Common use of Payments of Notes on Default; Suit Therefor Clause in Contracts

Payments of Notes on Default; Suit Therefor. If an Event of Default described in clause (a) or (b) of Section 6.01 shall have occurred and is continuing, the Company shall, upon demand of any Holder of the Notes, pay to such Holder, the amount then due and payable on such Holder’s Notes for principal and interest, if any, with interest on any overdue principal and interest, if any, at the rate borne by the Notes at such time. If the Company shall fail to pay such amounts forthwith upon such demand, a Holder may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon the Notes and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon the Notes, wherever situated.

Payments of Notes on Default; Suit Therefor. If an Event of Default described in clause (aSection 3.01(a) or (bSection 3.01(b) of Section 6.01 shall have occurred and is be continuing, the Company shall, upon demand of any Holder the Trustee, pay to the Trustee, for the benefit of the Holders of the Notes, pay to such Holder, the whole amount then due and payable on such Holder’s the Notes for principal and interest, if any, with interest on any overdue principal and interest, if any, at the rate borne by the Notes at such timetime and, in addition thereto, such further amount as shall be sufficient to cover any amounts due to the Trustee under Section 6.07 of the Base Indenture. If the Company shall fail to pay such amounts forthwith upon such demand, a Holder the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon the Notes and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon the Notes, wherever situated.be