Payments on Subordinated Indebtedness. The Company shall pay simple interest only on a semi-annual basis for a period of five years, with the full amount of principal and any unpaid interest being due and payable on the date five years from the date of this Debenture. However, any amount of principal or interest paid by the Company to the Holder after an event of default under any of the Superior Indebtedness, shall be held in trust for the benefit of the holders of such Superior Indebtedness which is in default.
Payments on Subordinated Indebtedness. Pursuant to the Note Guaranties and the Loan Guaranties, the Subsidiary Guarantors have agreed that any indebtedness of the Company now or hereafter held by a Subsidiary Guarantor, whether secured or unsecured, and if secured, the security for same, is subordinated to the indebtedness of the Company under or in respect of the Notes and the Loan and under the Note Purchase Agreement or the Loan Agreement from time to time. Notwithstanding anything to the contrary set forth in the Note Guaranties or the Loan Guaranties, the Creditors acknowledge and agree that, so long as there is any default or event of default under the Note Purchase Agreement or the Loan Agreement, such indebtedness of the Company to a Subsidiary Guarantor shall be collected, enforced, and received by such Subsidiary Guarantor as trustee for the Creditors and shall be paid over by such Subsidiary Guarantor to any Creditor. In the event any Creditor receives any payment from a Subsidiary Guarantor pursuant to the preceding sentence, then such payment shall be shared by the Creditors pursuant to the terms of Section 4 hereof, whether or not an Enforcement Action has been commenced by any Creditor.
Payments on Subordinated Indebtedness. Use proceeds of any Equity Raise (net of reasonable and customary transaction costs with respect to such Equity Raise) to make any payment of principal or interest of any Equity Owner Indebtedness.
Payments on Subordinated Indebtedness. Borrower shall make any payments of principal, interest or fees on any Subordinated Indebtedness."
Payments on Subordinated Indebtedness. The Borrower will not make any payment of principal or interest on any Subordinated Indebtedness so long as any of the Obligations are outstanding. Notwithstanding the foregoing, in each fiscal year the Borrower may make payments (i) in an amount equal to 25% of Borrower's Excess Cash Flow on the Investor Debt payable by the Borrower semi-annually upon receipt by the Lender of the Borrower's June 30th unaudited statement showing such calculation and upon receipt by the Lender of the Borrower's audited financial statement for the fiscal year; (ii) of regularly scheduled principal and interest payments on the Seller Debt; upon receipt by the Lender of the Borrower's June 30, 1996, unaudited statement showing that it is in compliance with Sections 6.12, 6.13 and 6.14 hereof; and (iii) regularly scheduled payments of interest owing on the Bridge Loan, as such interest is earned or payment of principal owing on the Bridge Loan; provided, however, that no interest accruing on the Bridge Loan prior to December 31, 1995, shall be paid by the Borrower; provided, however, that at the time of any such payment on the Subordinated Indebtedness pursuant to clause (i) or (ii) above, each of the following conditions are satisfied and at the time of any such payment on the Subordinated Indebtedness pursuant to clause (iii) above the following condition (a) is satisfied:
(a) No Default Period exists and such payment does not and will not result in a Default or Event of Default;
(b) The average unborrowed availability under the Commitment less the L/C Amount for the 30 day period immediately preceding such payment as shown in the Lender's records shall equal not less than $250,000.00; and
Payments on Subordinated Indebtedness. Make any payment ------------------------------------- on the Subordinated Indebtedness, except as provided in the Subordination Agreement.
Payments on Subordinated Indebtedness. Notwithstanding any provision in the Loan Documents to the contrary, including without limitation, the provisions of Section 10.6 of the Loan Agreement, from and after July 15, 2000, Borrower will not make any payments of principal, interest or fees with respect to any Subordinated Indebtedness, regardless of whether or not such Subordinated Indebtedness is subject to a Subordination Agreement.
Payments on Subordinated Indebtedness. So long as this Note is outstanding, the Company shall not make any payment on Subordinated Indebtedness except as permitted by the Subordination Agreement.
Payments on Subordinated Indebtedness. (a) So long as no default or event of default shall have occurred and be continuing with respect to any Superior Indebtedness under the terms thereof, the Company will pay the principal and interest on all Subordinated Indebtedness according to the terms thereof.
(b) During the continuance of any default with respect to any Superior Indebtedness under the terms thereof, including, without limitation, any default in the payment of either principal or interest on any Superior Indebtedness, no payment of principal, premium or interest shall be made on the Subordinated Indebtedness, if either (i) notice of such default in writing or 36 by facsimile has been given to the Company by the holder or holders of such Superior Indebtedness; or (ii) judicial proceedings shall be pending in respect of such default.
Payments on Subordinated Indebtedness. Borrowers will not (i) make any payment (including any principal, premium, interest, fee or charge) with respect to any Subordinated Indebtedness except, in each instance, to the extent expressly permitted by any subordination agreement respecting the Subordinated Indebtedness without Lender's prior written consent (which consent Lender may refuse to give for any reason in its discretion exercised in good faith) or (ii) repurchase or acquire for value any of the Subordinated Indebtedness.
