Common use of No Payment When Guarantor Senior Debt in Default Clause in Contracts

No Payment When Guarantor Senior Debt in Default. In the event and during the continuation of any default in the payment of principal of (or premium, if any) or interest on, or any other amounts owing with respect to, any Guarantor Senior Debt when the same becomes due and payable or in the event any judicial proceeding shall be pending with respect to any such default, then, unless and until such default shall have been cured or waived or shall have ceased to exist, no payment or distribution of any kind or character, whether in cash or properties shall be made by the Guarantor on account of any Guarantee Payment. The Guarantor shall give prompt written notice to the Guarantee Trustee of any default in payment of principal of or interest on any Guarantor Senior Debt; provided that no failure to give such a notice shall have any effect whatsoever on the subordination provisions described herein. In the event that, notwithstanding the foregoing, the Guarantor shall make any payment to the Guarantee Trustee or any Holder prohibited by the foregoing provisions of this Section, and if such fact shall, at or prior to the time of such payment, have been made known as set forth in Section 8.6, to the Guarantee Trustee or, as the case may be, such Holder, then and in such event such payment shall be paid over and delivered forthwith to the Guarantor. The provisions of this Section shall not apply to any payment with respect to which Section 8.2 would be applicable.

No Payment When Guarantor Senior Debt in Default. In the event and during the continuation of any default by the Guarantor in the payment of principal any amounts payable in respect of (or premium, if any) or interest onany Guarantor Senior Debt, or in the event that any other amounts owing event of default with respect to, to any Guarantor Senior Debt when the same becomes shall have occurred and be continuing and shall have resulted in such Guarantor Senior Debt becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, unless and until such event of default shall have been cured or waived or shall have ceased to exist and such acceleration shall have been rescinded or annulled, or in the event any judicial proceeding shall be pending with respect to any such default in payment or such event of default, then, unless and until such default shall have been cured then no direct or waived or shall have ceased to exist, no indirect payment or distribution of any kind or character, by the Guarantor under the Guarantee or otherwise, whether in cash cash, property or properties securities shall be made or agreed to be made by the Guarantor on account of any Guarantee Payment. The Guarantor shall give prompt written notice to the Guarantee Trustee Guaranteed Obligations or on account of any redemption, repayment, retirement, purchase or other acquisition of any Securities by the Guarantor or any Subsidiary; provided, however, that nothing in this Section shall prevent the satisfaction of any sinking fund payment in accordance with this Indenture or as otherwise specified as contemplated by Section 2.01 for the Securities of any series by delivering and crediting pursuant to Section 4.02 or as otherwise specified as contemplated by Section 2.01 for the Securities of any series Securities which have been acquired (upon redemption or otherwise) prior to such default in payment or event of principal of or interest on any Guarantor Senior Debt; provided that no failure to give such a notice shall have any effect whatsoever on the subordination provisions described hereindefault. In the event that, notwithstanding the foregoing, the Guarantor shall make any payment to the Guarantee Trustee or the Holder of any Holder Security prohibited by the foregoing provisions of this Section, and if such fact shallif, at or prior to the time of such payment, a Responsible Officer of the Trustee shall have been made known received written notice thereof from the Holders, the holders of any Guarantor Senior Debt, or the Guarantor (as set forth provided in Section 8.6, to the Guarantee Trustee or, as the case may be, such Holder15.10 below), then and in such event such payment shall be paid over and delivered forthwith to the Guarantor. The provisions of this Section shall not apply to any payment with respect to which Section 8.2 15.02 would be applicable.

No Payment When Guarantor Senior Debt in Default. (i) In the event and during the continuation of any default in the payment of principal of (or premium, if any) or interest onon any Guarantor Senior Debt, or in the event that any other amounts owing event of default with respect to, to any Guarantor Senior Debt when the same becomes shall have occurred and be continuing and shall have resulted in such Guarantor Senior Debt becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, unless and until such event of default shall have been cured or waived or shall have ceased to exist and such acceleration shall have been rescinded or annulled, or (ii) in the event any judicial proceeding shall be pending with respect to any default in payment or such event of default, then, unless and until such default shall have been cured or waived or shall have ceased to exist, then no payment or distribution of any kind or character, whether in cash or properties shall be made by the Guarantor on account of any Guarantee Payment. The Guarantor shall give prompt written notice to the Guarantee Trustee of any default in payment of principal of or interest on any Guarantor Senior Debt; provided that no failure to give such a notice shall have any effect whatsoever on the subordination provisions described hereinGuarantee. In the event that, notwithstanding the foregoing, the Guarantor shall make any payment to the Guarantee Trustee or any Holder Beneficiary, prohibited by the foregoing provisions of this SectionSection 5(d), and if such fact shall, at or prior to the time of such payment, have been made known as set forth in Section 8.6, to the Guarantee Trustee or, as the case may be, such Holder, Beneficiary then and in such event such payment shall be paid over and delivered forthwith to the Guarantor. The provisions of this Section 5(d) shall not apply to any payment with respect to which Section 8.2 5(b) of this Agreement would be applicable.

No Payment When Guarantor Senior Debt in Default. (i) In the event and during the continuation of any default in the payment of principal of (or premium, if any) or interest onon any Guarantor Senior Debt, or in the event that any other amounts owing event of default with respect to, to any Guarantor Senior Debt when the same becomes shall have occurred and be continuing and shall have resulted in such Guarantor Senior Debt becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, unless and until such event of default shall have been cured or waived or shall have ceased to exist and such acceleration shall have been rescinded or annulled, or (ii) in the event any judicial proceeding shall be pending with respect to any default in payment or such event of default, then, unless and until such default shall have been cured or waived or shall have ceased to exist, then no payment or distribution of any kind or character, whether in cash or properties shall be made by the Guarantor on account of any Guarantee Payment. The Guarantor shall give prompt written notice to the Guarantee Trustee of any default in payment of principal of or interest on any Guarantor Senior Debt; provided that no failure to give such a notice shall have any effect whatsoever on the subordination provisions described hereinGuarantee. In the event that, notwithstanding the foregoing, the Guarantor shall make any payment to the Guarantee any Trustee or any Holder of any Preferred Security prohibited by the foregoing provisions of this SectionSection 5(d), and if such fact shall, at or prior to the time of such payment, have been made known as set forth in Section 8.6, to the Guarantee such Trustee or, as the case may be, such Holder, then and in such event such payment shall be paid over and delivered forthwith to the Guarantor. The provisions of this Section 5(d) shall not apply to any payment with respect to which Section 8.2 5(b) of this Agreement would be applicable.

No Payment When Guarantor Senior Debt in Default. (a) In the event and during the continuation of any default in the payment of principal of (or premium, if any) or interest onon any Guarantor Senior Debt, or in the event that any other amounts owing event of default with respect to, to any Guarantor Senior Debt when the same becomes shall have occurred and be continuing and shall have resulted in such Guarantor Senior Debt becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, unless and until such event of default shall have been cured or waived or shall have ceased to exist and such acceleration shall have been rescinded or annulled, or (b) in the event any judicial proceeding shall be pending with respect to any such default in payment or such event of default, then, unless and until such default shall have been cured or waived or shall have ceased to exist, then no payment or distribution (including any payment which may be payable by reason of the payment of any kind or character, whether in cash or properties other indebtedness of the Guarantor being subordinated to the payment of the Guarantees) shall be made by the Guarantor pursuant to the Guarantee on account of principal of (or premium, if any) or interest on the Guaranteed Securities or on account of the purchase or other acquisition of Guaranteed Securities by the Guarantor or any Guarantee Payment. The Guarantor Subsidiary of the Guarantor; provided, however, that nothing in this ________ _______ Section shall give prompt written notice to prevent the Guarantee Trustee satisfaction of any sinking fund payment in accordance with Article Thirteen by delivering and crediting pursuant to Section 1302 Guaranteed Securities which have been acquired (upon redemption or otherwise) prior to such default in payment or event of principal of or interest on any Guarantor Senior Debt; provided that no failure to give such a notice shall have any effect whatsoever on the subordination provisions described hereindefault. In the event that, notwithstanding the foregoing, the Guarantor shall make any payment to the Guarantee Trustee or the Holder of any Holder Guaranteed Security prohibited by the foregoing provisions of this Section, and if such fact shall, at or prior to the time of such payment, have been made known as set forth in Section 8.6, to the Guarantee Trustee or, as the case may be, such Holder, then and in such event such payment shall be paid over and delivered forthwith to the Guarantor. The provisions of this Section shall not apply to any payment with respect to which Section 8.2 1702 would be applicable.

No Payment When Guarantor Senior Debt in Default. In the event and during the continuation of any default by the Guarantor in the payment of principal any amounts payable in respect of (or premium, if any) or interest onany Guarantor Senior Debt, or in the event that any other amounts owing event of default with respect to, to any Guarantor Senior Debt when the same becomes shall have occurred and be continuing and shall have resulted in such Guarantor Senior Debt becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, unless and until such event of default shall have been cured or waived or shall have ceased to exist and such acceleration shall have been rescinded or annulled, or in the event any judicial proceeding shall be pending with respect to any such default in payment or such event of default, then, unless and until such default shall have been cured then no direct or waived or shall have ceased to exist, no indirect payment or distribution of any kind or character, by the Guarantor under the Guarantee or otherwise, whether in cash cash, property or properties securities shall be made or agreed to be made by the Guarantor on account of any Guarantee Payment. The Guarantor shall give prompt written notice to the Guarantee Trustee Guaranteed Obligations or on account of any default in payment redemption, repayment, retirement, purchase or other acquisition of principal any Securities by the Guarantor or any Subsidiary of or interest on any Guarantor Senior Debt; provided that no failure to give such a notice shall have any effect whatsoever on the subordination provisions described hereinGuarantor. In the event that, notwithstanding the foregoing, the Guarantor or any Subsidiary of the Guarantor shall make any payment or distribution in payment of any Guaranteed Obligations to the Guarantee Trustee or the Holder of any Holder prohibited Security under the conditions contemplated by the foregoing provisions of this SectionSection 15.04, and if such fact shallif, at or prior to the time of such payment, a Responsible Officer of the Trustee shall have been made known received written notice thereof from the Holders, the holders of any Guarantor Senior Debt, or the Guarantor (as set forth provided in Section 8.6, to the Guarantee Trustee or, as the case may be, such Holder15.10 below), then and in such event such payment or distribution shall be held in trust for the benefit of and shall be paid over and delivered forthwith to the Guarantor. The provisions of this Section shall not apply to any payment with respect to which Section 8.2 15.02 would be applicable.