Surplus Debenture Sample Clauses
A Surplus Debenture clause defines the terms under which a company issues a debt instrument that is subordinate to other obligations and is typically repayable only from surplus earnings. In practice, this clause outlines the conditions for repayment, interest accrual, and the priority of the debenture relative to other debts, often specifying that payments can only be made if the company has sufficient surplus or profits. The core function of this clause is to provide a flexible financing tool for the company while protecting senior creditors by ensuring that repayment of the surplus debenture does not jeopardize the company’s financial stability or violate regulatory requirements.
Surplus Debenture. At any time amend, modify, cancel, terminate or discharge, or waive compliance with, or fail to enforce, the terms of any Surplus Debenture.
Surplus Debenture. With regard to the Surplus Debenture described on Schedule 1, as of the date hereof, the unpaid principal balance of such Surplus Debenture is $2,600,000 and the payment of interest thereon is current. No dispute, right of setoff, counterclaim or defense exists with respect to such Surplus Debenture.
Surplus Debenture. No dispute, right of setoff, counterclaim or defense exists with respect to any Surplus Debenture.
Surplus Debenture. Seller shall have used all commercially reasonable efforts to (i) cause the Company to pay in full to Seller the principal amount of the Surplus Debenture, plus any interest, fees or expenses due or accrued thereon or arising out of such payment or (ii) contribute the Surplus Debenture to the capital of the Company and caused the Company to cancel the Surplus Debenture.
Surplus Debenture. GSC shall not at any time amend, modify, cancel, terminate or discharge, or waive compliance with, or fail to enforce, the terms of the Surplus Debenture; provided, however, that GCMIC may make prepayments thereon in the aggregate amount of up to $1,000,000.
Surplus Debenture. GSC shall not at any time amend, modify, cancel, terminate or discharge, or waive compliance with, or fail to enforce, the terms of the Surplus Debenture.
Surplus Debenture. The Surplus Debenture, indorsed to the order of Lender.
Surplus Debenture. Section 7.13 of the Loan Agreement is amended to read in its entirety as follows: