Common use of Payment Limitation Clause in Contracts

Payment Limitation. Notwithstanding any other provision of this Note, the Corporation shall only be required to pay interest, principal or any other Amounts Payable in respect of this Note if and to the extent the Combined Free Cash Flow for the Corporation's fiscal year immediately preceding the required payment date is sufficient and available to make such payment. If the Combined Free Cash Flow for such fiscal year is not sufficient to make such payments, then such payments will not be made nor be required to be made under this Note, and the Corporation's payment obligation under this Note will be deferred until the Combined Free Cash Flow would permit payment under this Article 3, and such deferral of payment will not be an Event of Default under this Note, provided that the Maturity Date will not be deferred under this Article 3 for more than two years, at which time, all principal of, interest on and other Amounts Payable in respect of this Note will be due and payable, subject to the terms of Article 5.

Appears in 1 contract

Samples: Non Negotiable Subordinated Note (Jordan Industries Inc)

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Payment Limitation. Notwithstanding any other provision of this Note, but subject to the provisions set forth in the last sentence of this Section 3.1, the Corporation shall only be required to pay interest, principal or any other Amounts Payable in respect of this Note if and to the extent the Combined Corporation's Free Cash Flow for the Corporation's fiscal year immediately preceding the required payment date is sufficient and available to make such payment. If the Combined Corporation's Free Cash Flow for such fiscal year is not sufficient to make such payments, then such payments will not be made nor be required to be made under this Note, and the Corporation's payment obligation under this Note will be deferred until the Combined Corporation's Free Cash Flow would permit payment under this Article 3III, and such deferral of payment will not be an Event of Default under this Note, provided that the Maturity Date will not be deferred under this Article 3 III for more than two years, at which time, all principal of, interest on and other Amounts Payable in respect of this Note will be due and payable, subject to the terms of Article 5.

Appears in 1 contract

Samples: Subordinated Note (Jordan Industries Inc)

Payment Limitation. Notwithstanding any other provision ------------------ of this Note, the Corporation shall only be required to pay interest, principal or any other Amounts Payable in respect of this Note if and to the extent the Combined Corporation's Free Cash Flow for the Corporation's fiscal year immediately preceding the required payment date is sufficient and available to make such payment. If the Combined Corporation's Free Cash Flow for such fiscal year is not sufficient to make such payments, then such payments will not be made nor be required to be made under this Note, and the Corporation's payment obligation under this Note will be deferred until the Combined Corporation's Free Cash Flow would permit payment under this Article Section 3, and such deferral of payment will not be an Event of Default under this Note, provided that the Maturity Date will not be deferred under this Article Section 3 for more than two years, at which time, all principal of, interest on and other Amounts Payable in respect of this Note will be due and payable, subject to the terms of Article 5.

Appears in 1 contract

Samples: Non Negotiable Subordinated Note (Motors & Gears Inc)

Payment Limitation. Notwithstanding any other provision of ------------------ this Note, the Corporation shall only be required to pay interest, principal or any other Amounts Payable in respect of this Note if and to the extent the Combined Corporation's Free Cash Flow for the Corporation's fiscal year immediately preceding the required payment date is sufficient and available to make such payment. If the Combined Corporation's Free Cash Flow for such fiscal year is not sufficient to make such payments, then such payments will not be made nor be required to be made under this Note, and the Corporation's payment obligation under this Note will be deferred until the Combined Corporation's Free Cash Flow would permit payment under this Article Section 3, and such deferral of payment will not be an Event of Default under this Note, provided that the Maturity Date will not be deferred under this Article Section 3 for more than two years, at which time, all principal of, interest on and other Amounts Payable in respect of this Note will be due and payable, subject to the terms of Article 5.

Appears in 1 contract

Samples: Non Negotiable Subordinated Note (Motors & Gears Inc)

Payment Limitation. Notwithstanding any other provision of this ------------------ Note, the Corporation shall only be required to pay interest, principal or any other Amounts Payable in respect of this Note if and to the extent the Combined Corporation's Free Cash Flow for the Corporation's fiscal year immediately preceding the required payment date is sufficient and available to make such payment. If the Combined Corporation's Free Cash Flow for such fiscal year is not sufficient to make such payments, then such payments will not be made nor be required to be made under this Note, and the Corporation's payment obligation under this Note will be deferred until the Combined Corporation's Free Cash Flow would permit payment under this Article Section 3, and such deferral of payment will not be an Event of Default under this Note, provided that the Maturity Date will not be deferred under this Article Section 3 for more than two years, at which time, all principal of, interest on and other Amounts Payable in respect of this Note will be due and payable, subject to the terms of Article 5.

Appears in 1 contract

Samples: Non Negotiable Subordinated Note (Motors & Gears Inc)

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Payment Limitation. Notwithstanding any other provision of this Note, the Corporation shall only be required to pay interest, principal or any other Amounts Payable in respect of this Note if and to the extent the Combined Corporation's Free Cash Flow for the Corporation's fiscal year immediately preceding the required payment date is sufficient and available to make such payment. If the Combined Corporation's Free Cash Flow for such fiscal year is not sufficient to make such payments, then such payments will not shall be made nor be required only to be made under this Note, the extent of available Free Cash Flow and the Corporation's balance of such payment obligation under this Note will be deferred until the Combined Corporation's Free Cash Flow would permit payment under this Article 3, and such deferral of payment will not be an Event of Default under this Note, provided that the Maturity Date will not be deferred under this Article 3 for more than two years, at which time, all principal of, interest on and other Amounts Payable in respect of this Note will be due and payable, subject to the terms of Article 5.

Appears in 1 contract

Samples: Non Negotiable Subordinated Note (Jordan Industries Inc)

Payment Limitation. Notwithstanding any other provision of this Note, the Corporation shall only be required to pay interest, principal or any other Amounts Payable in respect of this Note if and to the extent the Combined Corporation's Free Cash Flow for the Corporation's fiscal year immediately preceding the required payment date is sufficient and available to make such payment. If the Combined Corporation's Free Cash Flow for such fiscal year is not sufficient to make such payments, then such payments will not be made nor be required to be made under this Note, and the Corporation's payment obligation under this Note will be deferred until the Combined Corporation's Free Cash Flow would permit payment under this Article Section 3, and such deferral of payment will not be an Event of Default under this Note, provided that the Maturity Date will not be deferred under this Article Section 3 for more than two yearsone year, at which time, all principal of, interest on and other Amounts Payable in respect of this Note will be due and payable, subject to the terms of Article 5.

Appears in 1 contract

Samples: Non Negotiable Subordinated Note (Jordan Industries Inc)

Payment Limitation. Notwithstanding any other provision of this Note, the Corporation shall only be required to pay interest, principal or any other Amounts Payable in respect of this Note if and to the extent the Combined Corporation's Free Cash Flow for the Corporation's fiscal year immediately preceding the required payment date is sufficient and available to make such payment. If the Combined Corporation's Free Cash Flow for such fiscal year is not sufficient to make such payments, then such payments will not be made nor be required to be made under this Note, and the Corporation's payment obligation under this Note will be deferred until the Combined Corporation's Free Cash Flow would permit payment under this Article Section 3, and such deferral of payment will not be an Event of Default under this Note, provided that the Maturity Date will not be deferred under this Article Section 3 for more than two years, at which time, all principal of, interest on and other Amounts Payable in respect of this Note will be due and payable, subject to the terms of Article 5.

Appears in 1 contract

Samples: Subordinated Note (Jordan Industries Inc)

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