Subordinated default Sample Clauses
Subordinated default. Any event of default (however described) occurs and is continuing under the Bridge Facility Agreement or the High Yield Notes Indenture.
Subordinated default. Any obligee of Subordinated Debt shall (i) fail to materially comply with the subordination provisions of the instruments evidencing such Subordinated Debt or any separate subordination agreement, or (ii) initiate judicial proceedings against a Borrower or take any action seeking to obtain possession of any assets of a Borrower without the consent of the Bank; or
Subordinated default. The failure of any Obligor to make any payment with respect to the Subordinated Debt by reason of the operation of this Section 2.3 shall not be construed as preventing the occurrence of a Subordinated Default. Immediately upon the expiration of any period under this Section 2.3 during which payment on account of the Subordinated Debt shall not be made, the Obligors may resume making, and the Subordinated Creditor may receive and retain, any and all Permitted Subordinated Debt Payments on account of the Subordinated Debt (including any Permitted Subordinated Debt Payments missed during such period), which payment (if so made in full) shall be deemed to have cured, and the Subordinated Creditor shall be deemed to have waived, any default which may arise on account of any such missed payment.