Common use of Default on Senior Indebtedness Clause in Contracts

Default on Senior Indebtedness. 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 Indebtedness, or in the event that the maturity of any Senior 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 redemption payments) of or interest 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 sentence of this Section 16.2, such payment shall be held in trust for the benefit of, and shall be paid over or delivered to, the holders of Senior Indebtedness or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any of such Senior Indebtedness may have been issued, as their respective interests may appear, but only to the extent that the holders of the Senior Indebtedness (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 the Senior Indebtedness and only the amounts specified in such notice to the Trustee shall be paid to the holders of the Senior Indebtedness.

Default on Senior Indebtedness. In the event and during the continuation (a) No direct or indirect payment by or on behalf of any default by the Company in of this Note whether pursuant to the payment terms of principalthis Note or upon acceleration or otherwise shall be made if, premiumat the time of such payment, interest there exists a default or an event of default under any other payment due Senior Indebtedness and such default or event of default, as the case may be, shall not have been cured or waived or the benefits of this sentence waived by or on any behalf of the holders of such Senior Indebtedness, or in and to the event extent that any payment under this Note would otherwise be required pursuant to the maturity of any Senior Indebtedness has been accelerated because of a defaultterms hereof, then, in either case, no such payment shall be deferred until such time as such payment may be made by under the Company with respect terms of this Annex A and the failure to the principal make any such payment shall not give rise to an Event of Default under this Note. (including redemption paymentsb) of or interest on the Debentures. In the event that, notwithstanding the foregoing, any payment shall be received by the Trustee Holder when such payment is prohibited by the preceding sentence of this Section 16.210.3(a), such payment shall be held in trust for the benefit of, and shall be paid over or delivered to, the holders of Senior Indebtedness (proportionately to such holders on the basis of the respective amount of Senior Indebtedness held by such holders) or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any of such Senior Indebtedness may have been issued, as their respective interests may appear, but only to the extent that the holders of the Senior Indebtedness (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 the Senior Indebtedness and only the amounts specified in such notice to the Trustee shall be paid to the holders of the Senior Indebtedness.

Default on Senior Indebtedness. 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 Indebtedness, or in the event that the maturity of any Senior 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 redemption and sinking fund payments) of or premium, if any, or interest on the Subordinated Debentures. In the event that, notwithstanding the foregoing, any payment shall be received by the Trustee when such payment is prohibited by the preceding sentence paragraph of this Section 16.26.2, such payment shall be held in trust for the benefit of, and shall be paid over or delivered to, the holders of such Senior Indebtedness or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any of such Senior Indebtedness may have been issued, as their respective interests may appear, but only to the extent that the holders of the such Senior Indebtedness (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 the such Senior Indebtedness Indebtedness, and only the amounts specified in such notice to the Trustee shall be paid to the holders of the such Senior Indebtedness.

Default on Senior Indebtedness. In No direct or indirect payment by or on behalf of the event Issuer under the Securities shall be made if (i) any Senior Indebtedness is not paid when due, or (ii) any other default on Senior Indebtedness occurs and during the continuation of any default by the Company in the payment case of principal, premium, interest or any other payment due on any Senior Indebtedness, or in the event that this clause (ii) the maturity of any such Senior Indebtedness has been is permitted to be accelerated because of a defaultin accordance with its terms, thenunless, in either case, no payment shall be made (x) the default has been cured or waived and any such acceleration has been rescinded or (y) such Senior Indebtedness has been paid in full in a form accepted by the Company holder of the Senior Indebtedness; provided, however, that the Issuer may make any such direct or indirect payment under the Securities without regard to the foregoing (a) if, in the case of clause (ii), the Issuer and the Trustee receive written notice approving such payment from the Representative of such Senior Indebtedness or (b) if such payment is Collateral Proceeds or otherwise relates to the Collateral. In addition, during the continuance of any other event of default with respect to the principal (including redemption payments) of or interest 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 sentence of this Section 16.2, such payment shall be held in trust for the benefit of, and shall be paid over or delivered to, the holders of Senior Indebtedness or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any the maturity of such Senior Indebtedness may have been issuedbe accelerated immediately without further notice (except such notice as may be required to effect such acceleration) or the expiration of any applicable grace periods, as their respective interests may appearupon the occurrence of (a) receipt by the Trustee of written notice from the Representative with respect to, but only to the extent that or the holders of the Senior Indebtedness (or their representative or representatives or at least a trustee) notify the Trustee majority in writing within 90 days of aggregate principal amount of, such payment of the amounts then due and owing on the Senior Indebtedness and only the amounts specified in such notice to the Trustee shall be paid to the holders of the Senior Indebtedness.Senior

Default on Senior Indebtedness. 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 IndebtednessIndebtedness of the Company, or in the event that the maturity of any Senior Indebtedness 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 redemption payments) of of, or premium, if any, or interest on the DebenturesNotes. 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 sentence paragraph of this Section 16.24.02, such payment shall be held in trust for the benefit of, and shall be paid over or delivered to, the holders of Senior Indebtedness or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any of such Senior Indebtedness may have been issued, as their respective interests may appear, but only to the extent that the holders of the Senior Indebtedness (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 the Senior Indebtedness and only the amounts specified in such notice to the Trustee shall be paid to the holders of the Senior Indebtedness.

Default on Senior Indebtedness. 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 Indebtedness, Indebtedness of the Company or in the event that the maturity of any Senior Indebtedness 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 redemption payments) of or interest on the Junior Subordinated Debentures. In the event that, notwithstanding the foregoing, any payment shall be received by the Trustee when such payment is prohibited by the preceding sentence paragraph of this Section 16.2, such payment shall be held in trust for the benefit of, and shall be paid over or delivered to, the holders of Senior Indebtedness or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any of such Senior Indebtedness may have been issued, as their respective interests may appear, but only to the extent that the holders of the Senior Indebtedness (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 the Senior Indebtedness and only the amounts specified in such notice to the Trustee shall be paid to the holders of the Senior Indebtedness.