Suspension of Payment When Senior Indebtedness in Default. (a) Unless Section 3.2 shall be applicable, upon the occurrence of a Payment Default, then no payment (other than any payments made pursuant to Section 13.1 which have been deposited with the Trustee for at least 124 days) or distribution of any assets of the Company or any Subsidiary of any kind or character (excluding Permitted Junior Notes) shall be made by the Company or any Subsidiary or on behalf of or out of the property of the Company, or received by the Trustee or any Noteholder on account of principal of, premium, if any, or interest on, the Notes or on account of the purchase, redemption, defeasance (whether under Section 13.1(b) or 13.1(c)) or other acquisition of or in respect of the Notes unless and until such Payment Default shall have been cured or waived in writing by the holders of the Designated Senior Indebtedness or shall have ceased to exist or the Designated Senior Indebtedness shall have been paid in full in cash, Cash Equivalents or in any other manner as acceptable to each holder of such Senior Indebtedness, after which the Company shall resume making any and all required payments in respect of the Notes, including any missed payments.
(b) Unless Section 3.2 shall be applicable, upon (i) the occurrence of a Non-payment Default and (ii) receipt by the Trustee and the Company from a Senior Representative or the holder of any Designated Senior Indebtedness of written notice of such occurrence, no payment (other than any payments made pursuant to Section 13.1 which have been deposited with the Trustee for at least 124 days) or distribution of any assets of the Company or any Subsidiary of any kind or character (excluding Permitted Junior Notes) shall be made by the Company or any Subsidiary or on behalf of or out of the property of the Company, or received by the Trustee or any Noteholder on account of any principal of, premium, if any, or interest on, the Notes or on account of the purchase, redemption, defeasance (whether under Section 13.1(b) or 13.1(c)) or other acquisition of or in respect of Notes for a period ("Payment Blockage Period") commencing on the date of receipt by the Trustee of such notice unless and until the earliest of (subject to any blockage of payments that may then or thereafter be in effect under subsection (a) of this Section 3.3) (x) 179 days after receipt of such written notice by the Trustee (provided any Designated Senior Indebtedness as to which notice was given shall theretofore have not been accelerate...
Suspension of Payment When Senior Indebtedness in Default. (1) If any default occurs and is continuing in the payment when due, whether at maturity, upon any redemption, by acceleration or otherwise, of any principal, premium or interest on any Senior Indebtedness, no payment of any kind or character shall be made by or on behalf of the Company or any other Person on its behalf with respect to any Obligations on the Securities or to acquire any of the Securities for cash or property or otherwise.
(2) In addition, if any other event of default occurs and is continuing with respect to any Senior Indebtedness, other than Designated Senior Indebtedness, as such event of default is defined in the instrument creating or evidencing such Senior Indebtedness, permitting the holders of such Senior Indebtedness then outstanding to immediately accelerate the maturity thereof and if a representative for such issue of Senior Indebtedness gives written notice of the event of default to the Trustee (a "Default Notice"), then unless and until all events of default with respect to such Senior Indebtedness have been cured, or waived in writing or have ceased to exist or the Trustee receives notice from such representative for the respective issue of Senior Indebtedness terminating the Blockage Period (as defined below), during the 179 days after the delivery of such Default Notice (the "Blockage Period"), neither the Company nor any other Person on its behalf shall (x) make any payment of any kind or character with respect to any Obligations on the Securities or (y) acquire any of the Securities for cash or property or otherwise. Notwithstanding anything herein to the contrary, in no event will a Blockage Period extend beyond 179 days from the date the payment on the Securities was due and only one such Blockage Period may be commenced within any 365 consecutive days, irrespective of the number of defaults with respect to Senior Indebtedness during such period. In no event may the total number of days during which any Blockage Period is or Blockage Periods are in effect exceed 179 days in the aggregate during any consecutive 365 day period. No event of default which existed or was continuing on the date of the commencement of any Blockage Period with respect to the Senior Indebtedness shall be, or be made, the basis for commencement of a second Blockage Period by a representative of such Senior Indebtedness unless such event of default shall have been cured or waived for a period of not less than 90 consecutive days (it being acknow...
Suspension of Payment When Senior Indebtedness in Default. Unless Section 1202 shall be applicable, upon (1) the occurrence of a Payment Default and (2) receipt by the Trustee from the Company or a holder of Senior Indebtedness of written notice of such occurrence, no payment (other than any payments made pursuant to the provisions contained in Sections 402 and 403 from monies or U.S. Government Obligations previously deposited with the Trustee) or distribution of any assets of the Company of any kind or character from any source, whether in cash, property or securities (other than Permitted Junior Securities), shall be made by the Company including by way of set-off or enforcement of any guarantee or otherwise, on account of the Subordinated Obligations or on account of the purchase or redemption, deposit for defeasance or other acquisition of Securities unless and until such Payment Default shall have been cured or waived in writing or shall have ceased to exist or such Senior Indebtedness shall have been discharged or paid in full in cash or Cash Equivalents, after which the Company shall resume making any and all required payments in respect of the Securities, including any missed payments.
Suspension of Payment When Senior Indebtedness in Default. The Company may not pay principal of, premium, if any, or interest on, the Securities or make any deposit pursuant to the provisions described under "Defeasance" and may not otherwise purchase, redeem or otherwise retire any Securities (collectively, "pay the Securities") if:
Suspension of Payment When Senior Indebtedness in Default. (a) Unless Section 12.02 hereof shall be applicable, upon the occurrence of a Payment Default on Designated Senior Indebtedness of the Company, no payment or distribution (other than a payment or distribution from the trust described in Section 9.01 or Section 9.04) of any assets or securities of the Company of any kind or character (including, without limitation, cash, Property and any payment or distribution which may be payable or deliverable by reason of the payment of any other Indebtedness of the Company being subordinated to the payment of the Notes by the Company) shall be made by the Company or any Restricted Subsidiary of the Company, including, without limitation, by way of set-off or otherwise, for or on account of any obligations under the Notes or this Indenture, or for or on account of the purchase, redemption or other acquisition of the Notes, and neither the Trustee nor any Holder shall take or receive from the Company, directly or indirectly in any manner, payment in respect of all or any portion of Notes commencing on the date of receipt by the Trustee of written notice from the representative of the holders of such Designated Senior Indebtedness (the "Representative") to the -------------- Trustee of written notice of the occurrence of a Payment Default, and in any such event, such prohibition shall continue until such Payment Default is cured, waived in writing or otherwise ceases to exist. At such time as the prohibition set forth in the preceding sentence shall no longer be in effect, subject to the provisions of the following paragraph (b), the Company shall resume making any and all required payments in respect of the Notes, including any missed payments.
(b) Unless Section 12.02 hereof shall be applicable, upon the occurrence of a Non-Payment Default on Designated Senior Indebtedness of the Company, no payment or distribution (other than a payment or distribution from the trust described in Section 9.01 or Section 9.04) of any assets of the Company of any kind or character (including, without limitation, cash, property and any payment or distribution which may be payable or deliverable by reason of the payment of any other Indebtedness of the Company being subordinated to the payment of the Notes by the Company) shall be made by the Company or any Restricted Subsidiary of the Company, including, without limitation, by way of set-off or otherwise, on account of any obligations under the Notes or this Indenture or on account of the ...
Suspension of Payment When Senior Indebtedness in Default. Unless Section 10.02 hereof shall be applicable, after the occurrence of a Payment Default no payment or distribution of any assets of the Company of any kind or character (excluding Permitted Junior Securities) shall be made by or on behalf of the Company, including, without limitation, by way of set-off or otherwise, for or on account of principal of, premium, if any, or interest on the Securities or on account of the purchase, redemption, defeasance or other acquisition of Securities unless and until such Payment Default shall have been cured or waived in writing or shall have ceased to exist or the Senior Indebtedness as to which such Payment Default relates shall have been discharged or paid in full in cash or Cash Equivalents, after which the Company shall resume making any and all required payments in respect of the Securities, including any missed payments.
Suspension of Payment When Senior Indebtedness in Default. The Company shall not make any payment of the principal of, or interest on, the Notes (a) at any time when it is in default in the payment of principal of, or interest on, any Senior Indebtedness, or (b) if at the time of such payment or immediately after giving effect thereto, there shall exist any default (other than a default specified in clause (a) above) specified in any Senior Indebtedness which shall have continued uncured for the period of grace (or the period after notice), if any, specified in such Senior Indebtedness if such default shall give the holders of Senior Indebtedness the right to accelerate the maturity thereof, provided that Company shall have given the Holders written notice of the occurrence of any such default (or the Company shall have given such written notice to the Trustee on behalf of the Holders), unless and until such default shall have been cured or waived or shall have ceased to exist. Any payment of principal of, or interest on, the Notes under circumstances described in clause (a) and (b) above shall be held by the Holders, or by the Trustee, in trust for the holders of Senior Indebtedness, provided Company shall give the Holders written notice of the occurrence of any default referred to in the preceding sentence (or the Company shall give such written notice to the Trustee on behalf of the Holders).
Suspension of Payment When Senior Indebtedness in Default. Section 1203 (a) of the Indenture is replaced with the following for purposes of the Debt Securities:
Suspension of Payment When Senior Indebtedness in Default. (a) Unless Section 13.2 hereof shall be applicable, upon the occurrence of a Payment Default, no direct or indirect payment or distribution of any Property of the Company of any kind or character shall be made by or on behalf of the Company on account of the Note Obligations or on account of the purchase or redemption or other acquisition of any Note Obligations unless and until such Payment Default shall have been cured or waived or shall have ceased to exist or such Designated Senior Indebtedness shall have been discharged or paid in full in cash or Cash Equivalents, after which, subject to Section 13.2 hereof (if applicable), the Company shall resume making any and all required payments in respect of the Securities and the other Note Obligations, including any missed payments.
Suspension of Payment When Senior Indebtedness in Default. The Parent and the Subsidiary Issuer may not pay principal of, premium if any, or interest on, or other payment obligations in respect of, the Notes or make any deposit pursuant to the provisions described under Article Fifteen and may not otherwise purchase, redeem or retire any Notes or Units (collectively, "pay the Notes") if:
