Examples of Setal Entities in a sentence
July 21, 2005 — Roanoke-based Valley Financial Corporation (OTC -VYFC) announced today its consolidated financial results.
In the event of Mr. Lee’s death prior to complete repayment of the Notes, the Setal Entities shall hold the proceeds from the life insurance policy until such time as the obligations under the Notes are repaid in full.
In the event that the Company defaults on any of the Notes, the Setal Entities may retain proceeds up to the lesser of the amount due under the Notes or $750,000.
The Setal Entities’ right to collect against the insurance proceeds shall be in addition to the Setal Entities’ rights to collect against any and all other collateral securing the obligations under the Notes and any other agreements between the Company and the Setal Entities.
The post-petition line of credit financing of up to $1 million extended by the Setal Entities to the Debtors and approved by the Bankruptcy Court by the DIP Order.
Except to the extent that Holder shares in the Collateral with the other Setal Entities, nothing contained herein is intended or shall impact the security interest granted by the Company to the other Setal Entities.
Subject to the provisions of this Section 12, the Company will indemnify and hold each of the Setal Entities, Leter X.
The obligations of the Borrowers hereunder shall rank senior to all other Debt of the Borrowers including the obligations of the Company under the notes between the Company and the Setal Entities and between the Company and Newstar Financial (the “Setal Notes”).
The principal balance of the Setal Entities’ secured debt as of the Petition Date (without late charges, penalties, attorney’s fees and other charges) was approximately $13.77 million and the Setal Entities claim that the balance owing as of December 31, 2010 including penalties, attorneys fees and other charges is in excess of $20 million.
Notwithstanding the foregoing, the Company and/or the Setal Entities may apply the amount of cash received by the Company in connection with a sale of substantially all the assets used in its Riverside, California operations and/or its two (2) stores in Arizona or the sale of any other assets approved by the Board to offset up to Four Hundred Thousand Dollars ($400,000) required to be raised in the Follow-On Offering.