Common use of PERMISSIVE PREPAYMENTS Clause in Contracts

PERMISSIVE PREPAYMENTS. The Company may make a Payment of its obligation under the Credit Line only after the first (1st) day and before the sixteenth (16th) day of a calendar month and only if after giving effect thereto (and to all payments under any other subordination agreements then outstanding, the maturity or accelerated maturity of which are scheduled to fall due within 30 days after the day such Payment is to occur), without reference to any projected profit or loss of the Company, the aggregate indebtedness of the Company would not exceed 460 percentum of the Company's net capital as shown on the balance sheet of the Company prepared by the Company in its customary manner on a consistent basis according to the generally accepted accounting principles applied by the Company's independent auditors in connection with the preparation of the Company's year-end audited financial statements, dated as of the last day of the month immediately preceding the month in which the Payment is sought to be made. For the purposes of this Agreement, "aggregate indebtedness" shall not include the balance owed on the Credit Line or the balance owed on any other obligation to the extent payment thereof is subordinated to the rights to payment of the Series A Notes, Series B Notes, and Series C Notes to the same extent and in the same manner and form as is the Credit Line under this Agreement and "net capital" shall include the balance owed by the Company with respect to any such subordinated obligation.

PERMISSIVE PREPAYMENTS. The Company may make a Payment of its obligation under the Credit Line only after the first (1st) day and before the sixteenth (16th) day of a calendar month and only if after giving effect thereto (and to all payments under any other subordination agreements then outstanding, the maturity or accelerated maturity of which are scheduled to fall due within 30 days after the day such Payment is to occur), without reference to any projected profit or loss of the Company, the aggregate indebtedness of the Company would not exceed 460 percentum of the Company's net capital as shown on the balance sheet of the Company prepared by the Company in its customary manner on a consistent basis according to the generally accepted accounting principles applied by the Company's independent auditors in connection with the preparation of the Company's year-end audited financial statements, dated as of the last day of the month immediately preceding the month in which the Payment is sought to be made. For the purposes of this Agreement, "aggregate indebtedness" shall not include the balance owed on the Credit Line Lint or the balance owed on any other obligation to the extent payment thereof is subordinated to the rights to payment of the Series A Notes, Series B Notes, and Series C Alpha Class Notes to the same extent and in the same manner and form as is the Credit Line under this Agreement and "net capital" shall include the balance owed by the Company with respect to any such subordinated obligation.