Impermissible Payments. Any payments received by the Subordinated Creditor in violation of this Agreement shall be held by the Subordinated Creditor in trust for the benefit of the Senior Creditors and shall be immediately turned over to the Agent in the form received (together with any necessary endorsements) for application to the Senior Debt in accordance with the terms of the Credit Agreement to the extent necessary to pay the Senior Debt in full.
Impermissible Payments. If the Shipowner makes any payment in violation of the Primary Covenants or the Supplemental Covenants, if applicable, and each Equity Interest Holder that has received such a payment fails to repay such amounts within fifteen (15) days of receipt of notice from the Administrator to the Shipowner requesting such repayment (or if the Shipowner shall have failed to make a timely Reserve Fund Net Income Deposit in violation of Section 6.04 of this Agreement), the Shipowner shall, upon Request from the Administrator, pay into the Chapter 537 Reserve Fund, the amount remaining due from such Equity Interest Holders plus interest at the Expended Funds Rate plus two percent (2%) from the date the monies were initially paid (or from the date the Reserve Fund Net Income Deposit should have been made). It is understood and agreed that any payment made by the Shipowner pursuant to this Section 6.08 shall not release or extinguish the obligation of the Equity Interest Holders to repay improperly received funds; provided that such funds repaid by the Equity Interest Holders shall not be paid into the Chapter 537 Reserve Fund to the extent the Shipowner has already made payments into the Chapter 537 Reserve Fund pursuant to this Section 6.08.
Impermissible Payments. Until all amounts due under the Credit ---------------------- Agreement are paid in full, the Registered Holder shall not receive or accept any payment from the Company related to this Warrant (other than cash in lieu of fractional shares as set forth herein and other than Common Stock issued pursuant to this Warrant). If the Registered Holder receives any payment on this Warrant (other than cash in lieu of fractional shares upon exercise as set forth herein and other than Common Stock issued pursuant to this Warrant) that the Registered Holder is not entitled to receive hereunder, the Registered Holder will hold the amount so received in trust for the lenders under the Credit Agreement and will forthwith turn over such payment to the lenders under the Credit Agreement in the form received (except for the endorsement of the Registered Holder where necessary) for application to then-existing amounts due under the Credit Agreement (whether or not due), in such manner of application as the lenders under the Credit Agreement may deem appropriate. If the Registered Holder fails to make any endorsement required hereunder, the lenders under the Credit Agreement, or any of their officers or employees or agents on behalf of the lenders under the Credit Agreement, are hereby irrevocably appointed as the attorney-in-fact (which appointment is coupled with an interest) for the Registered Holder to make such endorsement in the Registered Holder's name. For purposes hereof, ING Prime Rate Trust shall be a third-party beneficiary hereunder.
Impermissible Payments. The Architect represents that, to the best of its knowledge, it has not paid during the last three years any consulting fees to any employee of the Owner or any other person affiliated with or engaged directly by the Owner that are related, directly or indirectly, to the procurement of the Architect’s Work from the Owner. Also, the Architect will not knowingly pay during the term of this Agreement any such consulting fees to any employee of the Owner or any other person affiliated with or engaged directly by the Owner that are related, directly or indirectly, to the
Impermissible Payments. If the Shipowner Defaults on the Financial Agreement by making any payments in violation of Section 8 of the Financial Agreement and the Shareholders fail to repay such amounts within 15 days of receipt of notice from the Administrator requesting such repayment (or if the Shipowner shall have failed to make a timely Reserve Fund deposit in violation of Section 2 of the Financial Agreement), the Shipowner shall, upon written request from the Administrator, pay into the Deposit Fund, the amount remaining due from the Shareholders plus interest at the Obligation rate plus 2% from the date the monies were initially paid (or from the date the Reserve Fund deposit should have been made). It is understood and agreed that any payment made by the Shipowner pursuant to this Section 2.10(b) shall not release or extinguish the obligation of the Shareholders to repay improperly received funds; provided that such funds repaid by the Shareholders shall not be paid into the Deposit Fund to the extent the Shipowner has already made payments into the Deposit Fund pursuant to this Section 2.10(b).
Impermissible Payments. Neither Consultant nor any officer, director, employee, beneficial owner, shareholder, representative or agent of Consultant has made or will make, or cause to be made, in connection with this Agreement, any payments, loans or gifts or promises or offers of payments, loans or gifts of any money or anything of value, directly or indirectly, (a) to or for the use or benefit of any official or employee of any government, (b) to any political party or official or candidate thereof, (c) to any other person either in advance or as a reimbursement if it knows or has reason to suspect that any part of such payment, loan or gift will be directly or indirectly given or paid by such other person, or will reimburse such other person for payments, gifts or loans previously made, to any governmental official or political party or candidate or official thereof, or (d) to any other person or entity if the payment would violate the laws, or regulations having the force of law, of the United States of America, or any country in which Consultant provides services to the Company.
Impermissible Payments. Until all amounts due under the Credit Agreement are paid in full, the holders of the Series C shall not receive or accept any payment from the Corporation related to such Series C (other than cash in lieu of fractional shares as set forth herein and other than Common Stock issued in exchange therefor). If the holders of the Series C receive any payment on the Series C (other than cash in lieu of fractional shares as set forth herein and other than Common Stock issued in exchange therefor) that the holders of the Series C are not entitled to receive hereunder, the holders of the Series C will hold the amount so received in trust for the benefit of the lenders party to the Credit Agreement and will forthwith turn over such payment to the lenders under the Credit Agreement in the form received (except for the endorsement of the holders of the Series C where necessary) for application to then-existing amounts due under the Credit Agreement (whether or not due), in such manner of application as the lenders under the Credit Agreement may deem appropriate. If the holders of the Series C fail to make any endorsement required hereunder, the lenders under the Credit Agreement, or any of their officers or employees or agents on behalf of the lenders under the Credit Agreement, are hereby irrevocably appointed as the attorney-in-fact (which appointment is coupled with an interest) for the holders of the Series C to make such endorsement in the holders of the Series C's name. For purposes hereof, the lenders under the Credit Agreement shall be third-party beneficiaries hereunder.
