Subordinated Note. 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 the Subordinated Note, except as expressly permitted in the Subordination Agreement.
Subordinated Note. The Subordinated Note has been duly authorized by Company and when executed by Company and issued, delivered to and paid for by Purchaser in accordance with the terms of the Agreement, will have been duly executed, issued and delivered, and will constitute legal, valid and binding obligations of Company, enforceable in accordance with their terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditors’ rights generally or by general equitable principles.
Subordinated Note. (a) On the date of the initial Sale, Buyer shall issue to the Seller Agent, for the account of the Sellers as their respective interests may appear, the Subordinated Note. The aggregate principal amount of the Subordinated Note at any time shall be equal to the difference between (i) the aggregate principal amount on the issuance thereof and each addition to the principal amount of the Subordinated Note with respect to each Seller pursuant to the terms of Section 2.01(c)(ii)(C) and Section 2.07 as of such time, minus, (ii) the aggregate amount of all payment made in respect of the principal of the Subordinated Note as of such time. All payments made in respect of the Subordinated Note shall be allocated, first to pay accrued and unpaid interest thereon, second, to pay the outstanding principal amount thereof. Interest on the outstanding principal amount of the Subordinated Note shall accrue at a rate per annum as set forth in the Subordinated Note, to be paid (x) on each Settlement Date with respect to the principal amount of the Subordinated Note outstanding from time to time during the Adjusted Settlement Period immediately preceding such Settlement Date (but only to the extent that Buyer has funds available to make such payment) and (y) on the maturity date thereof. Upon receipt of any such payment, the Seller Agent shall distribute such payment to the Sellers ratably based on their respective interests in the Subordinated Note as described in Section 2.08(b). Principal of the Subordinated Note not paid or prepaid pursuant to the terms hereof shall be payable on the maturity date thereof. Notwithstanding anything to the contrary contained in this Agreement, any payments to be made by Buyer in respect of the Subordinated Note shall be made solely from funds available to Buyer that are not otherwise required to be applied or set-aside for the payment of any obligations of Buyer under the Credit Agreement, shall be non-recourse other than with respect to such funds and shall not constitute a claim against Buyer to the extent that insufficient funds exist to make such payment.
Subordinated Note. (a) On the Closing Date, the Buyer will deliver to the Seller a subordinated promissory note, payable to the order of the Seller (as the same may be amended, supplemented, endorsed or otherwise modified from time to time, together with any promissory note issued from time to time in substitution therefor or renewal thereof, being herein called the "Subordinated Note").
Subordinated Note. The Additional Originator acknowledges that it has received a copy of the Subordinated Note and agrees to be bound by, and to comply with, all the terms of the Subordinated Note, including, without limitation, the subordination provisions set forth in paragraph 9 thereof. The Servicer acknowledges and agrees that the Additional Originator shall become a beneficiary under the Subordinated Note and that amounts owing to the Additional Originator under the Subordinated Note shall be governed by the provisions of the Receivables Sale Agreement, including Section 3.2
Subordinated Note. Originator shall not transfer its Subordinated Note to any Person.
Subordinated Note. On the Distribution Date, CA Short shall execute and deliver to Pages a Subordinated Note in the principal amount of $5,000,000 and Security Agreement as described in the Form 10.
Subordinated Note. Amend, modify or supplement the Subordinated Note without the prior written consent of the Majority Facility Investors.
Subordinated Note. The Subordinated Note to be issued to such Xxxxxx Stockholder pursuant to Article 1 hereof will, when issued and delivered in accordance therewith be the valid and binding obligation of the Parent and enforceable in accordance with its terms.
Subordinated Note. (a) On the Closing Date, Recco shall issue to the Seller the subordinated note substantially in the form of Exhibit B (the "Subordinated Note"). The principal amount of the Subordinated Note shall be calculated pursuant to the Daily Report and, on any day, shall be equal to the Subordinated Interest on such day; provided, however, that the principal amount of the Subordinated Note shall be fixed on and not be recalculated after the Termination Date; provided, further, that in no event shall the principal amount of the Subordinated Note calculated pursuant to the Daily Report at any time exceed the Required Overcollateralization Amount.
