Acceleration of Payment of Note. If this Note is declared due and payable prior to the Maturity Date, no direct or indirect payment that is due solely by reason of such declaration shall be made, nor shall application be made of any distribution of assets of the Borrower (whether by set off or in any other manner, including, without limitation, from or by way of collateral) to the payment, purchase or other acquisition or retirement of this Note, unless, in either case, (i) all amounts due or to become due on or in respect of the Senior Indebtedness (including with respect to any outstanding letters of credit) shall have been previously paid in full in cash or other immediately available funds or in any other manner satisfactory to all holders of such Senior Indebtedness, (ii) all commitments to lend under Senior Indebtedness shall have been terminated, (iii) all guarantees constituting Senior Indebtedness shall have been terminated and (iv) all lender guarantees constituting Senior Indebtedness shall have been permanently reduced to zero.
Acceleration of Payment of Note. If the maturity of this Note is accelerated because of an Event of Default (as hereinafter defined), the Company and Holder shall promptly notify the holders of the Senior Debt (if any) of such acceleration. If any Senior Debt is then outstanding, the Company may not pay this Note until ten days after First Chicago, as agent for the holders of Senior Debt, receives such notice and thereafter the Company may pay this Note only if this Section 3 otherwise permits the payment at that time; provided, that the foregoing notwithstanding Holder may, in any event, receive shares of stock and other equity interests and any debt securities (which are subordinated to Senior Debt to at least the same extent as this Note) in payment of this Note.
Acceleration of Payment of Note. If this Note is declared due and payable prior to the Maturity Date under this Note, no direct or indirect payment that is due solely by reason of such declaration shall be made, nor shall application be made of any distribution of assets of any Borrower or any Senior Guarantor (whether by set off or in any other manner, including, without limitation, from or by way of collateral) to the payment, purchase or other acquisition or retirement of this Note, unless, in either case, (i) all amounts due or to become due on or in respect of the Senior Indebtedness (including with respect to any outstanding letters of credit) shall have been previously paid in full, (ii) all letters of credit issued under or in connection with the Senior Debt Documents have terminated or expired or been cash collateralized in full and (iii) all commitments to extend credit under the Senior Credit Agreement shall have been terminated.
Acceleration of Payment of Note. If payment of the Note is accelerated because of an Event of Default, the Company or the Lender shall promptly notify 17
