No Payment on Notes in Certain Circumstances. (a) No payment (by set-off or otherwise) shall be made by or on behalf of the Company on account of the principal of, premium, if any, or interest on the Notes (including any repurchases of Notes), or on account of the redemption provisions of the Notes, for cash or property (other than Junior Securities), (i) upon the maturity of any Senior Indebtedness of the Company by lapse of time, acceleration (unless waived) or otherwise, unless and until all principal of, premium, if any, and interest on such Senior Indebtedness are first paid in full in cash or (ii) in the event of default in the payment of any principal of, premium, if any, or interest on Senior Indebtedness of the Company when it becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise (a “Payment Default”), unless and until such Payment Default has been cured or waived or otherwise has ceased to exist.
(b) Upon (i) the happening of an event of default (other than a Payment Default) that permits the holders of Designated Senior Indebtedness to declare such Designated Senior Indebtedness to be due and payable and (ii) written notice of such event of default given to the Company and the Trustee by the representative of the holders of such Designated Senior Indebtedness (a “Payment Notice”), then, unless and until such event of default has been cured or waived or otherwise has ceased to exist, no payment (by set-off or otherwise) may be made by or on behalf of the Company on account of the principal of, premium, if any, or interest on the Notes, or on account of the redemption provisions of the Notes, other than payments made with Junior Securities. Notwithstanding the foregoing, unless the Designated Senior Indebtedness in respect of which such event of default exists has been declared due and payable in its entirety within 179 days after the Payment Notice is delivered as set forth above (the “Payment Blockage Period”) (and such declaration has not been rescinded or waived), at the end of the Payment Blockage Period, the Company shall, unless a Payment Default exists, be required to pay all sums not paid to the Holders of the Notes during the Payment Blockage Period due to the foregoing prohibitions and to resume all other payments as and when due on the Notes. Any number of Payment Notices may be given; provided, however, that (i) not more than one Payment Notice shall be given within a period of any 360 consecutive days, and (ii) no default t...
No Payment on Notes in Certain Circumstances. If any default occurs and is continuing in the payment when due, whether at maturity, upon 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 Senior Debt, no payment of any kind or character shall be made by, or on behalf of, the Company or any other Person on its or their behalf with respect to any Obligations on the Notes, or to acquire any of the Notes for cash or property or otherwise. In addition, if any other event of default occurs and is continuing with respect to any Designated Senior Debt, as such event of default is defined in the instrument creating or evidencing such Designated Senior Debt, permitting the holders of such Designated Senior Debt then outstanding to accelerate the maturity thereof and if the Representative for the respective issue of Designated Senior Debt gives 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 thereof from the Representative for the respective issue of Designated Senior Debt terminating the Blockage Period (as defined below), during the 180 days after the delivery of such Default Notice (the "Blockage Period"), neither the Company nor any other Person on its behalf shall (x) make any payment of any kind or character with respect to any Obligations on the Notes or (y) acquire any of the Notes for cash or property or otherwise. Notwithstanding anything herein to the contrary, in no event will a Blockage Period extend beyond 180 days from the date the payment on the Notes was due and only one such Blockage Period may be commenced within any 360 consecutive days. No event of default which existed or was continuing on the date of the commencement of any Blockage Period with respect to the Designated Senior Debt shall be, or be made, the basis for the commencement of a second Blockage Period by the Representative of such Designated Senior Debt whether or not within a period of 360 consecutive days, unless such event of default shall have been cured or waived for a period of not less than 90 consecutive days (it being acknowledged that any subsequent action, or any breach of any financial covenants for a period commencing after the date of commencement of such Blockage Period that, in either case, would give rise to an event of default pursuant to ...
No Payment on Notes in Certain Circumstances. (a) No direct or indirect payment by or on behalf of the Company of Senior Subordinated Obligations (other than with the money, securities or proceeds held under any defeasance trust established in accordance with this Indenture), whether pursuant to the terms of the Notes or upon acceleration or otherwise shall be made if, at the time of such payment, there exists a default in the payment of all or any portion of the obligations on any Senior Indebtedness of the Company 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 Senior Indebtedness.
No Payment on Notes in Certain Circumstances. (a) If any default in the payment of any principal of or interest on or any other amount due in connection with any Senior Debt when due and payable, whether at maturity, upon any redemption, by declaration or otherwise, occurs and is continuing, no payment shall be
No Payment on Notes in Certain Circumstances. (a) The Company shall not, directly or indirectly (other than in capital stock of the Company) pay any principal of or interest on, redeem, defease or repurchase the Notes except as provided in the Notes.
(b) If any Distribution, payment or deposit to redeem, defease or acquire any of the Notes shall have been received by Trustee at a time when such Distribution was prohibited by the provisions of Section 11.3(a), then, unless such Distribution is no longer prohibited by Section 11.3(a), such Distribution will be received and applied by Trustee for the benefit of the holders of Senior Debt, and will be paid or delivered by Trustee to the holders of Senior Debt for application to the payment of all Senior Debt, pursuant to the terms of the Notes and (i) the Wachovia Agreements, in the case of Wachovia, and (ii) the applicable Senior Debt agreement(s), in the case of other holders of Senior Debt.
No Payment on Notes in Certain Circumstances. (a) If any default in the payment of any principal of or interest on any Specified Senior Indebtedness or any Designated Senior Indebtedness when due and payable, whether at maturity, upon any redemption, by declaration or otherwise, occurs and is continuing, no payment shall be made by the Company with respect to the principal of, premium, if any, or interest or Liquidated Damages, if any, on, or other amount owing with respect to, the Notes, or to redeem or acquire any of the Notes for cash or property or otherwise.
(b) If any event of default (other than a default in payment of the principal of or interest on any Designated Senior Indebtedness) occurs and is continuing in respect of any Senior Indebtedness (or if such an event of default would occur upon any payment of any kind or character with respect to the Notes), as such event of default is defined in such Designated Senior Indebtedness, permitting the holders
No Payment on Notes in Certain Circumstances. (a) If any event of default shall have occurred and be continuing (or if such an event of default would occur upon any payment in respect of the Note) with respect to any Senior Debt (as such event of default is defined in such Senior Debt), no payment (other than the accrual of original issue discount) shall be made by Holdings with respect to amounts owing under the Notes.
(b) If, notwithstanding the foregoing, any payment shall be received by any Holder when such payment is prohibited by Section 6.2, such payment shall be held in trust for the benefit of the holders of Senior Debt, and shall be paid over or delivered to the Agent on behalf of the holders of Senior Debt (pro rata to such holders on the basis of the respective amounts of Senior Debt then held by such holders).
No Payment on Notes in Certain Circumstances. (a) No direct or indirect payment by or on behalf of the Company of Senior Subordinated Obligations, whether pursuant to the terms of the Notes or upon acceleration or otherwise, shall be made if, at the time of such payment, there exists a default in the payment of all or any portion of the obligations on any Senior Indebtedness, 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 Senior Indebtedness.
No Payment on Notes in Certain Circumstances. (a) The Company may not, and no other Person on behalf of the Company may pay principal of, premium (if any) or interest on the Notes or make any other payments with respect to the Notes or make any deposit pursuant to the provisions described under Article Eight above and may not repurchase, redeem or otherwise retire any Notes (collectively, "pay the Notes") if (i) any amount of principal, interest or other payments due under any Designated Senior Indebtedness of the Company has not been paid when due beyond any applicable grace period whether at maturity, upon redemption, by declaration or otherwise or 70
No Payment on Notes in Certain Circumstances. (a) The Company shall not, directly or indirectly (other than in capital stock of the Company) pay any Principal of or interest on, redeem, defease or repurchase the Notes except as provided in the Notes.
(b) If any Distribution, payment or deposit to redeem, defease or acquire any of the Notes shall have been received by Trustee or Paying Agent at a time when such Distribution was prohibited by the provisions of SECTION 11.03(A), then, unless such Distribution is no longer prohibited by SECTION 11.03(A), such Distribution will be received and applied by Trustee or Paying Agent for the benefit of the holders of Senior Debt, and will be paid or delivered by Trustee or Paying Agent to the holders of Senior Debt for application to the payment of all Senior Debt, pursuant to the terms of the Notes and (i) the Congress Agreements, in the case of Congress, and (ii) the applicable Senior Debt Agreement(s), in the case of other holders of Senior Debt.
