Common use of Outstanding Senior Notes Clause in Contracts

Outstanding Senior Notes. The Senior Notes outstanding at any time are all the Senior Notes properly authenticated by the Trustee except for those cancelled by the Trustee, those delivered to it for cancellation, and those described in this Section 2.08 as not outstanding. If a Senior Note is replaced pursuant to Section 2.07 of this Indenture, it ceases to be outstanding unless the Trustee and the Company receive proof satisfactory to them that the replaced Senior Note is held by a bona fide purchaser. If Senior Notes are considered paid under Section 4.01 of this Indenture, they cease to be outstanding and interest on them ceases to accrue.