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.
Payments on Subordinated Debt. Notwithstanding anything to the contrary in the terms or arrangements governing the Subordinated Debt, no payment or prepayment of principal of or interest on the Subordinated Debt may be made, directly or indirectly, at any time after (a)
(i) any Guarantied Party has made a claim under the Conseco Guaranty in respect of the principal amount of any of the Loans under the Credit Agreement or (ii) Obligor's obligations under the Conseco Guaranty shall have been accelerated (including, without limitation, pursuant to the provision in the Conseco Guaranty that is the equivalent of Section 2.2 of this Agreement) or (b) a Reorganization (including any proceeding in respect thereof) shall have been commenced.
Payments on Subordinated Debt. None of the Loan Parties or any of their respective Subsidiaries shall make any payments on account of Subordinated Debt except if: (i) any such payments are permitted under the subordination agreement with respect to such Subordinated Debt (and, for the avoidance of doubt, any such subordination agreement shall not include any provisions inconsistent with the term “Subordinated” as defined herein) and (ii) immediately before and after making such payment the Issuers are in compliance with all of the terms and conditions of this Agreement.
Payments on Subordinated Debt. As long as any Senior Debt shall remain outstanding and unpaid, the Borrower shall not make, directly or indirectly, and the Creditor shall not accept or receive, any Subordinated Debt Payment; provided, however, that the Borrower and the Creditor may at any time convert the Subordinated Debt, in whole or in part, into common stock of the Borrower.
Payments on Subordinated Debt. The Borrower shall not make any payment or prepayment of principal of or interest on or any other payment in respect of Subordinated Debt, except (i) regularly scheduled payments of principal and interest thereon at the rates and times specified in the instruments evidencing the Subordinated Debt as delivered to the Agent along with the agreements pursuant to which such Indebtedness is subordinated to the Obligations (but not any amendments thereof without the consent of the Majority Lenders) and (ii) prepayments of principal of, and accrued and unpaid interest on, any Subordinated Debt, provided that the aggregate principal amount of all Subordinated Debt so prepaid by the Borrower during any fiscal year of the Borrower may not exceed $100,000; PROVIDED that in the case of both clause (i) and clause (ii), both immediately prior to making any such payment and after giving effect thereto there shall not have occurred and be continuing any Default.
Payments on Subordinated Debt. Except as otherwise provided in this Agreement, each of the Subordinated Lenders agrees that it will not ask for, demand, xxx for, or take or receive from Borrower or any successor or assign of Borrower, including a receiver, trustee or debtor in possession, whether by setoff or in any other manner, the whole or any part of the Subordinated Debt, unless and until all of the Senior Debt shall have been Paid in Full. Notwithstanding the foregoing sentence to the contrary, so long as (i) Senior Lender has received all payments then due and owing under the Senior Loan Documents; and (ii) Senior Lender has not delivered to the Subordinated Lenders written notice of the occurrence of an event of default under the Senior Loan Documents, then, Borrower may pay to the Subordinated Lenders, and the Subordinated Lenders may accept and retain from Borrower payments of principal and interest on the Subordinated Debt (the “Permitted Payments”). If Permitted Payments are suspended, in the case of an event of default under the Senior Loan Documents, such Permitted Payments may be resumed only after such an event of default is cured or waived or after the Senior Debt is Paid in Full.
Payments on Subordinated Debt. Notwithstanding anything to the contrary in the terms or arrangements governing the Subordinated Debt, no payment or prepayment of principal of or interest on the Subordinated Debt may be made, directly or indirectly, at any time after (a) the acceleration of the stated maturity of the Loans under the Credit Agreement (including, without limitation, pursuant to automatic acceleration provisions) or (b) a Reorganization (including any proceeding in respect thereof) shall have been commenced.
Payments on Subordinated Debt. The Borrower shall not make any payments on any of the Debt Offering Notes except in accordance with the Indenture.
Payments on Subordinated Debt. The Borrower shall not, and shall not permit any Material Subsidiary to:
(i) make any payment of principal before the date on which it is due or otherwise required to be paid, to any of the holders of any Subordinated Debt in their capacity as such, whether by way of redemption, retraction or otherwise, by purchase for cash of any Subordinated Debt from any holder thereof, or by way of any other satisfaction of such Debt;
(ii) make any payment (whether of principal or interest, by way of purchase price payment or otherwise) to any of the holders of Subordinated Debt in their capacity as such if a Default, Event of Default or Borrowing Base Shortfall exists at the time such payment is to be made or would reasonably be expected to exist upon making such payment; or
(iii) make any other payment to any of the holders of any Subordinated Debt in their capacity as such if to do so would result in a violation of any subordination terms applicable to such Subordinated Debt.
Payments on Subordinated Debt. The Borrowers will not, and will not permit any of their respective 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 Subordinated Debt except that (a) Lead Borrower or any Subsidiary may make payments of Subordinated Debt to the extent permitted by the subordination provisions applicable thereto and (b) so long as the Payment Conditions shall have been satisfied, Lead Borrower or any Subsidiary may make other payments of Subordinated Debt.
