Examples of Non-Payment Event in a sentence
Customer Bankruptcy, Customer Non-Payment Event, or as Consented to.
Securityholders shall have no claim in respect of any Interest Payment Amount (or any part thereof) not paid as a result of either a Non-Payment Election or a Non-Payment Event (in each case, irrespective of whether notice of such Non-Payment Election or Non-Payment Event has been given in accordance with this Condition 5.8) and any non-payment of an Interest Payment Amount (or any part thereof) in such circumstances shall not constitute an Enforcement Event.
Accordingly, CGIF will have no obligations to make payments under the CGIF Guarantee if a Demand for payment of a Guaranteed Amount is delivered to CGIF after the relevant Demand Period (other than in respect of a Demand in the connection with a CGIF Non-Payment Event where no Demand Period is applicable).
However, the holders of the Capital Securities shall have no claim in respect of any Interest Payment Amount not paid as a result of either a Non-Payment Election or a Non-Payment Event and the consequential non-payment of any Interest Payment Amount in such a circumstance shall not constitute an Enforcement Event.
In the event of a Non-Payment Event or a Non-Payment Election, certain restrictions on declaration of dividends and redemption of certain securities by the Issuer and the Guarantor will apply in accordance with Condition 5.9 (Dividend and Redemption Restrictions).