Payments to Securityholders. In the event and during the continuation of any default in the payment of principal, premium, interest or any other payment due on any Senior Indebtedness of the Company continuing beyond the period of grace, if any, specified in the instrument or lease evidencing such Senior Indebtedness of the Company, then, unless and until such default shall have been cured or waived or shall have ceased to exist, no payment shall be made by the Company with respect to the principal of, or premium, if any, or interest on the Securities, except sinking fund payments made by the acquisition of Securities under Section 11.08 prior to the happening of such default and payments made pursuant to Article IV hereof from monies deposited with the Trustee pursuant thereto prior to the happening of such default. Upon any payment by the Company, or distribution of assets of the Company of any kind or character, whether in cash, property or securities, to creditors upon any dissolution or winding-up or liquidation or reorganization of the Company, whether voluntary or involuntary or in bankruptcy, insolvency, receivership or other proceedings, all amounts due or to become due upon all Senior Indebtedness of the Company shall first be paid in full, or payment thereof provided for in money in accordance with its terms, before any payment is made on account of the principal (and premium, if any) or interest on the Securities (except payments made pursuant to Article IV hereof from monies deposited with the Trustee pursuant thereto prior to the happening of such dissolution, winding-up, liquidation or reorganization); and upon any such dissolution or winding-up or liquidation or reorganization any payment by the Company, or distribution of assets of the Company of and kind or character, whether in cash, property or securities, to which the holders of the Securities or the Trustee would be entitled, except for the provisions of this Article XII, shall (except as aforesaid) be paid by the Company or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, or by the holders of the Securities or by the Trustee under this Indenture if received by them or it, directly to the holders of Senior Indebtedness of the Company (pro rata to such holders on the basis of the respective amounts of Senior Indebtedness of the Company held by such holders, as calculated by the Company) or their representative or representatives, or to the trus...
Payments to Securityholders. (a) All distributions made on the Notes on each Payment Date or pursuant to Section 5.04(b) of the Indenture will be made on a pro rata basis among the Noteholders of record of the Notes on the next preceding Record Date based on the Percentage Interest represented by their respective Notes, without preference or priority of any kind, and, except as otherwise provided in the next succeeding sentence, shall be made by wire transfer of immediately available funds to the account of such Noteholder, if such Noteholder shall own of record Notes having a Percentage Interest (as defined in the Indenture) of at least 20% and shall have so notified the Paying Agent and the Indenture Trustee 5 Business Days prior to the related Record Date, and otherwise by check mailed to the address of such Noteholder appearing in the Notes Register. The final distribution on each Note will be made in like manner, but only upon presentment and surrender of such Note at the location specified in the notice to Noteholders of such final distribution.
(b) All distributions made on the Trust Certificates on each Payment Date or pursuant to Section 5.04(b) of the Indenture will be made in accordance with the Percentage Interest among the holders of the Trust Certificates of record on the next preceding Record Date based on their Percentage Interests (as defined in the Trust Agreement) on the date of distribution, without preference or priority of any kind, and, except as otherwise provided in the next succeeding sentence, shall be made by wire transfer of immediately available funds to the account of each such holder, if such holder shall own of record a Trust Certificate in an original denomination aggregating at least 25% of the Percentage Interests and shall have so notified the Paying Agent and the Indenture Trustee 5 Business Days prior to the related Record Date, and otherwise by check mailed to the address of such Certificateholder appearing in the Certificate Register. The final distribution on each Trust Certificate will be made in like manner, but only upon presentment and surrender of such Trust Certificate at the location specified in the notice to holders of the Trust Certificates of such final distribution. Any amount distributed to the holders of the Trust Certificates on any Payment Date shall not be subject to any claim or interest of the Noteholders. In the event that at any time there shall be more than one Certificateholder, the Indenture Trustee shall be entitled to...
Payments to Securityholders. 65 SECTION 11.3
Payments to Securityholders. 55 Section 5.03 Trust Accounts; Trust Account Property..................................... 55 Section 5.04 Advance Account............................................................ 57 Section 5.05 Transfer Obligation Account................................................ 58 Section 5.06
Payments to Securityholders. In the event and during the continuation of (a) any default in the payment of principal, premium, if any, or interest on or any other monetary amounts due and payable on any Senior Indebtedness, or (b) any other default having occurred concerning any Senior Indebtedness which permits the holder or holders of any Senior Indebtedness to accelerate the maturity of any Senior Indebtedness with notice or lapse of time or both, and the Issuer and the Trustee receive a written notice of such default (a "Payment Blockage Notice") from a representative of such Senior Indebtedness or a holder of such Senior Indebtedness or the Issuer, in each case continuing beyond the period of grace, if any, specified in the instrument or lease evidencing such Senior Indebtedness, then, unless and until such default shall have been cured or waived or shall have ceased to exist, no payment shall be made by the Issuer with respect to the principal of (including, without limitation, sinking fund payments, if any) or interest on the Securities. The Issuer may and shall resume payments on the Securities (1) in the case of a payment default, on the date upon which such default is cured or waived or ceases to exist, and (2) in the case of a nonpayment default with respect to Senior Indebtedness, on the earlier of the date on which the nonpayment default is cured or waived or ceases to exist or 179 days have passed after the date on which the applicable Payment Blockage Notice is received. No new period of payment blockage may be commenced pursuant to a Payment Blockage Notice unless (A) at least 365 days shall have elapsed since the Issuer's receipt of the immediately prior Payment Blockage Notice and (B) all scheduled payments of principal, premium, if any, and interest on the Securities that have come due have been paid in full in cash, or in such other form of payment as may be acceptable to the holders of the Securities, and the Trustee or the requisite holders of Securities shall not have begun proceedings to enforce the right of the holders to receive payments. No default (whether or not such event of default is on the same issue of Senior Indebtedness) that existed or was continuing on the date of delivery of any Payment Blockage Notice to the Trustee shall be, or be made, the basis for a subsequent Payment Blockage Notice. Upon any payment by the Issuer, or distribution of assets of the Issuer of any kind or character, whether in cash, property or securities, to creditors upon an...
Payments to Securityholders. (a) (i) In the event and during the continuation of any default beyond any grace period in the payment of principal of or interest on or any other monetary amounts due in respect of any Senior Indebtedness, or in the event that any other event of default with respect to any Senior Indebtedness shall have occurred and be continuing and shall have resulted in such Senior Indebtedness becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable and the Trustee has received written notice from the Company, from holders of Senior Indebtedness or from any trustee, representative or agent therefor, unless and until such event of default shall have been cured, waived or remedied or shall have ceased to exist and such acceleration shall have been rescinded or annulled or all amounts due on such Senior Indebtedness are paid in full in cash or other permitted consideration, or otherwise provided for, then no payment of the principal of or interest on the Debentures shall be made by the Company.
Payments to Securityholders. 20 Section 4.3. Subrogation of Securities.............................23 Section 4.4. Authorization to Effect Subordination.................24 Section 4.5. Notice to Trustee.....................................25 Section 4.6. Trustee's Relation to Senior Indebtedness.............26 Section 4.7. No Impairment of Subordination........................26 Section 4.8. Certain Conversions Deemed Payment....................26 Section 4.9. Article Applicable to Paying Agents...................27 Section 4.10. Senior Indebtedness Entitled to Rely..................27
Payments to Securityholders. (a) Until an Event of Default occurs, at which time the provisions of Section 5.10 shall apply:
(i) On each Interest Payment Date, the Trustee shall (A) withdraw from the Distribution Account, up to the full balance of funds on deposit in the Distribution Account (which shall include any amounts required to be transferred from the Reserve Fund pursuant to Section 3.03(b) below), an amount equal to the amount of all interest accrued during the related Interest Period on the Securities Outstanding with respect to such Interest Payment Date plus any Defaulted Interest (the "Required Interest Payment Amount") and (B) pay to Securityholders (or transfer to the Paying Agent for payment to Securityholders, if the Trustee shall not then be the Paying Agent) such amount in accordance with Section 2.10.
(ii) In addition, on any Redemption Date and at the Stated Maturity, the Trustee shall withdraw sufficient amounts from the Distribution Account (which shall include any amounts required to be transferred from the Reserve Fund pursuant to Section 3.03(b) below) to make required interest and principal payments on such date pursuant to Article Eleven or Article Thirteen hereof, as applicable, and distribute such amounts to Securityholders as of the immediately preceding Regular Record Date.
(i) If, on any Interest Payment Date, the amount on deposit in the Distribution Account prior to giving effect to the withdrawal and payment required by Section 3.03(a)(i) above is less than the Required Interest Payment Amount, the Trustee shall withdraw from the Reserve Fund and transfer to the Distribution Account, up to the full balance of funds on deposit in the Reserve Fund, an amount equal to the difference between the Required Interest Payment Amount and the amount then on deposit in the Distribution Account.
(ii) In addition, if, on any Redemption Date or at the Stated Maturity, the amount on deposit in the Distribution Account prior to giving effect to the withdrawal and payment required by Section 3.03(a)(ii) above is less than the amount required to be paid in respect of interest and principal on such date, the Trustee shall immediately withdraw from the Reserve Fund and transfer to the Distribution Account, up to the full balance of funds on deposit in the Reserve Fund, an amount equal to the difference between such required amount and the amount on deposit in the Distribution Account.
Payments to Securityholders. The Owner Trustee, by --------------------------- executing this Agreement, is deemed to have instructed the Collateral Trustee to distribute to the Securityholders on each applicable Payment Date, in accordance with their respective Percentage Interests, amounts due and payable to the Securityholders on deposit in the Security Account pursuant to Section 3.3(e) of the Servicing Agreement.
Payments to Securityholders. 76 SECTION 13.03. Subrogation...................................................80 SECTION 13.04. Authorization to Effect Subordination.........................81 SECTION 13.05.
