Common use of Payment of Subordinated Indebtedness Clause in Contracts

Payment of Subordinated Indebtedness. Upon the occurrence and during the continuance of an Event of Default, Administrative Agent, at the request of Requisite Lenders, on behalf of Lenders, may deliver to Borrower written notice, or telephonic notice promptly confirmed in writing, directing Borrower to make no further payments on account of any Subordinated Indebtedness. Immediately upon receipt of such notice, Borrower shall cease making and shall make no further payments of any nature whatsoever on account of such Subordinated Indebtedness (except as otherwise permitted by the terms of subordination of such Subordinated Indebtedness), whether such payments are owed to the holder of such Subordinated Indebtedness or to some other Person, unless and until Requisite Lenders have waived such Event of Default in writing or shall have otherwise consented to such payment in writing in advance, such consent being at Requisite Lenders' sole and absolute discretion.

Payment of Subordinated Indebtedness. Upon the occurrence and during the continuance of an Event of Default, Administrative Lenders, or Agent, at the request of Requisite Lenders, on behalf of Lenders, may deliver to Borrower written notice, or telephonic notice promptly confirmed in writing, directing Borrower to make no further payments on account of any Subordinated Indebtedness. Immediately upon receipt of such notice, Borrower shall cease making and shall make no further payments of any nature whatsoever on account of such Subordinated Indebtedness (except as otherwise permitted by the terms of subordination of such Subordinated Indebtedness), whether such payments are owed to the holder of such Subordinated Indebtedness or to some other Person, unless and until Requisite Lenders have waived such Event of Default in writing or shall have otherwise consented to such payment in writing in advance, such consent being at Requisite Lenders' sole and absolute discretion.