Common use of No Payment on Guarantees in Certain Circumstances Clause in Contracts

No Payment on Guarantees in Certain Circumstances. (a) If any default occurs and is continuing in the payment when due, whether at maturity, upon any redemption, by declaration or otherwise, of any principal of, interest on, unpaid drawings for letters of credit issued in respect of, or regularly accruing fees with respect to, any Guarantor Senior Indebtedness, no payment of any kind or character shall be made by or on behalf of the applicable Guarantor or any other Person on such Guarantor's or its behalf with respect to any principal of, interest on or other amounts owing in respect of the Guarantor's Guarantee of the Securities or to acquire any of the Securities for cash, property or otherwise. If any other event of default occurs and is continuing with respect to any Guarantor Senior Indebtedness, as such event of default is defined in the instrument creating or evidencing such Guarantor Senior Indebtedness, permitting the holders of such Guarantor's Senior Indebtedness then outstanding to accelerate the maturity thereof and if the representative (as defined in the applicable indenture) for the respective issue of Guarantor Senior Indebtedness gives written notice of the event of default to the Trustee (a "default notice"), then, unless and until all events of default have been cured or waived or have ceased to exist or the Trustee receives notice from the representative for the respective issue of Guarantor Senior Indebtedness terminating the blockage period (as defined below), neither the applicable Guarantor nor any other Person on its behalf shall:

No Payment on Guarantees in Certain Circumstances. (a) If No direct or indirect payment (excluding any payment or distribution of Permitted Junior Securities) by or on behalf of any Guarantor of principal of, or interest on or to purchase, redeem or defease the Securities, except from those funds held in trust for the benefit of Holders of any Securities pursuant to the procedures set forth in Article Eight hereof, pursuant to such Guarantor's Guarantee, whether pursuant to the terms of the Securities, upon acceleration or otherwise, shall be made if, at the time of such payment, there exists a default occurs and is continuing in the payment when dueof all or any portion of the obligations on any Guarantor Senior Indebtedness of such Guarantor, whether at maturity, upon any redemptionon account of mandatory redemption or prepayment or purchase, by declaration acceleration or otherwise, that continues beyond any applicable period of grace, and such default shall not have been cured or waived or the benefits of this sentence waived by or on behalf of the holders of such Guarantor Senior Indebtedness. In addition, during the continuance of any principal of, interest on, unpaid drawings for letters non-payment event of credit issued in respect of, or regularly accruing fees default with respect toto any Designated Guarantor Senior Indebtedness pursuant to which the maturity thereof may be immediately accelerated, any and upon receipt by the Trustee of written notice (the "Guarantor Payment Blockage Notice") from the holder or holders of such Designated Guarantor Senior Indebtedness or the trustee or agent acting on behalf of such Designated Guarantor Senior Indebtedness, then, unless and until such event of default has been cured or waived or has ceased to exist or such Designated Guarantor Senior Indebtedness has been discharged or paid in full in cash or the benefits of these provisions have been waived by the holders of such Designated Guarantor Senior Indebtedness, no direct or indirect payment (excluding any payment or distribution of any kind or character Permitted Junior Securities) shall be made by or on behalf of the applicable such Guarantor of principal, or any other Person on such Guarantor's or its behalf with respect to any principal of, interest on or other amounts owing to purchase, redeem or defease the Securities, except from those funds held in trust for the benefit of the Holders of any Securities pursuant to the procedures set forth in Article Eight, during a period (a "Guarantor Blockage Period") commencing on the date of receipt of such notice by the Trustee and ending 179 days thereafter, unless the maturity of such Designated Senior Indebtedness is theretofore accelerated. Notwithstanding anything in this subordination provision or in the Securities to the contrary, (x) in no event shall a Guarantor Blockage Period extend beyond 179 days from the date the Guarantor Payment Blockage Notice in respect thereof was given, (y) there shall be a period of the Guarantor's Guarantee of the Securities or to acquire any of the Securities for cash, property or otherwise. If any other event of default occurs at least 181 consecutive days in each 360-day period when no Guarantor Blockage Period is in effect and is continuing (z) not more than one Guarantor Blockage Period may be commenced with respect to any Guarantor during any period of 360 consecutive days. However, if the Payment Blockage Notice is not given on behalf of creditors under a Credit Facility, a representative of such creditors may, subject to the limitations set forth in clause (y) of the preceding sentence, give one additional notice during the Payment Blockage Period. No non-payment event of default that existed or was continuing on the date of commencement of any other Guarantor Blockage Period with respect to the Designated Guarantor Senior Indebtedness initiating such Guarantor Blockage Period may be, or be made, the basis for the commencement of any other Guarantor Blockage Period by the holder or holders of such Designated Guarantor Senior Indebtedness or the trustee or agent acting on behalf of such Designated Guarantor Senior Indebtedness, as whether or not within a period of 360 consecutive days, unless such event of default is defined in the instrument creating or evidencing such Guarantor Senior Indebtedness, permitting the holders of such Guarantor's Senior Indebtedness then outstanding to accelerate the maturity thereof and if the representative (as defined in the applicable indenture) for the respective issue of Guarantor Senior Indebtedness gives written notice of the event of default to the Trustee (a "default notice"), then, unless and until all events of default have has been cured or waived or have ceased to exist or the Trustee receives notice from the representative for the respective issue a period of Guarantor Senior Indebtedness terminating the blockage period (as defined below), neither the applicable Guarantor nor any other Person on its behalf shall:not less than 90 consecutive days.