Common use of No Payment When Senior Debt in Default Clause in Contracts

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.

No Payment When Senior Debt in Default. In Anything in this Indenture to the event that any default in the contrary notwithstanding, no payment on account of principal of (or premiumredemption of, if any) or interest on or other amounts due on the Securities, and no redemption, purchase, or other acquisition of the Securities, shall be made by or on behalf of the Company (i) unless full payment of amounts then due for principal and interest and of all other obligations then due on all Senior Debt been made or duly provided for pursuant to the terms of the instrument governing such Senior Debt, (ii) if, at the time of such payment, redemption, purchase or other acquisition, or immediately after giving effect thereto, there shall exist under any Senior Debt, or any agreement pursuant to which any Senior Debt beyond is issued, any applicable grace period with respect thereto default, which default shall not have been cured or waived and which default shall have occurred resulted in the full amount of such Senior Debt being declared due and be continuingpayable or (iii) if, then no Note at the time of such payment, redemption, purchase or other acquisition, the Trustee shall have received written notice from the holder or holders of any Senior Debt or their representative or representatives (a "Payment Blockage Notice") that there exists under such Senior Debt, or any agreement pursuant to which such Senior Debt is issued, any default, which default shall be madenot have been cured or waived, permitting the holders thereof to declare the full amount of such Senior Debt due and payable, but only for the period (the "Payment Blockage Period") commencing on the date of receipt of the Payment Blockage Notice and ending (unless and until earlier terminated by notice given to the Trustee by the Holders of such Senior Debt) on the earlier of (A) the date on which such event of default shall have been cured or waived or shall have ceased to exist(B) 180 days from the receipt of the Payment Blockage Notice. AdditionallyUpon termination of a Payment Blockage Period, in the event that any other event of default (i.e., other than a default in the payment payments on account of principal of (or premium, if any) or interest on any Senior Debt) with respect to any Senior Debt shall have occurred the Securities and redemptions, purchases or other acquisitions may be continuing permitting the holder made by 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 behalf 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 existCompany. Notwithstanding anything herein to the contrary, in no (A) only one Payment Blockage Notice may be given during any period of 360 consecutive days with respect to the same event will a Payment Stoppage Period extend beyond 179 days after of default and any other events of default on the date any Note Payment was due same issue of Senior Debt existing and not paid as a consequence known to the person giving such notice at the time of such notice and (B) no new Payment Stoppage Period, and only one such Payment Stoppage Blockage Period may be commenced within by the holder or holders of the same issue of Senior Debt or their representative or representatives during any period of 365 360 consecutive days. For purposes days unless all events of this Section 5.3, no default which existed or was continuing with respect were the object of the immediately preceding Payment Blockage Notice, and any other event of default on the same issue of Senior Debt existing and known to the Senior Debt to which person giving such notice at 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 time of such Senior Debt unless such default is notice, have been cured or waived for a period of not less than 90 consecutive dayswaived. 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 SectionSection 1603, then and payments are made by or on behalf of the Company in such eventcontravention of the provisions of this Section 1603, such Note Payment payments shall be held by the Trustee, any Paying Agent or the Holders, as applicable, in trust for the benefit of, and shall be paid over to and delivered forthwith to, the holders of Senior Debt or their representative or the trustee under the indenture or other agreement (if any), pursuant to which any instruments evidencing any Senior Debt may have been issued, as their respective interests may appear, for application to the Companypayment of all Senior Debt remaining unpaid to the extent necessary to pay all Senior Debt in full in accordance with the terms of such Senior Debt, after giving effect to any concurrent payment or distribution to or for the holders of Senior Debt. The provisions of this Section 5.3 shall not apply to any Note Payment payment with respect to which Section 5.2 1602 would be applicable.

No Payment When Senior Debt in Default. In The Company will not make any Subordinated Securities Payment or make any deposit pursuant to the event that provisions described under "Defeasance" Article Thirteen if (i) any default in the payment of principal of (or premium, if any) or interest on any Designated Senior Debt beyond is not paid when due (after giving effect to any applicable grace period periods) or (ii) any other default on Designated Senior Debt occurs and the maturity of such Designated Senior Debt is accelerated in accordance with respect thereto shall have occurred and be continuingits terms unless, then no Note Payment shall be madein either case, unless and until such event of the default shall have has been cured or waived or shall have has ceased to existexist and any such acceleration has been rescinded or such Designated Senior Debt has been discharged or paid in full; provided, however, that the Company may make Subordinated Securities Payments or make any deposit pursuant to the provisions described under "Defeasance" Article Thirteen without regard to the foregoing if the Company and the Trustee receive written notice approving such payment from the representative of the Designated Senior Debt with respect to which either of the events set forth in clause (i) or (ii) of the immediately preceding sentence has occurred and is continuing. Additionally, in During the event that continuance of any other event of default (i.e., other than a default described in the payment of principal of clause (or premium, if anyi) or interest on any Senior Debt(ii) of the second preceding sentence) (a "non-payment default") with respect to any Designated Senior Debt shall have occurred and pursuant to which the maturity thereof may be continuing permitting accelerated immediately without further notice (except such notice as may be required to effect such accelerations) or the holder or holders or trustee expiration of any applicable grace periods, the Company may not make Subordinated Securities Payments for a period (a "Payment Blockage Period") commencing upon the receipt by the Trustee (with a copy to the Company) of written notice (a "Blockage Notice") of such default from the representative of the holders of such Designated Senior Debt specifying an election 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 effect a Payment Stoppage Notice with respect to Blockage Period and ending 179 days thereafter (or earlier if such Senior Debt, then no Note Payment shall be made, unless and until the earliest to occur of Blockage Period is terminated (i) by written notice to the expiration of Trustee and the related Payment Stoppage PeriodCompany from the Person or Persons who gave such Blockage Notice, (ii) because the Company and the Holders of the Notes receive written notice from the default giving rise to such Blockage Notice Giver terminating such Payment Stoppage Period, is no longer continuing or (iii) such event of default shall have because Designated Senior Debt has been cured discharged or waived or shall have ceased to existrepaid in full). Notwithstanding anything herein to the contraryprovisions described in the immediately preceding sentence, unless an event described in no event will a Payment Stoppage Period extend beyond 179 days clause (i) or (ii) of the first sentence of this paragraph has occurred, the Company may resume payments on the Subordinated Securities after the date any Note Payment was due and not paid as a consequence end of such Payment Stoppage Blockage Period, and only . The Subordinated Securities shall not be subject to more than one such Payment Stoppage Blockage Period may be commenced within in any period of 365 consecutive days360-day period. For all purposes of this Section 5.3paragraph, no non-payment default which with respect to Designated Senior Debt that existed or was continuing on the date of the commencement of any Payment Blockage Period with respect to the Designated Senior Debt to which the Payment Stoppage Period relates on the date initiating such Payment Stoppage Blockage Period commenced shall be will be, or be can be, made the basis for the commencement of any subsequent a second Payment Stoppage Period by any holder of such Senior Debt Blockage Period, unless such default is has been 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 Subordinated Securities Payment to the Trustee or any Holder of the Notes prohibited by the foregoing provisions of this SectionSection 1403, then and in such event, such Note Subordinated Securities Payment shall be paid over and delivered forthwith to the holders of the Senior Indebtedness of the Company remaining unpaid, to the extent necessary to pay in full all the Senior Indebtedness of the Company. If payment of the Notes is accelerated because of an Event of Default, the Company or the Trustee shall promptly notify the holders of Designated Senior Debt or the representative of such holders of the acceleration. The provisions of this Section 5.3 1403 shall not apply to any Note Subordinated Securities Payment with respect to which Section 5.2 1402 would be applicable. In the event that, notwithstanding the foregoing, any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities, prohibited by the foregoing provisions of this Section, shall be received by the Trustee under this Indenture or the Holders of the Subordinated Securities before all Senior Indebtedness is paid in full or provision is made for such payment in accordance with its terms, and if such fact shall, at or prior to the time of such payment or distribution, have been known to the Trustee, then such payment or distribution shall be held in trust for the benefit of and shall be paid over or delivered to the representative of the holders of such Senior Indebtedness, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing any of such Senior Indebtedness may have been issued, as their respective interest may appear, for application to the payment of all Senior Indebtedness remaining unpaid until all such Senior Indebtedness shall have been paid in full in accordance with its distribution to or for the holders of such Senior Indebtedness. For purposes of this Article only, the words "cash, property or securities" shall not be deemed to include shares of stock of the Company as reorganized or readjusted, or securities of the Company or any other corporation provided for by a plan of arrangement, reorganization or readjustment, the payment of which is subordinated (at least to the extent provided in this Article with respect to the Subordinated Securities) to the payment of all Senior Indebtedness which may at the time be outstanding; provided that (i) the Senior Indebtedness is assumed by the new corporation, if any, resulting from any such arrangement, reorganization or readjustment, and (ii) the rights of the holders of the Senior Indebtedness are not, without the consent of such holders, altered by such arrangement, reorganization or readjustment. The consolidation of the Company with, or the merger of the Company with or into, another corporation or the liquidation or dissolution of the Company following the conveyance or transfer of all or substantially all of its assets to another corporation upon the terms and conditions provided in Article Eight shall not be deemed a dissolution, winding-up, liquidation or reorganization for the purposes of this Section if such other corporation shall, as a part of such consolidation, merger, conveyance or transfer, comply with the conditions stated in Article Eight. Nothing in this Section shall apply to claims of, or payments to, the Trustee under or pursuant to Article Six, except as expressly provided therein. This Section shall be subject to the further provisions of Section 1406.

No Payment When Senior Debt in Default. In The Company may not make any Notes Payment or make any deposit pursuant to the event that provisions described under "Defeasance" Article IX if (i) any default in the payment of principal of (or premium, if any) or interest on any Designated Senior Debt beyond is not paid when due or (ii) any applicable grace period other default on Designated Senior Debt occurs and the maturity of such Designated Senior Debt is accelerated in accordance with respect thereto shall have occurred and be continuingits terms unless, then no Note Payment shall be madein either case, unless and until such event of the default shall have has been cured or waived or shall have has ceased to existexist and any such acceleration has been rescinded or such Designated Senior Debt has been discharged or paid in full; provided, however, that the Company may make Notes Payments or make any deposit pursuant to the provisions described under "Defeasance" Article IX without regard to the foregoing if the Company and the Trustee receive written notice approving such payment from the Representative of the Designated Senior Debt with respect to which either of the events set forth in clause (i) or (ii) of the immediately preceding sentence has occurred and is continuing. Additionally, in During the event that continuance of any other event of default (i.e., other than a default described in the payment of principal of clause (or premium, if anyi) or interest on any Senior Debt(ii) of the second preceding sentence) (a "non-payment default") with respect to any Designated Senior Debt shall have occurred and pursuant to which the maturity thereof may be continuing permitting accelerated immediately without further notice (except such notice as may be required to effect such accelerations) or the holder or holders or trustee expiration of any applicable grace periods, the Company may not make Notes Payments for a period (a "Payment Blockage Period") commencing upon the receipt by the Trustee (with a copy to the Company) of written notice (a "Blockage Notice") of such default from the Representative of the holders of such Designated Senior Debt specifying an election 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 effect a Payment Stoppage Notice with respect to Blockage Period and ending 179 days thereafter (or earlier if such Senior Debt, then no Note Payment shall be made, unless and until the earliest to occur of Blockage Period is terminated (i) by written notice to the expiration of Trustee and the related Payment Stoppage PeriodCompany from the Person or Persons who gave such Blockage Notice, (ii) because the Company and the Holders of the Notes receive written notice from the default giving rise to such Blockage Notice Giver terminating such Payment Stoppage Period, is no longer continuing or (iii) such event of default shall have because Designated Senior Debt has been cured discharged or waived or shall have ceased to existrepaid in full). Notwithstanding anything herein to the contraryprovisions described in the immediately preceding sentence, unless an event described in no event will a Payment Stoppage Period extend beyond 179 days clause (i) or (ii) of the first sentence of this paragraph has occurred, the Company may resume payments on the Notes after the date any Note Payment was due and not paid as a consequence end of such Payment Stoppage Blockage Period, and only . The Notes shall not be subject to more than one such Payment Stoppage Blockage Period may be commenced within in any period of 365 consecutive days360-day period. For all purposes of this Section 5.3paragraph, no non-payment default which with respect to Designated Senior Debt that existed or was continuing on the date of the commencement of any Payment Blockage Period with respect to the Designated Senior Debt to which the Payment Stoppage Period relates on the date initiating such Payment Stoppage Blockage Period commenced shall be will be, or be can be, made the basis for the commencement of any subsequent a second Payment Stoppage Period by any holder of such Senior Debt Blockage Period, unless such default is has been 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 Notes Payment to the Trustee or any Holder of the Notes prohibited by the foregoing provisions of this SectionSection 11.03, then and in such event, such Note Notes Payment shall be paid over and delivered forthwith to the holders of the Senior Debt of the Company remaining unpaid, to the extent necessary to pay in full in cash or Cash Equivalents all the Senior Debt of the Company. If payment of the Notes is accelerated because of an Event of Default, the Company or the Trustee shall promptly notify the holders of Designated Senior Debt or the Representative of such holders of the acceleration. The provisions of this Section 5.3 11.03 shall not apply to any Note Notes Payment with respect to which Section 5.2 11.02 would be applicable.

No Payment When Senior Debt in Default. In The Company will not make any Subordinated Securities Payment or make any deposit pursuant to the event that provisions described under "Defeasance" Article Thirteen if (i) any default in the payment of principal of (or premium, if any) or interest on any Designated Senior Debt beyond is not paid when due (after giving effect to any applicable grace period periods) or (ii) any other default on Designated Senior Debt occurs and the maturity of such Designated Senior Debt is accelerated in accordance with respect thereto shall have occurred and be continuingits terms unless, then no Note Payment shall be madein either case, unless and until such event of the default shall have has been cured or waived or shall have has ceased to exist. Additionally, in the event that exist and any other event of default (i.e., other than a default in the payment of principal of (such acceleration has been rescinded or premium, if any) or interest on any Senior Debt) with respect to any such Designated Senior Debt shall have occurred and be continuing permitting has been discharged or paid in full. Notwithstanding the holder or holders or trustee of such Senior Debt to declare such Senior Debt due and payable prior to foregoing, the date on which it would otherwise have become due and payable, and Company may make any Notice Giver has given a Subordinated Securities 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) if the Company and the Holders of the Notes Trustee receive written notice approving such payment from the Notice Giver terminating such Payment Stoppage Period, or (iii) such event representative 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 Designated Senior Debt with respect to which either of the Senior Debt to which events set forth in clause (i) or (ii) of 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 immediately preceding sentence has occurred and is cured or waived for a period of not less than 90 consecutive dayscontinuing. In the event that, notwithstanding the foregoing, the Company shall make any Note Subordinated Securities Payment to the Trustee or any Holder of the Notes prohibited by the foregoing provisions of this SectionSection 1403, then and in such event, such Note Subordinated Securities Payment shall be paid over and delivered forthwith to the holders of the Senior Indebtedness of the Company remaining unpaid, to the extent necessary to pay in full all the Senior Indebtedness of the Company. If payment of the Notes is accelerated because of an Event of Default, the Company or the Trustee shall promptly notify the holders of Designated Senior Debt or the representative of such holders of the acceleration. The provisions of this Section 5.3 1403 shall not apply to any Note Subordinated Securities Payment with respect to which Section 5.2 1402 would be applicable. In the event that, notwithstanding the foregoing, any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities, prohibited by the foregoing provisions of this Section, shall be received by the Trustee under this Indenture or the Holders of the Subordinated Securities before all Senior Indebtedness is paid in full or provision is made for such payment in accordance with its terms, and if such fact shall, at or prior to the time of such payment or distribution, have been known to the Trustee, then such payment or distribution shall be held in trust for the benefit of and shall be paid over or delivered to the representative of the holders of such Senior Indebtedness, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing any of such Senior Indebtedness may have been issued, as their respective interest may appear, for application to the payment of all Senior Indebtedness remaining unpaid until all such Senior Indebtedness shall have been paid in full in accordance with its distribution to or for the holders of such Senior Indebtedness. For purposes of this Article only, the words "cash, property or securities" shall not be deemed to include shares of stock of the Company as reorganized or readjusted, or securities of the Company or any other corporation provided for by a plan of arrangement, reorganization or readjustment, the payment of which is subordinated (at least to the extent provided in this Article with respect to the Subordinated Securities) to the payment of all Senior Indebtedness which may at the time be outstanding; provided that (i) the Senior Indebtedness is assumed by the new corporation, if any, resulting from any such arrangement, reorganization or readjustment, and (ii) the rights of the holders of the Senior Indebtedness are not, without the consent of such holders, altered by such arrangement, reorganization or readjustment. The consolidation of the Company with, or the merger of the Company with or into, another corporation or the liquidation or dissolution of the Company following the conveyance or transfer of all or substantially all of its assets to another corporation upon the terms and conditions provided in Article Eight shall not be deemed a dissolution, winding-up, liquidation or reorganization for the purposes of this Section if such other corporation shall, as a part of such consolidation, merger, conveyance or transfer, comply with the conditions stated in Article Eight. Nothing in this Section shall apply to claims of, or payments to, the Trustee under or pursuant to Article Six, except as expressly provided therein. This Section shall be subject to the further provisions of Section 1406.

No Payment When Senior Debt in Default. (a) In the event that (1) 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 principal of or interest on the Senior Debt is not made when due, whether at a due date, stated maturity, by mandatory prepayment, by acceleration, or otherwise (each such failure, a "Senior Debt Payment Default") or (2) any Event of Default under the Fleet Financing Agreement other than as described in clause (1) above (for the purposes hereof, a "Non-Payment Default") shall have occurred and be continuing permitting the holder or holders or trustee of such Senior Debt Creditor to declare such the Senior Debt due and payable prior to the date on which it would otherwise have become due and payable, and then no payment on account of the principal of, or interest or premium (if any) on, the Subordinated Debt or any Notice Giver has given a Payment Stoppage Notice judgment with respect to such Senior thereto (and no payment on account of the purchase or redemption or other acquisition of the Subordinated Debt, then no Note Payment ) shall be mademade by or on behalf of any of the Companies, unless and for the period (the "Blockage Period") from the date the Subordinated Creditor receives written notice of the existence of either a Senior Debt Payment Default or a Non-Payment Default (each a "Senior Debt Event of Default" from the Senior Creditor (a "Blocking Notice") until the earliest to occur of (i) the expiration of the related Payment Stoppage Perioddate 180 days after such date, (ii) the Company date on which such Senior Debt Event of Default is waived or a cure thereof is accepted in writing by the Senior Creditor, 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 on which the Senior Creditor has waived in writing the benefits of this Section 5.3, no default which existed or was continuing with 2.03 in 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 Event of not less than 90 consecutive days. In the event Default, provided that, notwithstanding for purposes of the foregoing, the Company shall make any Note Payment above clause(A) only one Blocking Notice relating to any Holder Senior Debt Event of Default may be given during any one twelve-month period, and (B) nothing herein contained is intended to restrict or limit the rights of the Notes prohibited by the foregoing provisions Senior Creditor hereunder if a Senior Debt Event 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 Default at any Note Payment with respect to which Section 5.2 would be applicabletime occurs.

No Payment When Senior Debt in Default. In The Company may not make any Notes Payment or make any deposit pursuant to the event that any default in the payment of principal of provisions described under Article IX if (or premium, if anyi) or interest on any Senior Debt beyond is not paid when due or (ii) any applicable grace period other default on Senior Debt occurs and the maturity of such Senior Debt is accelerated in accordance with respect thereto shall have occurred and be continuingits terms unless, then no Note Payment shall be madein either case, unless and until such event of the default shall have has been cured or waived or shall have has ceased to existexist and any such acceleration has been rescinded or such Senior Debt has been discharged or paid in full; PROVIDED, HOWEVER, that the Company may make Notes Payments or make any deposit pursuant to the provisions described under Article IX without regard to the foregoing if the Company and the Trustee receive written notice approving such payment from the Representative of the Senior Debt with respect to which either of the events set forth in clause (i) or (ii) of the immediately preceding sentence has occurred and is continuing. Additionally, in During the event that continuance of any other event of default (i.e., other than a default described in the payment of principal of clause (or premium, if anyi) or interest on any Senior Debt(ii) of the second preceding sentence) (a "non-payment default") with respect to any Senior Debt shall have occurred and pursuant to which the maturity thereof may be continuing permitting accelerated immediately without further notice (except such notice as may be required to effect such accelerations) or the holder or holders or trustee expiration of any applicable grace periods, the Company may not make Notes Payments for a period (a "Payment Blockage Period") commencing upon the receipt by the Trustee (with a copy to the Company) of written notice (a "Blockage Notice") of such default from the Representative of the holders of such Designated Senior Debt specifying an election 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 effect a Payment Stoppage Notice with respect to Blockage Period and ending 179 days thereafter (or earlier if such Senior Debt, then no Note Payment shall be made, unless and until the earliest to occur of Blockage Period is terminated (i) by written notice to the expiration of Trustee and the related Payment Stoppage PeriodCompany from the Person or Persons who gave such Blockage Notice, (ii) because the Company and the Holders of the Notes receive written notice from the default giving rise to such Blockage Notice Giver terminating such Payment Stoppage Period, is no longer continuing or (iii) such event of default shall have because Senior Debt has been cured discharged or waived or shall have ceased to existrepaid in full). Notwithstanding anything herein to the contraryprovisions described in the immediately preceding sentence, unless an event described in no event will a Payment Stoppage Period extend beyond 179 days clause (i) or (ii) of the first sentence of this paragraph has occurred, the Company may resume payments on the Notes after the date any Note Payment was due and not paid as a consequence end of such Payment Stoppage Blockage Period, and only . The Notes shall not be subject to more than one such Payment Stoppage Blockage Period may be commenced within in any period of 365 consecutive days360-day period. For all purposes of this Section 5.3paragraph, no non-payment default which with respect to Senior Debt that existed or was continuing on the date of the commencement of any Payment Blockage Period with respect to the Senior Debt to which the Payment Stoppage Period relates on the date initiating such Payment Stoppage Blockage Period commenced shall be will be, or be can be, made the basis for the commencement of any subsequent a second Payment Stoppage Period by any holder of such Senior Debt Blockage Period, unless such default is has been 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 Notes Payment to the Trustee or any Holder of the Notes prohibited by the foregoing provisions of this SectionSection 11.03, then and in such event, such Note Notes Payment shall be paid over and delivered forthwith to the holders of the Senior Debt of the Company remaining unpaid, to the extent necessary to pay in full in cash or Cash Equivalents all the Senior Debt of the Company. If payment of the Notes is accelerated because of an Event of Default, the Company shall promptly notify the holders of Senior Debt or the Representative of such holders of the acceleration. The provisions of this Section 5.3 11.03 shall not apply to any Note Notes Payment with respect to which Section 5.2 11.02 would be applicable.