Common use of Default on Senior Debt Clause in Contracts

Default on Senior Debt. If an event of default occurs under any Senior Debt, then, upon written notice of such default to the Company by the Holders of Senior Debt or any trustee therefor, (a) the Holder may not take any action to accelerate or enforce its rights and remedies until the holders of the Senior Debt have confirmed in writing that such default shall have been cured or duly waived or the Senior Debt has been paid in full or shall have ceased to exist, and (b) no direct or indirect payment (in cash, property, securities, by set-off or otherwise) shall be made or agreed to be made on account of the principal of or interest on this Debenture, or in respect of any redemption, repayment, retirement, purchase or other acquisition of this Debenture.

Default on Senior Debt. If an event the Company shall default in the ---------------------- payment of default occurs under any principal of or interest on any Senior DebtDebt when the same shall become 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 holders of Senior Debt or any trustee therefor, (a) the Holder may not take any action to accelerate or enforce its rights unless and remedies until the holders of the Senior Debt have confirmed in writing that such default shall have been cured or duly waived or the Senior Debt has been paid in full or shall have ceased to exist, and (b) no direct or indirect payment (in cash, property, securities, by set-off or otherwise) shall be made or agreed to be made on account of the principal of or interest on this Debenture, or in respect of any redemption, repayment, retirement, purchase or other acquisition of this Debenture.