Senior Non-Payment Default definition

Senior Non-Payment Default has the meaning specified in Section 1204.

Senior Non-Payment Default means any event default (other than a Senior Payment Default) under the Indenture or the other Senior Debt Documents, after expiration of any related grace or cure period, if any, which event of default permits the Trustee or any Holder or Holders to accelerate the maturity or demand payment of all or any portion of the Senior Debt.

Senior Non-Payment Default has the meaning set forth in Section 7(a)(ii).

Examples of Senior Non-Payment Default in a sentence

• The Trustee and the Obligors shall provide the Junior Creditors and any Junior Trustee with a Senior Default Notice promptly upon the occurrence of each Senior Default, which notice shall specify the date of first occurrence thereof and the nature of such Senior Default (including whether it constitutes a Senior Non-Payment Default or a Senior Payment Default), and the Trustee shall notify the Junior Creditors and any Junior Trustee promptly in the event such Senior Default is cured or waived.

• For all purposes of this paragraph, no Senior Non-Payment Default that existed or was continuing on the date of commencement of any Payment Blockage Period with respect to the Senior Indebtedness initiating such Payment Blockage Period shall be, or be made, the basis for the commencement of a subsequent Payment Blockage Period by holders of Senior Indebtedness or their representatives unless such Senior Non-Payment Default shall have been cured or waived for a period of not less than 90 consecutive days.

• If such Senior Event of Default is a Senior Non-Payment Default, the earliest to occur of (i) the date such Senior Non-Payment Default shall have been cured or waived in writing in accordance with the terms of the Loan Documents, or (ii) the date that is 180 days after the date on which the Senior Lender shall have given the related Payment Blockage Notice.

• If such Event of Default is a Senior Non-Payment Default, the earliest to occur of (i) the date such Senior Non-Payment Default shall have been cured or waived in writing in accordance with the terms of the Loan Documents, or (ii) the date that is 180 days after the date on which the Senior Agent shall have given the related Payment Blockage Notice.

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More Definitions of Senior Non-Payment Default

Senior Non-Payment Default means any Event of Default that does not constitute a Senior Payment Default.

Senior Non-Payment Default means any event or condition (other than a Senior Payment Default) the occurrence of which entitles one or more Persons to accelerate the maturity of any Senior Indebtedness. For purposes of this definition, a Senior Non-Payment Default shall be deemed to exist on the date of occurrence of such event or condition and any required notice shall be deemed to have been given and any applicable grace period shall be deemed to have expired on such date.

Senior Non-Payment Default means any default by the Company under the Senior Credit Agreement that would permit acceleration of the maturity of the Indebtedness arising thereunder (after giving effect to any applicable grace or cure periods), other than a Senior Payment Default.

Senior Non-Payment Default is defined in Section 13.03.

Senior Non-Payment Default means the occurrence or existence and continuance of an event of default with respect to Designated Senior Indebtedness, other than a Senior Payment Default, that by the terms of such Designated Senior Indebtedness permits the holders of the Designated Senior Indebtedness (or a trustee or other agent on behalf of the holders thereof) then to declare such Designated Senior Indebtedness due and payable prior to the date on which it would otherwise become due and payable. The failure to make any payment on the Notes by reason of the provisions of this Section 13.03 will not be construed as preventing the occurrence of an Event of Default with respect to the Notes arising from any such failure to make payment. Upon termination of any period of Payment Blockage Period, the Company shall, subject to the first paragraph of this Section 13.03 and to Section 13.07, resume making any and all required payments in respect of the Notes, including any missed payments. In the event that, notwithstanding the foregoing, the Company shall make any Notes Payment to any Junior Creditor prohibited by the foregoing provisions of this Section 13.03, then and in such event such Notes Payment to such Junior Creditor shall be paid over and delivered forthwith to the holders of the Senior Indebtedness of the Company in the same form received and, until so turned over, the same shall be held in trust by such Junior Creditor as the property of the holders of the Senior Indebtedness. Except as provided in the previous paragraph, the provisions of this Section 13.03 shall not apply to any Notes Payment with respect to which Section 13.02 would be applicable.

Senior Non-Payment Default means an Event of Default that does not constitute a Senior Payment Default.

Senior Non-Payment Default means any (a) Default under Section 8.01(b)(ii), (v) Default or Event of Default under Section 8.01(a) not constituting a Senior Payment Default or (c) Continuing Event of Default under any of the Senior Debt Documents not constituting a Senior Payment Default, or any condition or event that, after notice or lapse of time or both, would constitute such a Default or Event of Default if that condition or event were not cured or removed within any applicable grace or cure period set forth therein.