Payment of Funded Debt. Each Borrower Entity shall pay all of its Funded Debt as and when the same becomes due in accordance with its terms (unless such payment is not made due to its subordination to the Revolving Credit Loan), unless the failure to pay would not have a Material Adverse Effect or is being contested in good faith and appropriate reserves have been made for payment thereof in accordance with GAAP.
Payment of Funded Debt. At the Closing, Sellers will pay, or cause to be paid, in full, the Funded Debt. In order to facilitate such payment, as soon as practicable before the Closing, Sellers’ Representative shall cause the Company to obtain payoff letters for the Funded Debt, which payoff letters will be in a commercially reasonable form and will indicate that such lenders have agreed to release immediately all Liens relating to the assets and properties of the Company upon receipt of the amounts indicated in such payoff letters (the “Payoff Letters”).
Payment of Funded Debt. The Purchaser will pay to the respective obligees thereof the amount of indebtedness for borrowed money in the amounts and to the obligees set forth in the Sellers' certificate delivered pursuant to Section 4.2(i)(iv) hereof.
Payment of Funded Debt. During the term of this Agreement, the Debtors are hereby prohibited from making any payments of principal toward any Funded Debt (whether direct or indirect, including Guarantee Obligations), due any Person, without first obtaining the prior written consent of AmSouth. However, Debtors are permitted to make all scheduled debt payments arising under certain seller notes as itemized in Exhibit A (the "Seller Notes") attached hereto and paid in accordance with payment amounts for the Seller Notes appearing on the TBA 2004 Cash Flow Projections attached hereto as Exhibit B. During the term of this Agreement, the Debtors are hereby prohibited from making any additional payments of principal which exceed the principal payment amounts as shown on Exhibit B toward the Seller Notes, without first obtaining the prior written consent of AmSouth. Additionally, Debtors expressly acknowledge that they are presently in default of the covenants set forth in Section 6.13 of the Loan Agreement, as amended, and in Section 3 (e) of the Second Amendment, and in Section 2 of the Third Amendment and Fourth Amendment. Provided that there is no other default hereunder, and provided further that Debtors covenant that TBA will achieve at least eighty-five percent (85%) of projected year to date EBITDA, as set forth on Exhibit B to this Amendment, tested quarterly, AmSouth temporarily waives such default under Section 6.13 of the Loan Agreement, Section 3 (e) of the Second Amendment and in Sections 2 of the Third Amendment and Fourth Amendment, all as amended herein. Accordingly, the Debtors expressly covenant that TBA will achieve at least eighty-five percent (85%) of projected year to date EBITDA, as set forth on Exhibit B to this Amendment, projected quarterly.
Payment of Funded Debt. The Borrower will, and will cause its Subsidiaries to, pay when due (or within applicable grace periods) all Funded Debt (whether direct or indirect, including Guarantee Obligations) due any Person, except when the amount thereof is being contested in good faith by appropriate proceedings and with adequate reserves therefor being set aside in a manner satisfactory to the Bank.
