Common use of No Payment When Guarantor Senior Debt in Default Clause in Contracts

No Payment When Guarantor Senior Debt in Default. (a) If an EPIL Default occurs and is continuing, then no payment or distribution of any kind or character shall be made (directly or indirectly) by or on behalf of the Guarantor or any other Person on its or their behalf with respect to any Guarantee Obligations or to acquire any of the Securities for cash or property or otherwise until such EPIL Default (and all other EPIL Defaults) shall have been cured or waived in accordance with the terms of the EPIL Agreements or ceased to exist or all EPIL Indebtedness with respect to which any EPIL Default has occurred and is continuing, shall have been paid in full in cash.

No Payment When Guarantor Senior Debt in Default. (a) If an any EPIL Default occurs and is continuing, then no payment or distribution of any kind or character shall be made (directly or indirectly) by or on behalf of the Guarantor Elan or any other Person on its or their behalf with respect to any Guarantee Funding Obligations or to acquire any of the Securities for cash or property or otherwise until such EPIL Default (and all other EPIL Defaults) shall have been cured or waived in accordance with the terms of the EPIL Agreements or ceased to exist or all EPIL Indebtedness with respect to which any EPIL Default has occurred and is continuing, shall have been paid in full in cash.