Common use of Remedies for Events of Default Clause in Contracts

Remedies for Events of Default. If an Event of Default, as defined in the Indenture, occurs and is continuing, the Trustee or the Holders of not less than 25% in principal amount at maturity of the Notes then outstanding, by written notice to the Company (and to the Trustee, if such notice is given by the Holders) may declare all the Notes to be immediately due and payable and upon any such declaration all such amounts payable in respect of the Notes shall become immediately due and payable. If a bankruptcy or insolvency default with respect to the Company or any of its Significant Subsidiaries occurs and is continuing, the Notes and all such amounts payable in respect of the Notes shall automatically become immediately due and payable without any declaration or other act on the part of the Trustee or any Holder of Notes. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may require indemnity satisfactory to it before it enforces the Indenture or the Notes. Subject to certain limitations, Holders of at least a majority in principal amount of the Notes then outstanding may direct the Trustee in its exercise of any trust or power.

Remedies for Events of Default. A-21 If an Event of Default, as defined in the Indenture, occurs and is continuing, the Trustee or the Holders of not less than 25% in principal amount at maturity of the Notes then outstanding, by written notice to the Company (and to the Trustee, if such notice is given by the Holders) may declare all the Notes to be immediately due and payable and upon any such declaration all such amounts payable in respect of the Notes shall become immediately due and payable. If a bankruptcy or insolvency default with respect to the Company or any of its Significant Subsidiaries occurs and is continuing, the Notes and all such amounts payable in respect of the Notes shall automatically become immediately due and payable without any declaration or other act on the part of the Trustee or any Holder of Notes. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may require indemnity satisfactory to it before it enforces the Indenture or the Notes. Subject to certain limitations, Holders of at least a majority in principal amount of the Notes then outstanding may direct the Trustee in its exercise of any trust or power.