Payment on Subordinated Debt. If Borrower makes any payment on Subordinated Debt in violation of the applicable Subordination Agreement;
Payment on Subordinated Debt. Borrower shall make no payment, principal, interest, or otherwise, upon the Subordinated Debt while the Term Loans are outstanding. Borrower's Subordinated Debt shall not at any time exceed in the aggregate $1,000,000 during the existence of the Obligations without the prior written consent of Bank.
Payment on Subordinated Debt. Borrower shall not (a) make any prepayment of any part or all of any Subordinated Debt, (b) repurchase, redeem or retire any instrument evidencing any such Subordinated Debt prior to maturity, or (c) enter into any agreement (oral or written) which could in any way be construed to amend, modify, alter or terminate any one or more instruments or agreements evidencing or relating to any Subordinated Debt.
Payment on Subordinated Debt. If the Payment Conditions (as hereinafter defined in this Section 3) are satisfied, Borrower may pay Subordinated Lender on the Subordinated Note and under the Subordinated Loan Agreement pursuant to the terms thereof (the “Permitted Payments”). The term “Payment Conditions,” means that: (i) no Event of Default has occurred and is continuing under the Senior Loan Documents, and (ii) no Event of Default would result under the Senior Loan Documents from the making of any such Permitted Payments. If the Payment Conditions are not satisfied with respect to any calendar month, such that the Permitted Payments attributable to such calendar month may not be made pursuant to this Agreement, then such Permitted Payments shall continue to be an obligation of Borrower to Subordinated Lender, expressly subject to the rights of the Senior Lender, and subject to the terms of this Agreement. If the Payment Conditions are not satisfied with respect to any calendar month, resulting in the Permitted Payments for that month not being made, then at the end of any subsequent calendar month, if the Payment Conditions are satisfied based on a cumulative calculation that includes all unpaid Permitted Payments, then the sum of the unpaid Permitted Payments for all such previous calendar months may be paid.
Payment on Subordinated Debt. If Borrower makes any payment to any third party which would violate the terms of any agreement pursuant to which such third party has subordinated indebtedness owed to him, her or it to Borrower's Obligations to Capital;
Payment on Subordinated Debt. If any Subordinated Lender receives any payment or distribution in respect of the Subordinated Debt, or any part thereof, in violation of Section 2 above, such Subordinated Lender shall hold any amount so received in trust for Senior Lender and will promptly turn over such payment to Senior Lender, in the form received (with any necessary endorsements), to be applied to the Senior Debt.
Payment on Subordinated Debt. Neither the Company nor any Subsidiary shall (a) make any prepayment of any part or all of any Subordinated Debt, (b) repurchase, redeem or retire any instrument evidencing any such Subordinated Debt prior to maturity, or (c) enter into any agreement (oral or written) which could in any way be construed to amend, modify, alter or terminate any one or more instruments or agreements evidencing or relating to any Subordinated Debt.
Payment on Subordinated Debt. Guarantor shall not (i) make any payment of any part or all of any Subordinated Debt or repurchase, redeem or retire any instrument evidencing any such Subordinated Debt prior to maturity except, in each case, to the extent permitted in the Guarantor Revolving Credit Loan Documents or Article 12 of the Indenture as in effect on the Closing Date or the applicable Subordination Agreement, provided that (x) no payment, repurchase or redemption may be made in respect of Subordinated Debt if an Event of Default shall exist or be continuing or would exist after giving effect to such payment and (y) no principal prepayments may be made in respect of the Indenture Notes, the Continuing Creditor Deferred Obligation or the Class 10 Deferred Obligations until the outstanding balance of the Loan and the Promissory Note B has been paid in full and the Special Advance Amount (as defined in and pursuant to the Guarantor Revolving Credit Agreement) has been reduced to zero; or (ii) enter into any agreement (oral or written) which could in any way be construed to amend, modify, alter or terminate any one or more instruments or agreements evidencing or relating to any Subordinated Debt (other than Vendors' liens) which increases the principal amount of such Subordinated Indebtedness, increases the interest rate charged with respect thereto, accelerates the maturity date of any payment of principal or interest or increases any fees or other compensation payable thereunder or amends any event of default or any other material covenant or agreement of any obligor thereunder or in respect thereof in a manner materially adverse to Lender; provided, however, so long as (x) no Default or Event of Default shall exist or be continuing at the time of or after giving effect to any such payment and (y) the outstanding balance of the Loan and the Promissory Note B has been paid in full and the Special Advance Amount (as defined in and pursuant to the Guarantor Revolving Credit Agreement) has been reduced to zero, Guarantor may make prepayments of Subordinated Indebtedness; and provided, further, no mandatory prepayments or redemptions from excess cash flow of Borrowers may be made in respect of Subordinated Indebtedness until all mandatory prepayments from excess cash flow have been made in accordance with this Agreement, the Mortgage Loan Agreement and the Special Advance Amount (as defined in and pursuant to the Guarantor Revolving Credit Agreement) has been reduced to zero.
Payment on Subordinated Debt. Borrower shall not (a) make any prepayment of any part or all of the Subordinated Debt, (b) repurchase, redeem or retire any instrument evidencing the Subordinated Debt prior to maturity, or (c) enter into any agreement (oral or written) which could in any way be construed to amend, modify, alter or terminate any one or more instruments or agreements evidencing or relating to the Subordinated Debt; PROVIDED, HOWEVER, that Borrower may make scheduled and accrued interest payments on the Subordinated Debt and Excess Cash Flow payments, each in accordance with and subject to the provisions of the Note Purchase Agreement.
Payment on Subordinated Debt. Borrower shall not (a) make any payment or prepayment of any part or all of the Subordinated Debt, (b) repurchase, redeem or retire any instrument evidencing the Subordinated Debt prior to maturity, or (c) enter into any agreement (oral or written) which could in any way be construed to amend, modify, alter or terminate any one or more instruments or agreements evidencing or relating to the Subordinated Debt; provided, however, that Borrower may make scheduled and accrued interest payments on the Subordinated Debt and Excess Cash Flow payments on and after September 30, 2004, each in accordance with and subject to the provisions of the Note Purchase Agreement, if after giving effect to such payments, Borrower has (i) Excess Availability of at least $2,500,000, (ii) a Pro Forma Fixed Charge Coverage Ratio for the most recently ended Quarterly Test Period and as of the date of such payment on the Subordinated Debt of at least 1.00 to 1.00 and (iii) represented to Agent that Borrower will have a Pro Forma Fixed Charge Coverage Ratio for the two Quarterly Test Periods immediately following the date of such payment, to the best of Borrower’s knowledge at the date of such representation, of at least 1.00 to 1.00, which shall be supported by written projections; provided, further that any such payment may not be made until Agent (A) has had at least 7 calendar days to review documents which support the above listed requirements, and (B) has agreed that such requirements have been satisfied.”
