Other Subordinated Payments Sample Clauses

Other Subordinated Payments. Upon the occurrence of an Event of Default, and the continuance thereof past the applicable cure period, all Affiliates of Balanced Care rendering services to the Borrower and/or the Projects, specifically including but not limited to the Management Companies, Licensee, and BCC Development shall subordinate payments due under the Management Contracts, any other contract, or any other payments due (except for the payment of operational expenses to unrelated third parties necessary for the operation of the assisted living or licensed residential care facilities on the Project Properties, such as employee salaries and wages, laundry and food service, etc.) to Borrower's payments due pursuant to the Term Loan Note, the Loan Documents, the BCC Note, the Deferred Purchase Price Note, and the Subordinate Mortgage. By way of explanation only of the foregoing, and not limitation, if the Management Company is in default past all applicable cure periods, or if upon the occurrence of an Event of Default under the Term Loan Note, the Loan Documents, the BCC Note, the Deferred Purchase Price Note, or the Subordinate Mortgage and the continuance thereof past the applicable cure period, the Management Company may not offset their management fee for rendering management services from Gross Revenue prior to forwarding the Gross Revenue to Borrower. All of the Gross Revenue shall be forwarded by the Management Company to the Borrower, and provided that there is sufficient Gross Revenue for Borrower to make all payments contemplated pursuant to the Term Loan Note, the Loan Documents, the BCC Note, the Deferred Purchase Price Note, and the Subordinate Mortgage, then the Borrower shall be permitted to pay the management fee to the Management Company. In addition, upon the occurrence of an Event of Default, and the continuance thereof past any applicable cure period under the Term Loan Note, the Loan Documents, the BCC Note, the Deferred Purchase Price Note, and the Subordinate Mortgage, in the event that the Licensee remains affiliated with the Projects after the Closing, any and all payments to the Licensee by any member of the Obligated Group or any other affiliate of Balanced Care rendering services for a Project, shall be subordinate to Borrower's payments due pursuant to the Term Loan Note, the Loan Documents, the BCC Note, the Deferred Purchase Price Note, and the Subordinate Mortgage until the Loan is paid in full. That is, upon the occurrence of an Event of Default unde...
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Related to Other Subordinated Payments

  • Restricted Payments; Certain Payments of Indebtedness (a) The Borrower will not, and will not permit any Restricted Subsidiary to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except:

  • Permitted Payments So long as no Event of Default has occurred and is continuing, each Obligor may make, and each other Obligor shall be entitled to accept and receive, payments on account of the Subordinated Debt in the ordinary course of business.

  • No Senior Subordinated Debt The Company will not incur, create, issue, assume, guarantee or otherwise become liable for any Indebtedness that is subordinate or junior in right of payment to any Senior Debt of the Company and senior in any respect in right of payment to the Notes. No Guarantor will incur, create, issue, assume, guarantee or otherwise become liable for any Indebtedness that is subordinate or junior in right of payment to the Senior Debt of such Guarantor and senior in any respect in right of payment to such Guarantor's Note Guarantee.

  • Limitation on Senior Subordinated Indebtedness The Company will not Incur any Indebtedness that is subordinate or junior in right of payment to any Senior Indebtedness and senior in right of payment to the Securities. No Guarantor will Incur any Indebtedness that is subordinate or junior in right of payment to any Senior Indebtedness of such Guarantor and senior in right of payment to such Guarantor’s Subsidiary Guarantee.

  • Prohibited Payments, Etc Except during the continuance of a Default (including the commencement and continuation of any proceeding under any Bankruptcy Law relating to any other Loan Party), each Guarantor may receive regularly scheduled payments or payments made in the ordinary course of business from any other Loan Party on account of the Subordinated Obligations. After the occurrence and during the continuance of any Default (including the commencement and continuation of any proceeding under any Bankruptcy Law relating to any other Loan Party), however, unless required pursuant to Section 7.07(d), no Guarantor shall demand, accept or take any action to collect any payment on account of the Subordinated Obligations.

  • Prohibited Payments Notwithstanding anything in this Agreement to the contrary, if any payment made under this Agreement is a “golden parachute payment” as defined in Section 28(k) of the Federal Deposit Insurance Act (12 U.S.C. section 1828(k) and Part 359 of the Rules and Regulations of the Federal Deposit Insurance Corporation (collectively, the “FDIC Rules”) or is otherwise prohibited, restricted or subject to the prior approval of a Bank Regulator, no payment shall be made hereunder without complying with said FDIC Rules.

  • Non-Payments of Other Indebtedness Any Consolidated Company shall fail to make when due (whether at stated maturity, by acceleration, on demand or otherwise, and after giving effect to any applicable grace period) any payment of principal of or interest on any Indebtedness (other than the Obligations) exceeding $5,000,000 in the aggregate;

  • Payments on Subordinated Debt The Borrower will not, and will not permit any of its Subsidiaries to, declare or make, or agree to pay for or make, directly or indirectly, any payment of principal or interest or any purchase, redemption, retirement, acquisition or defeasance with respect to any Indebtedness of such Person which is subordinated to the payment of the Loan Document Obligations except that so long as no Default shall have occurred and shall be continuing or would immediately result therefrom, the Borrower or any Subsidiary may make payments of Subordinated Debt to the extent permitted by the subordination provisions applicable thereto.

  • Guaranteed Payments To the extent any compensation paid to any Member by the Company, including any fees payable to any Member pursuant to Section 5.3 hereof, is determined by the Internal Revenue Service not to be a guaranteed payment under Code Section 707(c) or is not paid to the Member other than in the Person’s capacity as a Member within the meaning of Code Section 707(a), the Member shall be specially allocated gross income of the Company in an amount equal to the amount of that compensation, and the Member’s Capital Account shall be adjusted to reflect the payment of that compensation.

  • Non-Payment of Other Debt Any default shall occur under the terms applicable to any Debt of the Company or any Subsidiary in an aggregate amount (for all such Debt so affected) exceeding $10,000,000 and such default shall (a) consist of the failure to pay such Debt when due, whether by acceleration or otherwise, or (b) accelerate the maturity of such Debt or permit the holder or holders thereof, or any trustee or agent for such holder or holders, to cause such Debt to become due and payable (or require the Company or any Subsidiary to purchase or redeem such Debt) prior to its expressed maturity.

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