Common use of Senior Default Clause in Contracts

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have been cured or waived or shall have ceased to exist and acceleration (if any) as a result thereof shall have been rescinded or annulled.