Sifen definition
Examples of Sifen in a sentence
Borrower shall not amend or modify, nor permit the amendment or modification of, any of the Sifen Subordinated Loan Documents or the Sifen Subordination Agreement, in each case without the prior written consent of Lender.
The subordination provisions of the Sifen Subordination Agreement are enforceable against Sifen by Lender.
Borrower agrees that it will obtain the written agreement of each of the Persons providing any such additional advances to the foregoing requirement that such advances may not be repaid until the final $300,000 installment is received from Sifen.
Borrower intends to use the proceeds of the final $300,000 installment of the Sifen Subordinated Loan (to be funded by Sifen to Borrower on or before December 4, 2012), to repay the Advances.
The Obligations constitute Senior Debt entitled to the benefits of the subordination provisions contained in the Sifen Subordination Agreement.
Borrower acknowledges that Lender is entering into this Agreement and is making and/or continuing to make the Loans in reliance upon the subordination provisions of the Sifen Subordination Agreement and this Section 7.27.
Notwithstanding the foregoing, (i) any Subsidiary may pay dividends or make other distributions to Borrower or to a domestic Wholly-Owned Subsidiary; (ii) Borrower may make Earn-Out Payments and Holdback Payments to the extent permitted under the Subordination Agreement; and (iii) Borrower may make regularly scheduled payments of interest to Sifen under the Sifen Subordinated Loan Documents to the extent permitted under the Sifen Subordination Agreement.
A default or “Event of Default” occurs under any of the Sifen Subordinated Loan Documents.
Borrower represents and warrants to Lender that each of the Advance Providers has agreed in writing with Borrower and Lender (and Borrower also hereby agrees with Lender) that (i) the Advances are unsecured loans evidenced by notes, copies of which have been delivered to the Bank, and (ii) Borrower shall not make any payment of any kind in respect of the Advances except with proceeds from the final $300,000 installment of the Sifen Subordinated Loan and not until such final installment has been received.
The parties acknowledge that the ownership of more than fifty percent (50%) of the equity or voting equity of the Seller by any Person other than Sifen while he is living or his heirs upon his death shall be deemed to be an assignment of this Agreement hereunder requiring the prior written consent of the Buyer.