Common use of Payments of Senior Secured Creditor Liabilities Clause in Contracts

Payments of Senior Secured Creditor Liabilities. (a) The Debtors and Security Grantors may make Payments in respect of the Senior Secured Creditor Liabilities at any time provided that, following the occurrence of a Senior Acceleration Event, a Senior Secured Notes Acceleration Event, a Pari Passu Debt Acceleration Event or an Insolvency Event, no Debtor may make (and no Senior Secured Creditor may receive) Payments of the Senior Lender Liabilities, Pari Passu Debt Liabilities or Senior Secured Notes Liabilities except from Group Recoveries distributed in accordance with Clause ‎18 (Application of Proceeds). (b) For the avoidance of doubt, the proviso in paragraph (a) above: (i) acts as a suspension of payment and not as a waiver of the right to receive payment on the date such payments are due; (ii) will not prevent the accrual or capitalisation of interest (including default interest) in accordance with the Secured Debt Documents;

Payments of Senior Secured Creditor Liabilities. (a) The Debtors and Security Grantors may make Payments in respect of the Senior Secured Creditor Liabilities at any time provided that, following the occurrence of a Senior Acceleration Event, a Senior Secured Notes Acceleration Event, a Pari Passu Debt Acceleration Event or an Insolvency Event, no Debtor may make (and no Senior Secured Creditor may receive) Payments of the Senior Lender Liabilities, Pari Passu Debt Liabilities or Senior Secured Notes Liabilities except from Group Recoveries distributed in accordance with Clause ‎18 18 (Application of Proceeds). (b) For the avoidance of doubt, the proviso in paragraph (a) above: (i) acts as a suspension of payment and not as a waiver of the right to receive payment on the date such payments are due; (ii) will not prevent the accrual or capitalisation of interest (including default interest) in accordance with the Secured Debt Documents;