PS&T Senior Notes Sample Clauses

PS&T Senior Notes. The Company shall cause PS&T to promptly commence a combined consent solicitation and offer to purchase (the "Debt Offer"), in accordance with applicable law and pursuant to documentation reasonably satisfactory to Buyer, any and all of PS&T's outstanding 11.25% Senior Secured Notes due 2003 (the "PS&T Notes") at a cash price to be specified by Buyer or at such other price as Buyer may specify from time to time thereafter. The Company shall cause PS&T to purchase the PS&T Notes tendered pursuant to the Debt Offer at the Effective Time. The Debt Offer shall be subject to the conditions that (i) there shall be validly tendered and not withdrawn in accordance with the terms of the Debt Offer prior to the expiration date of the Debt Offer, PS&T Notes in an aggregate principal amount representing at least a majority in principal amount of the PS&T Notes, (ii) the holders of at least a majority in principal amount of the PS&T Notes shall have consented prior to the Effective Time to amend the indenture dated as of October 29, 1993 between PS&T and First Fidelity Bank, N.A. Pennsylvania, as Trustee (the "PS&T Indenture") to delete such covenants, events of default and other provisions of the PS&T Indenture as Buyer shall specify and to make such other amendments to the PS&T Indenture as Buyer may require, and (iii) Buyer shall have consummated or, simultaneously with the consummation of the Debt Offer, shall consummate the Merger.