Company Senior Payment Default definition

Company Senior Payment Default means (i) any default in the payment of principal of (or premium, if any) or interest on any Senior Debt of the Company and (ii) any event of default with respect to Senior Debt of the Company which has resulted in such Senior Debt becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable.
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Company Senior Payment Default means any default in the payment of principal of (or premium, if any) or interest on Designated Senior Debt when due, whether at the Stated Maturity of any such payment or by declaration of acceleration, call for redemption or otherwise. Upon the occurrence of a Senior Nonmonetary Default and receipt of written notice by the Company and the Trustee of the occurrence of such Senior Nonmonetary Default from any holder of Designated Senior Debt (or any trustee, agent or other representative for such holder) which is the subject of such Senior Nonmonetary Default, no Notes Payment may be made, and no defeasance of the Notes, may be made for a period (the "Payment Blockage Period") commencing on the
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Company Senior Payment Default has the meaning specified in Section 16.03.
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Examples of Company Senior Payment Default in a sentence

  • In the event that any Company Senior Payment Default (as defined below) shall have occurred and be continuing, then no Company Notes Payment shall be made unless and until such Company Senior Payment Default shall have been cured or waived or shall have ceased to exist or all amounts then due and payable in respect of Senior Debt shall have been paid in full, or provision shall have been made for such pay ment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt.


More Definitions of Company Senior Payment Default

Company Senior Payment Default means (i) any default in the payment of principal of, premium, if any, or interest on any Designated Senior Debt of the Company that continues beyond any applicable grace period and (ii) any event of default with respect to Designated Senior Debt of the Company which has resulted in such Designated Senior Debt becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable. In the event that any Company Senior Nonmonetary Default (as defined below) shall have occurred and be continuing, then, upon the receipt by the Trustee of written notice (the "Payment Blockage Notice") of such Company Senior Nonmonetary Default from the Company or any holder of Designated Senior Debt, no Company Debentures Payment shall be made during the period (the "Company Payment Blockage Period") commencing on the date of receipt of such written notice and ending on the earlier of (i) the date on which such Company Senior Nonmonetary Default shall have been cured or waived or shall have ceased to exist and any acceleration of Designated Senior Debt of the Company shall have been rescinded or annulled or the Designated Senior Debt of the Company to which such Company Senior Nonmonetary Default relates shall have been discharged or (ii) the 179th day after the date of such receipt of such written notice. If the Trustee receives any Payment Blockage Notice, no subsequent
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Company Senior Payment Default means (i) any default in the payment of principal of, premium, if any, or interest on any Designated Senior Debt of the Company that continues beyond any applicable grace period and (ii) any event of default with respect to Designated Senior Debt of the Company which has resulted in such Designated Senior Debt becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable. In the event that any Company Senior Nonmonetary Default (as defined below) shall have occurred and be continuing, then, upon the receipt by the Trustee of written notice (the “Payment Blockage Notice”) of such Company Senior Nonmonetary Default from the Company or any holder of Designated Senior Debt, no Company Debentures Payment shall be made during the period (the “Company Payment Blockage Period”) commencing on the date of such receipt of such written notice and ending on the earlier of (i) the date on which such Company Senior Nonmonetary Default shall have been cured or waived or shall have ceased to exist and any acceleration of Designated Senior Debt of the Company shall have been rescinded or annulled or the Designated Senior Debt of the Company to which such Company Senior Nonmonetary Default relates shall have been discharged or (ii) the 179th day after the date of such receipt of such written notice. If the Trustee receives any Payment Blockage Notice, no subsequent Payment Blockage Notice shall be effective for purposes of this Section 16.03 unless and until (A) at least 360 days shall have elapsed since the effectiveness of the immediately prior Payment Blockage Notice and (B) all scheduled payments of principal, premium, if any, and Interest on the Debentures that have come due have been paid in full in cash. For all purposes of this paragraph, no Company Senior Nonmonetary Default that existed or was continuing on the date of commencement of any Company Payment Blockage Period shall be, or can be, made the basis for the commencement of a subsequent
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Related to Company Senior Payment Default

  • Senior Payment Default means any default in the payment of principal of (or premium, if any) or interest on any Senior Debt of the Company when due, whether at the Stated Maturity of any such payment or by declaration of acceleration, call for redemption or otherwise. In the event that any Senior Nonmonetary Default (as defined below) shall have occurred and be continuing, then, upon the receipt by the Company, the Subsidiary Guarantors and the Trustee of written notice of such Senior Nonmonetary Default from the agent for the Designated Senior Debt which is the subject of such Senior Nonmonetary Default, no Securities Payment shall be made during the period (the “Payment Blockage Period”) commencing on the date of such receipt of such written notice and ending on the earlier of (i) the date on which such Senior Nonmonetary Default shall have been cured or waived or shall have ceased to exist or all Designated Senior Debt the subject of such Senior Nonmonetary Default shall have been discharged; (ii) the 179th day after the date of such receipt of such written notice; or (iii) the date on which the Payment Blockage Period shall have been terminated by written notice to the Company, any Subsidiary Guarantor or the Trustee from the agent for the Designated Senior Debt initiating the Payment Blockage Period; provided, however, that nothing in this Section shall prevent the satisfaction of any sinking fund payment in accordance with Article Sixteen by delivering and crediting pursuant to Section 1602 Securities which have been acquired (upon redemption or otherwise) prior to the date of such receipt of such written notice. No more than one Payment Blockage Period may be commenced with respect to the Securities of a particular series during any 360-day period and there shall be a period of at least 181 consecutive days in each 360-day period when no Payment Blockage Period is in effect. For all purposes of this paragraph, no Senior Nonmonetary Default that existed or was continuing on the date of commencement of any Payment Blockage Period shall be, or be made, the basis for the commencement of a subsequent Payment Blockage Period, whether or not within a period of 360 consecutive days, unless such Senior Nonmonetary Default shall have been cured for a period of not less than 90 consecutive days.

  • Payment Default has the meaning set forth in Section 5.4(a) of the Indenture.

  • Non-Payment Default means any event (other than a Payment Default) the occurrence of which entitles one or more Persons to accelerate the maturity of any Designated Senior Indebtedness.

  • Incipient Default means any occurrence that is, or with notice or lapse of time or both would become, an Event of Default.

  • Payment Event of Default means an Event of Default specified in Section 7.1(a).

  • Liquidity Event of Default with respect to any Liquidity Facility, has the meaning assigned to such term in such Liquidity Facility.

  • Declaration Event of Default means an “Event of Default” as defined in the Declaration.

  • Acceleration Event of Default means an Event of Default under Section 5.1(a), (d), (e) or (f), whatever the reason for such Acceleration Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body.

  • Triggering Event of Default means (i) any Event of Default with respect to an obligation of the Mortgage Loan Borrower to pay money due under the Mortgage Loan or (ii) any non-monetary Event of Default as a result of which the Mortgage Loan becomes a Specially Serviced Mortgage Loan (which, for clarification, shall not include any imminent Event of Default (i.e., subclause (vii) of the definition of Special Servicing Loan Event)).

  • MI Default has the meaning given to it in paragraph 6.1 of Framework Schedule 9 (Management Information);

  • Senior Event of Default means an Event of Default under the Senior Loan Documents.

  • Insurance Agreement Event of Default means an "Event of Default" as defined in the Insurance Agreement.

  • Restricted Junior Payment means (i) any dividend or other distribution, direct or indirect, on account of any shares of any class of stock of Company now or hereafter outstanding, except a dividend payable solely in shares of that class of stock to the holders of that class, (ii) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any shares of any class of stock of Company now or hereafter outstanding, (iii) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire shares of any class of stock of Company now or hereafter outstanding, and (iv) any payment or prepayment of principal of, premium, if any, or interest on, or redemption, purchase, retirement, defeasance (including in-substance or legal defeasance), sinking fund or similar payment with respect to, any Subordinated Indebtedness.

  • PTC Event of Default means, with respect to each Trust Agreement, the failure to pay within 10 Business Days after the due date thereof: (i) the outstanding Pool Balance of the applicable Class of Certificates on the Final Legal Distribution Date for such Class or (ii) interest due on such Certificates on any Distribution Date (unless the Subordination Agent shall have made an Interest Drawing or a withdrawal from the Cash Collateral Account relating to a Liquidity Facility for such Class, with respect thereto in an aggregate amount sufficient to pay such interest and shall have distributed such amount to the Trustee entitled thereto).

  • Note Event of Default means any “Event of Default” specified in Section 5.1 of the Indenture.

  • Guarantor Event of Default means the occurrence of any “Event of Default” under and as defined in the Performance Guaranty.

  • Swap Default Any of the circumstances constituting an “Event of Default” under the Swap Agreement.

  • Non-Monetary Default Notice shall have the meaning assigned to such term in Section 11(d).

  • Guarantee Event of Default means a default by the Guarantor on any of its payment or other obligations under this Guarantee.

  • Additional Default means any provision contained in any document or instrument creating or evidencing Indebtedness of the Borrower or any of its Subsidiaries which permits the holder or holders of such Indebtedness to accelerate (with the passage of time or giving of notice or both) the maturity thereof or otherwise requires the Borrower or any of its Subsidiaries to purchase such Indebtedness prior to the stated maturity thereof and which either (i) is similar to any Default or Event of Default contained in Article VIII of this Agreement, or related definitions in Section 1.1 of this Agreement, but contains one or more percentages, amounts or formulas that is more restrictive or has a xxxxxxx xxxxx period than those set forth herein or is more beneficial to the holder or holders of such other Indebtedness (and such provision shall be deemed an Additional Default only to the extent that it is more restrictive or more beneficial) or (ii) is different from the subject matter of any Default or Event of Default contained in Article VIII of this Agreement, or related definitions in Section 1.1 of this Agreement.

  • Servicer Event of Default One or more of the events described in Section 7.01.

  • Collateral Event of Default has the meaning set forth in Section 13.01(b).

  • Mortgage Loan Event of Default means an “Event of Default” under and as defined in the Mortgage Loan Agreement.

  • Monetary Default Notice shall have the meaning assigned to such term in Section 11(a).

  • Non-Monetary Default shall have the meaning assigned to such term in Section 11(d).

  • Special Default means (i) the failure by Owner to pay any amount of principal of or interest on any Equipment Note when due or (ii) the occurrence of any Default or Event of Default referred to in Section 5.01(v), (vi) or (vii).