Common use of No Payment When Senior Indebtedness in Default Clause in Contracts

No Payment When Senior Indebtedness in Default. (1) In the event and during the continuation of any default in the payment of principal of (or premium, if any) or interest on any Senior Indebtedness beyond any applicable grace period with respect thereto, or in the event that any event of default with respect to any Senior Indebtedness shall have occurred and be continuing and shall have resulted in such Senior Indebtedness becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, unless and until such event of default shall have been cured or waived or shall have ceased to exist and such acceleration shall have been rescinded or annulled, or (b) in the event any judicial proceeding shall be pending with respect to any such default in payment or event of default, then no payment shall be made by the Company on account of principal of (or premium, if any) or interest on the Securities or on account of the purchase or other acquisition of Securities; provided , however , that nothing in this Section shall prevent the satisfaction of any sinking fund payment in accordance with Article XII by delivering and crediting pursuant to Section 12.02 Securities which have been acquired (upon redemption or otherwise) prior to such default or which have been converted pursuant to Article XIV.

No Payment When Senior Indebtedness in Default. (1) In the event and during the continuation of any default in the payment of principal of (or premium, if any) or interest on any Senior Indebtedness beyond any applicable grace period with respect theretoIndebtedness, or in the event that any event of default with respect to any Senior Indebtedness shall have occurred and be continuing and shall have resulted in such Senior Indebtedness becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, unless and until such event of default shall have been cured cured, waived or waived remedied or shall have ceased to exist and such acceleration shall have been rescinded or annulled, or (b) in the event any judicial proceeding shall be pending with respect to any such default in payment or such event of or default, then no payment or distribution of any kind or character, whether in cash, properties or securities shall be made by the Company a Guarantor on account of principal of (its Guarantee. In the event that, notwithstanding the foregoing, a Guarantor shall make any payment to the Trustee or premium, if any) or interest on the Securities or on account of the purchase or other acquisition of Securities; provided , however , that nothing in this Section shall prevent the satisfaction holder of any sinking fund payment in accordance with Article XII Security prohibited by delivering the foregoing provisions of this Section, and crediting pursuant if such fact shall, at or prior to Section 12.02 Securities which the time of such payment, have been acquired (upon redemption or otherwise) prior made known to the Trustee or, as the case may be, such holder, then and in such event payment shall be paid over and delivered forthwith to such default or which have been converted pursuant to Article XIVGuarantor.

No Payment When Senior Indebtedness in Default. (1a) In the event and during the continuation of any default in the payment of principal of (or premium, if any) or interest on or other monetary obligation with respect to any Senior Indebtedness beyond any applicable grace period with respect theretothereto or, or with respect to any series of Securities designated as Subordinated Indebtedness, in the event that any event of default with respect to any Senior Indebtedness shall have occurred and be continuing and shall have resulted in permitting the holders of such Senior Indebtedness becoming (or being declared a trustee or other representative on behalf of the holders thereof) to declare such Senior Indebtedness due and payable prior to the date on which it would otherwise have become due and payable, unless and until such event of default shall have been cured or waived or shall have ceased to exist and and, if any such Senior Indebtedness shall have been accelerated, such acceleration shall have been rescinded or annulled, or (b) in the event any judicial proceeding shall be pending with respect to any such default in payment or event of default, then no payment Securities Payment shall be made by to the Company on account of principal of (Trustee or premium, if any) or interest on the Securities or on account any Holder in respect of the purchase or other acquisition of Securities; provided , however , that nothing in this Section shall prevent the satisfaction of any sinking fund payment in accordance with Article XII by delivering and crediting pursuant to Section 12.02 Securities which have been acquired (upon redemption or otherwise) prior to such default or which have been converted pursuant to Article XIV.

No Payment When Senior Indebtedness in Default. (1a) In the event (i) and during the continuation of any default in the payment of principal of (or of, premium, if any, on, interest, if any, (including Additional Amounts if any, and Special Interest, if any) on, or interest on other amounts due in respect of, any Senior Indebtedness beyond any applicable grace period with respect theretoIndebtedness, whether at the date of a required payment, maturity, upon mandatory prepayment redemption or otherwise, or in the event (ii) that any event of default with respect to any Senior Indebtedness shall have occurred and be continuing and shall have resulted in such Senior Indebtedness becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, payable unless and until such event of default shall have been cured or waived in writing or shall have ceased to exist and such acceleration shall have been rescinded or annulled, annulled or (b) in the event if any judicial proceeding shall be is pending with respect to any such default in payment or event of defaultdefault with respect to the Senior Indebtedness, then no payment (including any payment which may be payable by reason of the payment of any other indebtedness of the Company being subordinated to the payment of the Notes) shall be made by the Company on account of the principal of (or of, premium, if any) , on interest on, or interest on other amounts due in respect of, the Securities Notes or on account of the purchase purchase, redemption or other acquisition of Securities; provided Notes, however , that nothing other than in this Section shall prevent respect of the satisfaction of any sinking fund payment in accordance with Article XII by delivering and crediting pursuant to Section 12.02 Securities which have been acquired (upon redemption or otherwise) prior to such default or which have been converted pursuant to Article XIVCollateral.

No Payment When Senior Indebtedness in Default. (1a) In the event and during the continuation of any default in the payment of principal of (or premium, if any) or interest on that any Senior Indebtedness beyond any applicable grace period with respect thereto, or in the event that any event of default with respect to any Senior Indebtedness Payment Default shall have occurred and be continuing and shall have resulted in such Senior Indebtedness becoming or continuing, then, no payment (including any payment which may be payable by reason of the payment of any other indebtedness of any Obligor being declared due and payable prior subordinated to the date on which it would otherwise have become due and payable, unless and until such event payment of default shall have been cured or waived or shall have ceased to exist and such acceleration shall have been rescinded or annulled, or (bthe Subordinated Obligations) in the event any judicial proceeding shall be pending with respect to any such default in payment or event of default, then no payment shall be made by the Company any Obligor on account of principal of (or premium, if any) or interest on the Securities Subordinated Obligations unless and until (i) such Senior Payment Default shall have been cured or on account waived or shall have ceased to exist or (ii) the holders of such Senior Indebtedness or their duly authorized agents have waived the purchase or other acquisition benefit of Securities; provided , however , that nothing in this Section 9.3(a) or (iii) all amounts then due and payable in respect of Senior Indebtedness shall prevent have been paid in full in cash or Cash Equivalents or otherwise to the satisfaction of any sinking fund payment in accordance with Article XII by delivering and crediting pursuant to Section 12.02 Securities which the holders of Senior Indebtedness, or provision shall have been acquired (upon redemption or otherwise) prior made for such payment and all commitments to such default or which make further loans, advances and other credit accommodations under the Senior Credit Agreement have been converted pursuant to Article XIVterminated (such period during which a Senior Payment Default continues being, a "Payment Blockage Period").

No Payment When Senior Indebtedness in Default. (1a) In the event and during the continuation of any default in the payment of principal of (or premium, if any) or interest on or other monetary obligation with respect to any Senior Indebtedness beyond any applicable grace period with respect theretothereto or, or with respect to any series of Securities designated as Subordinated Indebtedness, in the event that any event of default with respect to any Senior Indebtedness shall have occurred and be continuing and shall have resulted in permitting the holders of such Senior Indebtedness becoming (or being declared a trustee or other representative on behalf of the holders thereof) to declare such Senior Indebtedness due and payable prior to the date on which it would otherwise have become due and payable, unless and until such event of default shall have been cured or waived or shall have ceased to exist and and, if any such Senior Indebtedness shall have been accelerated, such acceleration shall have been rescinded or annulled, or (b) in the event any judicial proceeding shall be pending with respect to any such default in payment or event of default, then no payment Securities Payment shall be made by to the Company on account of principal of (Trustee or premium, if any) or interest on the Securities or on account any Holder in respect of the purchase or other acquisition of Securities; provided provided, however however, that nothing in this Section shall prevent the satisfaction of any sinking fund payment in accordance with Article XII 12 by delivering and crediting pursuant to Section 12.02 12.2 Securities which have been acquired (upon redemption or otherwise) prior to such default in payment or event of default or which have been converted pursuant to Article XIV14.

No Payment When Senior Indebtedness in Default. (1) In the event and during the continuation of any default in the payment of principal of (or premium, if any) or interest on any Senior Indebtedness beyond any applicable grace period with respect theretoIndebtedness, or in the event that any event of default with respect to any Senior Indebtedness shall have occurred and be continuing and shall have resulted in such Senior Indebtedness becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, unless and until such event of default shall have been cured or waived or shall have ceased to exist and such acceleration shall have been rescinded or annulled, or (b) in the event any judicial proceeding shall be pending with respect to any such default in payment or such event of or default, then no payment or distribution of any kind or character, whether in cash, properties or securities shall be made by the Company on account of principal of (or premium, if any) or interest (including any Additional Interest), if any, on the Securities or on account of the purchase or other acquisition of Securities; provided Securities by the Company or any subsidiary. In the event that, however notwithstanding the foregoing, that nothing in this Section the Company shall prevent make any payment to the satisfaction Trustee or the holder of any sinking fund payment in accordance with Article XII Security prohibited by delivering the foregoing provisions of this Section, and crediting pursuant if such fact shall, at or prior to Section 12.02 Securities which the time of such payment, have been acquired (upon redemption or otherwise) prior made known to the Trustee or, as the case may be, such default or which have been converted pursuant holder, then and in such event payment shall be paid over and delivered forthwith to Article XIVthe Company.

No Payment When Senior Indebtedness in Default. (1) In the event and during the continuation of any default in the payment of principal of (or premium, if any) or interest on any Senior Indebtedness beyond any applicable grace period with respect theretoIndebtedness, or in the event that any event of default with respect to any Senior Indebtedness shall have occurred and be continuing and shall have resulted in such Senior Indebtedness becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, unless and until such event of default shall have been cured cured, waived or waived remedied or shall have ceased to exist and such acceleration shall have been rescinded or annulled, or (b) in the event any judicial proceeding shall be pending with respect to any such default in payment or such event of or default, then no payment or distribution of any kind or character, whether in cash, properties or securities shall be made by the Company Parent Guarantor on account of principal of (this Guarantee. In the event that, notwithstanding the foregoing, the Parent Guarantor shall make any payment to the Trustee or premium, if any) or interest on the Securities or on account of the purchase or other acquisition of Securities; provided , however , that nothing in this Section shall prevent the satisfaction holder of any sinking fund payment in accordance with Article XII Security prohibited by delivering the foregoing provisions of this Section, and crediting pursuant if such fact shall, at or prior to Section 12.02 Securities which the time of such payment, have been acquired (upon redemption or otherwise) prior made known to the Trustee or, as the case may be, such default or which have been converted pursuant holder, then and in such event payment shall be paid over and delivered forthwith to Article XIVthe Parent Guarantor.