Common use of Payment of Securities on Default Clause in Contracts

Payment of Securities on Default. Suit Therefor. (a) The Company covenants that in case of: (1) default in the payment of any installment of interest upon any of the Securities as and when the same shall become due and payable, and continuance of such default for a period of 30 days; or (2) default in the payment of the principal of or any premium on any of the Securities as and when the same shall have become due and payable whether at the stated maturity thereof, upon redemption thereof (provided that such redemption is not conditioned upon the deposit of sufficient moneys for such redemption), upon declaration of acceleration or otherwise. then, upon demand of the Trustee, the Company shall pay to the Trustee, for the benefit of the Holders of the Securities, the whole amount that then shall have so become due and payable on all such Securities for principal and any premium or interest, or both, as the case may be, with interest upon the overdue principal and any premium and (to the extent that payment of such interest is enforceable under applicable law) upon the overdue installments of interest at the rate borne by the Securities; and, in addition thereto, such further amounts as shall be sufficient to cover the costs and expenses of collection, including reasonable compensation to the Trustee, its agents, attorneys and counsel, any expenses or liabilities incurred by the Trustee hereunder other than through its negligence or bad faith, and any other amounts due the Trustee under Section 8.6 hereof. (b) If the Company shall fail forthwith to pay such amounts upon such demand, the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to institute any actions or proceedings at law or in equity for the collection of the sums so due and unpaid, and may enforce any such judgment or final decree against the Company or any other obligor on the Securities and collect in the manner provided by law out of the property of the Company or any other obligor on such series of Securities wherever situated, the moneys adjudged or decreed to be payable. (c) If there shall be pending proceedings for the bankruptcy or for the reorganization of the Company or any other obligor on the Securities under the United States Bankruptcy Code or any other applicable law, or in case a receiver or trustee shall have been appointed for the property of the Company or such other obligor, or in the case of any similar judicial proceedings relative to the Company or other obligor upon the Securities, or to the creditors or property of the Company or such other obligor, the Trustee, irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to this Section 7.2, shall be entitled and empowered, by intervention in such proceedings or otherwise, to file and prove a claim or claims for the whole amount of principal and any premium and interest owing and unpaid in respect of the Securities, and, in case of any judicial proceedings, to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any amounts due to the Trustee under Section 8.6 hereof) and of the Holders of Securities allowed in such judicial proceedings relative to the Company or any other obligor on the Securities, its or their creditors, or its or their property, and to collect and receive any moneys or other property payable or deliverable on any such claims, and to distribute the same after the deduction of its charges and expenses. (d) All claims and rights of action under this Indenture, or under any of the Securities, may be enforced by the Trustee without the possession of any of the Securities, or the production thereof in any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall be for the ratable benefit of the Holders of the Securities in respect of which such action was taken. (e) Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent or to accept or adopt on behalf of any Securityholder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Securityholder in any such proceeding.

Payment of Securities on Default. Suit Therefor. (a) . The Company covenants and, with respect to any series of Securities for which there is one or more co-issuers, each Issuer covenants that in case of: (1) in case default shall be made in the payment of any installment of interest upon interest, if any, on any of the Securities of any series, as and when the same shall become due and payable, and continuance of such default shall have continued for a period of 30 thirty (30) days; or , or (2) in case default shall be made in the payment of the principal of or any premium premium, if any, on any of the Securities of any series, as and when the same shall have become due and payable payable, whether at the stated upon maturity thereofof such series or upon redemption, upon redemption thereof (provided that such redemption is not conditioned upon the deposit of sufficient moneys for such redemption), repurchase or repayment or upon declaration of acceleration or otherwise. then, then upon demand of the Trustee, the Company shall and, with respect to any series of Securities for which there is one or more co-issuers, the Issuers will pay to the Trustee, for the benefit of the Holders of the SecuritiesSecurities of such series, the whole amount that then shall have so become due and payable on all such Securities of such series, for principal and any premium principal, premium, if any, or interest, or bothif any, as the case may be, with interest upon the overdue principal and principal, premium, if any premium and (to the extent that payment of such interest is enforceable under applicable law) upon the overdue installments of interest at the same rate borne by as the rate of interest specified in the Securities of such series (or, with respect to Original Issue Discount Securities, at the rate specified in the terms of such Securities for interest on overdue principal thereof upon maturity, redemption, repurchase, repayment or acceleration of such series, as the case may be); and, in addition thereto, such further amounts amount as shall be sufficient to cover the costs and expenses of collection, including reasonable compensation to the Trustee, its agents, attorneys and counsel, any and all other reasonable expenses or and liabilities incurred incurred, and all advances made, by the Trustee hereunder other than through except as a result of its negligence or bad faith, and any other amounts due the Trustee under Section 8.6 hereof. (b) If willful misconduct. In case the Company or, with respect to any series of Securities for which there is one or more co-issuers, any Issuer shall fail forthwith to pay such amounts upon such demanddemand by the Trustee and, with respect to any series of Securities to which the provisions of Article Fifteen shall apply, such amounts have not been paid by the Guarantors under their respective Guarantees, the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to institute any actions action or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceedings to judgment or final decree, and may enforce any such judgment or final decree against the Company Company, the Issuers (with respect to any series of Securities for which there is one or more co-issuers), the Guarantors (with respect to any series of Securities to which the provisions of Article Fifteen shall apply) or any other obligor on the upon such Securities and collect in the manner provided by law out of the property of the Company Company, the Co-Issuer(s) (if applicable), the Guarantors (if applicable) or any other obligor on upon such series of Securities wherever situated, situated the moneys adjudged or decreed to be payable. (c) If . In case there shall be pending proceedings for the bankruptcy or for the reorganization of the Company Company, any Co-Issuer (with respect to any series of Securities for which there is one or more co-issuers), any Guarantor (with respect to any series of Securities to which the provisions of Article Fifteen shall apply) or any other obligor on upon Securities of any series under Title 11 of the Securities under the United States Bankruptcy U.S. Code or any other applicable law, or in case a receiver or trustee shall have been appointed for the property of the Company Company, any Co-Issuer (if applicable), any Guarantor (if applicable) or such other obligor, or in the case of any similar other judicial proceedings relative to the Company Company, any Co-Issuer (if applicable), any Guarantor (if applicable) or such other obligor upon the Securitiesobligor, or to the creditors or property of the Company Company, such Co-Issuer (if applicable), such Guarantor (if applicable) or such other obligor, the Trustee, irrespective of whether the principal of the Securities of such series shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to the provisions of this Section 7.2Section, shall be entitled and empowered, by intervention in such proceedings or otherwiseotherwise to the extent permitted by the court, to file and prove a claim or claims for the whole amount of principal (or, with respect to Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of that series), premium, if any, and any premium and interest interest, if any, owing and unpaid in respect of the SecuritiesSecurities of such series, and, in case of any judicial proceedings, and to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any amounts due claim for reasonable compensation to the Trustee, its agents, attorneys and counsel, and for reimbursement of all reasonable expenses and liabilities incurred, and all advances made, by the Trustee under Section 8.6 hereofexcept as a result of its negligence or willful misconduct) and of the Holders of the Securities of such series allowed in any such judicial proceedings relative to the Company Company, any Co-Issuer (if applicable), any Guarantor (if applicable) or any other obligor on upon the Securities, its or their creditorsSecurities of such series, or its to the creditors or their propertyproperty of the Company, such Co-Issuer (if applicable), such Guarantor (if applicable) or such other obligor, and to collect and receive any moneys or other property payable or deliverable on any such claims, and to distribute all amounts received with respect to the same after the deduction of its charges and expenses. (d) All claims and rights of action under this Indenture, or under any of the Securities, may be enforced by Securityholders of such series and of the Trustee without the possession of any of the Securities, or the production thereof in any trial or other proceeding relative thereto, on their behalf; and any such suit receiver, assignee or proceeding instituted trustee in bankruptcy or reorganization is hereby authorized by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall be for the ratable benefit each of the Holders of the Securities of such series to make payments to the Trustee and, in respect the event that the Trustee shall consent to the making of which payments directly to the Securityholders of such action was taken. (e) series, to pay to the Trustee such amount as shall be sufficient to cover reasonable compensation to the Trustee, its agents, attorneys and counsel, and all other reasonable expenses and liabilities incurred, and all advances made, by the Trustee except as a result of its negligence or willful misconduct. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or to accept or adopt on behalf of any Securityholder Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Securityholder Holder in any such proceeding. All rights of action and of asserting claims under this Indenture, or under any of the Securities, may be enforced by the Trustee without the possession of any of the Securities, or the production thereof on any trial or other proceedings relative thereto, and any such action or proceedings instituted by the Trustee shall be brought in its own name and as trustee of an express trust, and any recovery of judgment shall be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered. In case of an Event of Default hereunder the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall deem necessary to protect and enforce any of such rights, either at law or in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law.

Payment of Securities on Default. Suit Therefor. . ----------------------------------------------- The Corporation covenants that (a) The Company covenants that in case of: (1) default shall be made in the payment of any installment of interest upon (including Compounded Interest and Additional Sums, if any) on any of the Securities as and when the same shall become due and payable, and continuance of such default shall have continued for a period of 30 days; or , or (2b) in case default shall be made in the payment of the principal of or any premium on any of the Securities as and when the same shall have become due and payable payable, whether at maturity of the stated maturity thereof, Securities or upon redemption thereof (provided that such redemption is not conditioned upon the deposit of sufficient moneys for such redemption), upon prepayment or by declaration of acceleration or otherwise. , then, upon demand of the Debenture Trustee, the Company shall Corporation will pay to the Debenture Trustee, for the benefit of the Holders holders of the Securities, the whole amount that then shall have so become due and payable on all such Securities for principal or interest (including Compounded Interest and any premium or interestAdditional Sums, if any) or both, as the case may be, with interest upon the overdue principal and any premium and (to the extent that payment of such interest is enforceable under applicable lawlaw and, if the Securities are held by the Trust or a trustee of such Trust, without duplication of any other amounts paid by the Trust or a trustee in respect thereof) upon the overdue installments of interest (including Compounded Interest and Additional Sums, if any) at the rate borne by the Securities; and, in addition thereto, such further amounts amount as shall be sufficient to cover the costs and expenses of collection, including reasonable compensation to the Debenture Trustee, its agents, attorneys and counsel, any expenses or liabilities incurred by the Trustee hereunder other than through its negligence or bad faith, and any other amounts amount due to the Debenture Trustee under pursuant to Section 8.6 hereof. (b) If 6.06. In case the Company Corporation shall fail forthwith to pay such amounts upon such demand, the Debenture Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to institute any actions or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may enforce any such judgment or final decree against the Company Corporation or any other obligor on the Securities and collect in the manner provided by law out of the property of the Company Corporation or any other obligor on such series of Securities the Securities, wherever situated, the moneys adjudged or decreed to be payable. (c) If . In case there shall be pending proceedings for the bankruptcy or for the reorganization of the Company Corporation or any other obligor on the Securities under the United States Bankruptcy Code ▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇ Code, or any other applicable law, or in case a receiver or trustee shall have been appointed for the property of the Company Corporation or such other obligor, or in the case of any other similar judicial proceedings relative to the Company Corporation or other obligor upon the Securities, or to the creditors or property of the Company Corporation or such other obligor, the Debenture Trustee, irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Debenture Trustee shall have made any demand pursuant to the provisions of this Section 7.25.02, shall be entitled and empowered, by intervention in such proceedings or otherwise, to file and prove a claim or claims for the whole amount of principal and any premium and interest owing and unpaid in respect of the Securities, Securities and, in case of any judicial proceedings, to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Debenture Trustee (including any claim for amounts due to the Debenture Trustee under pursuant to Section 8.6 hereof6.06) and of the Holders of Securities Securityholders allowed in such judicial proceedings relative to the Company Corporation or any other obligor on the Securities, its or their creditorsto the creditors or property of the Corporation or such other obligor, unless prohibited by applicable law and regulations, to vote on behalf of the holders of the Securities in any election of a trustee or its a standby trustee in arrangement, reorganization, liquidation or their propertyother bankruptcy or insolvency proceedings or person performing similar functions in comparable proceedings, and to collect and receive any moneys or other property payable or deliverable on any such claims, and to distribute the same after the deduction of its charges and expenses. (d) ; and any receiver, assignee or trustee in bankruptcy or reorganization is hereby authorized by each of the Securityholders to make such payments to the Debenture Trustee, and, in the event that the Debenture Trustee shall consent to the making of such payments directly to the Securityholders, to pay to the Debenture Trustee such amounts as shall be sufficient to cover reasonable compensation to, and expenses of, the Debenture Trustee, each predecessor Debenture Trustee and their respective agents, attorneys and counsel, and all other amounts due to the Debenture Trustee pursuant to Section 6.06. Nothing herein contained shall be construed to authorize the Debenture Trustee to authorize or consent to or accept or adopt on behalf of any Securityholder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any holder thereof or to authorize the Debenture Trustee to vote in respect of the claim of any Securityholder in any such proceeding. All claims and rights of action and of asserting claims under this Indenture, or under any of the Securities, may be enforced by the Debenture Trustee without the possession of any of the Securities, or the production thereof in on any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Debenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall be for the ratable benefit of the Holders holders of the Securities. In any proceedings brought by the Debenture Trustee (and also any proceedings involving the interpretation of any provision of this Indenture to which the Debenture Trustee shall be a party), the Debenture Trustee shall be held to represent all the holders of the Securities, and it shall not be necessary to make any holders of the Securities in respect of which such action was taken. (e) Nothing herein contained shall be deemed parties to authorize the Trustee to authorize or consent or to accept or adopt on behalf of any Securityholder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Securityholder in any such proceedingproceedings.