maturity the principal amount of such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a "Payment Default"); or (bii) results in the acceleration of such Indebtedness prior to its express maturityStated Maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 US$25.0 million or more, ; (vif) failure by the Company or any of its Restricted Subsidiaries Subsidiary to pay final judgments which are final, non-appealable judgments aggregating in excess of $100.0 US$25.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days or days; and (viig) certain events of bankruptcy bankruptcy, insolvency or insolvency with respect to reorganization affecting the Company or any of its Significant Subsidiaries. In the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency described in the Indenture, all outstanding Notes shall become due and payable without further action or notice. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of at least a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal principal, premium, if any, or interestinterest or Special Interest or Additional Amounts, if any) if it determines in good faith that withholding notice is in their interestthe interests of the Holders. The Holders of at least a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest onprincipal, premium, if any, or the principal ofinterest or Special Interest or Additional Amounts, the Notesif any. The Issuers are Company is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture Indenture, and the Base Indenture. Upon Company is required upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 1 contract

Samples: Indenture (Quebecor Media Inc)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (i) default for 30 consecutive days in the payment when due of interest on the Notes, Debentures; (ii) default in payment when due of the principal of or premium, if any, on the Notes, Debentures; (iii) failure by the Company or any of its Restricted Subsidiaries to comply with the provisions of Sections 4.16 and 5.01 3.09, 4.10, 4.15 or Article 5 of the Supplemental Indenture, ; (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive 45 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their its other covenants or agreements in the Supplemental Indenture, Indenture or the Debentures; (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or including any Indebtedness the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), ) other than a Receivables Subsidiary whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: which default (a) is caused by a failure to pay at final stated maturity the principal amount of or a premium, if any, on such Indebtedness at the Stated Maturity for such payment of principal or premium, if any, or such later date as has been agreed in a writing (provided such writing is entered into prior to such Stated Maturity) by the expiration of parties to the grace period provided in documentation relating to such Indebtedness on the date of such default (a "Payment Default”); ") or (b) results in the acceleration of such Indebtedness prior to its express maturity, maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 12.5 million or more, ; (vi) failure by the Company or any of its Restricted Subsidiaries other than a Receivables Subsidiary to pay final judgments which are non-appealable aggregating in excess of $100.0 12.5 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days (or 90 days if prior to such sixtieth day the Company has delivered to the Trustee an Officers' Certificate attesting that a financially responsible insurance company of recognized national standing has acknowledged in writing complete liability for such judgment and attached a copy of such acknowledgment thereto); (vii) certain events the failure of bankruptcy any material representation or insolvency with warranty of the Company set forth in the Security and Pledge Agreement to be true and correct or the failure by the Company to perform any of its material covenants under the Security and Pledge Agreement which, in either case, (a) continues for five days after the earlier of the Company's management becoming aware thereof or the receipt of written notice thereof from the Trustee, the Collateral Agent or the Holders of 25% or more in principal amount of the then outstanding Debentures and (b) materially impairs or diminishes the Trustee's Lien on or the value of the Collateral (as defined in the Security and Pledge Agreement); (viii) repudiation by the Company of its obligations under the Security and Pledge Agreement or the unenforceability of the Security and Pledge Agreement against the Company for any reason; (ix) repudiation by any Subsidiary of its obligations under any Subsidiary Guarantee or, except as permitted by the Indenture, any Subsidiary Guarantee shall be held in a judicial proceeding to be unenforceable or invalid in any material respect or shall cease to be in full force and effect; (x) the Company or any of its Significant SubsidiariesSubsidiaries (other than a Receivables Subsidiary) within the meaning of any Bankruptcy Law (a) commences a voluntary case, (b) consents to the entry of an order for relief against it in an involuntary case, (c) consents to the appointment of a custodian of it or for all or substantially all of its property, (d) makes a general assignment for the benefit of its creditors, or (e) generally is not paying its debts as they become due; and (xi) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (a) is for relief against the Company or any of its Subsidiaries (other than a Receivables Subsidiary), (b) appoints a custodian of the Company or any of its Subsidiaries or for all or substantially all of the property of the Company or any of its Subsidiaries (other than a Receivables Subsidiary) or (c) orders the liquidation of the Company or any of its Subsidiaries (other than a Receivables Subsidiary) and any such order or decree described in this clause (xi) remains unstayed and in effect for 60 consecutive days. In the case event of a declaration of acceleration of the Debentures because an Event of Default arising from certain events has occurred and is continuing as a result of bankruptcy a Payment Default or insolvency the acceleration of any Indebtedness described in clause (v) of the preceding paragraph, the declaration of acceleration of the Debentures shall be automatically annulled if (i) any Payment Default described in clause (v)(a) of the preceding paragraph has been cured or waived and (ii) the holders of any accelerated Indebtedness described in clause (v)(b) of the preceding paragraph have rescinded the declaration of acceleration in respect of such Indebtedness, provided in each such case that (a) such cure, waiver or rescission of such declaration of acceleration shall have been made in writing within 30 days of the date of such Payment Default or declaration, as the case may be, and (b) the annulment of the acceleration of such Debentures would not conflict with respect to any judgment or decree of a court of competent jurisdiction and (c) all existing Events of Default, except nonpayment of principal or interest on the CompanyDebentures that became due solely because of the acceleration of the Debentures, all outstanding Notes will become due and payable without further action have been cured or noticewaived. If any other A Default under clause (iv) the first paragraph of this Paragraph 12 is not an Event of Default occurs and is continuing, until the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by Debentures give written notice to the Issuers Company of the default and the Company does not cure the Default within the period provided in such clause. The notice must specify in reasonable detail the Default, demand that it be remedied and state that the notice is a "Notice of Default". If the Holders of 25% or more in principal amount of the then outstanding Debentures request the Trustee to give such notice on their behalf, the Trustee shall do so. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Debentures by written notice to the Trustee and the Company may declare all the Notes Debentures to be due and payablepayable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising under clause (x) or (xi) of the first paragraph of this Paragraph 12, with respect to the Company, any Significant Subsidiary or any group of Subsidiaries, that taken together would constitute a Significant Subsidiary, all outstanding Debentures will become due and payable without further action or notice. Holders of the Debentures may not enforce the Supplemental Indenture or the Notes Debentures except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes Debentures may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Debentures notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes Debentures then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes Debentures waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the NotesDebentures. The Issuers are Company is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture Indenture, and the Base Indenture. Upon Company is required upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default. In the case of any Event of Default occurring by reason of any willful action (or inaction) taken (or not taken) by or on behalf of the Company with the intention of avoiding payment of the premium that the Company would have had to pay if the Company then had elected to redeem the Debentures pursuant to the optional redemption provisions of the Indenture, an equivalent premium shall also become and what be immediately due and payable to the extent permitted by law upon the acceleration of the Debentures. If an Event of Default occurs prior to May 1, 2003 by reason of any willful action (or inaction) taken (or not taken) by or on behalf of the Issuers are taking or propose Company with the intention of avoiding the prohibition on redemption of the Debentures prior to take with respect theretoMay 1, 2003, then the premium specified in the Indenture shall also become immediately due and payable to the extent permitted by law upon the acceleration of the Debentures.

Appears in 1 contract

Samples: Indenture (Finlay Enterprises Inc /De)

Defaults and Remedies. Each of the following is constitutes an "Event of Default": (ia) default for 30 consecutive days in the payment when due of interest on on, or Liquidated Damages with respect to, the Notes, ; (iib) default in payment when due of the principal of or premium, if any, on the Notes, ; (iiic) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 the provisions described under Section 4.10 or 4.15 of the Supplemental Indenture, ; (ivd) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to the Company by from the Trustee or at least 25% in principal amount of the Notes then outstanding to comply with the provisions described under Sections 4.07 or 4.09 of the Indenture; (e) failure by the Company and for 60 days after notice from the Trustee by the Holders or holders of at least 25% of the in principal amount of the Notes then outstanding to comply with any of their its other covenants or agreements in the Supplemental Indenture, Indenture or the Notes; (vf) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), ) whether such Indebtedness or guarantee Guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: which default (ai) is caused by a failure to pay at final stated maturity the principal amount of or premium, if any, or interest on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a "Payment Default”); ") or (bii) results in the acceleration of such Indebtedness prior to its express maturity, maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 10.0 million or more, ; (vig) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 5.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days or days; and (viih) certain events of bankruptcy or insolvency with respect to as described in the Company or Indenture. If any of its Significant Subsidiaries. In the case of an Event of Default arising from (other than certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default insolvency) occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payablepayable immediately. Holders may not enforce the Supplemental Indenture or Upon any such declaration, the Notes except as provided shall become due and payable immediately. Notwithstanding the foregoing, in the Supplemental Indenturecase of an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding Notes shall be due and payable immediately without further action or notice. Subject to certain limitations, The Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notes. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by written notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default Holders rescind an acceleration and its consequences under if the Supplemental Indenture except a continuing Default rescission would not conflict with any judgment or Event decree and if all existing Events of Default in (except nonpayment of principal or interest that has become due solely because of the payment of interest on, acceleration) have been cured or the principal of, the Noteswaived. The Issuers are Company is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture Indenture, and the Base Indenture. Upon Company is required upon becoming aware of any Default or Event of Default, the Issuers are required Default to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 1 contract

Samples: Indenture (Aki Holding Corp)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (i) default for 30 consecutive days in the payment when due of interest on on, or Additional Interest, if any, with respect to, the Notes, ; (ii) default in the payment when due (at maturity, upon redemption or otherwise) of the principal of of, or premium, if any, on on, the Notes, ; (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections Section 4.07, 4.09, 4.10, 4.15, 4.16 and or 5.01 of the Supplemental Indenture, ; (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive 60 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the in aggregate principal amount of the Notes then outstanding voting as a single class to comply with any of their the other covenants or agreements in the Supplemental Indenture, Notes Documents; (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee Guarantee now exists exists, or is created after the date of the Supplemental IndentureIssue Date, if that default: (a) default is caused by a failure to pay at final stated maturity the principal amount of such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); Default or (b) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 15.0 million or more, ; (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable entered by a court or courts of competent jurisdiction aggregating in excess of $100.0 million, 15.0 million (net of applicable any amounts which are covered by enforceable insurance policies issued by a reputable and solvent carrier and with respect to which such carrier has not been denied in writing by the insurerdisclaimed coverage), which judgments are not paid, discharged or stayed for a period of 60 days days; (vii) except as permitted by the Indenture and the Collateral Documents, with respect to any assets or property having a Fair Market Value in excess of $10.0 million, individually or in the aggregate, that constitutes, or under the Indenture or any Collateral Document is required to constitute, Collateral, (a) any of the Collateral Documents shall for any reason cease to be in full force and effect in all material respects, or the Company or a Guarantor shall so assert, or (viib) any security interest created, or purported to be created, by any of the Collateral Documents shall cease to be enforceable and of the same effect and priority purported to be created thereby, if such Default does not result from any unauthorized action by the Collateral Agent in express violation of any provision of the Collateral Documents; (viii) except as permitted by the Indenture, any Note Guarantee of any Restricted Subsidiary that is a Significant Subsidiary or the Note Guarantees of any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, are held in any judicial proceeding to be unenforceable or invalid or cease for any reason to be in full force and effect, or any Guarantor, or any Person acting on behalf of any Guarantor, denies or disaffirms its obligations under its Note Guarantee and (ix) certain events of bankruptcy or insolvency with respect to the Company or any of its Restricted Subsidiaries that is a Significant Subsidiaries. In the case Subsidiary or any group of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the CompanyRestricted Subsidiaries that, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuingtaken together, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of would constitute a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notes. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoSignificant Subsidiary.

Appears in 1 contract

Samples: Indenture (Castle a M & Co)

Defaults and Remedies. Each of the following is an Event of Default: (i) default for 30 consecutive days in the payment when due of interest on the Notes, (ii) default in payment when due of the principal of or premium, if any, on the Notes, (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and Section 5.01 of the Supplemental Indenture, (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 2530% of the principal amount of the Notes outstanding to comply with any of their other covenants or agreements in the Supplemental Indenture, (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Significant Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Significant Subsidiaries), whether such Indebtedness or guarantee now exists or is created after the date of the Supplemental Indenture, if that default: (a) is caused by a failure to pay at final stated maturity the principal amount of such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or (b) results in the acceleration of such Indebtedness prior to its express maturity, ; and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default (measured at the time of the Payment Default) or the maturity of which has been so accelerated, aggregates the greater of (1) $100.0 1,500 million or moreand (2) 0.675% of Total Assets, (vi) failure by the Company or any of its Restricted Significant Subsidiaries to pay final judgments (measured when such judgment is rendered) which are non-appealable aggregating in excess of the greater of (1) $100.0 million1,500 million and (2) 0.675% of Total Assets, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days or (vii) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant SubsidiariesSubsidiaries as set forth in the Supplemental Indenture. However, a Default under clause (iii), (iv), (v) or (vi) of the previous paragraph will not constitute an Event of Default until the Trustee or the Holders of at least 30% in principal amount of the outstanding Notes notify the Issuers of the Default and, with respect to clauses (iv) and (vi), the Issuers do not cure such Default within the time specified in clause (iv) or (vi) of this paragraph after receipt of such notice; provided that a notice of Default may not be given with respect to any action taken, and reported publicly or to Holders, more than two years prior to such notice of Default. In the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 2530% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Any Noteholder Direction provided by any one or more Directing Holders must be accompanied by a Position Representation, which representation, in the case of a Default Direction shall be deemed repeated at all times until the resulting Event of Default is cured or otherwise ceases to exist or the Notes are accelerated. In addition, each Directing Holder must, at the time of providing a Noteholder Direction, make a Verification Covenant. In any case in which the Holder is DTC or its nominee, any Position Representation or Verification Covenant required hereunder shall be provided by the Beneficial Owner of the Notes in lieu of DTC or its nominee, and DTC shall be entitled to rely on such Position Representation and Verification Covenant in delivering its direction to the Trustee. If, following the delivery of a Noteholder Direction, but prior to acceleration of the Notes, the Issuers determine in good faith that there is a reasonable basis to believe a Directing Holder was, at any relevant time, in breach of its Position Representation and provide to the Trustee evidence that the Issuers have initiated litigation in a court of competent jurisdiction seeking a determination that such Directing Holder was, at such time, in breach of its Position Representation, and seeking to invalidate any Event of Default that resulted from the applicable Noteholder Direction, the cure period with respect to such Default shall be automatically stayed and the cure period with respect to such Event of Default shall be automatically reinstituted and any remedy stayed pending a final and non-appealable determination of a court of competent jurisdiction on such matter. If, following the delivery of a Noteholder Direction, but prior to acceleration of the Notes, the Issuers provide to the Trustee an Officers’ Certificate stating that a Directing Holder failed to satisfy its Verification Covenant, the cure period with respect to such Default shall be automatically stayed and the cure period with respect to any Event of Default that resulted from the applicable Noteholder Direction shall be automatically reinstituted and any remedy stayed until such time as the Issuers provide the Trustee with an Officers’ Certificate that the Verification Covenant has been satisfied; provided that the Issuers shall promptly deliver such Officers’ Certificate to the Trustee upon becoming aware that the Verification Covenant has been satisfied. Any breach of the Position Representation (as evidenced by the delivery to the Trustee of the Officers’ Certificate stating that a Directing Holder failed to satisfy its Verification Covenant) shall result in such Holder’s participation in such Noteholder Direction being disregarded; and if, without the participation of such Holder, the percentage of Notes held by the remaining Holders that provided such Noteholder Direction would have been insufficient to validly provide such Noteholder Direction, such Noteholder Direction shall be void ab initio, with the effect that such Event of Default shall be deemed never to have occurred, acceleration voided and the Trustee shall be deemed not to have received such Noteholder Direction or any notice of such Default or Event of Default. Notwithstanding anything in the preceding two paragraphs to the contrary, any Noteholder Direction delivered to the Trustee during the pendency of an Event of Default as the result of a bankruptcy or similar direction shall not require compliance with the foregoing paragraphs. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notes. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. Any time period in the Base Indenture or the Supplemental Indenture to cure any actual or alleged Default or Event of Default with respect to the Notes may be extended or stayed by a court of competent jurisdiction to the extent such actual or alleged Default or Event of Default is the subject of litigation. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect thereto.

Appears in 1 contract

Samples: Tenth Supplemental Indenture (Cco Holdings LLC)

Defaults and Remedies. Each (a) Events of Default under the following is an Event of DefaultIndenture include: (i) the failure to pay interest on, or Special Interest, if any, with respect to the Securities, when the same becomes due and payable if such default continues for a period of 30 consecutive days in the payment when due of interest on the Notesdays, (ii) default in payment when due of the failure to pay principal of any Securities when such principal becomes due and payable, at maturity, upon redemption or premium, if any, on the Notes, otherwise; (iii) failure by the Company or any of its Restricted Subsidiaries Subsidiary to comply with Sections 4.16 and 4.10, 4.14 or 5.01 of the Supplemental Indenture, ; (iv) failure by the Company or any of its Restricted Subsidiaries Subsidiary for 30 consecutive 60 days after written notice thereof has been given to the Company by form the Trustee or to the Company and the Trustee by the Holders holders of at least 25% or more of the aggregate principal amount of the Notes outstanding Securities to comply with any of their its other covenants or agreements in the Supplemental Indenture, Indenture or this Note; (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), ) whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: (a) is caused by a which default shall constitute failure to pay at final stated maturity the principal amount of such Indebtedness prior at Stated Maturity (after giving effect to the expiration of the any applicable grace period provided in such Indebtedness on the date of such default (a “Payment Default”); periods and any extensions thereof ) or (b) results in the acceleration of such Indebtedness prior to its express maturity, Stated Maturity and, in each case, the principal amount of any such other Indebtedness, together with the principal amount of any other such Indebtedness under which there has not been a Payment Default paid or the maturity of which has been so accelerated, aggregates $100.0 25.0 million or more, ; (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable not subject to appeal aggregating in excess of $100.0 million, 25.0 million (net of applicable insurance coverage which has not been denied is acknowledged in writing by the insurer), which judgments are not paid, discharged or stayed for a period of 60 days following the entry of the final judgment or order that causes the aggregate amount for all such final judgments or orders outstanding and not paid, discharged or stayed to exceed $25.0 million; (vii) except as permitted by the Indenture, any Guarantee of the Securities of this series by a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary shall be held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or any Guarantor that is a Significant Subsidiary or any group of Guarantor, that, taken together, would constitute a Significant Subsidiary, or any Person acting on behalf of any Guarantor or Guarantors, shall deny or disaffirm its obligations under its Guarantee; and (viii) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant the Company's Restricted Subsidiaries. (b) If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the outstanding Securities, by written notice, to the Company, may declare all the Securities to be due and payable. In Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Companyinsolvency, all 109 outstanding Notes will Securities shall become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Notes Securities except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes Securities may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Securities notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding Securities by notice to the Trustee may on behalf of the Holders of all of the Notes Securities waive any existing Default or Event of Default and its consequences under the Supplemental Indenture Indenture, except a continuing Default or Event of Default in the payment of interest on, or the principal of, the NotesSecurities. The Issuers are required to Company shall deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture Indenture, and the Base Indenture. Upon Company, upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 1 contract

Samples: Indenture (Asia Global Crossing LTD)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (i) default for 30 consecutive days in the payment when due of interest or Liquidated Damages on the Notes, whether or not prohibited by the subordination provisions of the Indenture; (ii) default in payment when due of the principal of of, or premium, if any, or the Non-Redemption Payment, if any, on the NotesNotes when the same becomes due and payable at maturity, upon redemption (including in connection with an offer to purchase) or otherwise, whether or not prohibited by the subordination provisions of the Indenture; (iii) failure by the Company or any of its Restricted Subsidiaries to comply with the provisions described under Sections 4.16 and 5.01 4.10 or 5.1 of the Supplemental Indenture or failure by the Company for 15 days to comply with the provisions described under Sections 4.7 or 4.9 of the Indenture, ; (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive 60 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the in principal amount of the Notes then outstanding to comply with any of their other covenants or agreements in the Supplemental Indenture, Indenture or the Notes; (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), ) whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: which default (a) is caused by a failure to pay at final stated maturity the principal amount of such Indebtedness prior to the expiration of within the grace period provided in such Indebtedness on the date of such default (a "Final Payment Default”); ") or (b) results in the acceleration of such Indebtedness prior to its express maturity, final maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Final Payment Default or the maturity of which has been so accelerated, aggregates $100.0 10 million or more, and such Final Payment Default or acceleration shall not have been cured or rescinded within 10 days after the occurrence thereof, or (2) the principal amount of such Indebtedness, together with the principal amount of any other Indebtedness under which there has been a Final Payment Default or the maturity of which has been so accelerated, aggregates $50 million or more or (3) a Final Payment Default or acceleration shall have occurred with respect to the Senior Term Debt, the Senior Revolving Debt, the 12 1/8% Senior Notes or the 11 1/4% Senior Notes; (vi) failure by the Company or Company, any of its Restricted Significant Subsidiaries or any group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary, to pay any final judgment or judgments which are non-appealable (other than any judgment to the extent a reputable insurance company has accepted liability) aggregating in excess of $100.0 10 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged remain unstayed or stayed undischarged for a period of 60 days or days; and (vii) certain events of bankruptcy or insolvency with respect to the Company or Company, any of its Significant SubsidiariesSubsidiaries or any group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary. In If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately. So long as any Designated Senior Debt is outstanding, such declaration shall not become effective until the earlier of (x) the day which is five Business Days after the receipt by representatives of Designated Senior Debt of such written notice of acceleration (which notice may only be given during the continuation of an Event of Default) or (y) the date of acceleration of any Designated Senior Debt. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, any Significant Subsidiary or any group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. If an Event of Default occurs by reason of any willful action (or inaction) taken (or not taken) by or on behalf of the Company with the intention of avoiding payment of the premium that the Company would have had to pay if the Company then had elected to redeem any Notes pursuant to the optional redemption provisions of the Indenture, an equivalent premium shall also become and be immediately due and payable to the extent permitted by law. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture (including annulling a declaration of acceleration of maturity) except a continuing Default or Event of Default in the payment of interest on, or the principal of, the such Notes. The Issuers are Company is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture Indenture, and the Base Indenture. Upon Company is required upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 1 contract

Samples: Indenture (SFC New Holdings Inc)

Defaults and Remedies. Each of the following is an Event of Default: (i) default for 30 consecutive days in the payment when due of interest on the Notes, (ii) default in payment when due of the principal of or premium, if any, on the Notes, (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 of the Supplemental Indenture, (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their other covenants or agreements in the Supplemental Indenture, (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists or is created after the date of the Supplemental Indenture, if that default: (a) is caused by a failure to pay at final stated maturity the principal amount of such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a "Payment Default"); or (b) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 100 million or more, (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, 100 million (net of applicable insurance which has not been denied in writing by the insurer), which judgments are not paid, discharged or stayed for a period of 60 days or (vii) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries. In the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are Company is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are Company is required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 1 contract

Samples: Indenture (Charter Communications Holdings Capital Corp)

Defaults and Remedies. Each of the following is an Event of Default: (i1) default the Company defaults for 30 consecutive days in the payment when due of interest on on, or Liquidated Damages with respect to, the Notes, ; (ii2) default the Company defaults in the payment when due (at maturity, upon redemption or otherwise) of the principal of of, or premium, if any, on the Notes, ; (iii3) failure by the Company or any of its Restricted Subsidiaries fails to comply with Sections 4.16 and 5.01 the provisions of Section 4.15 of the Supplemental Indenture, ; (iv4) failure by the Company or any of its Restricted Subsidiaries fails to observe or perform any other covenant, representation, warranty or other agreement in this Indenture for 30 consecutive 60 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the in aggregate principal amount of the Notes then outstanding to comply with any of their other covenants or agreements in the Supplemental Indenture, voting as a single class; (v5) a default occurs under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental this Indenture, if that default: (aA) is caused by a failure to pay at final stated maturity the principal amount of of, or interest or premium, if any, on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”"PAYMENT DEFAULT"); or (bB) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 10.0 million or more, ; (vi6) failure a final non-appealable judgment or final non-appealable judgments for the payment of money are entered by a court or courts of competent jurisdiction against the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, net of applicable insurance which has not been denied in writing by the insurerSubsidiaries, which judgment or judgments are not paid, discharged or stayed for a period of 60 days or days; PROVIDED that the aggregate of all such undischarged judgments exceeds $10.0 million; (vii7) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries. In Restricted Subsidiaries pursuant to or within the case meaning of Bankruptcy Law: (A) commences a voluntary case, (B)consents to the entry of an Event of Default arising from certain events of bankruptcy or insolvency with respect order for relief against it in an involuntary case, (C) consents to the Companyappointment of a custodian of it or for all or substantially all of its property, all outstanding Notes will (D) makes a general assignment for the benefit of its creditors, or (E) generally is not paying its debts as they become due and payable without further action due; (8) a court of competent jurisdiction enters an order or notice. If decree under any other Event Bankruptcy Law that: (A) is for relief against the Company or any of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% its Restricted Subsidiaries in principal amount an involuntary case; (B) appoints a custodian of the then outstanding Notes by notice to Company or any of its Restricted Subsidiaries or for all or substantially all of the Issuers property of the Company or any of its Restricted Subsidiaries; or (C) orders the liquidation of the Company or any of its Restricted Subsidiaries; and the Trustee may declare all the Notes order or decree remains unstayed and in effect for 60 A1-5 consecutive days; or (9) except as permitted by this Indenture, any Subsidiary Guarantee is held in any judicial proceeding to be due unenforceable or invalid or shall cease for any reason to be in full force and payable. Holders may not enforce the Supplemental Indenture effect or the Notes except as provided in the Supplemental Indenture. Subject to certain limitationsany Guarantor, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of or any trust or power with respect to matters relating to the Notes. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may Person acting on behalf of the Holders of all of the Notes waive any existing Default Guarantor, shall deny or Event of Default and disaffirm its consequences obligations under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoits Subsidiary Guarantee.

Appears in 1 contract

Samples: Indenture (H&e Finance Corp)

Defaults and Remedies. Each Under the Indenture, Events of the following is an Event of Default: Default include (i) default for 30 consecutive days in the payment of any interest when the same becomes due and payable or of interest on which becomes due and payable upon exercise by the Notes, Company of its option provided for in paragraph 10 hereof which default in either case continues for 30 days; (ii) default in payment of the Principal Amount at Maturity (including Original Issue Discount and, if the Securities have been converted to semiannual coupon notes following a Tax Event, the Restated Principal Amount), Issue Price plus accrued Original Issue Discount or cash interest, Redemption Price, Purchase Price or Change of Control Purchase Price, as the case may be, in respect of the Securities when the same becomes due and payable at its Stated Maturity, upon redemption, upon declaration, when due of for purchase by the principal of Company or premium, if any, on the Notes, otherwise; (iii) failure by the Company or any of its Restricted Subsidiaries Guarantor to comply with Sections 4.16 other agreements in the Securities, the Indenture or the Exchange Agreement (other than those referred to in (i) and 5.01 of the Supplemental Indenture, (ivii) above) and such failure continues for 60 days after receipt by the Company or any Guarantor of its Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders a Notice of at least 25% of the principal amount of the Notes outstanding to comply with any of their other covenants or agreements in the Supplemental Indenture, Default; (viv) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries)Debt, whether such Indebtedness or guarantee Debt now exists or is created after later, which default results in such Debt becoming or being declared due and payable prior to the date of the Supplemental Indentureon which it would otherwise have become due and payable, if that default: (a) is caused by a failure to pay at final stated maturity and the principal amount of such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or (b) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtednessall Debt so accelerated, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 million or more, (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days or (vii) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries. In the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become Debt due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders may but not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notes. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect thereto.paid

Appears in 1 contract

Samples: Indenture (America West Holdings Corp)

Defaults and Remedies. Each of the following is an Event of Default: (i) default for 30 consecutive days in the payment when due of interest on the Notes, (ii) default in payment when due of the principal of or premium, if any, on the Notes, (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 of the Supplemental Indenture, (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to the Company Issuers by the Trustee or to the Company Issuers and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their other covenants or agreements in the Supplemental Indenture, (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists or is created after the date of the Supplemental Indenture, if that default: (a) is caused by a failure to pay at final stated maturity the principal amount of such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a "Payment Default"); or (b) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 100 million or more, (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, 100 million (net of applicable insurance which has not been denied in writing by the insurer), which judgments are not paid, discharged or stayed for a period of 60 days or (vii) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries. In the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, premium, if any, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 1 contract

Samples: Indenture (Cco Holdings Capital Corp)

Defaults and Remedies. Each of the following is an Event of Default: (i) default for 30 consecutive days in the payment when due of interest on the Notes, (ii) default in payment when due of the principal of or premium, if any, on the Notes, (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 of the Supplemental Indenture, (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 2530% of the principal amount of the Notes outstanding to comply with any of their other covenants or agreements in the Supplemental Indenture, (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists or is created after the date of the Supplemental Indenture, if that default: (a) is caused by a failure to pay at final stated maturity the principal amount of such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or (b) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 million or more, (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days or (vii) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries. In the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 2530% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notes. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect thereto.

Appears in 1 contract

Samples: Third Supplemental Indenture (Cco Holdings LLC)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (i) default for 30 consecutive days in the payment when due of interest on the Notes, Notes for a period of at least 30 days (whether or not prohibited by Article 10 of the Indenture); (ii) default in payment when due of the principal of of, or premium, if any, on the NotesNotes at maturity, upon redemption or otherwise (whether or not prohibited by Article 10 of the Indenture); (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and Section 4.07, 4.09, 4.10, 4.13, or 5.01 of the Supplemental Indenture, ; (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their other covenants or agreements in the Supplemental Indenture, (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), ) whether such Indebtedness or guarantee Guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: which default (a) is caused by a failure to pay at final stated maturity the when due any principal amount of such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a "Payment Default”); ") or (b) results in the acceleration of such Indebtedness prior to its express maturity, scheduled maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 10.0 million or more, ; (viv) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 5.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days after their entry; (vi) breach by the Company of any material representation, warranty or agreement set forth in the Pledge Agreement, or the unenforceability of the Pledge Agreement against the Company for any reason; (vii) any Subsidiary Guarantee is held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or any Subsidiary Guarantor, or any Person acting on behalf of any Subsidiary Guarantor, shall deny or disaffirm its obligations under its Subsidiary Guarantee; and (viii) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries. In the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payablepayable immediately. Holders may not enforce In certain cases, the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes by written notice to the trustee, may rescind a notice of acceleration and its consequences if the rescission would not conflict with any judgment or decree. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, with respect to the Company, any Restricted Subsidiary that is a Significant Subsidiary, any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, all outstanding Notes will become due and payable without further action or notice. Holders of the Notes may not enforce the Indenture, the Pledge Agreement or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in principal amount of the Notes then outstanding may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to an offer to purchase or the payment of principal or interestprincipal) if it determines that withholding notice is in their interest. If an Event of Default occurs prior to the maturity of the Notes by reason of any willful action (or inaction) taken (or not taken) by or on behalf of the Company with the intention of avoiding the prohibition on redemption of the Notes prior to maturity or the then applicable optional redemption premium, then the premium specified in the Indenture shall also become immediately due and payable to the extent permitted by law upon the acceleration of the Notes. The Holders of a majority in aggregate principal amount of the Notes then outstanding by written notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture or the Pledge Agreement except a continuing Default or Event of Default relating to (i) the release of any Collateral from the Lien created by the Indenture and the Pledge Agreement, (ii) the alteration of any of the provisions of the Pledge Agreement in a manner that adversely affects the rights of any Holder, or (iii) any change in Sections 4.10 and 4.13 (including by way of amendment to any definitions in any such covenants) that adversely affects the rights of any Holder of Notes (which would require 75% in aggregate principal amount of the Notes then outstanding) or a Default or Event of Default relating to the payment of interest on, or the principal of, or interest or premium, if any, on the NotesNotes (which would be required to be unanimous). The Issuers are Company is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture Indenture, and the Base Indenture. Upon Company is required upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 1 contract

Samples: Indenture (Global Broadcasting Systems Inc/Fa)

Defaults and Remedies. Each On or prior to the Remarketing Settlement Date, Events of the following is an Event of DefaultDefault include: (i) a default for 30 consecutive days in the payment when due of interest on the Notes, any Debenture; (ii) a default in payment when due of the principal of or premium, if any, on the Notes, any Debenture; (iii) failure by the Company or any of its Restricted Subsidiaries for 30 days to comply with any of Sections 4.16 and 5.01 4.06, 4.07, 4.08 or 4.09 of the Supplemental Indenture, ; (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive 60 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the principal amount of the Notes outstanding to comply with any of their its other covenants or agreements in the Supplemental Indenture, Indenture or the Debentures; (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), ) whether such Indebtedness or guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: which default (a) is caused by a failure to pay at final stated maturity the principal amount of or premium, if any, or interest on such Indebtedness prior to the expiration of the any grace period provided in such Indebtedness on the date of such default (a "Payment Default”); ") or (b) results in the A1-9 acceleration of such Indebtedness prior to its express maturity, maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 million 5,000,000 or more, ; (vi) failure by the Company or any of its Restricted Significant Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, net of applicable insurance which has not been denied in writing by the insurer5,000,000, which judgments are not paid, discharged or stayed for a period of 60 days days; (vii) except as permitted by the Indenture or if, at the time thereof, any Subsidiary Guarantee of a Subsidiary Guarantor that is a Significant Subsidiary shall be held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or any Subsidiary Guarantor that is a Significant Subsidiary, or any Person acting on behalf of any such Subsidiary Guarantor, shall deny or disaffirm, in writing, its obligation under its Subsidiary Guarantee; or (viiviii) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries. In the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable without further action or noticeRestricted Subsidiary. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee Debentures may declare all the Notes Debentures to be due and payablepayable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, with respect to the Company or any Restricted Subsidiary, all outstanding Debentures will become due and payable without further action or notice. Holders may not enforce the Supplemental Indenture or the Notes Debentures except as provided in the Supplemental Indenture. The Trustee may require indemnity satisfactory to it before it enforces the Indenture or the Debentures. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes Debentures may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Debentures notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal principal, premium or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are Company is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture Indenture, and the Base Indenture. Upon Company is required upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default Default. After the Remarketing Settlement Date, only the events described in subparagraphs (i), (ii), (iv) and what action the Issuers are taking or propose to take with respect thereto(viii) will constitute "Events of Default."

Appears in 1 contract

Samples: Indenture (Auto Marketing Network Inc)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (i) default failure by the Issuers to pay interest on any of the Notes when it becomes due and payable and the continuance of any such failure for 30 consecutive days in the payment when due of interest on the Notes, days; (ii) default in payment when due failure by the Issuers to pay the principal on any of the principal of Notes when it becomes due and payable, whether at Stated Maturity, upon redemption, upon purchase, upon acceleration or premium, if any, on the Notes, otherwise; (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and Section 4.15 or Section 5.01 of the Supplemental Indenture, ; (iv) failure by an Issuer or a Guarantor to comply with any other agreement or covenant in the Company or any Indenture and continuance of its Restricted Subsidiaries this failure for 30 consecutive 60 days after written notice thereof of the failure has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the aggregate principal amount of the Notes outstanding to comply with any of their other covenants or agreements in the Supplemental Indenture, then outstanding; (v) default under any mortgage, indenture or other instrument or agreement under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries Subsidiary (or the payment of which is guaranteed by the Company or any of its Restricted SubsidiariesSubsidiary), whether such Indebtedness or guarantee now exists or is created incurred after the date of the Supplemental IndentureIssue Date, if that which default: (a) is caused by a failure to pay at final stated maturity the principal amount of on such Indebtedness prior to within the expiration of the applicable express grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or and any extensions thereof, (b) results in the acceleration of such Indebtedness prior to its express final maturity, andor (c) results in the commencement of judicial proceedings to foreclose upon, or to exercise remedies under applicable law or applicable security documents to take ownership of, the assets securing such Indebtedness, and in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under with respect to which there an event described in clause (a), (b) or (c) has been a Payment Default or the maturity of which has been so acceleratedoccurred and is continuing, aggregates $100.0 15.0 million or more, ; (vi) failure one or more final judgments or orders that exceed $15.0 million in the aggregate (net of amounts covered by insurance or bonded) for the payment of money have been entered by a court or courts of competent jurisdiction against the Company or any of its Restricted Subsidiaries to pay final Subsidiary and such judgment or judgments which are non-appealable aggregating in excess of $100.0 million, net of applicable insurance which has have not been denied in writing by the insurersatisfied, which judgments are not paidstayed, discharged annulled or stayed for a period of rescinded within 60 days or of being entered; (vii) certain events the Company or any Significant Subsidiary pursuant to or within the meaning of bankruptcy any Bankruptcy Law: (a) commences a voluntary case or insolvency proceeding, (b) consents to the entry of an order for relief against it in an involuntary case or proceeding, (c) consents to the appointment of a Custodian of it or for all or substantially all of its assets, or (d) makes a general assignment for the benefit of its creditors; (viii) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: (a) is for relief against the Company or any Significant Subsidiary as debtor in an involuntary case or proceeding, (b) appoints a Custodian of the Company or any Significant Subsidiary or a Custodian for all or substantially all of the assets of the Company or any Significant Subsidiary, or (c) orders the liquidation of the Company or any Significant Subsidiary, and the order or decree remains unstayed and in effect for 60 days; or (ix) any Note Guarantee of any Significant Subsidiary ceases to be in full force and effect (other than in accordance with the terms of such Note Guarantee and the Indenture) or is declared null and void and unenforceable or found to be invalid or any Guarantor denies in writing its liability under its Note Guarantee (other than by reason of release of a Guarantor from its Note Guarantee in accordance with the terms of the Indenture and the Note Guarantee). If an Event of Default (other than an Event of Default specified in clause (vii) or (viii) above with respect to the Company Company) shall have occurred and be continuing, the Trustee, by written notice to the Company, or any the Holders of its Significant Subsidiariesat least 25% in aggregate principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately. In Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Companyinsolvency, all outstanding Notes will become due and payable immediately without further action or notice. If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interestinterest or premium or Additional Interest, if any,) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding Notes by notice to the Trustee may may, on behalf of the Holders of all of the Notes Notes, rescind an acceleration or waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest or premium or Additional Interest, if any, on, or the principal of, the Notes. The Issuers are Company is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture Indenture, and the Base Indenture. Upon Company is required, upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 1 contract

Samples: Indenture (Johnstone Tank Trucking Ltd.)

Defaults and Remedies. Each Events of the following is an Event of DefaultDefault include: (i) default for 30 consecutive days in the payment when due of interest interest, if any, on the Notes, ; (ii) default in payment when due of the principal of or premium, if any, on the NotesNotes when due at their Stated Maturity, upon optional redemption, upon required repurchase, upon acceleration or otherwise; (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 Section 5.1 of the First Supplemental Indenture or to consummate a purchase of Notes when required pursuant to the provisions of Section 3.9, 4.10 or 4.15 of the First Supplemental Indenture, ; (iv) failure by the Company or any of its Restricted Subsidiaries for 30 consecutive 180 days after written notice thereof has been given to the Company by from the Trustee or to the Company and the Trustee by the Holders of at least 25% of the in aggregate principal amount of the Notes then outstanding to comply with Section 4.3 of the First Supplemental Indenture; (v) failure by the Company for 60 days after notice from the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding to comply with any of their its other covenants or agreements in the Supplemental Indenture, Indenture or the Notes; (vvi) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists or is created after the date of the Supplemental IndentureInitial Issuance Date, if that default: such default (a) is caused by a failure to pay at final stated maturity the principal amount of of, or interest or premium, if any, on, such Indebtedness prior to the expiration of the any grace period provided in such Indebtedness on the date of such default (a “Payment Default”); ) or (b) results in the acceleration of such Indebtedness prior to its express maturity, Stated Maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 50.0 million or more; provided that if any such default is cured or waived or any such acceleration rescinded, or such Indebtedness is repaid, within a period of 30 days from the expiration of the applicable grace period or the occurrence of such acceleration, as the case may be, such Event of Default and any consequential acceleration of the Notes shall be automatically rescinded, so long as such rescission does not conflict with any judgment or decree; (vivii) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 million, net of applicable 50.0 million (to the extent not covered by insurance by a reputable and creditworthy insurer as to which the insurer has not been denied in writing by the insurerdisclaimed coverage), which judgments are not paid, discharged or stayed for a period of 60 days consecutive days; (viii) (a) any Subsidiary Guarantee is held in any judicial proceeding to be unenforceable or invalid or ceases for any reason to be in full force and effect or (viib) any Subsidiary Guarantor, or any Person acting on behalf of any Subsidiary Guarantor, denies or disaffirms its obligations under its Subsidiary Guarantee, except in each case, by reason of the release of such Subsidiary Guarantee in accordance with the provisions of the Indenture; and (ix) certain events of bankruptcy bankruptcy, insolvency or insolvency with respect to the Company or any of its Significant Subsidiaries. In the case of an Event of Default arising from certain events of bankruptcy or insolvency reorganization with respect to the Company, all outstanding Notes will become due and payable without further action or notice. If Finance Corp., any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of Company’s Restricted Subsidiaries that is a majority in aggregate principal amount Significant Subsidiary of the then outstanding Notes may direct the Trustee in its exercise Company or any group of any trust or power with respect to matters relating to the Notes. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount Restricted Subsidiaries of the Notes then outstanding by notice to the Trustee may on behalf Company that, taken together, would constitute a Significant Subsidiary of the Holders of all Company as specified in Section 6.1(i) or 6.1(j) of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture and the Base Indenture. Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect thereto.First Supplemental

Appears in 1 contract

Samples: First Supplemental Indenture (Linn Energy, LLC)

Defaults and Remedies. Each Events of Default include (a) the failure by the Company to pay any installment of interest on, or Liquidated Damages with respect to, the Notes, as and when the same becomes due and payable and the continuance of any such failure for 30 days, (b) the failure of the following is an Event Company to pay all or any part of Default: (i) the principal, or premium, if any, on the Notes when and as the same becomes due and payable at maturity, redemption, by acceleration or otherwise, including, without limitation, payment of the Change of Control Payment or the amount set forth in the Asset Sale Offer, or otherwise on Notes validly tendered and not properly withdrawn pursuant to a Change of Control or Asset Sale Offer, as applicable, or default for 30 consecutive days in the payment when due of interest on the Notes, (ii) default in payment when due of the principal of or premium, if any, on the Notes, whether or not prohibited by any other provision of the Indenture, (iiic) the failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.16 and 5.01 any of the Supplemental provisions of Section 4.10 or 4.14 or Article V of the Indenture, (ivd) the failure by the Company or any of its Restricted Subsidiaries Subsidiaries, for 30 consecutive days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the in aggregate principal amount of the Notes then outstanding Notes, to comply with any of their its other covenants or agreements in the Supplemental IndentureIndenture or the Notes, (ve) the default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (Subsidiaries, or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee Guarantee now exists exists, or is created after the date of the Supplemental Indenture, if that default: default (aA) is caused by a failure to pay at final stated maturity the principal amount of such Indebtedness prior to the expiration of the grace period provided in or premium, if any, or interest on such Indebtedness on the date of such default (a "Payment Default”); ") or (bB) results in the acceleration of such Indebtedness prior to its express maturity, ; and, in each case, the outstanding principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 5.0 million or more, ; (vif) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess of $100.0 5.0 million, net of applicable insurance which has not been denied in writing by the insurer, which judgments are not paid, discharged or stayed for a period of 60 days or consecutive days, (viig) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Restricted Subsidiaries. In , (h) certain termination events under the case Sprint Agreements and (i) if after the date of an Event the Indenture but on or prior to December 31, 2000, the Company has not received at least $70.0 million of Default arising gross cash proceeds from certain events one or more Equity Offering (other than Equity Offerings of bankruptcy or insolvency with respect Disqualified Stock of the Company and other than Equity Offerings to Restricted Subsidiaries of the Company, all outstanding Notes will become due and payable without further action or notice). If any other Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Issuers and the Trustee may declare all the Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding Notes shall become due and payable without further action or notice. Holders may not enforce the Supplemental Indenture or the Notes except as provided in the Supplemental Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power with respect to matters relating to the Notespower. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Supplemental Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Issuers are Company is required to deliver to the Trustee annually a statement regarding compliance with the Supplemental Indenture Indenture, and the Base Indenture. Upon Company is required upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect theretoDefault.

Appears in 1 contract

Samples: Indenture (Ipcs Inc)

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