Common use of PERMITTED PAYMENTS; PAYMENT BLOCKAGE Clause in Contracts

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.

PERMITTED PAYMENTS; PAYMENT BLOCKAGE. (a) Notwithstanding anything to the contrary contained in Section 2, 2 above, but subject expressly to Section 3.b, 3(b) below, Borrower shall be permitted to make, and Subordinated Creditor shall be permitted to accept or request, demand, xxx for, take and receive the following permitted payments ("Permitted Payments"): (i) scheduled repayments of principal when due under the Subordinated Note(s) Notes and Subordinated Loan Agreement, ; (ii) scheduled payments of accrued interest when due under the Subordinated Note(s) Notes and Subordinated Loan Agreement, ; (iii) payments of reimbursable expenses, costs and professional fees and expenses as and when due under the Subordinated Note(s) Notes and the other Subordinated Loan Documents, ; and (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 each Senior Creditor.