Payments to Creditors. Borrower will not make and Creditors will not accept, at any time while any Superior Indebtedness is owing to Lender, (A) any payment upon any Subordinated Indebtedness, (B) any advance, transfer, or assignment of assets to Creditors in any form whatsoever that would reduce at any time or in any way the amount of Subordinated Indebtedness (except with respect to the Specified Equipment, as contemplated by section 4 above), or (C) any transfer of any assets as security for the Subordinated Indebtedness (other than as contemplated by the Creditor Loan Agreement and consented to herein), except upon Lender’s prior written consent. In the event of any distribution, division, or application, whether partial or complete, voluntary or involuntary, by operation of law or otherwise, of all or any part of Borrower’s assets, or the proceeds of Borrower’s assets, in whatever form, to Creditors of Borrower or upon any indebtedness of Borrower, whether by reason of the liquidation, dissolution or other winding-up of Borrower, or by reason of any execution sale, receivership, insolvency, or bankruptcy proceeding, assignment for the benefit of Creditors, proceedings for reorganization, or readjustment of Borrower or Borrower’s properties, then and in such event other than with respect to the proceeds derived from the sale or other disposition of the Specified Equipment, (A) the Superior Indebtedness shall be paid in full before any payment is made upon the Subordinated Indebtedness, and (B) all payments and distributions, of any kind or character and whether in cash, property, or securities, which shall be payable or deliverable upon or in respect of the Subordinated Indebtedness shall be paid or delivered directly to Lender for application in payment of the amounts then due on the Superior Indebtedness until the Superior Indebtedness shall have been paid in full. Nothing contained in this Agreement will limit or impair Creditors’ exercise of their rights under the Creditor Loan Agreement to convert all or any portion of the Subordinated Indebtedness into capital stock of the Company, as contemplated by the Creditor Loan Agreement. In order that Lender may establish its right to prove claims and recover for its own account dividends based on the Subordinated Indebtedness, Creditors do hereby assign all of their respective right, title, and interest in such claims to Lender, subject to Creditors’ rights in the proceeds of the Specified Equipment. Creditors further agree to...
Payments to Creditors. The Company has at all times paid its creditors within the times agreed with such creditors and there are no debts owing by the Company which are overdue for payment.
Payments to Creditors. Prior to a Change of Control, payment by the Trustees to any creditor of the Company other than a Beneficiary shall be made only upon instructions from DP&L or pursuant to the final judgment of any court of competent jurisdiction. The Trustees shall notify DP&L prior to any payment of any part of the Trust Corpus to any creditor of the Company other than a Beneficiary. Following a Change of Control, payments by the Trustees to any creditor shall be made only as provided in Article 6, paragraph A of this Agreement.
Payments to Creditors. 10 2.04 Sufficiency of Trust Fund........................................... 11 2.05 Surplus Assets...................................................... 11
Payments to Creditors. 18 8.24 Security Interest in Franchise Agreement...................18 8.25
Payments to Creditors. Notwithstanding any other provision of this Agreement, the Borrower shall be entitled to pay, and the holder of the KHC Note shall be entitled to receive, so long as no default has occurred under the Bank Note or the Bank Loan Documents, the scheduled payments of interest and principal as and when due under the KHC Note. After the occurrence of a default under the Bank Note or the Bank Loan Documents and receipt by KHC or other holder of the KHC Note of written notice of such default from Bank, the Borrower shall not make, and the holder of the KHC Note shall not receive, any direct or indirect payments of principal, interest, fees or expenses under the KHC Note or the KHC Loan Documents or any other document or instrument evidencing or securing the same.
Payments to Creditors. Seller will use its best efforts to pay all of Seller's creditors or negotiate extended payment terms with its creditors within ninety (90) days of the Closing Date; provided however that any and all such extended payment terms shall be satisfied by Seller within one (1) year and thirty (30) days of the Closing Date. Seller shall deliver to the Purchaser evidence of Seller's payments to its creditors, in a form reasonably acceptable to Purchaser, including but not limited to a copy of checks delivered to Seller's creditors together with any transmittal letter in connection therewith, within five (5) days of making such payments. In the event that the cash payments due under Section 1.3(a) are insufficient to pay all amounts due to Seller's creditors, Seller shall be solely responsible for payment of any amounts remaining due to such creditors.
Payments to Creditors. Borrower will make each payment which it owes under the Loan Documents not later than noon, Eastern time, on the date such payment becomes due and payable, in lawful money of the United States of America, without set-off, deduction or counterclaim, and in immediately available funds. Any payment received after such time shall be deemed to have been made on the next following Business Day. Should any such payment become due and payable on a day other than a Business Day, the maturity of such payment shall be extended to the next succeeding Business Day, and, in the case of a payment of principal or past due interest, interest shall accrue and be payable thereon for the period of such extension as provided in the Loan Document under which such payment is due. Each payment under a Loan Document shall be due and payable at the place provided therein and, if no specific place of payment is provided, shall be due and payable at the place of payment of the respective Creditor's Note. So long as the Obligations have not been declared due and payable pursuant to Section 4.2, when Collateral Agent collects or receives money on account of the Obligations, Collateral Agent shall distribute all money so collected or received, after deduction of amounts then due and owing to Collateral Agent, and each Creditor shall apply all such money so distributed, as follows:
Payments to Creditors. Borrower shall not (and will not enter into any agreement obligating it to) pay or prepay any indebtedness of Borrower to creditors other than payments expressly identified to be paid as provided in the Budget, unless otherwise agreed in writing (including email) by the Lender.
Payments to Creditors. Seller will maintain sufficient assets to pay, and will pay within a reasonable period after Closing, all amounts owing to its creditors as of the Closing Date.
