Common use of Continuing Obligations Regarding Unfunded Payroll Taxes Clause in Contracts

Continuing Obligations Regarding Unfunded Payroll Taxes. Borrower’s obligations regarding the Enforcement Notice in Section 3.7 above are in addition to Borrower’s continuing obligation to comply with and satisfy all terms of the Forbearance Agreements regarding the Unfunded Payroll Taxes, all of which remain in full force and effect. In addition to the foregoing, the non-compliance fee in the amount of $5,000 per week provided for in paragraph C.4. of the Fourteenth Forbearance Agreement will continue to accrue during the Extended Forbearance Period, and each such fee will be fully earned and due and payable in full by Borrower to CF on September 5, 2005, and continuing on each Monday thereafter, so long as Borrower has not obtained the release of any and all liens asserted by the IRS against Borrower, and delivered the same to GECC and all accrued and unpaid amounts of the non-compliance fee shall constitute part of the CF Obligations owing from Borrower to CF. In addition to all of the foregoing, Borrower will continue to comply with all requirements of the Forbearance Agreements regarding the Unfunded Payroll Taxes.

Appears in 3 contracts

Samples: Letter Agreement, Letter Agreement (BAD TOYS Holdings, Inc.), Letter Agreement (Southland Health Services, Inc.)

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Continuing Obligations Regarding Unfunded Payroll Taxes. Borrower’s obligations regarding the Enforcement Notice in Section 3.7 3.10 above are in addition to Borrower’s continuing obligation to comply with and satisfy all terms of the Forbearance Agreements regarding the Unfunded Payroll Taxes, all of which remain in full force and effect. In addition to the foregoing, the non-compliance fee in the amount of $5,000 per week provided for in paragraph C.4. of the Fourteenth Forbearance Agreement will continue to accrue during the Extended Forbearance Period, and each such fee will be fully earned and due and payable in full by Borrower to CF on September 5June 6, 2005, and continuing on each Monday thereafter, so long as Borrower has not obtained the release of any and all liens asserted by the IRS against Borrower, and delivered the same to GECC and all accrued and unpaid amounts of the non-compliance fee shall constitute part of the CF Obligations owing from Borrower to CF. In addition to all of the foregoing, Borrower will continue to comply with all requirements of the Forbearance Agreements regarding the Unfunded Payroll Taxes.

Appears in 2 contracts

Samples: Letter Agreement (BAD TOYS Holdings, Inc.), Letter Agreement (Southland Health Services, Inc.)

Continuing Obligations Regarding Unfunded Payroll Taxes. Borrower’s obligations regarding the Enforcement Notice in Section 3.7 above are in addition to Borrower’s continuing obligation to comply with and satisfy all terms of the Forbearance Agreements regarding the Unfunded Payroll Taxes, all of which remain in full force and effect. In addition to the foregoing, the non-compliance fee in the amount of $5,000 per week provided for in paragraph C.4. of the Fourteenth Forbearance Agreement will continue to accrue during the Extended Forbearance Period, and each such fee will be fully earned and due and payable in full by Borrower to CF on September 5October 3, 2005, and continuing on each Monday thereafter, so long as Borrower has not obtained the release of any and all liens asserted by the IRS against Borrower, and delivered the same to GECC and all accrued and unpaid amounts of the non-compliance fee shall constitute part of the CF Obligations owing from Borrower to CF. In addition to all of the foregoing, Borrower will continue to comply with all requirements of the Forbearance Agreements regarding the Unfunded Payroll Taxes.

Appears in 2 contracts

Samples: Letter Agreement (BAD TOYS Holdings, Inc.), Letter Agreement (Southland Health Services, Inc.)

Continuing Obligations Regarding Unfunded Payroll Taxes. Borrower’s obligations regarding the Enforcement Notice in Section 3.7 above are in addition to Borrower’s continuing obligation to comply with and satisfy all terms of the Forbearance Agreements regarding the Unfunded Payroll Taxes, all of which remain in full force and effect. In addition to the foregoing, the non-compliance fee in the amount of $5,000 per week provided for in paragraph C.4. of the Fourteenth Forbearance Agreement will continue to accrue during the Extended Forbearance Period, and each such fee will be fully earned and due and payable in full by Borrower to CF on September 5November 7, 2005, and continuing on each Monday thereafter, so long as Borrower has not obtained the release of any and all liens asserted by the IRS against Borrower, and delivered the same to GECC and all accrued and unpaid amounts of the non-compliance fee shall constitute part of the CF Obligations owing from Borrower to CF. In addition to all of the foregoing, Borrower will continue to comply with all requirements of the Forbearance Agreements regarding the Unfunded Payroll Taxes.

Appears in 2 contracts

Samples: Letter Agreement (Southland Health Services, Inc.), Letter Agreement (BAD TOYS Holdings, Inc.)

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Continuing Obligations Regarding Unfunded Payroll Taxes. Borrower’s obligations regarding the Enforcement Notice in Section 3.7 above are in addition to Borrower’s continuing obligation to comply with and satisfy all terms of the Forbearance Agreements regarding the Unfunded Payroll Taxes, all of which remain in full force and effect. In addition to the foregoing, the non-compliance fee in the amount of $5,000 per week provided for in paragraph C.4. of the Fourteenth Forbearance Agreement will continue to accrue during the Extended Forbearance Period, and each such fee will be fully earned and due and payable in full by Borrower to CF on September 5July 18, 2005, and continuing on each Monday thereafter, so long as Borrower has not obtained the release of any and all liens asserted by the IRS against Borrower, Borrower and delivered the same to GECC GECC, and all accrued and unpaid amounts of the non-compliance fee shall constitute part of the CF Obligations owing from Borrower to CF. In addition to all of the foregoing, Borrower will continue to comply with all requirements of the Forbearance Agreements regarding the Unfunded Payroll Taxes.

Appears in 2 contracts

Samples: Letter Agreement (BAD TOYS Holdings, Inc.), Letter Agreement (Southland Health Services, Inc.)

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