PERMITTED PAYMENTS; PAYMENT BLOCKAGE Sample Clauses

PERMITTED PAYMENTS; PAYMENT BLOCKAGE. (a) Notwithstanding anything to the contrary contained in Section 2, above, but subject expressly to Section 3.b, below, Borrower shall be permitted to make, and Subordinated Creditor shall be permitted to accept or receive the following permitted payments ("Permitted Payments"): (i) scheduled repayments of principal when due under the Subordinated Note(s) and Subordinated Loan Agreement, (ii) scheduled payments of accrued interest when due under the Subordinated Note(s) and Subordinated Loan Agreement, (iii) payments of reimbursable expenses, costs and professional fees and expenses as and when due under the Subordinated Note(s) and the other Subordinated Loan Documents, (iv) cancellation of Subordinated Debt in consideration of the Exercise Price for stock purchased by Subordinated Creditor under the Warrant Agreement, and (v) other payments consented to in writing by Senior Creditor.
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PERMITTED PAYMENTS; PAYMENT BLOCKAGE. (a) Notwithstanding anything to the contrary contained in Section 2, but subject expressly to Section 3(b), Borrower shall be permitted to make, and Subordinated Creditor shall be permitted to ask, demand, xxx for, take or receive from Borrower, by setoff or in any other manner, the following permitted payments (“Permitted Payments”): (i) prepayments of non-accelerated principal (together with non-default accrued but unpaid interest thereon) under the Subordinated Loan Documents; (ii) scheduled repayments of non‑accelerated principal when due under the Subordinated Loan Documents; (iii) scheduled payments of non‑default accrued interest when due under the Subordinated Loan Documents; (iv) payments of interest by payment-in-kind, adding to the principal balance of the Subordinated Loan Documents or otherwise on an accretion basis; (v) payments of reimbursable expenses, costs and professional fees and expenses as and when due under the Subordinated Loan Documents; and (vi) other payments consented to in writing by Senior Creditor.
Sample 1
PERMITTED PAYMENTS; PAYMENT BLOCKAGE. (a) Notwithstanding anything to the contrary contained in Section 2, but subject expressly to Section 5(b), each Loan Party shall be permitted to make, and Subordinated Creditor shall be permitted to ask, demand, xxx for, take or receive from such Loan Party, by setoff or in any other manner, the following permitted payments (“Permitted Payments”): (i) payments when due under Article IV of the Subordinated Debt Agreement; (ii) payments when due under Section 3.2 of the Subordinated Debt Agreement; (iii) payments of reasonable expenses as required under the Subordinated Debt Documents; and (iv) other payments consented to in writing by Senior Creditor.
Sample 1
PERMITTED PAYMENTS; PAYMENT BLOCKAGE. (a) All principal amounts owed under the Senior Creditor Documents shall remain senior in all respects and be paid in full prior to any payments being made under the Junior Creditor Documents. Notwithstanding anything to the contrary contained in Section 2, above, but subject expressly to Section 3(b), below, Company shall be permitted to make, and Subordinated Creditors shall be permitted to accept or receive all regularly scheduled payments (interest and principal) which shall become due and owing under the Subordinated Creditors Notes when and as such amounts shall become due and payable in accordance with the terms thereof. The payments permitted to be made by Company under this Section 3(a) shall herein be collectively referred to as the “Permitted Payments.”
Sample 1
PERMITTED PAYMENTS; PAYMENT BLOCKAGE. (a) Notwithstanding anything to the contrary contained in Section 2, but subject expressly to Section 3(b), Borrower shall be permitted to make, and Subordinated Creditor shall be permitted to ask, demand, xxx for, take or receive from Borrower, by setoff or in any other manner, the following payments (collectively, “Permitted Payments”): (i) scheduled payments when due under the Subordinated Loan Documents, (ii) all reimbursable expenses, costs and professional fees and expenses as and when due under the Subordinated Loan Documents (provided that such reimbursements shall be limited to up to Two Hundred Fifty Thousand Dollars ($250,000) per calendar year during a Blockage Period), and (iii) other payments consented to in writing by Senior Creditor.
Sample 1
PERMITTED PAYMENTS; PAYMENT BLOCKAGE. (a) Notwithstanding anything to the contrary contained in Section 2, above, but subject expressly to Section 3(b), below, the Borrower shall be permitted to make, and the Subordinated Creditor shall be permitted to accept or receive, (i) scheduled repayments of principal when due under the Subordinated Note, (ii) scheduled payments of accrued interest when due under the Subordinated Note and (iii) payments of reimbursable expenses and costs expressly provided for in the Subordinated Note and the other Subordinated Loan Documents. The payments permitted to be made by the Borrower under this Section 3(a) shall herein be collectively referred to as the "PERMITTED PAYMENTS."
Sample 1
PERMITTED PAYMENTS; PAYMENT BLOCKAGE. (a) Notwithstanding anything to the contrary contained in SECTION 2 above, but subject expressly to SECTION 3(B) below, Borrower shall be permitted to make, and Subordinated Lender shall be permitted to accept or receive, all regularly scheduled interest payments, repayments from time to time of the principal amount advanced from time to time under the Junior Loan Agreement but only to the extent that such repayments do not reduce the aggregate principal amount of the advances outstanding under the Junior Loan Agreement to an amount less than $2,000,000 (provided that such repayments shall be allowed in any amount during such times as the amount of the Obligations (as that term is defined in the Senior Loan Agreement) equals zero and if no Senior Event of Default exists at the time of such repayment or would result therefrom), closing fees, closing costs and other amounts which shall become due and owing under the Junior Loan Agreement when and as such amounts shall become due and payable, on an unaccelerated basis, in accordance with the terms thereof. The payments permitted to be made by Borrower under this SECTION 3(a) shall herein be collectively referred to as the "PERMITTED PAYMENTS."
Sample 1
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PERMITTED PAYMENTS; PAYMENT BLOCKAGE. (a) Notwithstanding anything to the contrary contained in Section 3 above, but subject expressly to Section 4(b) and Section 5, below, Borrower shall be permitted to make, and each New Purchaser shall be permitted to accept or receive the following
Sample 1

Related to PERMITTED PAYMENTS; PAYMENT BLOCKAGE

  • Prepayments Payments Taxes 48 Section 5.1

  • 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.

  • Restricted Payments, etc On and at all times after the Effective Date:

  • 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:

  • Restricted Payments Declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except that:

  • Subordinated Disposition Fee If the Advisor or an Affiliate provides a substantial amount of the services (as determined by a majority of the Independent Directors) in connection with the Sale of one or more Properties, the Advisor or an Affiliate shall receive a Subordinated Disposition Fee equal to the lesser of (i) one-half of a Competitive Real Estate Commission or (ii) 3% of the sales price of such Property or Properties. The Subordinated Disposition Fee will be paid only if Stockholders have received total Distributions in an amount equal to the sum of their aggregate Invested Capital and their aggregate Stockholders' 8% Return. To the extent that Subordinated Disposition Fees are not paid by the Company on a current basis due to the foregoing limitation, the unpaid fees will be accrued and paid at such time as the subordination conditions have been satisfied. The Subordinated Disposition Fee may be paid in addition to real estate commissions paid to non-Affiliates, provided that the total real estate commissions paid to all Persons by the Company shall not exceed an amount equal to the lesser of (i) 6% of the Contract Sales Price of a Property or (ii) the Competitive Real Estate Commission. In the event this Agreement is terminated prior to such time as the Stockholders have received total Distributions in an amount equal to 100% of Invested Capital plus an amount sufficient to pay the Stockholders' 8% Return through the Termination Date, an appraisal of the Properties then owned by the Company shall be made and the Subordinated Disposition Fee on Properties previously sold will be deemed earned if the Appraised Value of the Properties then owned by the Company plus total Distributions received prior to the Termination Date equals 100% of Invested Capital plus an amount sufficient to pay the Stockholders' 8% Return through the Termination Date. Upon Listing, if the Advisor has accrued but not been paid such Subordinated Disposition Fee, then for purposes of determining whether the subordination conditions have been satisfied, Stockholders will be deemed to have received a Distribution in the amount equal to the product of the total number of Shares outstanding and the average closing price of the Shares over a period, beginning 180 days after Listing, of 30 days during which the Shares are traded.

  • 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.

  • Accrued Payments In the event Executive’s employment under this Agreement is terminated during the Term, by the Company other than for Cause or by Executive for Good Reason, Executive shall in all events be paid all accrued but unpaid Base Salary, earned but unpaid Incentive Compensation for any prior year, reimbursable expenses and other accrued benefits, if any, through the date of termination.

  • Delayed Payments In the event of a genuine dispute between State Auto or any Subsidiary and Executive regarding the amount or timing of benefits under this Agreement, a delay in the payment of amounts under this Agreement shall not cause Executive to violate Code Section 409A to the extent that such delay satisfies the conditions set forth in Code Section 409A and applicable regulations thereunder.

  • Required Payments Unless otherwise provided in this Agreement, any payment of Tax required shall be due within 30 days of a Final Determination of the amount of such Tax.

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