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Re: gophilipgo post# 36576

Wednesday, 09/14/2011 11:42:57 AM

Wednesday, September 14, 2011 11:42:57 AM

Post# of 42851
From Page 12 of the PIERS prospectus:
http://www.sec.gov/Archives/edgar/data/1143930/000091205701531093/a2058482zs-3a.htm#toc_de1437_1

No payment of principal of (including redemption) or interest on the debentures may be made:

• if any senior indebtedness is not paid when due and any applicable grace period with respect to such default has ended and the default is not cured or waived or has ceased to exist, or

• if the maturity of any senior indebtedness has been accelerated because of a default.

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