Common use of Default on Senior Indebtedness of the Company Clause in Contracts

Default on Senior Indebtedness of the Company. The Company shall not pay the principal of or interest on the Securities or make any deposit pursuant to Section 8.01 and may not purchase, redeem or otherwise retire any Securities (collectively, "pay the Securities") if either of the following (a "Payment Default") occurs (1) any Designated Senior Indebtedness of the Company is not paid in cash when due; or (2) any other default on

Default on Senior Indebtedness of the Company. The --------------------------------------------- Company shall may not pay the principal of or interest on the Securities or make any deposit payment (in cash, property or other assets) pursuant to Section 8.01 and may not purchaseany of its Obligations or repurchase, redeem or otherwise retire or defease any Securities or other Obligations (collectively, "pay the Securitiesits Guaranty") if either of the following Payment Defaults occurs: (a "Payment Default") occurs (1i) any Designated Obligations with respect to Senior Indebtedness of the Company is are not paid in cash full when due; or (2) any other default ondue or