Common use of Default on Senior Indebtedness of the Company Clause in Contracts

Default on Senior Indebtedness of the Company. (a) The Company may not pay the principal of or interest on the Notes or make any deposit pursuant to Section 8.1 and may not repurchase, redeem or otherwise retire any Notes (collectively, "pay the Notes"), other than, with the consent of each Holder affected thereby, payments and other distributions in the form of Permitted Junior Securities if:

Default on Senior Indebtedness of the Company. (a) The Company may shall not pay the principal of of, premium, if any, or interest on the Notes this Note (or make pay any deposit pursuant other obligations relating to Section 8.1 this Note, including fees, costs, expenses, indemnities and rescission or damage claims) and may not repurchasepurchase, redeem or otherwise retire any Notes (collectively, "“pay the Notes"”) (except that the Holder of this Note may receive and retain Permitted Junior Securities), other than, with if either of the consent of each Holder affected thereby, payments and other distributions in the form of Permitted Junior Securities if:following occurs (a “Payment Default”):