No Payment When Senior Debt in Default. In the event and during the continuation of any default in the payment of the principal of or any premium or interest on any Senior Debt beyond any applicable grace period with respect to such Senior Debt, or in the event that any event of default with respect to any Senior Debt shall have occurred and be continuing permitting the holders of such Senior Debt (or the trustee on behalf of the holders of such Senior Debt) to declare such Senior Debt due and payable prior to the date on which it would otherwise have become due and payable, unless and until such event of default shall have been cured or waived or shall have ceased to exist and any such declaration and its consequences shall have been rescinded or annulled, or (b) in the event any judicial proceeding shall be pending with respect to any such default in payment or event of default, then no payment (including any payment which may be payable by reason of the payment of any other indebtedness of the Company being subordinated to the payment of the Securities) shall be made by the Company on account of the principal of or any premium or interest on the Securities or on account of the purchase or other acquisition of Securities, provided, however, that nothing in this Section 14.2 shall prevent the satisfaction of any sinking fund payment in accordance with Article XII by delivering and crediting pursuant to Section 12.2 Securities which have been acquired (upon redemption or otherwise) prior to such default in payment or event of default. Subject to Section 14.5, in the event that, notwithstanding the foregoing, the Company shall make any payment to the Trustee or the Holder of any Security prohibited by the foregoing provisions of this Section 14.2, and if such fact shall, at or prior to the time of such payment, have been made known in a writing delivered to a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee by a holder of Senior Debt or the Company or, as the case may be, such Holder, then and in such event such payment shall be paid over and delivered to the Company. The provisions of this Section 14.2 shall not apply to any payment with respect to which Section 14.1 would be applicable.
No Payment When Senior Debt in Default. If any Event of Default shall have occurred and be continuing, or such an Event of Default or Potential Default would result from or exist after giving effect to a payment with respect to any portion of the Intercompany Indebtedness, unless the Required Lenders shall have consented to or waived the same, so long as any of the Senior Debt shall remain outstanding, no payment shall be made by any Company owing such Intercompany Indebtedness on account of principal or interest on any portion of the Intercompany Indebtedness.
No Payment When Senior Debt in Default. In the event that any Senior Payment Default shall have occurred, then no Securities Payment shall be made unless and until such Senior Payment Default shall have been cured or waived in writing or shall have ceased to exist or all Obligations in respect of such Senior Debt shall have been paid in full in cash or cash equivalents. The provisions of this Section shall not apply to any Securities Payment with respect to which Section 1302 hereof would be applicable.
No Payment When Senior Debt in Default. With respect to Subordinated Indebtedness for borrowed money, if any Event of Default shall have occurred and be continuing, or such an Event of Default would result from or exist after giving effect to a payment with respect to any portion of the Subordinated Indebtedness, unless the Required Lenders shall have consented to or waived the same, so long as any of the Senior Debt shall remain outstanding, no payment shall be made by any Company owing Subordinated Indebtedness on account of principal or interest on any portion of the Subordinated Indebtedness for borrowed money. No payment shall be made by any Company owing any Subordinated Indebtedness other than for borrowed money of such Subordinated Indebtedness after the earlier of (i) any proceeding described in clause (a) or (c) of Section 2 hereof or (ii) the declaration of the Senior Debt as due and payable before its stated maturity.
No Payment When Senior Debt in Default. In the event and during the Continuation of an Event of Default, unless and until such Event of Default shall have been remedied or waived, no payment shall be made by the Subordinated Debtor on or in respect of any Obligor Subordinated Debt, except for the payments described in Section 2.1(b) and (c) (General) above to the extent such payments described therein are permitted thereunder.
No Payment When Senior Debt in Default. If any Event of Default shall have occurred and be continuing, or such an Event of Default or Potential Default would result from or exist after giving effect to a payment with respect to any portion of the Intercompany Indebtedness, unless the Required Banks shall have consented to or waived the same, so long as any of the Senior Debt shall remain outstanding, no payment shall be made by any Company owing such Intercompany Indebtedness on account of principal or interest on any portion of the Intercompany Indebtedness. If, notwithstanding the foregoing, any Company shall make any payment of the Intercompany Indebtedness to another Company prohibited by the foregoing provisions of this Section, such payment shall be paid over and delivered forthwith to the Agent, for the benefit of the Agent and the Banks as their respective interests may appear. The provisions of this Section shall not apply to any payment with respect to which Section 2 hereof would be applicable.
No Payment When Senior Debt in Default. In the event and during the continuation of any default in the payment of principal of or interest on any Senior Debt, when the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration of acceleration or otherwise, then, upon written notice of such default to the Company by the holders of Senior Debt or any trustee therefor, unless and until such event of default shall have been cured or waived or shall have ceased to exist, then no payment or distribution of any kind or character, whether in cash, properties or securities (including any Junior Subordinated Payment) shall be made by the Company on account of principal of or interest (including any Additional Interest), if any, on the Debentures or on account of the purchase or other acquisition of Debentures by the Company or any Subsidiary. In the event that, notwithstanding the foregoing, the Company shall make any payment to the Trustee or the Holder of any Debenture prohibited by the foregoing provisions of this Section, and if such fact shall, at or prior to the time of such payment, have been made known to the Trustee or, as the case may be, such Holder, then and in such event such payment shall be paid over and delivered forthwith to the Company. The provisions of this Section shall not apply to any payment with respect to which Section 1102 would be applicable.
No Payment When Senior Debt in Default. In the event that
No Payment When Senior Debt in Default. In the event that any Company Senior Payment Default (as defined below) shall have occurred and be continuing, then no Company Securities Payment shall be made unless and until such Company Senior Payment Default shall have been cured or waived or shall have ceased to exist or all amounts then due and payable in respect of Senior Debt of the Company shall have been paid in full, or provision shall have been made for such payment in cash or otherwise in a manner satisfactory to the holders of such Senior Debt. "Company Senior Payment Default" means (i) any default in the payment of principal of (or premium, if any) or interest on any Senior Debt of the Company and (ii) any event of default with respect to Senior Debt of the Company which has resulted in such Senior Debt becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable.
No Payment When Senior Debt in Default. In the event that any default in the payment of principal of (or premium, if any) or interest on any Senior Debt beyond any applicable grace period with respect thereto shall have occurred and be continuing, then no Note Payment shall be made, unless and until such event of default shall have been cured or waived or shall have ceased to exist. Additionally, in the event that any other event of default (i.e., other than a default in the payment of principal of (or premium, if any) or interest on any Senior Debt) with respect to any Senior Debt shall have occurred and be continuing permitting the holder or holders or trustee of such Senior Debt to declare such Senior Debt due and payable prior to the date on which it would otherwise have become due and payable, and any Notice Giver has given a Payment Stoppage Notice with respect to such Senior Debt, then no Note Payment shall be made, unless and until the earliest to occur of (i) the expiration of the related Payment Stoppage Period, (ii) the Company and the Holders of the Notes receive written notice from the Notice Giver terminating such Payment Stoppage Period, or (iii) such event of default shall have been cured or waived or shall have ceased to exist. Notwithstanding anything herein to the contrary, in no event will a Payment Stoppage Period extend beyond 179 days after the date any Note Payment was due and not paid as a consequence of such Payment Stoppage Period, and only one such Payment Stoppage Period may be commenced within any period of 365 consecutive days. For purposes of this Section 5.3, no default which existed or was continuing with respect to the Senior Debt to which the Payment Stoppage Period relates on the date such Payment Stoppage Period commenced shall be or be made the basis for the commencement of any subsequent Payment Stoppage Period by any holder of such Senior Debt unless such default is cured or waived for a period of not less than 90 consecutive days. In the event that, notwithstanding the foregoing, the Company shall make any Note Payment to any Holder of the Notes prohibited by the foregoing provisions of this Section, then and in such event, such Note Payment shall be paid over and delivered forthwith to the Company. The provisions of this Section 5.3 shall not apply to any Note Payment with respect to which Section 5.2 would be applicable.
