Payment Default definition

Payment Default has the meaning set forth in Section 5.4(a) of the Indenture.

Payment Default has the meaning set forth in Section 6.01.

Payment Default means any default, whether or not any requirement for the giving of notice, the lapse of time or both, or any other condition to such default becoming an event of default has occurred, in the payment of principal of (or premium, if any) or interest on or any other amount payable in connection with Designated Senior Debt.

Examples of Payment Default in a sentence

• No delay or omission of the Subordinated Trustee for the Securities of any series or of any Holder of any Security of such series to exercise any right or remedy accruing upon any Event of Default, Payment Default, Perpetual Security Default or Payment Event with respect to the Securities of such series shall impair any such right or remedy or constitute a waiver of any such Event of Default, Payment Default, Perpetual Security Default or Payment Event or an acquiescence therein.

• It shall not be a Payment Default, Perpetual Security Default or Payment Event if such sums were not paid in order to comply with a statute, regulation or order of any court of competent jurisdiction.

• Where there is doubt as to the validity or applicability of any such statute, regulation or order, it shall not be a Payment Default, Perpetual Security Default or Payment Event if the Issuer acts on the advice given to it and to the Subordinated Trustee, in the form of an Opinion of Counsel acceptable to the Subordinated Trustee.

• Accordingly, no such deferral will constitute a Payment Default or an Event of Default under Section 5.01 or Section 5.03 hereof with respect to such Securities.

More Definitions of Payment Default

Payment Default means the occurrence of an event that would give rise to an Event of Default under Section 4.01(a) of the Indenture upon the giving of notice or the passing of time or both.

Payment Default has the meaning specified in Section 5.1(d)(i) hereof.

Payment Default has the meaning specified in Section 4.03.

Payment Default means any default in the payment of principal of (or premium, if any) or interest on Senior Indebtedness.

Payment Default with respect to any Indenture, has the meaning specified in such Indenture.

Payment Default shall have the meaning specified in Section 12.2(a).

Payment Default has the meaning specified in Section 1302(a).