Payment of Amounts Received by Subordinated Lenders Sample Clauses

Payment of Amounts Received by Subordinated Lenders. Each Subordinated Lender shall agree that, at any time when any Default (with respect to Debt owed by the Issuer) or Event of Default (with respect to Debt owed by the Guarantor) shall have occurred and be continuing, in the event that it receives any payment or distribution of assets by or on behalf of the Debtor on account or in respect of the Subordinated Debt, the Subordinated Lender shall hold such assets as property of the Secured Parties and for their benefit and, promptly after receipt thereof, shall pay over or deliver to the U.S. Collateral Agent such distribution or payment in precisely the form received (except for the endorsement or assignment by the Subordinated Lender where necessary) for application in accordance with the Intercreditor Agreement and the other Secured Financing Documents. In the event of the failure of the Subordinated Lender to make any such endorsement or assignment, the U.S. Collateral Agent shall be irrevocably authorized and empowered by and on behalf of each Subordinated Lender to effect the same.
Sample 1
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Payment of Amounts Received by Subordinated Lenders. Each Subordinated Lender shall agree that, at any time when any Default (with respect to Debt owed by the Issuer) or Event of Default (with respect to Debt owed by the Guarantor) shall have occurred and be continuing, in the event that it receives any payment or distribution of assets by or on behalf of the Debtor on account or in respect of the Subordinated Debt, the Subordinated Lender shall hold such assets as property of the Purchasers and for their benefit and, promptly after receipt thereof, shall pay over or deliver to the Administrative Agent such distribution or payment in precisely the form received (except for the endorsement or assignment by the Subordinated Lender where necessary) for application in accordance with the Financing Documents. In the event of the failure of the Subordinated Lender to make any such endorsement or assignment, the Administrative Agent shall be irrevocably authorized and empowered by and on behalf of each Subordinated Lender to effect the same.
Sample 1

Related to Payment of Amounts Received by Subordinated Lenders

  • Payments on Subordinated Debt The Borrower will not, and will not permit any of its Subsidiaries to, declare or make, or agree to pay for or make, directly or indirectly, any payment of principal or interest or any purchase, redemption, retirement, acquisition or defeasance with respect to any Indebtedness of such Person which is subordinated to the payment of the Loan Document Obligations except that so long as no Default shall have occurred and shall be continuing or would immediately result therefrom, the Borrower or any Subsidiary may make payments of Subordinated Debt to the extent permitted by the subordination provisions applicable thereto.

  • Sharing of Reimbursement Obligation Payments Whenever the Agent receives a payment from the Borrower on account of reimbursement obligations in respect of a Letter of Credit or Credit Support as to which the Agent has previously received for the account of the Letter of Credit Issuer thereof payment from a Lender, the Agent shall promptly pay to such Lender such Lender’s Pro Rata Share of such payment from the Borrower. Each such payment shall be made by the Agent on the next Settlement Date.

  • Prepayments Payments Taxes 48 Section 5.1

  • Repayment and Amortization of Loans; Evidence of Debt (a) The Borrowers hereby unconditionally promise to pay (i) to the Administrative Agent for the account of each Revolving Lender the then unpaid principal amount of each Revolving Loan on the Maturity Date, (ii) to the Administrative Agent the then unpaid amount of each Protective Advance on the earlier of the Maturity Date and demand by the Administrative Agent, and (iii) to the Administrative Agent the then unpaid principal amount of each Overadvance on the earlier of the Maturity Date and demand by the Administrative Agent.

  • Mandatory Payments and Prepayments (a) Except to the extent due or paid sooner pursuant to the provisions of this Agreement, the aggregate outstanding principal of the Loans shall be due and payable in full on the Maturity Date.

  • Adjustments to Required Subordinated Percentages and Amount (a) On any date, the Issuer may, at the direction of the Beneficiary, change the Required Subordinated Percentage of Class B Notes, the Required Subordinated Percentage of Class C Notes or the Required Subordinated Percentage of Class D Notes, in each case for the Class A(2015-1) Notes, without the consent of any Noteholders; provided that the Issuer has received written confirmation from each applicable Note Rating Agency that the change in such percentage will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes.

  • Date and Denomination of Notes; Payments of Interest and Defaulted Amounts (a) The Notes shall be issuable in registered form without coupons in denominations of $1,000 principal amount and integral multiples thereof. Each Note shall be dated the date of its authentication and shall bear interest from the date specified on the face of such Note. Accrued interest on the Notes shall be computed on the basis of a 360-day year composed of twelve 30-day months and, for partial months, on the basis of the number of days actually elapsed in a 30-day month.

  • No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc (a) In the event and during the continuation of any default by the Company in the payment of any principal of or any premium or interest on any Senior Debt (following any grace period, if applicable) when the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration of acceleration or otherwise, then, upon written notice of such default to the Company by the holders of such Senior Debt or any trustee therefor, unless and until such default shall have been cured or waived or shall have ceased to exist, no direct or indirect payment (in cash, property, securities, by set-off or otherwise) shall be made or agreed to be made on account of the principal of or any premium or interest (including any Additional Interest) on any of the Securities, or in respect of any redemption, repayment, retirement, purchase or other acquisition of any of the Securities.

  • Repayments Prepayments Interest and Fees SECTION 3.1.

  • Non-Payment of Other Debt Any default shall occur under the terms applicable to any Debt of the Company or any Subsidiary in an aggregate amount (for all such Debt so affected) exceeding $10,000,000 and such default shall (a) consist of the failure to pay such Debt when due, whether by acceleration or otherwise, or (b) accelerate the maturity of such Debt or permit the holder or holders thereof, or any trustee or agent for such holder or holders, to cause such Debt to become due and payable (or require the Company or any Subsidiary to purchase or redeem such Debt) prior to its expressed maturity.

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