Default on Designated Senior Debt. (a) The Company may not make any payment or distribution to the Trustee or any Holder in respect of Obligations with respect to the Notes and may not acquire from the Trustee or any Holder any Notes for cash or property (other than (A) Permitted Junior Securities and (B) payments and other distributions made from any defeasance trust created pursuant to Section 8.01 hereof) until all principal and other Obligations with respect to the Senior Debt have been paid in full if:
Default on Designated Senior Debt. No Subsidiary Guarantor shall make any payment upon or in respect of the Subsidiary Guarantees (except in Permitted Junior Securities or from the trust described under Article 8 hereof) if (i) a default in the payment of the principal of, premium, if any, or interest on Designated Senior Debt of such Subsidiary Guarantor occurs and is continuing beyond any applicable period of grace or (ii) any other default occurs and is continuing with respect to Designated Senior Debt of such Subsidiary Guarantor that permits holders of the Designated Senior Debt as to which such default relates to accelerate its maturity and the Trustee receives a notice of such default (a "Payment Blockage Notice") from such Subsidiary Guarantor or the holders of any Designated Senior Debt. Payments on the Subsidiary Guarantees 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 nonpayment default, the earlier of the date on which such nonpayment default is cured or waived or 179 days after the date on which the applicable Payment Blockage Notice is received, unless the maturity of any Designated Senior Debt of such Subsidiary Guarantor has been accelerated. No new period of payment blockage may be commenced unless and until (i) 360 days have elapsed since the effectiveness of the immediately prior Payment Blockage Notice and (ii) all scheduled payments of principal, premium, if any, and interest on the Notes that have come due have been paid in full in cash. No nonpayment 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 consecutive days.
Default on Designated Senior Debt. The Company may not make any payment or distribution to the Trustee or any Holder in respect of Obligations with respect to the Notes and may not acquire from the Trustee or any Holder any Notes for cash or property (other than (i) Permitted Junior Securities and (ii) payments and other distributions made from any defeasance trust created pursuant to Section 8.01 hereof) until all principal and other Obligations with respect to the Senior Debt have been paid in full if:
Default on Designated Senior Debt. (a) The Company may not make any payment or distribution to the Trustee or any Holder in respect of the Securities and may not acquire from the Trustee or any Holder any Securities for cash or property (other than (1) securities that are subordinated to at least the same extent as the Securities to (A) Senior Debt and (B) any securities issued in exchange for Senior Debt and (2) payments and other distributions made from any defeasance trust created pursuant to Section 8.05 hereof) until all principal and other Obligations with respect to the Senior Debt have been paid in full if:
Default on Designated Senior Debt. The Company may not make any payment in respect of the Notes or any distribution of assets or proceeds (except in respect of Permitted Junior Securities or from the trust pursuant to Article Thirteen hereof) if:
Default on Designated Senior Debt. 85 SECTION 10.04.
Default on Designated Senior Debt. The Company may not make any direct or indirect payment to the Trustee or any Holder of principal of (premium, if any), or interest on, the Notes, whether pursuant to the terms of the Notes, upon acceleration or otherwise, if at the time of such payment there exists (i) a default in the payment of all or any portion of principal of (premium, if any), interest on, fees or other amounts owing in connection with any Designated Senior Debt, or (ii) any other default under any document or instrument governing or evidencing any Designated Senior Debt, and the Trustee has received written notice of such default from the Representative of the holders of Designated Senior Debt, and, in either case, such default shall not have been cured or waived in writing; provided, however, that if within the period specified in the next sentence with respect to a default referred to in clause (ii) above, the holders of Designated Senior Debt have not declared the Designated Senior Debt to be immediately due and payable (or have declared such Designated Senior Debt to be immediately due and payable and within such period have rescinded such acceleration), then and in that event, payment of principal of, and interest on, the Notes shall be resumed. With respect to any default under clause (ii) above, the period referred to in the preceding sentence shall commence upon receipt by the Trustee of a written notice or notices (which shall specify all defaults existing under the Designated Senior Debt on the date of such notice and of which the Representative giving such notice had actual knowledge at such time) of the commencement of such period from such Representative, and shall end at the completion of the 179th day after the beginning of such period. Only one such 179 day period may commence within any 360 consecutive days. Upon termination of any such period, the Company shall resume payments on account of the principal of (premium, if any), and interest on, the Notes, subject to the provisions of this Article XIII.
Default on Designated Senior Debt. 85 Section 10.04. Acceleration of Notes................................... 86 Section 10.05. When Distribution Must Be Paid Over..................... 86 Section 10.06. Notice by Company....................................... 87 Section 10.07. Subrogation............................................. 87 Section 10.08. Relative Rights......................................... 87 Section 10.09. Subordination May Not Be Impaired by Company............ 87 Section 10.10. Distribution or Notice to Representative................ 88 Section 10.11. Notice to Trustee; Rights of Trustee and Paying Agent... 88 Section 10.12.
Default on Designated Senior Debt. 64 SECTION 12.04. Acceleration of Securities................................. 65 SECTION 12.05. When Distribution Must Be Paid Over........................ 65 SECTION 12.06. Notice by Guarantor........................................ 66 SECTION 12.07. Subrogation................................................ 66 SECTION 12.08. Relative Rights............................................ 66 SECTION 12.09. Subordination May Not Be Impaired by the Guarantors........ 66 SECTION 12.10. Distribution or Notice to Representative................... 67 SECTION 12.11. Rights of Trustee and Paying Agent......................... 67 SECTION 12.12. Authorization to Effect Subordination...................... 68 SECTION 12.13. Amendments................................................. 68
Default on Designated Senior Debt. (a) Neither the Company nor any of the Guarantors may make any payment in respect of the Notes (except in respect of Permitted Junior Securities or from the trusts described under Article 8 and Article 11 hereof) if:
