Common use of Second Lien Payment Default and Issue of Second Lien Payment Stop Notice Clause in Contracts

Second Lien Payment Default and Issue of Second Lien Payment Stop Notice. (a) A Second Lien Payment Stop Notice is “outstanding” during the period from the date on which, following the occurrence of a Material Event of Default, the Security Agent (acting on the instructions of the Majority Senior Secured Creditors) issues a notice (a “Second Lien Payment Stop Notice”) to the Second Lien Agent and the Second Lien Notes Trustee (with a copy to the Company) advising that a Material Event of Default has occurred and is then continuing and suspending Payments of the Second Lien Liabilities (other than those expressly permitted under Clause 8.3(a)(ii) (Permitted Payments: Second Lien Liabilities)) until the first to occur of the dates referred to in paragraph (b) below.

Second Lien Payment Default and Issue of Second Lien Payment Stop Notice. (a) A Second Lien Payment Stop Notice is “outstanding” during the period from the date on which, following the occurrence of a Material Event of Default, the Security Agent (acting on the instructions of the Majority Senior Secured Creditors) issues a notice (a “Second Lien Payment Stop Notice”) to the Second Lien Agent and the Second Lien Notes Trustee (with a copy to the Company) advising that a Material Event of Default has occurred and is then 102 84894163_20 continuing and suspending Payments of the Second Lien Liabilities (other than those expressly permitted under Clause 8.3(a)(ii) (Permitted Payments: Second Lien Liabilities)) until the first to occur of the dates referred to in paragraph (b) below.

Second Lien Payment Default and Issue of Second Lien Payment Stop Notice. (a) A Second Lien Payment Stop Notice is “outstanding” during the period from the date on which, following the occurrence of a Material Event of Default, the Security Agent 106 (acting on the instructions of the Majority Senior Secured Creditors) issues a notice (a “Second Lien Payment Stop Notice”) to the Second Lien Agent and the Second Lien Notes Trustee (with a copy to the Company) advising that a Material Event of Default has occurred and is then continuing and suspending Payments of the Second Lien Liabilities (other than those expressly permitted under Clause 8.3(a)(ii) (Permitted Payments: Second Lien Liabilities)) until the first to occur of the dates referred to in paragraph (b) below.