Common use of Default on Senior Debt Clause in Contracts

Default on Senior Debt. In the event and during the continuation of any default by the Company in the payment of principal, premium, interest or any other payment due on any Senior Debt, or in the event that the maturity of any Senior Debt has been accelerated because of a default, then, in either case, no payment shall be made by the Company with respect to the principal (including prepayments) of or premium, if any, or interest on the Securities. In the event of the acceleration of the maturity of the Securities, then no payment shall be made by the Company with respect to the principal (including prepayments) of or premium, if any, or interest on the Securities until the holders of all Senior Debt outstanding at the time of such acceleration shall receive payment in full of all amounts due in respect of such Senior Debt (including any amounts due upon acceleration). In the event that, notwithstanding the foregoing, any payment shall be received by the Trustee when such payment is prohibited by the preceding paragraph of this Section 15.02, such payment shall be held in trust for the benefit of, and shall be paid over or delivered to, the holders of Senior Debt or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any of such Senior Debt may have been issued, as their respective interests may appear, but only to the extent of the amounts due in respect of such Senior Debt and only to the extent that the holders of the Senior Debt (or their representative or representatives or a trustee) notify the Trustee in writing, within 90 days of such payment, of the amounts then due and owing on such Senior Debt and only the amounts specified in such notice to the Trustee shall be paid to the holders of such Senior Debt.

Default on Senior Debt. In the event and during the continuation of any default by the Company in the payment of principal, premium, interest or any other payment due on any Senior Debt continuing beyond the period of grace, if any, specified in the instrument evidencing such Senior Debt, unless and until such default shall have been cured or waived or shall have ceased to exist, and in the event that the maturity of any Senior Debt has been accelerated because of a default, then, in either case, no payment shall be made by the Company with respect to the principal (including prepayments) of or premium, if any, or interest on the Securities. In the event of the acceleration of the maturity of the Securities, then no payment shall be made by the Company with respect to the principal of (including prepayments) of or redemption payments), premium, if any, or interest on the Securities until the holders of all Senior Debt outstanding at the time of such acceleration shall receive payment in full of all amounts due in respect of such Senior Debt (including any amounts due upon acceleration)Securities. In the event that, notwithstanding the foregoing, any payment shall be received by the Trustee when such payment is prohibited by the preceding paragraph of this Section 15.0212.02, such payment shall be held in trust for the benefit of, and shall be paid over or delivered to, the holders of Senior Debt or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any of such Senior Debt may have been issued, as 72 72 their respective interests may appear, but only to the extent of the amounts due in respect of such Senior Debt and only to the extent that the holders of the Senior Debt (or their representative or representatives or a trustee) notify the Trustee in writing, writing within 90 days of such payment, payment of the amounts then due and owing on such the Senior Debt and only the amounts specified in such notice to the Trustee shall be paid to the holders of such Senior Debt.

Default on Senior Debt. In the event and during the continuation of any default by the Company in the payment of principal, premium, interest or any other payment due on any Senior Debt continuing beyond the period of grace, if any, specified in the instrument evidencing such Senior Debt, unless and until such default shall have been cured or waived or shall have ceased to exist, and in the event that the maturity of any Senior Debt has been accelerated because of a default, then, in either case, no payment shall be made by the Company unless and until all amounts payable with respect to the principal (including prepayments) of or premium, if any, or interest on the Securities. In the event of the acceleration of the maturity of the Securitiessuch accelerated Senior Debt have been paid in full, then no payment shall be made by the Company with respect to the principal of (including prepaymentsredemption payments, if any) of or premium, if any, or interest on the Securities until the holders of all Senior Debt outstanding at the time of such acceleration shall receive payment in full of all amounts due in respect of such Senior Debt (including any amounts due upon acceleration)Additional Payments) on the Debentures. In the event that, notwithstanding the foregoing, any payment shall be received by the Trustee when such payment is prohibited by the preceding paragraph of this Section 15.0212.2, such payment shall be held in trust for the benefit of, and shall be paid over or delivered to, the holders of Senior Debt or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any of such Senior Debt may have been issued, as their respective interests may appear, but only to the extent of the amounts due in respect of such Senior Debt and only to the extent that the holders of the Senior Debt (or their representative or representatives or a trustee) notify the Trustee in writing, writing within 90 days of such payment, payment of the amounts then due and owing on such the Senior Debt and only the amounts specified in such notice to the Trustee shall be paid to the holders of such Senior Debt.

Default on Senior Debt. Subordinated Debt or Additional Senior -------------------------------------------------------------- Obligations. ------------ In the event and during the continuation of any default by the Company in the payment of principal, premium, interest or any other payment due on any Senior DebtIndebtedness, or in the event that the maturity of any Senior Debt Indebtedness has been accelerated because of a default, then, in either case, no payment shall be made by the Company with respect to the principal (including prepaymentsredemption payments) of or premium, if any, or interest on the Securities. In the event of the acceleration of the maturity of the Securities, then no payment shall be made by the Company with respect to the principal (including prepayments) of or premium, if any, or interest on the Securities until the holders of all Senior Debt outstanding at the time of such acceleration shall receive payment in full of all amounts due in respect of such Senior Debt (including any amounts due upon acceleration)Debentures. In the event that, notwithstanding the foregoing, any payment shall be received by the Trustee when such payment is prohibited by the preceding paragraph sentence of this Section 15.0216.2, such payment shall be held in trust for the benefit of, and shall be paid over or delivered to, the holders of Senior Debt Indebtedness or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any of such Senior Debt Indebtedness may have been issued, as their respective interests may appear, but only to the extent of the amounts due in respect of such Senior Debt and only to the extent that the holders of the Senior Debt Indebtedness (or their representative or representatives or a trustee) notify the Trustee in writing, writing within 90 days of such payment, payment of the amounts then due and owing on such the Senior Debt Indebtedness and only the amounts specified in such notice to the Trustee shall be paid to the holders of such Senior DebtIndebtedness.

Default on Senior Debt. In the event and during the continuation of any default by the Company in the payment of principal, premium, interest or any other payment due on any Senior Debt continuing beyond the period of grace, if any, specified in the instrument evidencing such Senior Debt, unless and until such default shall have been cured or waived or shall have ceased to exist, and in the event that the maturity of any Senior Debt has been accelerated because of a default, then, in either case, no payment shall be made by the Company with respect to the principal (including prepayments) of or premium, if any, or interest on the Securities. In the event of the acceleration of the maturity of the Securities, then no payment shall be made by the Company with respect to the principal of (including prepayments) of or redemption payments, if any), premium, if any, or interest on the Securities until the holders of all Senior Debt outstanding at the time of such acceleration shall receive payment in full of all amounts due in respect of such Senior Debt (including any amounts due upon acceleration)Debentures. In the event that, notwithstanding the foregoing, any payment shall be received by the Trustee when such payment is prohibited by the preceding paragraph of this Section 15.021202, such payment shall be held in trust for the benefit of, and shall be paid over or delivered to, the holders of Senior Debt or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any of such Senior Debt may have been issued, as their respective interests may appear, but only to the extent of the amounts due in respect of such Senior Debt and only to the extent that the holders of the Senior Debt (or their representative or representatives or a trustee) notify the Trustee in writing, writing within 90 days of such payment, payment of the amounts then due and owing on such the Senior Debt and only the amounts specified in such notice to the Trustee shall be paid to the holders of such Senior Debt.

Default on Senior Debt. In the event and during the continuation of any default by the Company in the payment of principal, premium, interest or any other payment amounts due on any Senior Debt, if any, beyond the applicable grace period, if any, specified in the instrument evidencing such Senior Debt, or in the event that the maturity of any Senior Debt has been accelerated because of a default, then, in either case, no payment shall be made by the Company with respect to the principal (including prepayments) of or of, premium, if any, interest or interest other amounts due, if any, on the SecuritiesSecurities until such default shall have been cured or waived in writing or shall have ceased to exist or such Senior Debt shall have been discharged or paid in full. In the event of the acceleration of the maturity of the SecuritiesSecurities of any series, then no payment shall be made by the Company with respect to the principal (including prepayments) of or of, premium, if any, interest or interest other amounts due, if any, on the Securities until the holders Holders of all Senior Debt outstanding at the time of such acceleration shall receive payment in full of all amounts due in respect of such Senior Debt (including any amounts due upon acceleration, if applicable). In the event that, notwithstanding the foregoing, any payment shall be received by the Trustee or any Holder when such payment is prohibited by the preceding paragraph paragraphs of this Section 15.021602, such payment shall be held in trust for the benefit of, and shall be paid over or delivered to, the holders of Senior Debt or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any of such Senior Debt may have been issued, as their respective interests may appear, but only to the extent of the amounts due in respect of such Senior Debt and only to the extent that the holders of the Senior Debt (or their representative or representatives or a trustee) notify the Trustee in writing, within 90 days of such payment, of the amounts then due and owing on such Senior Debt and only the amounts specified in such notice to the Trustee shall be paid to the holders of such Senior Debt.

Default on Senior Debt. In the event and during the continuation of any default by the Company in the payment of principal, premium, interest or any other payment due on any Senior DebtDebt of the Company following any grace period, or in the event that the maturity of any Senior Debt of the Company has been accelerated because of a default, then, in either case, no payment shall be made by the Company with respect to the principal (including prepaymentsredemption and sinking fund payments) of of, or premium, if any, or interest (including any Additional Interest) on the Securities. In the event of the acceleration of the maturity of the Securities, then no payment shall be made by the Company with respect to the principal (including prepayments) of or premium, if any, or interest on the Securities until the holders of all Senior Debt outstanding at the time of such acceleration shall receive payment in full of all amounts due in respect of such Senior Debt (including any amounts due upon acceleration). In the event that, notwithstanding the foregoing, any payment shall be received by the Trustee when such payment is prohibited by the preceding paragraph of this Section 15.0213.02, such payment shall shall, subject to Section 13.06, be held in trust for the benefit of, and shall be paid over or delivered to, the holders of Senior Debt or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any of such Senior Debt may have been issued, as their respective interests may appear, but only to the extent of the amounts due in respect of such Senior Debt and only to the extent that the holders of the Senior Debt (or their representative or representatives or a trustee) notify the Trustee in writing, writing within 90 days of such payment, payment of the amounts then due and owing on such the Senior Debt and only the amounts specified in such notice to the Trustee shall be paid to the holders of such Senior Debt.

Default on Senior Debt. In the event and during the continuation of any default by the Company in the payment of principal, premium, interest or any other payment due on any Senior Debt continuing beyond the period of grace, if any, specified in the instrument evidencing such Senior Debt, unless and until such default shall have been cured or waived or shall have ceased to exist, and in the event that the maturity of any Senior Debt has been accelerated because of a default, then, in either case, no payment shall be made by the Company with respect to the principal (including prepayments) of or premium, if any, or interest on the Securities. In the event of the acceleration of the maturity of the Securities, then no payment shall be made by the Company with respect to the principal of (including prepayments) of or redemption payments), premium, if any, or interest on the Securities until the holders of all Senior Debt outstanding at the time of such acceleration shall receive payment in full of all amounts due in respect of such Senior Debt (including any amounts due upon acceleration)Securities. In the event that, notwithstanding the foregoing, any payment shall be received by the Trustee when such payment is prohibited by the preceding paragraph of this Section 15.0212.02, subject to Section 12.06, such payment shall be held in trust for the benefit of, and shall be paid over or delivered to, the holders of Senior Debt or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any of such Senior Debt may have been issued, as their respective interests may appear, but only to the extent of the amounts due in respect of such Senior Debt and only to the extent that the holders of the Senior Debt (or their representative or representatives or a trustee) notify the Trustee in writing, writing within 90 days of such payment, payment of the amounts then due and owing on such the Senior Debt and only the amounts specified in such notice to the Trustee shall be paid to the holders of such Senior Debt.

Default on Senior Debt. In the event and during the continuation of any default by the Company in the payment of principal, principal or premium, if any, or interest or Liquidated Damages, if any, or any other payment due on any Senior DebtDebt following any applicable grace periods, or in the event that the maturity of any Senior Debt has been accelerated because of a defaultdefault and such acceleration has not been rescinded or canceled and such Senior Debt has not been paid in full, then, in either case, no payment shall be made by the Company with respect to the principal payments on the Debt Securities (including prepayments) of or premiumLiquidated Damages, if any, or interest on the Securities. In the event of the acceleration of the maturity of the Securities, then no payment shall be made by the Company with respect to the principal (including prepayments) of or premium, if any, or interest on the Securities until the holders of all Senior Debt outstanding at the time of such acceleration shall receive payment in full of all amounts due in respect of such Senior Debt (including any amounts due upon acceleration). In the event that, notwithstanding the foregoing, any payment shall be is received by the Trustee Indenture Trustee, or any Securityholder, when such payment is prohibited by the preceding paragraph of this Section 15.02, such payment shall shall, subject to Section 15.06, be held in trust for the benefit of, and shall be paid over or delivered toby the Indenture Trustee (if the notices required by Section 15.06 have been received by the Indenture Trustee) or by any Securityholder, to the holders of Senior Debt or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any of such Senior Debt may have been issued, as their respective interests may appear, but only to the extent of the amounts due in respect of such Senior Debt and only to the extent that the holders of the Senior Debt (or their representative or representatives or a trustee) notify the Indenture Trustee in writing, writing within 90 days of such payment, payment of the amounts then due and owing on such Senior Debt Debt, and only the amounts specified in such notice notices to the Indenture Trustee shall be paid to the holders of such Senior Debt.