Guarantor Senior Payment Default means any default in the payment of principal of (or premium, if any) or interest on Guarantor Senior Debt when due, whether at the Stated Maturity of any such payment or by declamation of acceleration, call for redemption or otherwise. Any Company Senior Payment Default or Guarantor Senior Payment Default may be referred to herein as a "Senior Payment Default". 106 115
Guarantor Senior Payment Default has the meaning set forth in Section 8(a)(i).
Guarantor Senior Payment Default means any default in the payment of principal of (or premium, if any) or interest on any Senior Debt of the Guarantor 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 Guarantor Senior Nonmonetary Default (as defined below) shall have occurred and be continuing, then, upon the receipt by the Company or the Guarantor and the Trustee of written notice of such Guarantor Senior Nonmonetary Default from any holder, or agent for the holders, of the Designated Senior Debt of the Guarantor which is the subject of such Guarantor Senior Nonmonetary Default, no Guarantee Payment shall be made during the period (the "Guarantee 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 Guarantor Senior Nonmonetary Default shall have been cured or waived or shall have ceased to exist or all Designated Senior Debt of the Guarantor the subject of such Guarantor Senior Nonmonetary Default shall have been discharged; (ii) the 179th day after the date of such receipt of such written notice; and (iii) the date on which the Guarantee Payment Blockage Period shall have been terminated by written notice to the Company, the Guarantor or the Trustee from the agent for the Designated Senior Debt of the Guarantor initiating the Guarantee 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 Guarantee Payment Blockage Period may be commenced with respect to the Guarantee during any 360-day period and there shall be a period of at least 181 consecutive days in each 360-day period when no Guarantee Payment Blockage Period is in effect. For all purposes of this paragraph, no Guarantor Senior Payment Default or Guarantor Senior Nonmonetary Default that existed or was continuing on the date of commencement of any Guarantee Payment Blockage Period shall be, or be made, the basis for the commencement of a subsequent Guarantee Payment Blockage Period, whether or not within a period of 360 consecutive days, unless such Guarantor Senior Payment Default or Guarantor Senior Nonmonetary Default shall have been ...
Examples of Guarantor Senior Payment Default in a sentence
In the event that any Guarantor Senior Payment Default (as defined below) shall have occurred and be continuing, then no Guarantee Payment shall be made or retained, and no Junior Creditor shall attempt to collect any Guarantor Payment, unless and until such Guarantor 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 Guarantor Senior Indebtedness shall have been paid in full in cash or Cash Equivalents.
For purposes hereof, a "Guarantor Senior Payment Default" shall be been deemed to have occurred in (1) the principal of (or premium, if any), or interest or other amounts on, Guarantor Senior Indebtedness is not paid when due and any applicable grace period with respect to such default has ended and such default has not been cured or waived or ceased to exist, (2) the maturity of any Guarantor Senior Indebtedness has been accelerated because of a default.
In the event that any Guarantor Senior Payment Default (as defined below) shall have occurred and be continuing, then no Guarantee Payment shall be made unless and until such Guarantor 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 Guarantor Senior Debt shall have been paid in full in cash or cash equivalents.
In the event that any Guarantor Senior Default Payment (as defined below) shall have occurred and be continuing, then no Guarantor Securities Payment shall be made unless and until such Guarantor Senior Payment Default shall have been cured or waived or shall have ceases to exist or all amounts then due and payable in respect of the Guarantor Senior Indebtedness or other obligations that are the subject of such Guarantor Senior Payment Default shall be been paid in full.
More Definitions of Guarantor Senior Payment Default
Guarantor Senior Payment Default means, with respect to any Guarantor, (i) any default in the payment of principal of (or premium, if any) or interest on any Senior Debt of such Guarantor and (ii) any event of default with respect to Senior Debt of such Guarantor 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. Any Company Senior Payment Default or Guarantor Senior Payment Default may be referred to herein as a "Senior Payment Default". In the event that any Company Senior Nonmonetary Default (as defined below) shall have occurred and be continuing, then, upon the receipt by the Company and the Trustee of written notice of such Company Senior Nonmonetary Default from the Agent Banks under the Credit Agreement (or if such Credit Agreement has been terminated, from any holder of Senior Debt of the Company with a principal amount in excess of $50,000,000), no Company Securities Payment shall be made during the period
Guarantor Senior Payment Default means any default by any Subsidiary Guarantor in the payment of any of the Guarantor Senior Obligations when due, whether at the due date of any such payment or by declaration of acceleration, prepayment or call for redemption or otherwise.
Guarantor Senior Payment Default has the meaning specified in Section 8.4 of the First Supplemental Indenture.
Guarantor Senior Payment Default is defined in Section 14.07.
Guarantor Senior Payment Default shall have the meaning set forth in Section 11.03 of this Supplemental Indenture.
Guarantor Senior Payment Default means any default in the payment of principal of (or premium, if any) or interest on any Senior Debt of a Subsidiary Gurantor 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 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 any holder, or agent for the holders, of any Designated Senior Debt of the Company, no Guarantee Payment shall be made during the applicable Payment Blockage Period. No more than one Payment Blockage Period may be commenced with respect to the Subsidiary Guarantees 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. In the event that, notwithstanding the foregoing, a Subsidiary Guarantor shall make any Guarantee Payment to the Trustee or any Holder prohibited by the foregoing provisions of this Section, and if such fact shall, at or prior to the time of such Guarantee Payment, have been made known to the Trustee or, as the case may be, such Holder, then and in such event such Guarantee Payment shall be paid over and delivered forthwith to the Company. The provisions of this Section shall not apply to any Guarantee Payment with respect to which Section 11.02 of this Supplemental Indenture would be applicable.
Guarantor Senior Payment Default means any default in the payment of principal of (or premium, if any) or interest on Guarantor Designated Senior Debt when due, whether at the Stated Maturity of any such payment or by declamation of acceleration, call for redemption or otherwise. Any Company Senior Payment Default or Guarantor Senior Payment Default may be referred to herein as a "Senior Payment Default". 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 a trustee or other agent on behalf of the holders thereof), which is the subject of such Senior Nonmonetary Default, no payments on account of principal of, premium, if any, or interest on, or in respect of the purchase or other acquisition of, the Notes, and no defeasance of the Notes, may be made for a period (the "Company Payment Blockage Period") commencing on the date of the receipt of such notice and ending the earlier of (i) the date on which such Senior Nonmonetary Default shall have been cured or waived or ceased to exist or all Senior Debt the subject of such Senior Nonmonetary Default shall have been discharged and (ii) the 179th day after the date of the receipt of such notice. In any event, no more than one Company Payment Blockage Period may be