No Payment on Securities in Certain Circumstances. (a) No direct or indirect payment by or on behalf of the Company of any Senior Subordinated Obligations, whether pursuant to the terms of the Securities or upon acceleration or otherwise, shall be made if, at the time of such payment, there exists a default in the payment of all or any portion of the obligations on any Senior Indebtedness, and such default shall not have been cured or waived, or the benefits of this sentence waived by or on behalf of, the holders of such Senior Indebtedness.
Appears in 3 contracts
Sources: Indenture (Winstar Communications Inc), Senior Subordinated Deferred Interest Notes Indenture (Winstar Communications Inc), Indenture (Winstar Communications Inc)