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

No Payment When Senior Debt in Default. (a) Subject to the last paragraph of this Section 3.4, (x) in the event and during the continuation of any default in the payment of principal of or interest on any Senior Debt beyond any applicable grace period with respect thereto, or (y) in the event that any event of default with respect to any Senior Debt shall have occurred and be continuing permitting the holders of such Senior Debt (or a trustee on behalf of the holders thereof) to declare such Senior Debt due and payable prior to the date on which it would otherwise have become due and payable(provided that, in the case of clause (x) or clause (y), if such default in payment or event of default shall have been cured or waived or shall have ceased to exist and any such declaration of acceleration shall have been rescinded or annulled, then such default in payment or event of default, as the case may be, shall be deemed not to have occurred for the purpose of this Section 3.4), then no payment (including any payment which may be payable by reason of the payment of any other indebtedness of the Borrower being subordinated to the payment of the Obligations) shall be made by the Borrower on account of the Obligations. (b) In the event that, notwithstanding the foregoing, the Borrower shall make any payment to the Lender prohibited by the provisions of this Section 3.4, and if such fact shall, at or prior to the time of such payment, have been made known to the Lender, then and in such event such payment shall be paid over and delivered forthwith to the Borrower.

No Payment When Senior Debt in Default. (a) Subject to the last paragraph of this Section 3.4, (x) in In the event and during the continuation of any default in the payment of principal of (or premium, if any) or interest on any Senior Debt beyond any applicable grace period with respect thereto, or (y) in the event that any event of default with respect to any Senior Debt shall have occurred and be continuing permitting the holders of continuing, unless and until such Senior Debt (or a trustee on behalf of the holders thereof) to declare such Senior Debt due and payable prior to the date on which it would otherwise have become due and payable(provided that, in the case of clause (x) or clause (y), if such default in payment or event of default shall have been cured or waived or shall have ceased to exist and exist, or (b) in the event any judicial proceeding shall be pending with respect to any such declaration of acceleration shall have been rescinded or annulled, then such default in payment or event of default, as the case may be, shall be deemed not to have occurred for the purpose of this Section 3.4), then no payment (including any payment which may be payable by reason of the payment of any other indebtedness of the Borrower Company being subordinated to the payment of the ObligationsSecurities) shall be made by the Borrower Company on account of principal of (or premium, if any) or interest on the Securities or on account of the Obligations. purchase or other acquisition of Securities; provided, however, that nothing in this Section shall prevent the satisfaction of any sinking fund payment in accordance with Article Twelve by delivering and crediting pursuant to Section 1202 Securities which have been acquired (bupon redemption or otherwise) prior to such default or which have been converted pursuant to Article Fifteen. In the event that, notwithstanding the foregoing, the Borrower Company shall make any payment to the Lender Trustee or the Holder of any Security prohibited by the foregoing provisions of this Section 3.4Section, and if such fact shall, at or prior to the time of such payment, have been made known to the LenderTrustee or, as the case may be, such Holder, then and in such event such payment shall be paid over and delivered forthwith to the BorrowerCompany. The provisions of this Section shall not apply to any payment with respect to which Section 1403 would be applicable.

No Payment When Senior Debt in Default. (a) Subject to the last paragraph of this Section 3.4, (x) in In the event and during the continuation of any default in the payment of principal of or premium (if any) or interest on any Senior Debt beyond any applicable grace period with respect theretoDebt, when the same becomes due and payable, whether at maturity or (y) in at a date fixed for prepayment or by declaration of acceleration or otherwise, then, upon written notice of such default to the event that any event of default with respect to any Senior Debt shall have occurred and be continuing permitting Company by the holders of such Senior Debt (or a any trustee on behalf of the holders thereof) to declare therefor, unless and until such Senior Debt due and payable prior to the date on which it would otherwise have become due and payable(provided that, in the case of clause (x) or clause (y), if such default in payment or event of default shall have been cured or waived or shall have ceased to exist and any such declaration of acceleration shall have been rescinded or annulled, then such default in payment or event of default, as the case may be, shall be deemed not to have occurred for the purpose of this Section 3.4)exist, then no payment (including any payment which may be payable by reason of the payment or distribution of any other indebtedness of the Borrower being subordinated to the payment of the Obligations) kind or character, whether in cash, properties or securities shall be made by the Borrower Company on account of principal of or premium (if any) or interest (including any Stated Interest, Contingent Interest, Deferred Interest and Additional Interest) on the Securities or on account of the Obligations. (b) purchase or other acquisition of Securities by the Company or any Subsidiary. In the event that, notwithstanding the foregoing, the Borrower Company shall make any payment to the Lender Trustee or the Holder of any Security prohibited by the foregoing provisions of this Section 3.4Section, and if such fact shall, at or prior to the time of such payment, have been made known to the LenderTrustee or, as the case may be, such Holder, then and in such event such payment shall be paid over and delivered forthwith to the BorrowerCompany. The provisions of this Section shall not apply to any payment with respect to which Section 11.2 would be applicable.

No Payment When Senior Debt in Default. (a) Subject to the last paragraph of this Section 3.4, (x) in In the event and during the continuation of any default in the payment of the principal of or any premium or interest on any Senior Debt beyond any applicable grace period with respect theretoto such Senior Debt, or (y) in the event that any event of default with respect to any Senior Debt shall have occurred and be continuing permitting the holders of such Senior Debt (or a trustee the Trustee on behalf of the holders thereofof such Senior Debt) to declare such Senior Debt due and payable prior to the date on which it would otherwise have become due and payable(provided thatpayable, in the case of clause (x) or clause (y), if unless and until such default in payment or event of default shall have been cured or waived or shall have ceased to exist and any such declaration of acceleration shall have been rescinded or annulled, then or (b) in the event any judicial proceeding shall be pending with respect to any such default in payment or event of default, as the case may be, shall be deemed not to have occurred for the purpose of this Section 3.4), then no payment (including any payment which may be payable by reason of the payment of any other indebtedness of the Borrower Company being subordinated to the payment of the ObligationsNotes) shall be made by the Borrower Company on account of the Obligations. (b) principal of or any premium or interest on the Notes or on account of the purchase or other acquisition of Notes. In the event that, notwithstanding the foregoing, the Borrower Company shall make any payment to the Lender Trustee or the Holder of any Security prohibited by the foregoing provisions of this Section 3.4, 4.02 and if such fact shall, at or prior to the time of such payment, have been made known to a Responsible Officer of the LenderTrustee or, as the case may be, such Holder, then and in such event such payment shall be paid over and delivered forthwith to the BorrowerCompany.

No Payment When Senior Debt in Default. (a) Subject to the last paragraph of this Section 3.4, (x) in In the event and during the continuation of any default in the payment of principal of (or premium, if any) or interest on any Senior Debt beyond any applicable grace period with respect theretoDebt, when the same becomes due and payable, whether at maturity or (y) in at a date fixed for prepayment or by declaration of acceleration or otherwise, then, upon written notice of such default to the event that any event of default with respect to any Senior Debt shall have occurred and be continuing permitting Company by the holders of such Senior Debt (or a any trustee on behalf of the holders thereof) to declare therefor, unless and until such Senior Debt due and payable prior to the date on which it would otherwise have become due and payable(provided that, in the case of clause (x) or clause (y), if such default in payment or event of default shall have been cured or waived or shall have ceased to exist and any such declaration of acceleration shall have been rescinded or annulled, then such default in payment or event of default, as the case may be, shall be deemed not to have occurred for the purpose of this Section 3.4)exist, then no payment or distribution of any kind or character, whether in cash, properties or securities (including any payment which may be payable by reason of the payment of any other indebtedness of the Borrower being subordinated to the payment of the ObligationsJunior Subordinated Payment) shall be made by the Borrower Company on account of principal of (or premium, if any) or interest (including any Additional Interest), if any, on the Securities or on account of the Obligations. (b) purchase or other acquisition of Securities by the Company or any Subsidiary. In the event that, notwithstanding the foregoing, the Borrower Company shall make any payment to the Lender Trustee or the Holder of any Security prohibited by the foregoing provisions of this Section 3.4Section, and if such fact shall, at or prior to the time of such payment, have been made known to the LenderTrustee or, as the case may be, such Holder, then and in such event such payment shall be paid over and delivered forthwith to the BorrowerCompany. The provisions of this Section shall not apply to any payment with respect to which Section 1102 would be applicable.

No Payment When Senior Debt in Default. (a) Subject to the last paragraph of this Section 3.4, (x) in In the event and during the continuation of any default in the payment of principal of (or premium, if any) or interest on of any Senior Debt beyond any applicable grace period with respect thereto, or (y) in the event that any event of default with respect to any Senior Debt shall have occurred and be continuing permitting the holders of and shall have resulted in such Senior Debt (becoming or a trustee on behalf of the holders thereof) to declare such Senior Debt being declared due and payable prior to the date on which it would otherwise have become due and payable(provided thatpayable, or (b) in the case of clause (x) or clause (y), if such default in payment or event of default any judicial proceeding shall have been cured or waived or shall have ceased be pending with respect to exist and any such declaration of acceleration shall have been rescinded or annulled, then such default in payment or event of default, as the case may be, shall be deemed not to have occurred for the purpose of this Section 3.4), then no payment (including any payment which may be payable by reason of the payment of any other indebtedness of the Borrower Company being subordinated to the payment of the ObligationsSecurities) shall be made by the Borrower Company on account of principal of (or premium, if any) or interest on the Securities or on account of the Obligations. (b) repurchase or other acquisition of Securities or Securities which have been converted pursuant to Article 13. In the event that, notwithstanding the foregoing, the Borrower Company shall make any payment to the Lender Trustee or the Holder of any Security prohibited by the foregoing provisions of this Section 3.4Section, and if such fact shall, at or prior to the time of such payment, have been made known to the LenderTrustee or, as the case may be, such Holder, then and in such event such payment shall be paid over and delivered forthwith to the BorrowerCompany. The provisions of this Section shall not apply to any payment with respect to which Section 14.2 would be applicable.

No Payment When Senior Debt in Default. (a) Subject to the last paragraph of this Section 3.4, (x) in In the event and during the continuation of any default in the payment of the principal of of, or any premium or interest on on, any Senior Debt beyond any applicable grace period with respect theretoto such Senior Debt, or (y) in the event that any event of default with respect to any Senior Debt shall have occurred and be continuing permitting the holders of such Senior Debt (or a the trustee or agent on behalf of the holders thereofof such Senior Debt) to declare such Senior Debt due and payable prior to the date on which it would otherwise have become due and payable(provided thatpayable, in the case of clause (x) or clause (y), if unless and until such default in payment or event of default shall have been cured or waived or shall have ceased to exist and any such declaration of acceleration shall have been rescinded or annulled, then or (b) in the event any judicial proceeding shall be pending with respect to any such default in payment or event of default, as the case may be, shall be deemed not to have occurred for the purpose of this Section 3.4), then no payment (including any payment which may be payable by reason of the payment of any other indebtedness of the Borrower Company being subordinated to the payment of the ObligationsNotes) shall be made by the Borrower Company on account of the Obligations. (b) principal of, or any premium or interest on, the Notes or on account of the purchase or other acquisition of Notes. In the event that, notwithstanding the foregoing, the Borrower Company shall make any payment to the Lender Trustee or the Holders prohibited by the foregoing provisions of this Section 3.4, 4.02 and if such fact shall, at or prior to the time of such payment, have been made known to a Responsible Officer of the LenderTrustee or, as the case may be, such Holder, then and in such event such payment shall be paid over and delivered forthwith to the BorrowerCompany or to the holders of Senior Debt.