Common use of Suspension of Payment When Senior Debt Is in Default Clause in Contracts

Suspension of Payment When Senior Debt Is in Default. (a) If any default occurs and is continuing in the payment when due (beyond any applicable grace period), whether at maturity, upon any redemption, by declaration or otherwise, of any principal of, interest on, unpaid drawings for letters of credit issued in respect of, or fees with respect to, any Designated Senior Debt (a “Payment Default”), then the Issuer shall not (x) make any payment or distribution of any kind or character with respect to any Obligations on or relating to the Notes or (y) acquire any of the Notes for cash or assets or otherwise (other than, in either case, Permitted Junior Securities).

Suspension of Payment When Senior Debt Is in Default. (a) If any default occurs and is continuing in the payment when due (beyond after any applicable grace period), whether at maturity, upon any redemption, by declaration or otherwise, of any principal of, interest on, unpaid drawings for letters of credit issued in respect of, or fees with respect to, any Designated Senior Debt (a “"Payment Default”"), then the Issuer shall not (x) make any no payment or distribution of any kind or character (other than in Permitted Junior Securities) shall be made by or on behalf of the Issuer or any other Person on its behalf with respect to any Obligations on or relating to the Notes or (y) to acquire any of the Notes for cash or assets or otherwise (other than, in either case, Permitted Junior Securities)until the date on which all such defaults are cured or waived.

Suspension of Payment When Senior Debt Is in Default. (a) If any default occurs and is continuing beyond the applicable grace period, if any, in the payment when due (beyond any applicable grace period)due, whether at maturity, upon any redemption, by declaration or otherwise, of any principal of, interest on, unpaid drawings for letters of credit issued in respect of, or fees with respect to, any Designated Senior Debt (for purposes of this Article X only, a “Payment Default”"PAYMENT DEFAULT"), then the Issuer shall not (x) make any no payment or distribution of any kind or character shall be made by the Issuer with respect to any Obligations on or relating to the Notes or (y) to acquire any of the Notes for cash or assets or otherwise (other than, in either case, Permitted Junior Securities)otherwise.