Common use of Senior Indebtedness Default Clause in Contracts

Senior Indebtedness Default. Upon the happening and during the continuance of a Senior Indebtedness Default, no payment shall be made by the Company with respect to the principal of and interest on the Debentures. In the event that, notwithstanding the foregoing, the Company shall make any payment of principal of or interest on the Debentures after the happening and during the continuance of a Senior Indebtedness Default, then such payments received by the Trustee shall be held in trust for the benefit of the holders of Senior Indebtedness, and shall be paid over to their Designated Representatives or to the holders of Senior Indebtedness for application to the payment of all Senior Indebtedness remaining unpaid. Unless and until written notice has been given to the Trustee by or on behalf of any holder of any Senior Indebtedness, notifying the Trustee of the happening of an event of default with respect to such Senior Indebtedness or of the existence of any other facts which would result in the making of any payment with respect to the Debentures in contravention of the provisions of this Article 6, the Trustee shall be entitled to assume that no such event of default has occurred, or that no such facts exist, and, with respect to any moneys which may at any time be received by the Trustee in trust pursuant to the provisions of this Trust Indenture, prior to the receipt by it of such written notice, nothing in this Indenture will prevent the Trustee from applying such moneys to the purposes for which the same were so received, notwithstanding the occurrence or continuance of an event of default with respect to or the existence of such facts with respect to such Senior Indebtedness.

Senior Indebtedness Default. Upon In the happening event that a Senior Indebtedness Default shall have occurred and during the continuance be continuing and written notice of a such Senior Indebtedness Default, no payment containing reasonable particulars thereof, shall be made have been received by the Trustee and the Company with respect from the holder of the affected Senior Indebtedness or the designated representative thereof, subject to the principal of Section 4.06, unless and interest on the Debentures. In the event that, notwithstanding the foregoing, so long as the Company shall in good faith dispute the existence of such Senior Indebtedness Default: (a) the Company shall not purchase or redeem any Notes or make any payment of the principal of of, or interest on on, the Debentures after the happening and during the continuance of a Senior Indebtedness Default, then such payments received by Notes; and (b) if the Trustee or the Registrar or any other registrar or Transfer Agent or the Principal Paying Agent or any other Paying Agent shall receive from the Company or shall hold any amount for payment of the principal of, or interest on, the Notes, such amount shall be received and held in trust for the benefit of the holders of Senior Indebtedness, such senior Indebtedness and shall be paid over to their Designated Representatives the holders of such Senior Indebtedness or to the holders of Senior Indebtedness representatives thereof for application to the payment of all Senior Indebtedness remaining unpaid. Unless and until written notice has been given unpaid to the Trustee by or on behalf of any holder of any Senior Indebtedness, notifying the Trustee of the happening of an event of default with respect extent necessary to pay all such Senior Indebtedness after giving effect to any concurrent payment or of the existence of any other facts which would result in the making of any payment with respect distribution, or provision therefor, to the Debentures in contravention holders of the provisions of this Article 6, the Trustee shall be entitled to assume that no such event of default has occurred, or that no such facts exist, and, with respect to any moneys which may at any time be received by the Trustee in trust pursuant to the provisions of this Trust Indenture, prior to the receipt by it of such written notice, nothing in this Indenture will prevent the Trustee from applying such moneys to the purposes for which the same were so received, notwithstanding the occurrence or continuance of an event of default with respect to or the existence of such facts with respect to such Senior Indebtedness.; provided, however, that if such Senior Indebtedness Default shall be cured or waived, or all amounts that shall have become due for principal of, and interest on, all Senior Indebtedness shall have

Senior Indebtedness Default. Upon the happening and during the continuance of a Senior Indebtedness Default, no payment shall be made by the Company with respect to the principal of and interest on the Debentures. In the event that, notwithstanding the foregoing, the Company shall make any payment of principal of or interest on the Debentures after the happening and during the continuance of a Senior Indebtedness Default, then such payments received by the Trustee shall be held in trust for the benefit of the holders of Senior Indebtedness, and shall be paid over to their Designated Representatives or to the holders of Senior Indebtedness for application to the payment of all Senior Indebtedness remaining unpaid. Unless and until written notice has been given to the Trustee by or on behalf of any holder of any Senior Indebtedness, notifying the Trustee of the happening of an event of default with respect to such Senior Indebtedness or of the existence of any other facts which would result re ▇▇▇▇ in the making of any payment with respect to the Debentures in contravention of the provisions of this Article 6, the Trustee shall be entitled to assume that no such event of default has occurred, or that no such facts exist, and, with respect to any moneys which may at any time be received by the Trustee in trust pursuant to the provisions of this Trust Indenture, prior to the receipt by it of such written notice, nothing in this Indenture will prevent the Trustee from applying such moneys to the purposes for which the same were so received, notwithstanding the occurrence or continuance of an event of default with respect to or the existence of such facts with respect to such Senior Indebtedness.