Non-Payment Default definition

Non-Payment Default means any event (other than a Payment Default) the occurrence of which entitles one or more Persons to accelerate the maturity of any Designated Senior Indebtedness.

Non-Payment Default has the meaning specified in Section 4.2(ii).

Non-Payment Default shall have the meaning specified in Section 12.2(b).

Examples of Non-Payment Default in a sentence

• No Non-Payment Default that existed or was continuing on the date of delivery of any Payment Blockage Notice to the Trustee shall be, or be made, the basis for a subsequent Payment Blockage Notice.

• No Non-Payment Default that existed or was continuing on the date of delivery of any Payment Blockage Notice to the Trustee shall be, or be made, the basis for a subsequent Payment Blockage Notice unless such default shall have been cured or waived for a period of not less than 90 days.

• Any Non-Payment Default Notice shall be deemed received by the Term Lenders upon the date of actual receipt by the Term Lenders or the Term Administrative Agent or other representative of such Non-Payment Default Notice in writing.

• A Default may be either a Payment Default or a Non-Payment Default.

• Payments on the Notes may and shall be resumed (a) in the case of a Payment Default, upon the date on which such default is cured or waived and (b) in case of a Non-Payment Default, the earlier of the date on which such Non-Payment Default is cured or waived or 179 days after the date on which the applicable Payment Blockage Notice is received, unless a Payment Default has occurred and is continuing, including as a result of the acceleration of the maturity of any Designated Senior Indebtedness.

More Definitions of Non-Payment Default

Non-Payment Default has the meaning specified in Section 15.2.

Non-Payment Default has the meaning specified in Section 4.03.

Non-Payment Default has the meaning provided in Section 10.02(b).

Non-Payment Default has the meaning specified in Section 14.03.

Non-Payment Default means any default or event of default (other than a Payment Default) under any agreement or instrument relating to Senior Debt. For purposes of the immediately preceding sentence, an “event of default” shall exist when as a result thereof the holders of the pertinent Senior Debt are then permitted to cause such Senior Debt to become due prior to its scheduled maturity.

Non-Payment Default means any default or event of default under or in respect of any Designated Senior Indebtedness, other than a Payment Default.

Non-Payment Default means an Event of Default other than a Payment Default.