Common use of Payment to Holders of Senior Indebtedness Clause in Contracts

Payment to Holders of Senior Indebtedness. Subject to the provisions of Section 1306, in the event that, notwithstanding the provisions of Section 1302 or Section 1303, any payment or distribution of assets or securities (other than Junior Securities, as applicable) of the Company of any kind or character, whether in cash, Property or securities, shall be received by the Trustee or the Holders of the Notes from the Company in violation of such provisions, such payment or distribution shall forthwith be paid over by the Trustee or such Holders directly to holders of Senior Indebtedness or their representatives or the trustees under any indenture pursuant to which any instruments evidencing any Senior Indebtedness may have been issued, for application to the payment of all Senior Indebtedness remaining unpaid to the extent necessary to pay all Senior Indebtedness in full in accordance with the terms of such Senior Indebtedness, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness. Upon any payment or distribution of assets or securities of the Company referred to in Sections 1302 and 1303, the Trustee and the Holders of the Notes shall be entitled to rely upon any order or decree of a court of competent jurisdiction, or upon any certificate of any liquidating trustee or agent or other Person making any payment or distribution to the Trustee or to the Holders of the Notes, for the purpose of ascertaining the Persons entitled to participate in such payment or distribution, the holders of the Senior Indebtedness, the amount thereof for payment thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article Thirteen. In the event that the Trustee determines, in good faith, that further evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to participate in any payment or distribution referred to in Sections 1302 and 1303, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, as to the extent to which such Person is entitled to participation in such payment or distribution, and as to other facts pertinent to the rights of such Person under Sections 1302 and 1303, and if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment.

Payment to Holders of Senior Indebtedness. Subject to the provisions of Section 130614.6, in the event that, notwithstanding the provisions of Section 1302 14.2 or Section 130314.3, any payment or distribution of assets or securities (other than Junior Securities, as applicable) of the Company Issuer of any kind or character, whether in cash, Property property or securitiessecurities (other than securities of the Issuer as reorganized or readjusted or securities of the Issuer or any other corporation provided for by a plan of reorganization or readjustment, which are in any such case subordinated to Senior Indebtedness to the same extent as the Securities), shall be received by the Trustee or the Holders holders of the Notes Securities (i) from the Company Issuer in violation of such provisions, or (ii) from any other person under such circumstances that such payment would, if made directly by the Issuer, be in violation of such provisions, such payment or distribution shall forthwith immediately be paid over by such holders to the Trustee or such Holders directly to holders of Senior Indebtedness or their representatives representative or representatives, or to the trustee or trustees under any indenture pursuant to under which any instruments instrument evidencing any of such Senior Indebtedness may have been issued, for application ratably according to the payment aggregate amounts then due on account of all the principal of, premium, if any, and interest on such Senior Indebtedness remaining unpaid to the extent necessary to pay all Senior Indebtedness in full in accordance with the terms of such Senior Indebtedness, (after giving effect to any concurrent payment or distribution to or for the holders of such Senior Indebtedness), to the extent necessary to pay in full all such amounts then due. Upon any payment or distribution of assets or securities of the Company Issuer referred to in Sections 1302 14.2 and 130314.3, the Trustee and any paying agent and the Holders holders of the Notes Securities shall be entitled to rely upon any order or decree of a court of competent jurisdiction, or upon any certificate of any liquidating trustee or agent or other Person person making any payment or distribution to the Trustee and any paying agent or to the Holders holders of the NotesSecurities, for the purpose of ascertaining the Persons persons entitled to participate in such payment or distribution, the holders of the Senior Indebtedness, the amount thereof for or payment thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article ThirteenSection. In the absence of any such order, decree, liquidating trustee, agent or other Person, the Trustee and each paying agent shall be entitled to rely upon a written notice by a Person representing himself to be a holder of Senior Indebtedness (or a trustee or representative on behalf of such holder) as evidence that such Person is a holder of Senior Indebtedness (or is such a trustee or representative). In the event that the Trustee or any paying agent determines, in good faith, that further evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to participate in any payment or distribution referred to in Sections 1302 14.2 and 130314.3, the Trustee or any paying agent may request such Person to furnish evidence to the reasonable satisfaction of the Trustee or any paying agent as to the amount of Senior Indebtedness held by such Person, as to the extent to which such Person is entitled to participation in such payment or distribution, and as to other facts pertinent to the rights of such Person under Sections 1302 14.2 and 130314.3, and if such evidence is not furnished, the Trustee or any paying agent may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment.

Payment to Holders of Senior Indebtedness. Subject to the provisions of Section 130612.06, in the event that, notwithstanding the provisions of Section 1302 12.02 or Section 130312.03, any payment or distribution of assets or securities (other than Junior Securities, as applicable) of the Company of any kind or character, whether in cash, Property property or securities, securities shall be received by the Trustee or the Holders holders of the Notes Debentures (i) from the Company in violation of such provisions, or (ii) from any other person under such circumstances that such payment would, if made directly by the Company, be in violation of such provisions, such payment or distribution shall forthwith immediately be paid over by such holders to the Trustee or such Holders directly to holders of Senior Indebtedness or their representatives representative or representatives, or to the trustee or trustees under any indenture pursuant to under which any instruments instrument evidencing any of such Senior Indebtedness may have been issued, for application ratably according to the payment aggregate amounts then due on account of all the principal of and interest on such Senior Indebtedness remaining unpaid to the extent necessary to pay all Senior Indebtedness in full in accordance with the terms of such Senior Indebtedness, (after giving effect to any concurrent payment or distribution to or for the holders of such Senior Indebtedness), to the extent necessary to pay in full all such amounts then due. Upon any payment or distribution of assets or securities of the Company referred to in Sections 1302 12.02 and 130312.03, the Trustee and the Holders holders of the Notes Debentures shall be entitled to rely upon any order or decree of a court of competent jurisdiction, or upon any certificate of any liquidating trustee or agent or other Person person making any payment or distribution to the Trustee or to the Holders holders of the NotesDebentures, for the purpose of ascertaining the Persons persons entitled to participate in such payment or distribution, the holders of the Senior Indebtedness, the amount thereof for or payment thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article Thirteen. In the event that the Trustee determines, in good faith, that further evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to participate in any payment or distribution referred to in Sections 1302 and 1303, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, as to the extent to which such Person is entitled to participation in such payment or distribution, and as to other facts pertinent to the rights of such Person under Sections 1302 and 1303, and if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such paymentTwelve.