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

No Payment When Senior Debt of the Company in Default. (1) Upon the occurrence and during the continuation of any default in the payment of principal of (or premium, if any) or interest on any Senior Debt of the Company, or if any event of default with respect to any Senior Debt of the Company shall have occurred and be continuing and shall have resulted in such Senior Debt of the Company 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event of default shall have been cured or waived or shall have ceased to exist and such acceleration shall have been rescinded or annulled, or (2) if any judicial proceeding shall be pending with respect to any such default in payment or such event of default, then no payment (including any Junior Subordinated Payment) shall be made by the Company on account of principal of (or premium, if any) or interest on the Securities or on account of the purchase or other acquisition of Securities by the Company or any Subsidiary; provided, however, that nothing in this ‎Section 1404 shall prevent the satisfaction of any sinking fund payment in accordance with ‎Article Thirteen by delivering and crediting pursuant to ‎Section 1302 Securities which have been acquired (upon redemption or otherwise) prior to such default in payment or event of default. If, notwithstanding the foregoing, the Company shall make any payment to the Trustee or the Holder of any Security prohibited by the foregoing provisions of this ‎Section 1404, and if such fact shall, at or prior to the time of such payment, have been made known to the 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 Company. The provisions of this ‎Section 1404 shall not apply to any payment with respect to which ‎Section 1402 would be applicable.

No Payment When Senior Debt of the Company in Default. (1a) Upon the occurrence and during the continuation of any default in the payment of principal of (or premium, if any) or interest on any Senior Debt of the Company, or if any event of default with respect to any Senior Debt of the Company shall have occurred and be continuing and shall have resulted in such Senior Debt of the Company 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 (2b) if any judicial proceeding shall be pending with respect to any such default in payment or such event of default, then no payment (including any Junior Subordinated Payment) shall be made by the Company on account of principal of (or premium, if any) or interest on the Securities or on account of the purchase or other acquisition of Securities by the Company or any Subsidiary; provided, however, that nothing in this ‎Section Section 1404 shall prevent the satisfaction of any sinking fund payment in accordance with ‎Article Article Thirteen by delivering and crediting pursuant to ‎Section Section 1302 Securities which have been acquired (upon redemption or otherwise) prior to such default in payment or event of default. If, notwithstanding the foregoing, the Company shall make any payment to the Trustee or the Holder of any Security prohibited by the foregoing provisions of this ‎Section Section 1404, and if such fact shall, at or prior to the time of such payment, have been made known to the 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 Company. The provisions of this ‎Section Section 1404 shall not apply to any payment with respect to which ‎Section Section 1402 would be applicable.

No Payment When Senior Debt of the Company in Default. (1a) Upon In the occurrence event and during the continuation of any default in the payment of principal of (or premium, if any) or interest on any Senior Debt of the Company, or if in the event that any event of default with respect to any Senior Debt of the Company shall have occurred and be continuing and shall have resulted in such Senior Debt of the Company 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 (2b) if in the event any judicial proceeding shall be pending with respect to any such default in payment or such event of default, then no payment (including any Junior Subordinated Paymentpayment which may be payable by reason of the payment of any other indebtedness of the Company being subordinated to the payment of the Securities) shall be made by the Company on account of principal of (or premium, if any) or interest on the Securities or on account of the purchase or other acquisition of Securities by the Company or any Subsidiary; provided, however, that nothing in this ‎Section 1404 Section shall prevent the satisfaction of any sinking fund payment in accordance with ‎Article Article Thirteen by delivering and crediting pursuant to ‎Section Section 1302 Securities which have been acquired (upon redemption or otherwise) prior to such default in payment or event of default. IfIn the event that, notwithstanding the foregoing, the Company shall make any payment to the Trustee or the Holder of any Security prohibited by the foregoing provisions of this ‎Section 1404Section, and if such fact shall, at or prior to the time of such payment, have been made known to the 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 Company. The provisions of this ‎Section 1404 Section shall not apply to any payment with respect to which ‎Section Section 1402 would be applicable.