Subordinated Loans. Except as described in the Registration Statement, any Preliminary Prospectus, the Statutory Prospectus and the Prospectus, to the knowledge of the Company, no Company Affiliate has made a subordinated loan to any member of the FINRA.
Subordinated Loans. If the Shareholders' obligations under this Clause are fulfilled by means of loans to the Borrower (whether from any of or all the Shareholders or from some other party), each of the Borrower and the Shareholders agrees that such loans shall:-
Subordinated Loans. (a) Except as permitted under paragraph (b) below, the Borrower shall not (and will ensure that no other Group Member will):
Subordinated Loans. Prior to the Facility Substantial Completion Date, the Subordinated Loans shall bear interest at a per annum rate of 13.0%, compounded quarterly. From and including the Facility Substantial Completion Date until the Maturity Date, the Subordinated Loans shall bear interest at a per annum rate of 13.5%, compounded quarterly.
Subordinated Loans. In order to facilitate the Merger, each of the Original Shareholders has agreed pursuant to the terms of the Merger Agreement to each make a loan to the Company in amounts that will aggregate $1,875,200.00 (collectively, the “Original Shareholders Subordinated Loan”). The Original Shareholders Subordinated Loan shall be funded by the deferral of cash consideration that would have otherwise been payable to such Original Shareholders in the Merger, and shall be effective as of the closing of the Merger. The Investor hereby agrees to make a loan in the same amount and on the same terms as the Original Shareholders Subordinated Loan (the “Investor Subordinated Loan”), which shall be funded by deposit with the Escrow Agent and shall be effective as of Closing. The “Original Shareholders Subordinated Loan” and the “Investor Subordinated Loan” are hereinafter collectively referred to the “Subordinated Loans.” Both Subordinated Loans shall be evidenced by Subordinated Promissory Notes in the forms attached hereto collectively as Exhibit C (the “Subordinated Promissory Note”), and shall be subordinated to claims of PREFERRED STOCK PURCHASE AGREEMENT BETWEEN COMPUTER SOFTWARE INNOVATIONS, INC. AND XXXXXX PARTNERS LP PAGE 7 OF 29 Senior Debt (as such term is defined in the Subordinated Promissory Note) of the Company pursuant to the terms of the Subordinated Promissory Note; provided, however, that the Investor Subordinated Promissory Note, the Original Shareholders Subordinated Promissory Note, the Merger Note, and the Dividend Notes shall rank pari passu each between and among each other. The Subordinated Loans shall be unsecured, bear interest at the prime rate of interest as published by Bank of America plus two percent (2%) per annum payable quarterly, and mature fifteen (15) months from the Closing Date. The Company shall cause the Investor Subordinated Promissory Note to be issued to the Investor upon the release of the amount of such loan to the Company by the Escrow Agent pursuant to the terms of the Escrow Agreement.
Subordinated Loans. At any time, directly or indirectly, (a) pay, prepay, repurchase, redeem, retire or otherwise acquire, or make any payment on account of any principal of, interest on or premium payable in connection with the repayment or redemption of any of the Put Subordinated Notes, or (b) amend or modify any of the Subordinated Credit Documents, in each case except as expressly permitted by the Subordination Agreement.
Subordinated Loans. Except for the Existing Inter-company Loans (Project SH1), the Existing Inter-company Loans (Project SH2), the Existing Bank Loan (Project SH1) and the Existing Bank Loan (Project SH2), no Borrower shall:
Subordinated Loans. The Issuer shall ensure that any existing and future shareholder loans or any subordinated loans from a third party to the Issuer shall be Subordinated Loans.
Subordinated Loans. At any time, directly or indirectly, pay, prepay, repurchase, redeem, retire or otherwise acquire, or make any payment on account of any principal of, interest on or premium payable in connection with the repayment or redemption of any Subordinated Loans except (a) as expressly permitted in any applicable Subordination Agreement, (b) Indebtedness owed by any Loan Party to any other Loan Party and (c) intercompany Subordinated Indebtedness owed by a Loan Party to a non-Loan Party in accordance with the terms of the Intercompany Subordination Agreement.
Subordinated Loans. Simultaneously with the execution of this Deed of Guarantee and Undertaking the Borrower, the Sponsors, the Facility Agent and the Security Agent are executing a Subordinated Loan Facility Agreement in the approved form (the "SUBORDINATED LOAN FACILITY AGREEMENT"). As between the Borrower and the Sponsors, any payment to be made by the Sponsors to the Borrower under any of Clauses 2, 3, 4, 5, 6 and/or 7 shall be made within 7 Banking Days of the Facility Agent's first written demand therefor by remittance to the Management Account and shall be made by way of subordinated loan to the Borrower under the Subordinated Loan Facility Agreement, PROVIDED ALWAYS that the Sponsors shall not be required to make any amount available to the Borrower by way of subordinated loan under the Subordinated Loan Facility Agreement if within 7 Banking Days after the Facility Agent's first written demand therefor the Sponsors shall have made the amount thereof available to the Borrower (and the Borrower shall have received such amount) in cleared funds by way of subscription for equity share capital in the Borrower.
