Limitations on Payment. Upon the occurrence of any Senior Default and unless and until such Senior Default shall have been cured in a manner satisfactory to the holder of the Senior Indebtedness or effectively waived in writing by such holder, no direct or indirect payment (in cash, property, securities or by set-off or otherwise) shall be made of or on account of this Subordinated Note or in respect of any redemption, retirement, purchase or other acquisition of this Subordinated Note. Upon any such cure or waiver of such Senior Default, the Company may pay to the Holder all sums then due and payable under this Subordinated Note.
Appears in 6 contracts
Samples: Subscription Agreement (Robison John H), Subscription Agreement (Transbotics Corp), Subscription Agreement (Transbotics Corp)
