Common use of Payment on Subordinated Debt Clause in Contracts

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 the Payment Conditions (as hereinafter defined in this Section 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”"PERMITTED PAYMENTS"). The term “Payment Conditions"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 (a) If, but only if, the Interest Payment Conditions (as hereinafter defined in this Section 3) are satisfied, Borrower may pay Subordinated Lender accrued interest payments (but not payments of principal) on the Subordinated Note and under the Subordinated Loan Agreement pursuant to the terms thereof (the “Permitted Interest Payments”). The term term, “Interest Payment Conditions,” as used herein, means that: (i) no Default or Event of Default (as such terms are defined in the Credit Agreement) has occurred and is continuing under the Senior Loan Documentscontinuing, and (ii) no Default or Event of Default would result under the Senior Loan Documents from the making of any such Permitted PaymentsInterest Payment. If the Interest Payment Conditions are not satisfied with respect to any calendar month, such that the Permitted Interest Payments attributable to such calendar month may not be made pursuant to this Agreement, then such Permitted Interest Payments shall continue to be an obligation of Borrower to Subordinated Lender, expressly subject to the rights of the Senior Lender, and Lender subject to the terms of this Agreement. If the Interest Payment Conditions are not satisfied with respect to any calendar month, resulting in the Permitted Interest Payments for that month not being made, then at the end of any subsequent calendar month, if the Interest Payment Conditions are satisfied based on a cumulative calculation that includes all unpaid Permitted Interest Payments, then the sum of the unpaid Permitted Interest Payments for all such previous calendar months may be paid. Principal payments may not be made until the Senior Debt is paid in full and the Senior Credit Agreement has been irrevocably terminated.

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 Notes 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 continues 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.