Failure to Make Payment. In the event of failure by the Company to make any required payment of principal or interest when due on this Note (and, in the case of payment of interest, such failure to pay shall have continued for 30 days), the Company will, upon demand of the Holder, pay to the Holder the whole amount then due and payable on this Note for principal and interest (without acceleration), with interest on the overdue principal and interest at the rate borne by this Note, to the extent permitted by applicable law. If the Company fails to pay such amount upon such demand, the Holder may, among other things, institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company and collect the amounts adjudged or decreed to be payable in the manner provided by law out of the property of the Company. Upon the occurrence of a failure by the Company to make any required payment of principal or interest on the Note, the Company shall not (a) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company's capital stock, (b) make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Company that rank equal with or junior to the Subordinated Notes, or (c) make any payments under any guarantee that ranks equal with or junior to the Subordinated Notes, other than: (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of Company's common stock; (ii) any declaration of a dividend in connection with the implementation of a shareholders' rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto; (iii) as a result of a reclassification of Company's capital stock or the exchange or conversion of one class or series of Company's capital stock for another class or series of Company's capital stock; (iv) the purchase of fractional interests in shares of Company's capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged; or (v) purchases of any class of Company's common stock related to the issuance of common stock or rights under any of benefit plans for Company's directors, officers or employees or any of Company's dividend reinvestment plans.
Appears in 1 contract
Samples: Note Purchase Agreement (Bankwell Financial Group, Inc.)
Failure to Make Payment. In the event of failure by the Company to make any required payment occurrence of principal or interest when due on this Note (and, an Event of Default described in the case of payment of interest, such failure to pay shall have continued for 30 daysSection 5(f), the Company Issuer will, upon demand of the HolderNoteholder, pay to the Holder Noteholder the whole amount then due and payable on this Note for principal and interest (without acceleration), with interest on the overdue principal and interest at the rate borne by this Note, to the extent permitted by applicable law. If the Company Issuer fails to pay such amount upon such demand, the Holder Noteholder may, among other things, institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company Issuer and collect the amounts adjudged or decreed to be payable in the manner provided by law out of the property of Issuer. During the Company. Upon the occurrence continuance of a failure by the Company to make any required payment such an Event of principal or interest on the NoteDefault described in Section 5(f), the Company Issuer shall not (a) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company's Issuer’s capital stock, (b) make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Company Issuer that rank equal with or junior to the Subordinated Notes, or (c) make any payments under any guarantee that ranks equal with or junior to the Subordinated Notes, other than: than (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of Company's Issuer’s common stock; , (ii) any declaration of a noncash dividend in connection with the implementation of a shareholders' stockholders’ rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto; , (iii) as a result of a reclassification of Company's Issuer’s capital stock or the exchange or conversion of one class or series of Company's Issuer’s capital stock for another class or series of Company's Issuer’s capital stock; , (iv) the purchase of fractional interests in shares of Company's Issuer’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged; , or (v) purchases of any class of Company's Issuer’s common stock related to the issuance of common stock or rights under any of Issuer’s benefit plans for Company's Issuer’s directors, officers or employees or any of Company's Issuer’s dividend reinvestment plans.
Appears in 1 contract
Samples: Subordinated Note Purchase Agreement (Western New England Bancorp, Inc.)
Failure to Make Payment. In the event of failure by the Company Issuer to make any required payment of principal or interest when due on this Note (and, in the case of payment of interest, such failure to pay shall have continued for 30 thirty (30) calendar days), the Company Issuer will, upon demand of the Holder, pay to the Holder the whole amount then due and payable on this Note for principal and interest (without accelerationacceleration of the Note in any manner), with interest on the overdue principal and interest at the rate borne by this Note, to the extent permitted by applicable law. If the Company Issuer fails to pay such amount upon such demand, the Holder may, among other things, institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company Issuer and collect the amounts adjudged or decreed to be payable in the manner provided by law out of the property of the CompanyIssuer. Upon the occurrence of a failure by the Company Issuer to make any required payment of principal or interest on the Note, or an Event of Default until such Event of Default is cured by the Company Issuer, the Issuer shall not (a) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company's Issuer’s capital stock, (b) make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Company Issuer that rank equal with or junior to the Subordinated Notes, or (c) make any payments under any guarantee that ranks equal with or junior to the Subordinated Notes, other than: than (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of Company's the Issuer’s common stock; (ii) any declaration of a dividend in connection with the implementation of a shareholders' ’ rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto; (iii) as a result of a reclassification of Company's the Issuer’s capital stock or the exchange or conversion of one class or series of Company's the Issuer’s capital stock for another class or series of Company's the Issuer’s capital stock; (iv) the purchase of fractional interests in shares of Company's the Issuer’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged; or (v) purchases of any class of Company's the Issuer’s common stock related to the issuance of common stock or rights under any of benefit plans for Company's the Issuer’s directors, officers or employees or any of Company's the Issuer’s dividend reinvestment plans. The limitations imposed by the provisions of this Section 8 shall apply whether or not the Holder has notified the Issuer of an Event of Default.
Appears in 1 contract
Samples: Subordinated Note Purchase Agreement (Village Bank & Trust Financial Corp.)
Failure to Make Payment. In the event of failure by the Company Issuer to make any required payment of principal or interest when due on this Note (and, in the case of payment of interest, such failure to pay shall have continued for 30 calendar days), the Company Issuer will, upon demand of the HolderNoteholder, pay to the Holder Noteholder the whole amount then due and payable on this Note for principal and interest (without acceleration), with interest on the overdue principal and interest at the rate borne by this Note, to the extent permitted by applicable law. If the Company Issuer fails to pay such amount upon such demand, the Holder Noteholder may, among other things, institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company Issuer and collect the amounts adjudged or decreed to be payable in the manner provided by law out of the property of the CompanyIssuer. Upon the occurrence of a failure by the Company Issuer to make any required payment of principal or interest on the Note, the Company Issuer shall not (a) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company's Issuer’s capital stock, (b) make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Company Issuer that rank equal with or junior to the Subordinated Notes, or (c) make any payments under any guarantee that ranks equal with or junior to the Subordinated Notes, other than: than (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of Company's Issuer’s common stock; (ii) any declaration of a dividend in connection with the implementation of a shareholders' ’ rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto; (iii) as a result of a reclassification of Company's Issuer’s capital stock or the exchange or conversion of one class or series of Company's Issuer’s capital stock for another class or series of Company's Issuer’s capital stock; (iv) the purchase of fractional interests in shares of Company's Issuer’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged; or (v) purchases of any class of Company's Issuer’s common stock related to the issuance of common stock or rights under any of benefit plans for Company's Issuer’s directors, officers or employees or any of Company's Issuer’s dividend reinvestment plans.
Appears in 1 contract
Samples: Subordinated Note Purchase Agreement (Bay Banks of Virginia Inc)
Failure to Make Payment. In the event of failure by the Company to make any required payment occurrence of principal or interest when due on this Note (and, an Event of Default described in the case of payment of interest, such failure to pay shall have continued for 30 daysSection 5(f), the Company Issuer will, upon demand of the HolderNoteholder, pay to the Holder Noteholder the whole amount then due and payable on this Note for principal and interest (without acceleration), with interest on the overdue principal and interest at the rate borne by this Note, to the extent permitted by applicable law. If the Company Issuer fails to pay such amount upon such demand, the Holder Noteholder may, among other things, institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company Issuer and collect the amounts adjudged or decreed to be payable in the manner provided by law out of the property of Issuer. During the Company. Upon the occurrence continuance of a failure by the Company to make any required payment such an Event of principal or interest on the NoteDefault described in Section 5(f), the Company Issuer shall not (a) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company's Issuer’s capital stock, (b) make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Company Issuer that rank equal with or junior to the Subordinated Notesthis Note, or (c) make any payments under any guarantee that ranks equal with or junior to the Subordinated Notesthis Note, other than: than (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of Company's Issuer’s common stock; , (ii) any declaration of a noncash dividend in connection with the implementation of a shareholders' stockholders’ rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto; , (iii) as a result of a reclassification of Company's Issuer’s capital stock or the exchange or conversion of one class or series of Company's Issuer’s capital stock for another class or series of Company's Issuer’s capital stock; , (iv) the purchase of fractional interests in shares of Company's Issuer’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged; , or (v) purchases of any class of Company's Issuer’s common stock related to the issuance of common stock or rights under any of benefit plans for Company's Issuer’s directors, officers or employees or any of Company's Issuer’s dividend reinvestment plans.
Appears in 1 contract
Failure to Make Payment. In the event of failure by the Company to make any required payment occurrence of principal or interest when due on this Note (and, an Event of Default described in the case of payment of interest, such failure to pay shall have continued for 30 daysSection 5(f), the Company will, upon demand of the HolderNoteholder, pay to the Holder Noteholder the whole amount then due and payable on this Subordinated Note for principal and interest (without acceleration), with interest on the overdue principal and interest at the rate borne by this Subordinated Note, to the extent permitted by applicable law. If the Company fails to pay such amount upon such demand, the Holder Noteholder may, among other things, institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company and collect the amounts adjudged or decreed to be payable in the manner provided by law out of the property of the Company. Upon During the occurrence continuance of a failure by the Company to make any required payment such an Event of principal or interest on the NoteDefault described in 5(f), the Company shall not (a) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company's ’s capital stock, (b) make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Company that rank equal with or junior to the Subordinated Notes, or (c) make any payments under any guarantee that ranks equal with or junior to the Subordinated Notes, other than: than (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of Company's ’s common stock; , (ii) any declaration of a noncash dividend in connection with the implementation of a shareholders' stockholders’ rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto; , (iii) as a result of a reclassification of Company's ’s capital stock or the exchange or conversion of one class or series of Company's ’s capital stock for another class or series of Company's ’s capital stock; , (iv) the purchase of fractional interests in shares of Company's ’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged; , or (v) purchases of any class of Company's ’s common stock related to the issuance of common stock or rights under any of Company’s benefit plans for Company's ’s directors, officers or employees or any of Company's ’s dividend reinvestment plans.
Appears in 1 contract
Samples: Subordinated Note Purchase Agreement (Citizens Financial Services Inc)
Failure to Make Payment. In the event of failure by the Company to make any required payment occurrence of principal or interest when due on this Note (and, an Event of Default described in the case of payment of interest, such failure to pay shall have continued for 30 daysSection 5(f), the Company will, upon demand of the HolderNoteholder, pay to the Holder Noteholder the whole amount then due and payable on this Subordinated Note for principal and interest (without acceleration), with interest on the overdue principal and interest at the rate borne by this Subordinated Note, to the extent permitted by applicable law. If the Company fails to pay such amount upon such demand, the Holder Noteholder may, among other things, institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company and collect the amounts adjudged or decreed to be payable in the manner provided by law out of the property of the Company. Upon the occurrence of a failure by the Company to make any required payment of principal or interest on this Subordinated Note or an Event of Default, until such failure or Event of Default is cured by the NoteCompany or waived by the Noteholders in accordance with Section 16 hereof, the Company shall not (a) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company's ’s capital stock, (b) make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Company that rank equal with or junior to the Subordinated Notes, or (c) make any payments under any guarantee that ranks equal with or junior to the Subordinated Notes, other than: than (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of Company's ’s common stock; , (ii) any declaration of a noncash dividend in connection with the implementation of a shareholders' stockholders’ rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto; , (iii) as a result of a reclassification of Company's ’s capital stock or the exchange or conversion of one class or series of Company's ’s capital stock for another class or series of Company's ’s capital stock; , (iv) the purchase of fractional interests in shares of Company's ’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged; , or (v) purchases of any class of Company's ’s common stock related to the issuance of common stock or rights under any of benefit plans for Company's ’s directors, officers or employees or any of Company's ’s dividend reinvestment plansand stock purchase plans (including, without limitation, any repurchases or acquisitions in connection with the forfeiture of any stock award, cashless or net exercise of any option, or acceptance of Common Shares in lieu of an award recipient’s tax obligations under any equity award).
Appears in 1 contract
Failure to Make Payment. In the event of failure by the Company to make any required payment an Event of principal Default under Section 5(a) or interest when due on this Note (andSection 5(b) above, in the case of payment of interest, such failure to pay shall have continued for 30 days), the Company Issuer will, upon demand of the HolderNoteholder, pay to the Holder Noteholder the whole amount then due and payable on this Subordinated Note for principal and interest (without accelerationacceleration of the Note in any manner), with interest on the overdue principal and interest at the rate borne by this Subordinated Note, to the extent permitted by applicable law. If the Company Issuer fails to pay such amount upon such demand, the Holder Noteholder may, among other things, institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company Issuer and collect the amounts adjudged or decreed to be payable in the manner provided by law out of the property of the CompanyIssuer. Upon the occurrence of a failure by the Company Issuer to make any required payment of principal or interest on the NoteNote or an Event of Default, until such Event of Default is cured by the Issuer or waived by the Noteholders in accordance with Section 19 (Waiver and Consent) hereof, the Company Issuer shall not (a) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company's Issuer’s capital stock, (b) make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Company Issuer that rank equal with or junior to the Subordinated Notes, or (c) make any payments under any guarantee that ranks equal with or junior to the Subordinated Notes, other than: than (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of Company's the Issuer’s common stock; (ii) any declaration of a dividend in connection with the implementation of a shareholders' ’ rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto; (iii) as a result of a reclassification of Company's the Issuer’s capital stock or the exchange or conversion of one class or series of Company's the Issuer’s capital stock for another class or series of Company's the Issuer’s capital stock; (iv) the purchase of fractional interests in shares of Company's the Issuer’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged; or (v) purchases of any class of Company's the Issuer’s common stock related to the issuance of common stock or rights under any of benefit plans for Company's the Issuer’s directors, officers or employees or any of Company's the Issuer’s dividend reinvestment plans. The limitations imposed by the provisions of this Section 8 shall apply whether or not the Noteholder has notified the Issuer of an Event of Default.
Appears in 1 contract
Samples: Subordinated Note Purchase Agreement (BankGuam Holding Co)
Failure to Make Payment. In the event of failure by the Company Issuer to make any required payment of principal or interest when due on this Note (and, in the case of payment of interest, such failure to pay shall have continued for 30 fifteen (15) calendar days), the Company Issuer will, upon demand of the Holder, pay to the Holder the whole amount then due and payable on this Note for principal and interest (without accelerationacceleration of the Note in any manner), with interest on the overdue principal and interest at the rate borne by this Note, to the extent permitted by applicable law. If the Company Issuer fails to pay such amount upon such demand, the Holder may, among other things, institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company Issuer and collect the amounts adjudged or decreed to be payable in the manner provided by law out of the property of the CompanyIssuer. Upon the occurrence of a failure by the Company Issuer to make any required payment of principal or interest on the Note, or an Event of Default until such Event of Default is cured by the Company Issuer, the Issuer shall not (a) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company's Issuer’s capital stock, (b) make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Company Issuer that rank equal with or junior to the Subordinated Notes, or (c) make any payments under any guarantee that ranks equal with or junior to the Subordinated Notes, other than: than (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of Company's the Issuer’s common stock; (ii) any declaration of a dividend in connection with the implementation of a shareholders' ’ rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto; (iii) as a result of a reclassification of Company's the Issuer’s capital stock or the exchange or conversion of one class or series of Company's the Issuer’s capital stock for another class or series of Company's the Issuer’s capital stock; (iv) the purchase of fractional interests in shares of Company's the Issuer’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged; or (v) purchases of any class of Company's the Issuer’s common stock related to the issuance of common stock or rights under any of benefit plans for Company's the Issuer’s directors, officers or employees or any of Company's the Issuer’s dividend reinvestment plans. The limitations imposed by the provisions of this Section 8 shall apply whether or not the Holder has notified the Issuer of an Event of Default.
Appears in 1 contract
Samples: Subordinated Note Purchase Agreement (Quaint Oak Bancorp Inc)
Failure to Make Payment. In the event of failure by the Company Issuer to make any required payment of principal or interest when due on this Note (and, in the case of payment of interest, such failure to pay shall have continued for 30 15 calendar days), the Company Issuer will, upon demand of the Holder, pay to the Holder the whole amount then due and payable on this Note for principal and interest (without accelerationacceleration of the Note in any manner), with interest on the overdue principal and interest at the rate borne by this Note, to the extent permitted by applicable law. If the Company Issuer fails to pay such amount upon such demand, the Holder may, among other things, institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company Issuer and collect the amounts adjudged or decreed to be payable in the manner provided by law out of the property of the CompanyIssuer. Upon the occurrence of a failure by the Company Issuer to make any required payment of principal or interest on the Note, or any other Event of Default until such Event of Default is cured by the Company Issuer, the Issuer shall not (a) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company's Issuer’s capital stock, (b) make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Company Issuer that rank equal with or junior to the Subordinated Notes, or (c) make any payments under any guarantee that ranks equal with or junior to the Subordinated Notes, other than: than (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of Company's the Issuer’s common stock; (ii) any declaration of a dividend in connection with the implementation of a shareholders' ’ rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto; (iii) as a result of a reclassification of Company's the Issuer’s capital stock or the exchange or conversion of one class or series of Company's the Issuer’s capital stock for another class or series of Company's the Issuer’s capital stock; (iv) the purchase of fractional interests in shares of Company's the Issuer’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged; or (v) purchases of any class of Company's the Issuer’s common stock related to the issuance of common stock or rights under any of benefit plans for Company's the Issuer’s directors, officers or employees or any of Company's the Issuer’s dividend reinvestment plans.
Appears in 1 contract
Samples: Subordinated Note Purchase Agreement (Peoples Financial Services Corp.)