Debt and Subordinated Debt. Seller shall not, either directly or indirectly, without the prior written consent of Buyer, pay any Debt or Subordinated Debt if such payment shall cause a Potential Default or Event of Default. Further, if a Potential Default or an Event of Default shall have occurred and for as long as such is occurring, Seller shall not, either directly or indirectly, without the prior written consent of Buyer, make any payment of any kind thereafter on such Debt or Subordinated Debt until all obligations of Seller hereunder have been paid and performed in full.
Debt and Subordinated Debt. Each of Seller and Guarantor shall not, and shall not allow Parent Guarantor to, either directly or indirectly, without the prior written consent of Buyer, pay any Debt or Subordinated Debt if such payment shall cause an Event of Default. Further, if an Event of Default shall have occurred and for as long as such is continuing, each of Seller, Parent Guarantor and Guarantor shall not, either directly or indirectly, without the prior written consent of Buyer, make any payment of any kind thereafter on such Debt or Subordinated Debt until all obligations of Seller hereunder have been paid and performed in full; provided, that each of Seller, Parent Guarantor and Guarantor shall be permitted, without the prior written consent of Xxxxx, to make ordinary course payments under any Debt (other than Subordinated Debt). Buyer, Guarantor, Parent Guarantor and Seller each hereby acknowledge and agree that the payments permitted to be made by Seller, Parent Guarantor and Guarantor pursuant to this Section 10.2 shall specifically exclude any optional payment with respect to, or early refinancing of, any Debt or Subordinated Debt.
Debt and Subordinated Debt. Seller shall not, either directly or indirectly, without the prior written consent of Administrative Agent, on behalf of Buyers, pay any Debt or Subordinated Debt if such payment shall cause an Event of Default. Further, if an Event of Default shall have occurred and for as long as such is continuing, Seller shall not, either directly or indirectly, without the prior written consent of Administrative Agent, on behalf of Buyers, make any payment of any kind thereafter on such Debt or Subordinated Debt until all obligations of Seller hereunder have been paid and performed in full; provided, that Seller shall be permitted, at all times, without the prior written consent of Administrative Agent, on behalf of Buyers, to make ordinary course payments under any Debt (other than Subordinated Debt). Administrative Agent, Buyers and Seller each hereby acknowledge and agree that the payments permitted to be made by Seller pursuant to this Section 10.2 shall specifically exclude any optional payment with respect to, or early refinancing of, any Debt or Subordinated Debt.
Debt and Subordinated Debt. Seller shall not, either directly or indirectly, without the prior written consent of Buyer, pay any Subordinated Debt if such payment shall cause a Potential Default or Event of Default. Further, if a Potential Default or an Event of Default shall have occurred and for as long as such is occurring, Seller shall not, either directly or indirectly, without the prior written consent of Buyer, make any payment of any kind thereafter on such Subordinated Debt until all obligations of Seller hereunder have been paid and performed in full. Upon the occurrence and during the continuance of an Event of Default, Seller shall not incur additional Debt or make payments on existing Debt without the prior written consent of Buyer; provided, however, that for as long as such Event of Default is occurring, Seller may, without the prior written consent of Buyer, (i) incur and pay Debt that is, or was, incurred in the ordinary course of business of Seller’s mortgage banking business as long as the payments have not been changed, modified or accelerated as a result of the Event of Default, (ii) pay existing secured Debt using the proceeds from the collateral securing such Debt and (iii) pay Debt, whether secured or unsecured, which payments have been changed, modified or accelerated as a result of the Event of Default as long as Seller satisfies its then outstanding obligations under this Agreement to Buyer in accordance with the same changed, modified or accelerated payment terms and conditions. By way of example but not limitation for the foregoing subsection (iii), if the Debt is accelerated as a result of the Event of Default and Seller is required to immediately pay fifty percent (50%) of the outstanding Debt, Seller may pay such amount of the Debt as long as Seller shall also pays fifty percent (50%) of then current outstanding obligations owed to Buyer under this Agreement.
Debt and Subordinated Debt. No loanDepot Party shall, either directly or indirectly, without the prior written consent of Buyer, pay any Debt or Subordinated Debt if such payment shall cause a Potential Default or Event of Default. Further, if a Potential Default or an Event of Default shall have occurred and for as long as such is occurring, no loanDepot Party shall, either directly or indirectly, without the prior written consent of Buyer, make any payment of any kind thereafter on such Debt or Subordinated Debt until all obligations of loanDepot Parties hereunder have been paid and performed in full.
Debt and Subordinated Debt. Borrower shall not, either directly or indirectly, without the prior written consent of Lender, pay any Debt or Subordinated Debt if such payment shall cause a Potential Default or Event of Default. Further, if a Potential Default or an Event of Default shall have occurred and for as long as such is occurring, Borrower shall not, either directly or indirectly, without the prior written consent of Lender, make any payment of any kind thereafter on such Debt or Subordinated Debt until all obligations of Borrower hereunder have been paid and performed in full.
Debt and Subordinated Debt. No Guild Party shall, either directly or indirectly, without the prior written consent of Buyer, pay any Debt or Subordinated Debt if such payment shall cause a Potential Default or Event of Default. Further, if a Potential Default or an Event of Default shall have occurred and for as long as such is occurring, no Guild Party shall, either directly or indirectly, without the prior written consent of Buyer, make any payment of any kind thereafter on such Debt or Subordinated Debt until all obligations of Guild Parties hereunder have been paid and performed in full.
Debt and Subordinated Debt. Seller shall not, either directly or indirectly, without the prior written consent of Buyer, pay any Debt or Subordinated Debt if such payment shall cause a Potential Default or Event of Default. Further, if a Potential Default or an Event of Default shall have occurred and for as long as such is occurring, Seller shall not, either directly or indirectly, without the prior written consent of Buyer, make any payment of any kind thereafter on such Debt or Subordinated Debt until all obligations of Seller hereunder have been paid and performed in full. Further, if an Event of Default shall have occurred and for as long as such is occurring, Seller shall not distribute or transfer any of Seller’s property and assets to any Person (other than Permitted Distributions) or incur additional Debt or Subordinated Debt; provided, however, that for as long as such Event of Default is occurring, Seller may incur and pay trade Debt that is, or was, incurred in the ordinary course of business of Seller’s mortgage banking business.
(g) Section 10.7 of the Agreement is hereby amended and restated in its entirety as follows:
Debt and Subordinated Debt. No Nationstar Party shall, either directly or indirectly, without the prior written consent of Buyer, pay any Debt or Subordinated Debt if such payment shall cause a Potential Default or Event of Default. Further, if a Potential Default or an Event of Default shall have occurred and for as long as such is occurring, no Nationstar Party shall, either directly or indirectly, without the prior written consent of Buyer, make any payment of any kind thereafter on such Debt or Subordinated Debt until all obligations of Nationstar Parties hereunder have been paid and performed in full.
Debt and Subordinated Debt. Seller shall not, either directly or indirectly, without the prior written consent of Buyer, pay any Debt or Subordinated Debt if such payment shall cause a default or event of default under the Credit Agreement.
