Common use of RESTRICTION OF PAYMENT OF JUNIOR DEBT; DISPOSITION OF PAYMENTS RECEIVED BY CREDITOR Clause in Contracts

RESTRICTION OF PAYMENT OF JUNIOR DEBT; DISPOSITION OF PAYMENTS RECEIVED BY CREDITOR. Borrower will not make, and Creditor will not accept or receive, any payment or benefit in cash, by setoff or otherwise, directly or indirectly, on account of principal, interest or any other amounts owing on any Junior Debt, except such payments as are expressly permitted herein. Borrower is permitted to make and Creditor to receive ALL SCHEDULED PAYMENTS OF INTEREST ONLY on that certain promissory note held by Creditor, dated as of November 2, 1987, in the principal amount of $1,340,000.00 (the "Note"); provided however, that (a) Borrower shall not make, nor Creditor receive, any prepayment or accelerated payment on the Note, and (b) no payment of principal or interest on the Note shall be made by Borrower, or received by Creditor, after notice from Bank to Creditor that a default, or any condition, event or act which with the giving of notice or the passage of time or both would constitute a default, has occurred under the terms of any Senior Debt. If any payment is made in violation of this Agreement, Creditor shall promptly deliver the same to Bank in the form received, with any endorsement or assignment necessary for the transfer of such payment or amounts setoff from Creditor to Bank, to be either (in Bank's sole discretion) held as cash collateral securing the Senior Debt or applied in reduction of the Senior Debt in such order as Bank shall determine, and until so delivered, Creditor shall hold such payment in trust for and on behalf of, and as the property of, Bank.

RESTRICTION OF PAYMENT OF JUNIOR DEBT; DISPOSITION OF PAYMENTS RECEIVED BY CREDITOR. Borrower will not make, and Creditor will not accept or receive, any payment or benefit in cash, by setoff or otherwise, directly or indirectly, on account of principal, interest or any other amounts owing on any Junior Debt, except such payments as are expressly permitted herein. Borrower is permitted to make and Creditor to receive ALL SCHEDULED PAYMENTS OF INTEREST ONLY payments of principal and interest on that certain promissory note held by Creditor, dated as of November 2, 1987, in the principal amount of $1,340,000.00 (the "Note")Junior Debt; provided however, that (a) Borrower shall not make, nor Creditor receive, any prepayment or accelerated payment on the Note, and (b) no payment of principal or interest on the Note Junior Debt shall be made by Borrower, or received by Creditor, after notice from Bank to Creditor that if (a) a default, or any condition, event or act which with the giving of notice or the passage of time or both would constitute a default, has occurred under the terms of any Senior Debt, or (b) a default would exist under the terms of any Senior Debt after giving effect to any such payment. Borrower agrees that Bank may disclose to Creditor at any time (i) the existence of a default under any Senior Debt, (ii) the existence of any condition, event or act which with the giving of notice or the passage of time or both would constitute a default under any Senior Debt, and/or (iii) whether a default under any Senior Debt would or might exist after giving effect to any payment on the Junior Debt. If any payment is made in violation of this Agreement, Creditor shall promptly deliver the same to Bank in the form received, with any endorsement or assignment necessary for the transfer of such payment or amounts setoff from Creditor to Bank, to be either (in Bank's sole discretion) held as cash collateral securing the Senior Debt or applied in reduction of the Senior Debt in such order as Bank shall determine, and until so delivered, Creditor shall hold such payment in trust for and on behalf of, and as the property of, Bank.

RESTRICTION OF PAYMENT OF JUNIOR DEBT; DISPOSITION OF PAYMENTS RECEIVED BY CREDITOR. Borrower will not make, and Creditor will not accept or receive, any payment or benefit in cash, by setoff or otherwise, directly or indirectly, on account of principal, interest or any other amounts owing on any Junior Debt, except such payments as are expressly permitted herein. Borrower is permitted to make and Creditor to receive ALL SCHEDULED PAYMENTS OF PRINCIPAL AND INTEREST ONLY on that certain promissory note held by Creditor, dated as of November 2AUGUST 26, 19871999, in the principal amount of $1,340,000.00 18,000,000.00 (the "Note"); provided however, that (a) Borrower shall not make, nor Creditor receive, any prepayment or accelerated payment on the Note, and (b) no payment of principal or interest on the Note shall be made by Borrower, or received by Creditor, after notice from Bank to Creditor that a default, or any condition, event or act which with the giving of notice or the passage of time or both would constitute a default, has occurred under the terms of any Senior Debt. If any payment is made in violation of this Agreement, Creditor shall promptly deliver the same to Bank in the form received, with any endorsement or assignment necessary for the transfer of such payment or amounts setoff from Creditor to Bank, to be either (in Bank's sole discretion) held as cash collateral securing the Senior Debt or applied in reduction of the Senior Debt in such order as Bank shall determine, and until so delivered, Creditor shall hold such payment in trust for and on behalf of, and as the property of, Bank.

RESTRICTION OF PAYMENT OF JUNIOR DEBT; DISPOSITION OF PAYMENTS RECEIVED BY CREDITOR. Borrower will not make, and Creditor will not accept or receive, any payment or benefit in cash, by setoff or otherwise, directly or indirectly, on account of principal, interest or any other amounts owing on any Junior Debt, except such payments as are expressly permitted herein. Borrower is permitted to make and Creditor to receive ALL SCHEDULED PAYMENTS OF INTEREST ONLY any payments of principal and interest on that certain promissory note held by Creditor, Letter of Intent to Lend dated as of November 2May 21, 19872012 between Borrower and Creditor, in the principal amount of $1,340,000.00 6,000,000 (as existing on the "date hereof, the “Note"”); provided however, that (a) Borrower shall not make, nor Creditor receive, any prepayment or accelerated payment on the Note, and (b) no payment of principal or interest on the Note shall be made by Borrower, or received by Creditor, after notice from Bank Agent to Creditor that a defaultDefault (as such term is defined in the Senior Debt Documents), or any condition, event or act which with the giving of notice or the passage of time or both would constitute a defaultDefault, has occurred under the terms of any Senior Debt. If any payment is made in violation of this Agreement, Creditor shall promptly deliver the same to Bank Agent in the form received, with any endorsement or assignment necessary for the transfer of such payment or amounts setoff from Creditor to BankAgent, to be either (in Bank's Agent’s sole discretion) held as cash collateral securing the Senior Debt or applied in reduction of the Senior Debt in such order as Bank Agent shall determine, and until so delivered, Creditor shall hold such payment in trust for and on behalf of, and as the property of, BankAgent.