Common use of Suspension of Payment When Senior Indebtedness in Default Clause in Contracts

Suspension of Payment When Senior Indebtedness in Default. Unless Section 1202 shall be applicable, upon (1) the occurrence of a Payment Default and (2) receipt by the Trustee from the Company or a holder of Senior Indebtedness of written notice of such occurrence, no payment (other than any payments made pursuant to the provisions contained in Sections 402 and 403 from monies or U.S. Government Obligations previously deposited with the Trustee) or distribution of any assets of the Company of any kind or character from any source, whether in cash, property or securities (other than Permitted Junior Securities), shall be made by the Company including by way of set-off or enforcement of any guarantee or otherwise, on account of the Subordinated Obligations or on account of the purchase or redemption, deposit for defeasance or other acquisition of Securities unless and until such Payment Default shall have been cured or waived in writing or shall have ceased to exist or such Senior Indebtedness shall have been discharged or paid in full in cash or Cash Equivalents, after which the Company shall resume making any and all required payments in respect of the Securities, including any missed payments.

Suspension of Payment When Senior Indebtedness in Default. Unless the preceding Section 1202 1 shall be applicable, upon (1) the occurrence of a Payment Default and (2) receipt by default in the Trustee from the Company payment when due of principal, premium, if any, or a holder of interest on any Senior Indebtedness of written notice of such occurrence(a "Payment Default"), no payment (other than any payments made pursuant to the provisions contained in Sections 402 and 403 from monies or U.S. Government Obligations previously deposited with the Trustee) or distribution of any assets of the Company of any kind or character from any source, whether in cash, property or securities (other than Permitted Junior Securities), shall be made by or on behalf of the Company including by way of set-off or enforcement of any guarantee or otherwise, on account of principal of, premium, if any, or interest on the Subordinated Obligations Indebtedness or on account of the purchase or redemptionpurchase, deposit for defeasance redemption or other acquisition of Securities any Subordinated Indebtedness (other than payments previously made pursuant to the satisfaction and discharge provisions of any document governing such Subordinated Indebtedness) unless and until such Payment Default shall have been cured or waived in writing or shall have ceased to exist or such Senior Indebtedness as to which such Payment Default relates shall have been discharged or paid in full in cash or Cash Equivalents, after which which, subject to the preceding Section 1 (if applicable), the Company shall resume making any and all required payments in respect of the SecuritiesSubordinated Indebtedness, including any missed payments.

Suspension of Payment When Senior Indebtedness in Default. Unless Section 1202 4.03 shall be applicable, upon (1) the occurrence of a Payment Default and (2) receipt by the Trustee and the Company from the Company or a holder of Senior Indebtedness Representatives of written notice of such occurrence, then no direct or indirect payment (other than any payments previously made pursuant to the provisions contained in Sections 402 and 403 from monies or U.S. Government Obligations previously deposited with the TrusteeArticle Nine hereof) or distribution of any assets of the Company of any kind or character from any source, whether in cash, property or securities (other than Permitted Junior Securities), shall be made by or on behalf of the Company including by way of set-off or enforcement on account of any guarantee Obligations under the Securities, whether pursuant to the terms of the Securities or upon acceleration or otherwise, on account of the Subordinated Obligations or on account of the purchase or redemption, deposit for defeasance redemption or other acquisition of Securities unless and until such Payment Default shall have been cured or waived in writing by or on behalf of the holders of the Designated Senior Indebtedness or Significant Senior Indebtedness, as the case may be, or shall have ceased to exist or such Senior Indebtedness as to which such Payment Default relates shall have been discharged or paid in full in cash or Cash Equivalentsfull, after which the Company shall resume making any and all required payments in respect of the Securities, including any missed payments.

Suspension of Payment When Senior Indebtedness in Default. (a) Unless Section 1202 4.03 shall be applicable, upon (1) the occurrence of a Payment Default and (2) receipt by the Trustee and the Company from the Company or a holder of Senior Indebtedness Representatives of written notice of such occurrence, then no direct or indirect payment (other than any payments previously made pursuant to the provisions contained in Sections 402 and 403 from monies or U.S. Government Obligations previously deposited with the TrusteeArticle Nine hereof) or distribution of any assets of the Company of any kind or character from any source, whether in cash, property or securities (other than Permitted Junior Securities), shall be made by or on behalf of the Company including by way of set-off or enforcement of any guarantee or otherwise, on account of the Subordinated Obligations on the Securities or on account of the purchase or redemption, deposit for defeasance redemption or other acquisition of Securities whether pursuant to the terms of the Securities or upon acceleration or otherwise unless and until such Payment Default shall have been cured or waived in writing or shall have ceased to exist or such Designated Senior Indebtedness or Significant Senior Indebtedness, as the case may be, as to which such Payment Default relates shall have been discharged or paid in full in cash or Cash Equivalents, after which the Company shall resume making any and all required payments in respect of the Securities, including any missed payments.