Common use of Suspension of Guarantee Obligations When Guarantor Senior Indebtedness in Default Clause in Contracts

Suspension of Guarantee Obligations When Guarantor Senior Indebtedness in Default. Unless Section 12.03 shall be applicable, no direct or indirect payment (other than payments by a trust previously established pursuant to Article Nine hereof) or distribution of any assets of any Guarantor of any kind or character by such Guarantor on account of Obligations on the Securities or on account of the purchase, redemption or other acquisition of Securities or on account of Guarantee Obligations on the Securities whether pursuant to the terms of the Securities or upon acceleration or otherwise shall be made if, at the time of such payment or distribution, there exists a default in the payment of all or any portion of principal of, premium, if any, or interest on (i) any Designated Senior Indebtedness or (ii) Significant Senior Indebtedness (and the Trustee has received written notice thereof) and such Designated Senior Indebtedness or Significant Senior Indebtedness is guaranteed by such Guarantor (which guarantee constitutes Guarantor Senior Indebtedness of such Guarantor), and such default shall not have been cured or waived by or on behalf of the holders of such Guarantor Senior Indebtedness or shall have ceased to exist, until such default shall have been cured or waived or shall have ceased to exist or such Guarantor Senior Indebtedness shall have been discharged or paid in full in cash or Cash Equivalents, after which such Guarantor shall resume making any and all required payments in respect of the obligations under its Guarantee.

Suspension of Guarantee Obligations When Guarantor Senior Indebtedness in Default. Unless Section 12.03 shall be applicable, upon (1) the occurrence of a Payment Default with respect to any Designated Senior Indebtedness or Significant Senior Indebtedness guaranteed by a Subsidiary Guarantor (which guarantee consititutes Guarantor Senior Indebtedness of such Subsidiary Guarantor) and (2) receipt by the Trustee, the Company and such Subsidiary Guarantor from the Representatives of written notice of such occurrence, then no direct or indirect payment (other than payments by a trust previously established made pursuant to Article Nine hereof) or distribution of any assets of any such Subsidiary Guarantor of any kind or character shall be made by such Subsidiary Guarantor on account of any Obligations on under the Securities or on account of the purchase, redemption or other acquisition of Securities or on account of Guarantee Obligations on the Securities whether pursuant to the terms any of the Securities or upon acceleration or otherwise shall be made if, at the time obligations of such payment or distribution, there exists a default in the payment of all or any portion of principal of, premium, if any, or interest on (i) any Designated Senior Indebtedness or (ii) Significant Senior Indebtedness (Subsidiary Guarantor under this Guarantee unless and the Trustee has received written notice thereof) and such Designated Senior Indebtedness or Significant Senior Indebtedness is guaranteed by such Guarantor (which guarantee constitutes Guarantor Senior Indebtedness of such Guarantor), and such default shall not have been cured or waived by or on behalf of the holders of such Guarantor Senior Indebtedness or shall have ceased to exist, until such default Payment Default shall have been cured or waived or shall have 112 -104- ceased to exist or such Guarantor Senior Indebtedness shall have been discharged or paid in full in cash or Cash Equivalents, after which such Guarantor shall resume making any and all required payments in respect of the its obligations under its this Guarantee.