Common use of No Payment on Notes in Certain Circumstances Clause in Contracts

No Payment on Notes in Certain Circumstances. (a) The Company shall not, directly or indirectly (other than in capital stock of the Company) pay any principal of or interest on, redeem, defease or repurchase the Notes except as provided in the Notes. (b) If any Distribution, payment or deposit to redeem, defease or acquire any of the Notes shall have been received by Trustee at a time when such Distribution was prohibited by the provisions of Section 11.3(a), then, unless such Distribution is no longer prohibited by Section 11.3(a), such Distribution will be received and applied by Trustee for the benefit of the holders of Senior Debt, and will be paid or delivered by Trustee to the holders of Senior Debt for application to the payment of all Senior Debt, pursuant to the terms of the Notes and (i) the Wachovia Agreements, in the case of Wachovia, and (ii) the applicable Senior Debt agreement(s), in the case of other holders of Senior Debt.