Payment Moratorium Sample Clauses
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Payment Moratorium. The Borrower, the Guarantor or any Domestic Subsidiary ceases its payments or enters into negotia- tions with its creditors aiming at a payment moratorium; or
Payment Moratorium. Upon receipt of the Consideration described in Section 1.01 above, Vencore will Grant Oxysure a Second Payment Moratorium such that during :
a) The term of the Second Payment Moratorium (the “Moratorium Period”) shall expire on the earlier to occur of: (i) July 1, 2013; (ii) a cash settlement or repayment plan being entered into; or (iii) a merger or acquisition of Oxysure or the sale of substantially all of its assets (collectively a “Sale”);
b) Oxysure will not be obligated to make any payments during the Moratorium Period;
c) No further late charges or interest will accrue during the Moratorium Period;
d) Any amounts Oxysure may pay towards the Debt Obligation during the Moratorium Period shall reduce the Debt Obligation;
e) In the event of a Sale the entire Debt Obligation shall immediately become due and payable; and
f) Vencore shall make no demands or take any actions against Oxysure during the Moratorium Period.
Payment Moratorium. Vencore shall grant a Third Payment Moratorium (the “Third Moratorium”) which will expire on December 31, 2013. The Debt Obligation shall remain as $307,661.83 and no further interest or late charges shall accrue during the Third Moratorium.