Common use of Suspension of Payment When Designated Senior Debt in Default Clause in Contracts

Suspension of Payment When Designated Senior Debt in Default. (a) Unless Section 12.02 hereof shall be applicable, after the occurrence of a Payment Default, no payment or distribution of any assets or securities of the Company or any Subsidiary of any kind or character (including, without limitation, cash, property and any payment or distribution which may be payable or deliverable by reason of the payment of any other Debt of the Company being subordinated to the payment of the Securities by the Company) may be made by or on behalf of the Company or any Subsidiary, including, without limitation, by way of set-off or otherwise, for or on account of principal of, premium, if any, interest on, or Additional Interest, if any, on the Securities (except in the form of Permitted Junior Securities), or for or on account of the purchase, redemption or other acquisition of the Securities (except in the form of Permitted Junior Securities), and neither the Trustee nor any Holder or owner of any Securities shall take or receive from the Company or any Subsidiary, directly or indirectly in any manner, payment in respect of all or any portion of the Securities (except in the form of Permitted Junior Securities) following the delivery by the representative of the holders of Designated Senior Debt (the “Representative”) to the Trustee of written notice of the occurrence of a Payment Default, and in any such event, such prohibition shall continue until (A) such Payment Default has been cured or waived or has ceased to exist or (B) such Designated Senior Debt has been paid in full in cash; provided, however, that the Company may pay the Securities without regard to the foregoing if the Company and the Trustee receive written notice approving such payment from the Representative of such issue of Designated Senior Debt. At such time as the prohibition set forth in the preceding sentence shall no longer be in effect, subject to the provisions of the following paragraph (b), the Company shall resume making any and all required payments in respect of the Securities, including any missed payments.

Suspension of Payment When Designated Senior Debt in Default. (a) Unless Section 12.02 11.02 hereof shall be applicable, after the occurrence of a Payment Default, no payment or distribution of any assets or securities of the Company or any Restricted Subsidiary of any kind or character (including, without limitation, cash, property and any payment or distribution which may be payable or deliverable by reason of the payment of any other Debt of the Company being subordinated to the payment of the Securities Notes by the Company) may be made by or on behalf of the Company or any Restricted Subsidiary, including, without limitation, by way of set-off or otherwise, for or on account of principal or Accreted Value of, as the case may be, premium, if any, interest on, or Additional Special Interest, if any, on the Securities (except in the form of Permitted Junior Securities)Notes, or for or on account of the purchase, redemption or other acquisition of the Securities (except in the form of Permitted Junior Securities)Notes, and neither the Trustee nor any Holder holder or owner of any Securities Notes shall take or receive from the Company or any Restricted Subsidiary, directly or indirectly in any manner, payment in respect of all or any portion of the Securities (except in the form of Permitted Junior Securities) Notes following the delivery by the representative of the holders of Designated Senior Debt (the “Representative”"REPRESENTATIVE") to the Trustee of written notice of the occurrence of a Payment Default, and in any such event, such prohibition shall continue until (A) such Payment Default has been cured or waived or has ceased to exist or (B) such Designated Senior Debt has been paid in full in cash; providedPROVIDED, howeverHOWEVER, that the Company may pay the Securities Notes without regard to the foregoing if the Company and the Trustee receive written notice approving such payment from the Representative of such issue of Designated Senior Debt. At such time as the prohibition set forth in the preceding sentence shall no longer be in effect, subject to the provisions of the following paragraph (b), the Company shall resume making any and all required payments in respect of the SecuritiesNotes, including any missed payments.