Senior Default Clause Samples

Senior Default. In the event of any default in the payment when due of any part of the Credit Agreement Obligations (whether principal, interest, fees, costs, expenses or other amounts due and owing from time to time under the Credit Agreement Loan Documents) or the occurrence of any other default under any Senior Loan Document which will permit (or with the giving of notice, lapse of time or both, unless cured or waived will permit) the Administrative Agent or any Senior Lender to accelerate the maturity of the Credit Agreement Obligations (any "Senior Default"), but subject in all respect to Section 10 hereof, no payment shall 113 be made by any Venus Credit Party or received by Subordinate Lender from any Venus Credit Party on account of the Subordinate Obligations until such Senior Default shall have been cured or waived or shall have ceased to exist and acceleration (if any) as a result thereof shall have been rescinded or annulled.

Senior Default. The term "Senior Default" shall mean a Senior Payment Default or Senior Covenant Default.

Senior Default. An event of default occurs under any of the Senior Loan Documents; or

Senior Default. Option to Pay Interest in Kind. If, on and as of any Interest Payment Date, a Senior Default shall have occurred and shall have been continuing for less than 180 days, all (but not less than all) of the interest due on such Interest Payment Date may, at the option of the Company upon three Business Days' notice to the Indenture Trustee (who shall give prompt written notice thereof to each Holder) prior to such Interest Payment Date, be paid by the Company by adding to the outstanding principal amount of the Securities an amount equal to such interest (such additional principal amount to be evidenced by (i) each Holder in its accounts in accordance with Section 201(d) or (ii) at the request of any Holder, the issuance by the Company to such Holder of a Note in a principal amount equal to such Holder's pro rata portion of the interest to be paid on such Interest Payment Date in the form of Exhibit A-4 hereto, dated such Interest Payment Date (each, a "PIK Note")).

Senior Default. Notwithstanding the terms of the Finance Documents, it is agreed that prior to the Senior Discharge Date, unless otherwise agreed by the Majority Senior Creditors, after the service of a notice under Clause 27.17 (Acceleration) of the Senior Facilities Agreement (or the corresponding provision of the Refinancing Facilities Agreement) following the occurrence of a Bank Group Default or a notice under the corresponding provision of the Target Group Finance Documents following the occurrence of a Target Group Default: (a) all amounts payable under the Finance Documents by the Issuer or an Obligor; (b) all proceeds of enforcement of the Security Documents granted by the Issuer or an Obligor; and (c) any payment or distribution of any kind or character, whether in cash, securities or other property which is payable or deliverable under or with respect to the Senior Liabilities or the Subordinated Liabilities or any part thereof by any Obligor or the Issuer or its estate or any liquidator, receiver or like officer consequent upon its winding-up, shall forthwith be paid or delivered direct to the Bank Group Security Trustee (or, after the Bank Group Discharge Date, the Target Group Security Trustee) for the benefit of the Secured Creditors subject, in the case of the High Yield Trustee, to Clause 20 (High Yield Trustee) for application pursuant to and in accordance with Clause 6.4 (Application of Proceeds).

Senior Default. Excepting Letter of Credit Draws, in the event of the occurrence of any Senior Default for which Senior Lender has served upon Borrower and Subordinate Trade Creditor a notice of default no payment shall be made by the Borrower on account of the Subordinate Obligations until such Senior Default shall have been expressly waived in writing and acceleration (if any) as a result thereof shall have been expressly waived, rescinded or annulled in writing.