Common use of Payment on Debentures Permitted Clause in Contracts

Payment on Debentures Permitted. Nothing contained in this Article 5 or elsewhere in this Indenture, or in any of the Debentures, will affect the obligation of the Corporation to make, or prevent the Corporation from making, at any time except during the pendency of any dissolution, winding up or liquidation of the Corporation or reorganization proceedings specified in Section 5.2 affecting the affairs of the Corporation, any payment of principal of or interest on the Debentures, except that the Corporation will not make any such payment other than as contemplated by this Article 5, if it is in default in payment of any Senior Indebtedness permitting the holder thereof to accelerate the maturity thereof. The fact that any such payment is prohibited by this Section 5.6 will not prevent the failure to make such payment from being an Event of Default hereunder. Nothing contained in this Article 5 or elsewhere in this Indenture, or in any of the Debentures, will prevent the conversion of the Debentures or the application by the Debenture Trustee of any monies deposited with the Debenture Trustee hereunder for the purpose, to the payment of or on account of the principal of or interest on the Debentures.

Payment on Debentures Permitted. Nothing contained in this Article 5 or elsewhere in this Indenture, or in any of the Debentures, will shall affect the obligation of the Corporation Issuer to make, or prevent the Corporation Issuer from making, at any time except during the pendency of any dissolution, winding up or liquidation of the Corporation Issuer or reorganization other proceedings specified in Section 5.2 or in the circumstances contemplated by Section 5.5 affecting the affairs of the CorporationIssuer, any payment of principal of or interest on the Debentures, except that the Corporation will not make any such payment other than as contemplated by this Article 5, if it is in default in payment of any Senior Indebtedness permitting the holder thereof to accelerate the maturity thereof. The fact that any such payment is prohibited by or any action may not be taken under this Section 5.6 will Article 5 or under any instrument relating to Senior Indebtedness, shall not prevent the failure to make such payment from being an Event of Default hereunder. Nothing contained in this Article 5 or elsewhere in this Indenture, or in any of the Debentures, will shall prevent the conversion of the Debentures or, subject to Sections 5.2 or 5.5 or the application by the Debenture Trustee of any monies moneys deposited with the Debenture Trustee hereunder for the purpose, to the payment of or on account of the principal of of, or interest premium, if any, or interest, if any, on the Debentures. Notwithstanding the provisions of this Article 5 or any provision in this Indenture or in the Debentures contained, the Trustee shall not be charged with knowledge of the existence of any Senior Indebtedness or of any default in the payment thereof, unless and until the Trustee shall have received written notice thereof from the Issuer or from the holder of Senior Indebtedness or from the representative of any such holder.

Payment on Debentures Permitted. Nothing contained in this Article 5 or elsewhere in this Indenture, or in any of the Debentures, will shall affect the obligation of the Corporation to make, or prevent the Corporation from making, at any time except during the pendency of any dissolution, winding up or liquidation of the Corporation or reorganization proceedings specified in as prohibited by Section 5.2 affecting the affairs of the Corporation5.6, any payment of principal of or, premium, if any, or interest on the Debentures, except that the Corporation will not make any such payment other than as contemplated by this Article 5, if it is in default in payment of any Senior Indebtedness permitting the holder thereof to accelerate the maturity thereof. The fact that any such payment is prohibited by this Section 5.6 will shall not prevent the failure to make such payment from being an Event of Default hereunder. Nothing contained in this Article 5 or elsewhere in this Indenture, or in any of the Debentures, will shall prevent the conversion of the Debentures or Debentures, or, except as prohibited by Section 5.6, the application by the Debenture Trustee of any monies deposited with the Debenture Trustee hereunder for the purpose, to the payment of payment, or on account account, of the principal Debentures. Notwithstanding the foregoing, in the event that the Corporation shall default in its obligations hereunder, the sole recourse of the Trustee, the Debentureholders and the Beneficial Holders against the Corporation shall be with respect to the first priority Security Interest granted to the Trustee in the Secured Assets, and the Trustee, the Debentureholders and the Beneficial Holders shall have no right to payment from the Corporation or interest on the DebenturesOmni Borrower, or against any of the Corporation’s other property or assets, except as otherwise permitted by law, or against any assets of the Omni Borrower or its affiliates.

Payment on Debentures Permitted. Nothing contained in this Article 5 or elsewhere in this Indenture, or in any of the Debentures, will shall affect the obligation of the Corporation Company to make, or prevent the Corporation Company from making, at any time except during as prohibited by Section 5.7, the pendency of Intercreditor Agreement or any dissolution, winding up or liquidation of the Corporation or reorganization proceedings specified in Section 5.2 affecting the affairs of the CorporationIntercreditor Arrangement, any payment of principal of or interest on the Debentures, except that the Corporation will not make any such payment other than as contemplated by this Article 5, if it is in default in payment of any Senior Indebtedness permitting the holder thereof to accelerate the maturity thereof. The fact that any such payment is prohibited by this Section 5.6 will 5.7, the Intercreditor Agreement or any Intercreditor Arrangement, shall not prevent the failure to make such payment from being an Event of Default hereunder. Nothing contained in this Article 5 or elsewhere in this Indenture, or in any of the Debentures, will shall prevent the conversion of the Debentures or, except as prohibited by Section 5.7, the Intercreditor Agreement or any Intercreditor Arrangement, the application by the Debenture Trustee of any monies deposited with the Debenture Trustee hereunder for the purpose, to the payment of or on account of the principal of or interest on the DebenturesDebenture Liabilities.

Payment on Debentures Permitted. Nothing contained in this Article 5 or elsewhere in this Indenture, or in any of the Debentures, will shall affect the obligation of the Corporation to make, or prevent the Corporation from making, where it is otherwise permitted to do so, at any time except during the pendency of any dissolution, winding up or liquidation of the Corporation or reorganization proceedings specified in as prohibited by Section 5.2 affecting the affairs of the Corporation, or Section 5.5 any payment of principal of or interest on the Debentures, except that the Corporation will not make any such payment other than as contemplated by this Article 5, if it is in default in payment of any Senior Indebtedness permitting the holder thereof to accelerate the maturity thereof. The fact that any such payment is prohibited by this Section 5.6 will 5.2 or Section 5.5 shall not prevent the failure to make such payment from being an Event of Default hereunder. Nothing contained in this Article 5 or 5, elsewhere in this Indenture, Indenture or in any of the DebenturesDebentures other than in the case of a continuing default or Event of Default under Senior Indebtedness or acceleration of Senior Indebtedness that has not been rescinded or where a payment could reasonably be expected to cause a default or Event of Default under any Senior Indebtedness, will in which case and Section 5.13 shall govern, shall prevent the conversion of the Debentures or, except as prohibited by Section 5.2, Section 5.5 or Section 5.13, the application by the Debenture Trustee of any monies deposited with the Debenture Trustee hereunder for the purpose, to the payment of or on account of the principal of or interest on the DebenturesDebenture Liabilities.

Payment on Debentures Permitted. Nothing contained in this Article 5 or elsewhere in this Indenture, or in any of the Debentures, will affect the obligation of the Corporation to make, or prevent the Corporation from making, at any time except during the pendency of any dissolution, winding up or liquidation of the Corporation or reorganization proceedings specified in Section 5.2 affecting the affairs of the Corporation, any payment of principal of or interest on the Debentures, except that the Corporation will not make any such payment other than as contemplated by this Article 5, if it is in default in payment of any Senior Indebtedness permitting the holder thereof to accelerate the maturity thereof. The fact that any such payment is prohibited by this Section 5.6 will not prevent the failure to make such payment from being an Event of Default hereunder. Nothing contained in this Article 5 or elsewhere in this Indenture, or in any of the Debentures, will prevent the conversion of the Debentures or the application by the Debenture Trustee of any monies deposited with the Debenture Trustee hereunder for the purpose, to the payment of or on account of the principal of or interest on the Debentures. Notwithstanding the provisions of this Article 5 or any provision in this Indenture or in the Debentures contained, the Debenture Trustee will not be charged with knowledge of the existence of any Senior Indebtedness or of any default in payment thereof permitting the holder to accelerate the maturity thereof, unless and until the Debenture Trustee will have received written notice thereof from the Corporation or from the holder of Senior Indebtedness or from the representative of any such holder.

Payment on Debentures Permitted. Nothing contained in this Article 5 or elsewhere in this Indenture, or in any of the Debentures, will shall affect the obligation of the Corporation to make, or prevent the Corporation from making, at any time except during the pendency of any dissolution, winding up or liquidation of the Corporation or reorganization proceedings specified in Section 5.2 affecting the affairs of the Corporation, any payment of principal of or interest on the Debentures, except that the Corporation will shall not make any such payment other than as contemplated by this Article 5, if it is in default in payment of any Senior Indebtedness permitting the holder thereof to accelerate the maturity thereofIndebtedness. The fact that any such payment is prohibited by this Section 5.6 will shall not prevent the failure to make such payment from being an Event of Default hereunder. Nothing contained in this Article 5 or elsewhere in this Indenture, or in any of the Debentures, will shall prevent the conversion of the Debentures or the application by the Debenture Trustee of any monies deposited with the Debenture Trustee hereunder for the purpose, to the payment of or on account of the principal of or interest on the Debentures. Notwithstanding the provisions of this Article 5 or any provision in this Indenture or in the Debentures contained, the Debenture Trustee shall not be charged with knowledge of the existence of any Senior Indebtedness or of any default in the payment thereof, unless and until the Debenture Trustee shall have received written notice thereof from the Corporation or from the holder of Senior Indebtedness or from the representative of any such holder.

Payment on Debentures Permitted. Nothing contained in this Article 5 or elsewhere in this Indenture, or in any of the Debentures, will shall affect the obligation of the Corporation to make, or prevent the Corporation from making, at any time except during the pendency of any dissolution, winding up or liquidation of the Corporation or reorganization proceedings specified in Section 5.2 affecting the affairs of the Corporation, and except in the circumstances specified in Section 5.5, any payment of principal of or interest on the Debentures, except that the Corporation will not make any such payment other than as contemplated by this Article 5, if it is in default in payment of any Senior Indebtedness permitting the holder thereof to accelerate the maturity thereof. The fact that any such payment is prohibited by this Section 5.6 will shall not prevent the failure to make such payment from being an Event of Default hereunder. Nothing contained in this Article 5 or elsewhere in this Indenture, or in any of the Debentures, will shall prevent the conversion of the Debentures pursuant to Article 6. Notwithstanding the provisions of this Article 5 or any provision in this Indenture or in the application by Debentures contained, the Debenture Trustee shall not be charged with knowledge of the existence of any monies deposited with the Debenture Trustee hereunder for the purpose, to Senior Indebtedness or of any default in the payment thereof, unless and until the Trustee shall have received written notice thereof from the Corporation or from the holder of Senior Indebtedness or on account from the representative of the principal of or interest on the Debenturesany such holder.

Payment on Debentures Permitted. Nothing contained in this Article 5 or elsewhere in this Indenture, or in any of the Debentures, will affect the obligation of the Corporation REIT to make, or prevent the Corporation REIT from making, at any time except during the pendency of any dissolution, winding up or liquidation of the Corporation REIT or reorganization proceedings specified in Section 5.2 affecting the affairs of the CorporationREIT, any payment of principal of or interest on the Debentures, except that the Corporation REIT will not make any such payment other than as contemplated by this Article 5, if it is in default in payment of any Senior Indebtedness permitting the holder thereof to accelerate the maturity thereof. The fact that any such payment is prohibited by this Section 5.6 will not prevent the failure to make such payment from being an Event of Default hereunder. Nothing contained in this Article 5 or elsewhere in this Indenture, or in any of the Debentures, will prevent the conversion of the Debentures or the application by the Debenture Trustee of any monies deposited with the Debenture Trustee hereunder for the purpose, to the payment of or on account of the principal of or interest on the Debentures.

Payment on Debentures Permitted. Nothing contained in this Article 5 or elsewhere in this Indenture, or in any of the Debentures, will shall affect the obligation of the Corporation Trust to make, or prevent the Corporation Trust from making, at any time except during the pendency of any dissolution, winding up or liquidation of the Corporation Trust or reorganization other proceedings specified in Section 5.2 or in the circumstances contemplated by Section 5.5 affecting the affairs of the CorporationTrust, any payment of principal of or interest on the Debentures, except that the Corporation will not make any such payment other than as contemplated by this Article 5, if it is in default in payment of any Senior Indebtedness permitting the holder thereof to accelerate the maturity thereof. The fact that any such payment is prohibited by or any action may not be taken under this Section 5.6 will Article 5 or under any instrument relating to Senior Indebtedness, shall not prevent the failure to make such payment from being an Event of Default hereunder. Nothing contained in this Article 5 or elsewhere in this Indenture, or in any of the Debentures, will shall prevent the conversion of the Debentures or, subject to Sections 5.2 or 5.5 or the application by the Debenture Trustee of any monies moneys deposited with the Debenture Trustee hereunder for the purpose, to the payment of or on account of the principal of of, or interest premium, if any, or interest, if any, on the Debentures. Notwithstanding the provisions of this Article 5 or any provision in this Indenture or in the Debentures contained, the Trustee shall not be charged with knowledge of the existence of any Senior Indebtedness or of any default in the payment thereof, unless and until the Trustee shall have received written notice thereof from the Trust or from the holder of Senior Indebtedness or from the representative of any such holder.

Payment on Debentures Permitted. Nothing contained in this Article 5 6 or elsewhere in this Indenture, or in any of the Debentures, will affect the obligation of the Corporation to make, or prevent the Corporation from making, at any time except during the pendency of any dissolution, winding up or liquidation of the Corporation or reorganization proceedings specified in Section 5.2 6.2 affecting the affairs of the Corporation, any payment of principal of or interest on the Debentures, except that the Corporation will not make any such payment other than as contemplated by this Article 5, 6 if it is in default in payment of any Senior Indebtedness permitting the holder thereof to accelerate the maturity thereof. The fact that any such payment is prohibited by this Section 5.6 6.6 will not prevent the failure to make such payment from being an Event of Default hereunder. Nothing contained in this Article 5 or elsewhere in this Indenture, or in any of the Debentures, will prevent the conversion of the Debentures or the application by the Debenture Trustee of any monies deposited with the Debenture Trustee hereunder for the purpose, to the payment of or on account of the principal of or interest on the Debentures. Notwithstanding this Article 6 or any provision in this Indenture or in the Debentures contained, the Trustee will not be charged with knowledge of the existence of any Senior Indebtedness or of any default in payment thereof permitting the holder to accelerate the maturity thereof, unless and until the Trustee will have received written notice thereof from the Corporation or from the holder of Senior Indebtedness or from the representative of any such holder.

Payment on Debentures Permitted. Nothing contained in this Article 5 or elsewhere in this Indenture, or in any of the Debentures, will shall affect the obligation of the Corporation to make, or prevent the Corporation from making, at any time except during the pendency of any dissolution, winding up or liquidation of the Corporation or reorganization proceedings specified in as prohibited by Section 5.2 affecting the affairs of the Corporation5.6, any payment of principal of or, premium, if any, or interest on the Debentures, except that the Corporation will not make any such payment other than as contemplated by this Article 5, if it is in default in payment of any Senior Indebtedness permitting the holder thereof to accelerate the maturity thereof. The fact that any such payment is prohibited by this Section 5.6 will shall not prevent the failure to make such payment from being an Event of Default hereunder. Nothing contained in this Article 5 or elsewhere in this Indenture, or in any of the Debentures, will shall prevent the conversion of the Debentures or Debentures, or, except as prohibited by Section 5.6, the application by the Debenture Trustee of any monies deposited with the Debenture Trustee hereunder for the purpose, to the payment of payment, or on account account, of the principal Debentures. Notwithstanding the foregoing, in the event that the Corporation shall default in its obligations hereunder, the sole recourse of the Trustee, the Debentureholders and the Beneficial Holders against the Corporation shall be with respect to the first priority Security Interest granted to the Trustee in the Secured Assets, and the Trustee, the Debentureholders and the Beneficial Holders shall have no right to payment from the Corporation or interest on the Debenturesagainst any of its other property or assets, except as otherwise permitted by law.