Common use of Payment Restrictions Clause in Contracts

Payment Restrictions. (a) Notwithstanding anything to the contrary set forth herein or in the Agreement, (i) any payment of interest on and principal of the Notes (and any payment of the Redemption Price or Make Whole Redemption Price in connection with any redemption of the Notes pursuant to Article 9 of the Agreement) may be made only with the prior approval of the Superintendent, whenever, in his judgment, the financial condition of MBIA warrants, (ii) any such payment of interest or principal or the Redemption Price or Make Whole Redemption Price may only be made to the extent MBIA has sufficient Eligible Surplus to make such payment of interest or principal or the Redemption Price or Make Whole Redemption Price out of its Eligible Surplus (the conditions set forth in the foregoing clauses (a) and (b) are referred to herein collectively as the “Payment Restrictions”). If the Superintendent approves a payment of the Redemption Price or Make Whole Redemption Price with respect to, interest on or principal of the Notes in an amount that is less than the full amount of the Redemption Price or Make Whole Redemption Price, interest or principal then scheduled to be paid in respect of the Notes, or if as a result of any Payment Restriction MBIA is unable to pay the full amount of the Redemption Price or Make Whole Redemption Price, interest or principal then scheduled to be paid in respect of the Notes, payment of such partial amount shall be made pro rata among Noteholders as their interests may appear. (b) Notwithstanding anything to the contrary set forth herein or in the Agreement, any payment of interest on any Note which is not punctually paid or duly provided for on the applicable Scheduled Interest Payment Date or on an Interest Payment Date with respect to which the Payment Restrictions have been satisfied (such payment being referred to as an “Unpaid Amount”), will forthwith cease to be payable to the Holder of such Note at the close of business on the relevant Record Date, and such Unpaid Amount, together with accrued interest thereon (if any and to the extent permitted by applicable law) will instead be payable on a subsequent special payment date to the Holder of such Note as of the close of business on a subsequent special record date. Interest will continue to accrue at the Stated Rate on (i) any unpaid principal and (ii) to the extent permitted by applicable law, any payment of interest which is not punctually paid or duly provided for on the applicable Scheduled Interest Payment Date, in each case to, but not including, the date of actual payment. MBIA shall fix such special record date and special payment date for any Unpaid Amount and at least 20 days before such special record date shall notify the Fiscal Agent in writing of the special record date, the special payment date and the amount of interest to be paid. At least 10 days before the special record date, the Fiscal Agent shall mail to each Holder of the Notes a notice that also states the special record date, special payment date and amount of interest to be paid. On the special payment date set forth in such notice, the Paying Agent shall pay the amount of interest to be so paid to each Holder of the Notes in the manner set forth in the Agreement. (c) The principal of and interest on this Note shall not be a liability or claim against MBIA, or any of its assets, except as provided in Section 1307 of the New York Insurance Law.

Appears in 2 contracts

Samples: Fiscal Agency Agreement, Fiscal Agency Agreement (Mbia Inc)

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Payment Restrictions. (a) Notwithstanding anything to the contrary set forth herein or in the Agreementherein, (ia) any payment of interest on and principal of the Notes (and any payment of the Redemption Price or Make Whole Redemption Price in connection with any redemption of the Notes pursuant to Article 9 of the Agreement9) may be made only with the prior approval of the Superintendent, whenever, in his judgment, the financial condition of MBIA warrants, and (iib) any such payment of interest or principal or the Redemption Price or Make Whole Redemption Price may only be made to the extent MBIA has sufficient Eligible Surplus to make such payment of interest or principal or the Redemption Price or Make Whole Redemption Price out of its Eligible Surplus (the conditions set forth in the foregoing clauses (a) and (b) are referred to herein collectively as the “Payment Restrictions”). If the Superintendent approves a payment of the Redemption Price or Make Whole Redemption Price with respect to, interest on or principal of the Notes in an amount that is less than the full amount of the Redemption Price or Make Whole Redemption Price, interest or principal then scheduled to be paid in respect of the Notes, or if as a result of any Payment Restriction MBIA is unable to pay the full amount of the Redemption Price or Make Whole Redemption Price, interest or principal then scheduled to be paid in respect of the Notes, the payment of such partial amount shall be made pro rata among Noteholders as their interests may appear. (b) Notwithstanding anything to the contrary set forth herein or in the Agreement, any payment of interest on any Note which is not punctually paid or duly provided for on the applicable Scheduled Interest Payment Date or on an Interest Payment Date with respect to which the Payment Restrictions have been satisfied (such payment being referred to as an “Unpaid Amount”), will forthwith cease to be payable to the Holder of such Note at the close of business on the relevant Record Date, and such Unpaid Amount, together with accrued interest thereon (if any and to the extent permitted by applicable law) will instead be payable on a subsequent special payment date to the Holder of such Note as of the close of business on a subsequent special record date. Interest will continue to accrue at the Stated Rate on (i) any unpaid principal and (ii) to the extent permitted by applicable law, any payment of interest which is not punctually paid or duly provided for on the applicable Scheduled Interest Payment Date, in each case to, but not including, the date of actual payment. MBIA shall fix such special record date and special payment date for any Unpaid Amount and at least 20 days before such special record date shall notify the Fiscal Agent in writing of the special record date, the special payment date and the amount of interest to be paid. At least 10 days before the special record date, the Fiscal Agent shall mail to each Holder of the Notes a notice that also states the special record date, special payment date and amount of interest to be paid. On the special payment date set forth in such notice, the Paying Agent shall pay the amount of interest to be so paid to each Holder of the Notes in the manner set forth in the Agreement. (c) The principal of and interest on this Note shall not be a liability or claim against MBIA, or any of its assets, except as provided in Section 1307 of the New York Insurance Law.

Appears in 2 contracts

Samples: Fiscal Agency Agreement, Fiscal Agency Agreement (Mbia Inc)

Payment Restrictions. Until the Discharge of the Senior Indebtedness and the Discharge of the Existing Pari Passu Indebtedness shall have occurred, all payments and distributions of any kind or character (awhether in cash, securities, assets, by set-off or otherwise, including any payment that may be payable by reason of the payment of any other Indebtedness of the Obligor being subordinated to the payment of such Indebtedness) or otherwise on account of the Senior Indebtedness or the Existing Pari Passu Indebtedness shall be made on a Pro Rata Pari Passu Basis. Until the Discharge of the Senior Indebtedness shall have occurred, no payment or distribution (other than payments in kind) of any kind or character (whether in cash, securities, assets, by set-off, or otherwise, including any payment that may be payable by reason of the payment of any other Indebtedness of the Obligor being subordinated to the payment of such Indebtedness) or otherwise on account of the Existing Junior Indebtedness shall be made by or on behalf of the Obligor, and no Party or Person to whom the Existing Junior Indebtedness is owed will ask, demand, sxx for, take, or receive any such payment, directly or indirectly, from or on behalf of the Obligor. Notwithstanding anything in this Section 4a to the contrary set forth herein or in the Agreementcontrary, (i) any payment of interest on the Obligor may make, and principal of the Notes (Existing Secured Parties and any payment of the Redemption Price or Make Whole Redemption Price in connection with any redemption of Senior Secured Parties may receive, upon the Notes pursuant to Article 9 of the Agreement) may be made only with the prior approval of the Superintendent, whenever, in his judgment, the financial condition of MBIA warrants, (ii) any such payment of interest or principal or the Redemption Price or Make Whole Redemption Price may only be made to the extent MBIA has sufficient Eligible Surplus to make such payment of interest or principal or the Redemption Price or Make Whole Redemption Price out of its Eligible Surplus (the conditions set forth in the foregoing clauses (a) and (b) are referred to herein collectively as the “Payment Restrictions”). If the Superintendent approves a payment of the Redemption Price or Make Whole Redemption Price with respect to, interest on or principal of the Notes in an amount that is less than the full amount of the Redemption Price or Make Whole Redemption Price, interest or principal then scheduled to be paid in respect of the Notes, or if as a result maturity date of any Payment Restriction MBIA is unable Indebtedness all payments necessary to pay the full amount of the Redemption Price or Make Whole Redemption PriceDischarge such Indebtedness, interest or principal then scheduled to be paid in respect of the Notes, payment of such partial amount shall be made pro rata among Noteholders as their interests may appear. (b) Notwithstanding anything to the contrary set forth herein or in the Agreement, any payment of interest on any Note which is not punctually paid or duly provided for on the applicable Scheduled Interest Payment Date or on an Interest Payment Date with respect to which the Payment Restrictions have been satisfied (such payment being referred to as an “Unpaid Amount”), will forthwith cease to be payable to the Holder of such Note at the close of business on the relevant Record Date, and such Unpaid Amount, together with accrued interest thereon (if any and to the extent permitted by applicable law) will instead be payable on a subsequent special payment date to the Holder of such Note as of the close of business on a subsequent special record date. Interest will continue to accrue at the Stated Rate on (i) any unpaid principal and (ii) the Obligor may make, and the Existing Secured Parties and the Senior Secured Parties may receive, regularly scheduled payments of amortized principal and interest in respect of Existing Indebtedness and Senior Indebtedness pursuant to the extent permitted by applicable law, any payment terms of interest which is not punctually paid or duly provided for the documentation regarding such Indebtedness (as in effect on the applicable Scheduled Interest Payment Datedate hereof), in each case toprovided that, but not including, no payments may be made to any Existing Secured Party under this Section 4a if any default or event of default exists under the date of actual Senior Documents or would result after giving effect to such payment. MBIA shall fix such special record date and special payment date for any Unpaid Amount and at least 20 days before such special record date shall notify the Fiscal Agent in writing of the special record date, the special payment date and the amount of interest to be paid. At least 10 days before the special record date, the Fiscal Agent shall mail to each Holder of the Notes a notice that also states the special record date, special payment date and amount of interest to be paid. On the special payment date set forth in such notice, the Paying Agent shall pay the amount of interest to be so paid to each Holder of the Notes in the manner set forth in the Agreement. (c) The principal of and interest on this Note shall not be a liability or claim against MBIA, or any of its assets, except as provided in Section 1307 of the New York Insurance Law.

Appears in 1 contract

Samples: Intercreditor and Subordination Agreement (One Stop Systems, Inc.)

Payment Restrictions. (a) Notwithstanding anything any provision of the Subordinated Debt Documents to the contrary and in addition to any other limitations set forth herein or therein, no payment of any principal, interest, fees, costs, expenses or any other amount due with respect to the Subordinated Indebtedness shall be made, and no Subordinated Creditor shall exercise any right of set-off or recoupment with respect to any Subordinated Indebtedness, until all of the Senior Indebtedness is indefeasibly paid in full in cash and the AgreementCommitments have been terminated, except that: (iA) any payment after the first anniversary of the Closing Date, Obligors may make and Seller may receive regularly scheduled current payments of interest on the outstanding principal balance of Seller Note No. 1 at a rate per annum not to exceed that rate set forth in Seller Note No. 1 as in effect on the date hereof, but only if (1) no Default or Event of Default has occurred and is continuing under the Senior Debt Documents; and (2) the Obligors’ payment of such interest will not result in, cause, or create a Default or Event of Default under the Senior Debt Documents. Interest on Seller Note No. 1 shall accrue at the rate of no higher than 18% per annum on the principal outstanding from time to time on such note. All interest on Seller Note No. 1 during the first year following the Closing Date shall accrue, but shall not be paid by the Obligors to Seller until all of the Senior Indebtedness is indefeasibly paid in full in cash and the Commitments have been terminated. After the first anniversary of the Closing Date, 50% of the interest on Seller Note No. 1 shall be payable by the Obligors (if permitted by the terms and conditions of this Agreement) and the remaining 50% of the interest shall accrue and shall not be payable until the later of (y) the maturity of Seller Note No. 1 or (z) such date as when all of the Senior Indebtedness is indefeasibly paid in full in cash and the Commitments have been terminated; (B) after the first anniversary of the Closing Date, Obligors may make and Seller may receive prepayments of the principal of Seller Note No. 1, but only if (1) no Default or Event of Default has occurred and is continuing under the Senior Debt Documents; (2) the Obligors’ prepayments of the principal of Seller Note No. 1 will not result in, cause, or create a Default or Event of Default under the Senior Debt Documents; (3) the source of the prepayment is entirely from a new capital infusion into the Obligors on terms and conditions satisfactory to the Senior Lender which shall include, without limitation, a provision that the provider of new capital infusion will agree to subordinate its debt to Senior Lender on terms no less favorable than those contained herein; and (4) Obligors have provided 30 calendar days prior written notice to the Senior Lender of all of the foregoing prior to making any such prepayment; and (C) Obligors may make and Seller may receive regularly scheduled current payments of interest on the outstanding principal balance of Seller Note No. 2, but only if (1) no Default or Event of Default has occurred and is continuing under the Senior Debt Documents; and (2) the Obligors’ payment of such interest will not result in, cause, or create a Default or Event of Default under the Senior Debt Documents. Interest on Seller Note No. 2 shall accrue at a rate no higher than the interest rate charged on the Term Loan. (D) at any time, Obligors may make and the Debenture Holder may receive prepayments of the principal of the Notes Convertible Debentures, but only if (1) no Default or Event of Default has occurred and is continuing under the Senior Debt Documents; (2) such payment will not result in, cause, or create a Default or Event of Default under the Senior Debt Documents; (3) the source of such payment is entirely from a new capital infusion into the Obligors on terms and conditions satisfactory to the Senior Lender which shall include, without limitation, a provision that the provider of new capital infusion will agree to subordinate its debt and any payment Liens in any property of either Obligor to Senior Lender on terms no less favorable than those contained herein, and (4) Obligors have provided 30 calendar days prior written notice to the Senior Lender of all of the Redemption Price or Make Whole Redemption Price in connection with any redemption of the Notes pursuant foregoing prior to Article 9 of the Agreement) may be made only with the prior approval of the Superintendent, whenever, in his judgment, the financial condition of MBIA warrants, (ii) making any such payment of interest or principal or the Redemption Price or Make Whole Redemption Price may only be made to the extent MBIA has sufficient Eligible Surplus to make such payment of interest or principal or the Redemption Price or Make Whole Redemption Price out of its Eligible Surplus (the conditions set forth in the foregoing clauses (a) and (b) are referred to herein collectively as the “Payment Restrictions”). If the Superintendent approves a payment of the Redemption Price or Make Whole Redemption Price with respect to, interest on or principal of the Notes in an amount that is less than the full amount of the Redemption Price or Make Whole Redemption Price, interest or principal then scheduled to be paid in respect of the Notes, or if as a result of any Payment Restriction MBIA is unable to pay the full amount of the Redemption Price or Make Whole Redemption Price, interest or principal then scheduled to be paid in respect of the Notes, payment of such partial amount shall be made pro rata among Noteholders as their interests may appearprepayment. (b) Notwithstanding anything to the contrary set forth herein or in the Agreement, any payment of interest on any Note which is not punctually paid or duly provided for on the applicable Scheduled Interest Payment Date or on an Interest Payment Date with respect to which the Payment Restrictions have been satisfied (such payment being referred to as an “Unpaid Amount”), will forthwith cease to be payable to the Holder of such Note at the close of business on the relevant Record Date, and such Unpaid Amount, together with accrued interest thereon (if any and to the extent permitted by applicable law) will instead be payable on a subsequent special payment date to the Holder of such Note as of the close of business on a subsequent special record date. Interest will continue to accrue at the Stated Rate on (i) any unpaid principal and (ii) to the extent permitted by applicable law, any payment of interest which is not punctually paid or duly provided for on the applicable Scheduled Interest Payment Date, in each case to, but not including, the date of actual payment. MBIA shall fix such special record date and special payment date for any Unpaid Amount and at least 20 days before such special record date shall notify the Fiscal Agent in writing of the special record date, the special payment date and the amount of interest to be paid. At least 10 days before the special record date, the Fiscal Agent shall mail to each Holder of the Notes a notice that also states the special record date, special payment date and amount of interest to be paid. On the special payment date set forth in such notice, the Paying Agent shall pay the amount of interest to be so paid to each Holder of the Notes in the manner set forth in the Agreement. (c) The principal of and interest on this Note shall not be a liability or claim against MBIA, or any of its assets, except as provided in Section 1307 of the New York Insurance Law.

Appears in 1 contract

Samples: Subordination and Intercreditor Agreement (Ibf Vi Guaranteed Income Fund)

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Payment Restrictions. (a) Notwithstanding anything to the contrary set forth herein or in the AgreementSubordinated Loan Agreement and the Subordinated Note, the Borrower shall not make and the Subordinator shall not receive any payments of principal (iincluding without limitation proceeds of collateral or any other security) any payment of interest on with respect to the Subordinated Debt unless and until Bank has notified Subordinator that the outstanding principal balance of the Notes Senior Obligations and the Maximum Revolving Loan Commitment (and any payment of as defined in the Redemption Price or Make Whole Redemption Price in connection with any redemption of the Notes pursuant to Article 9 of the Loan Agreement) may be made only with the prior approval of the Superintendent, whenever, in his judgment, the financial condition of MBIA warrants, (ii) any such payment of interest or principal or the Redemption Price or Make Whole Redemption Price may only be made have been permanently reduced to the extent MBIA has sufficient Eligible Surplus to make such payment of interest or principal or the Redemption Price or Make Whole Redemption Price out of its Eligible Surplus (the conditions set forth in the foregoing clauses (a) and (b) are referred to herein collectively as the “Payment Restrictions”). If the Superintendent approves a payment of the Redemption Price or Make Whole Redemption Price with respect to, interest on or principal of the Notes in an amount that is less than the full amount not in excess of the Redemption Price or Make Whole Redemption Price, interest or principal then scheduled to be paid in respect of the Notes, or if $15,000,000.00 as a result of the Mandatory Permanent Reduction or the Voluntary Permanent Reduction (as defined in the Seventh Amendment) [in either case, the "Permanent Reduction"], and the Subordinator further agrees that, if any Payment Restriction MBIA such payment is unable received by the Subordinator prior to the aforestated notice from Bank to the Subordinator, the Subordinator will forthwith pay the full amount same to Bank to be applied to the Senior Obligations in such manner as Bank may elect; provided, however, that Borrower shall not make and Subordinator shall not receive any payments of principal or interest with respect to the Subordinated Debt if an Event of Default under the Loan Agreement then exists or if such payment shall cause the occurrence of such Event of Default, or if payment of the Redemption Price or Make Whole Redemption Price, interest or principal then scheduled to be paid Subordinated Debt has been accelerated by the Subordinator. Bank shall promptly notify the Subordinator in respect writing of the NotesPermanent Reduction, payment if any, and of such partial amount shall be made pro rata among Noteholders as their interests may appear. (b) Notwithstanding anything any Event of Default declared by Bank under the Loan Agreement. With respect to the contrary set forth herein or in the Agreement, any payment payments of interest on the Subordinated Debt prior to the expiration of any Note which is not punctually paid or duly provided for Standstill Period (as defined herein), the Borrower may make and the Subordinator may receive and retain payments of interest on the applicable Scheduled Interest Payment Date or on an Interest Payment Date with respect to which the Payment Restrictions have been satisfied (such payment being referred to Subordinated Debt so long as an “Unpaid Amount”), will forthwith cease to be payable to the Holder of such Note at the close of business on the relevant Record Date, and such Unpaid Amount, together with accrued interest thereon (if any and to the extent permitted by applicable law) will instead be payable on a subsequent special payment date to the Holder of such Note as of the close of business on a subsequent special record date. Interest will continue to accrue at the Stated Rate on (i) any unpaid principal the same are made only on or after the dates when due under the Subordinated Note and (ii) at the time of such payment, and after giving effect thereto, Subordinator has not been notified by Bank that an Event of Default has been declared by Bank under the Loan Agreement. Subordinator agrees to provide Bank with prompt written notice of all events of default under the extent permitted by applicable law, any payment of interest which is not punctually paid or duly provided for on the applicable Scheduled Interest Payment Date, in each case to, but not including, the date of actual payment. MBIA shall fix such special record date and special payment date for any Unpaid Amount and at least 20 days before such special record date shall notify the Fiscal Agent in writing of the special record date, the special payment date Subordinated Loan Agreement and the amount of interest to be paid. At least 10 days before the special record date, the Fiscal Agent shall mail to each Holder of the Notes a notice that also states the special record date, special payment date and amount of interest to be paid. On the special payment date set forth in such notice, the Paying Agent shall pay the amount of interest to be so paid to each Holder of the Notes in the manner set forth in the AgreementSubordinated Note. (c) The principal of and interest on this Note shall not be a liability or claim against MBIA, or any of its assets, except as provided in Section 1307 of the New York Insurance Law.

Appears in 1 contract

Samples: Subordination Agreement (Brookdale Living Communities Inc)

Payment Restrictions. (a) Notwithstanding anything any provision of the Subordinated Debt Documents to the contrary contrary, except as expressly set forth herein in this Agreement, no payment of any principal, interest, fees, costs, expenses or any other amount due with respect to the Subordinated Indebtedness shall be made, and Subordinated Creditor shall not exercise any right of set-off or recoupment with respect to any Subordinated Indebtedness, until all of the Senior Indebtedness is Paid in Full. (b) The Credit Parties may make payments of accrued and unpaid interest due or past due upon the Subordinated Note and the Subordinated Guaranty as and when such payments become due in accordance with the terms thereof, and Subordinated Creditor may receive and retain such payments, unless at the time of, or as the result of any such payment: (i) either: (A) a Credit Party is then in default in (x) the payment when due of any Senior Indebtedness (including any payment that has become due by reason of acceleration or in the Agreementevent of a Proceeding) or (y) any financial covenant set forth in the Senior Debt Documents; or (B) (x) a Credit Party is then otherwise in default with respect to any Senior Indebtedness (other than as described in clause (A) above), (iy) any by reason of such default Lender or the holder or holders of such Senior Indebtedness (or a trustee on their behalf) are by its terms entitled to accelerate the payment of interest on such Senior Indebtedness with notice or the passage of time and principal (z) written notice of such default, specifying that it is a “Payment Blockage Notice,” has been given to a Credit Party, as the Notes (and any payment of the Redemption Price or Make Whole Redemption Price in connection with any redemption of the Notes pursuant to Article 9 of the Agreement) case may be made only with the prior approval of the Superintendentbe, whenever, in his judgment, the financial condition of MBIA warrants, by Lender; and (ii) any such payment of interest the default or principal defaults referred to in the foregoing clause (i), and the consequences thereof, have not been effectively waived or the Redemption Price or Make Whole Redemption Price may only be made cured and continue to the extent MBIA has sufficient Eligible Surplus to make such payment of interest or principal or the Redemption Price or Make Whole Redemption Price out of its Eligible Surplus (exist. Any period during which the conditions set forth described in the foregoing clauses (ai) and (bii) are exist is referred to herein collectively as the a “Payment Restrictions”). If the Superintendent approves a payment of the Redemption Price or Make Whole Redemption Price with respect to, interest on or principal of the Notes in an amount that is less than the full amount of the Redemption Price or Make Whole Redemption Price, interest or principal then scheduled to be paid in respect of the Notes, or if as a result of Blockage Period.” During any Payment Restriction MBIA is unable to pay the full amount of the Redemption Price or Make Whole Redemption PriceBlockage Period, interest or principal then scheduled to be paid in respect of the Notes, payment of such partial amount no payments shall be made pro rata among Noteholders by Borrower upon the Subordinated Note or by Parent upon the Subordinated Guaranty to Subordinated Creditor (except as their interests may appearprovided in Section 2.3). (bc) Notwithstanding anything to the contrary set forth herein If all Senior Defaults have been cured or in the Agreementwaived, any payment of interest on any the Subordinated Note which is not punctually paid or duly provided for on the applicable Scheduled Interest Payment Date or on an Interest Payment Date with respect to which the Payment Restrictions have been satisfied (such payment being referred to made as an “Unpaid Amount”), will forthwith cease to be payable to the Holder of such Note at the close of business on the relevant Record Date, and such Unpaid Amount, together with accrued interest thereon (if any and to the extent permitted by applicable law) will instead be payable on a subsequent special payment date to the Holder of such Note as result of the close of business on a subsequent special record date. Interest will continue restrictions contained in this Section 2.2 may be made subject to accrue at continued compliance with the Stated Rate on (i) any unpaid principal and (ii) to the extent permitted by applicable law, any payment of interest which is not punctually paid or duly provided for on the applicable Scheduled Interest Payment Date, restrictions contained in each case to, but not including, the date of actual payment. MBIA shall fix such special record date and special payment date for any Unpaid Amount and at least 20 days before such special record date shall notify the Fiscal Agent in writing of the special record date, the special payment date and the amount of interest to be paid. At least 10 days before the special record date, the Fiscal Agent shall mail to each Holder of the Notes a notice that also states the special record date, special payment date and amount of interest to be paid. On the special payment date set forth in such notice, the Paying Agent shall pay the amount of interest to be so paid to each Holder of the Notes in the manner set forth in the Agreementthis Section 2.2. (c) The principal of and interest on this Note shall not be a liability or claim against MBIA, or any of its assets, except as provided in Section 1307 of the New York Insurance Law.

Appears in 1 contract

Samples: Subordination Agreement (Fountain Powerboat Industries Inc)

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