Common use of SUSPENDED PAYMENTS Clause in Contracts

SUSPENDED PAYMENTS. In the event the foregoing conditions in Section I cannot be satisfied, the Payment shall be suspended. The Company agrees that if its obligation to make a Payment is Suspended in whole or in part for a period of two years, the Company will, unless otherwise directed in writing by the Lender, thereupon commence a rapid and orderly complete liquidation of its business. The date on which the liquidation commences shall be the maturity date for the balance owed on the Credit Line.

Appears in 3 contracts

Samples: Subordination Agreement (Ministry Partners Investment Corp), Subordination Agreement (Ministry Partners Investment Corp), Subordination Agreement (Ministry Partners Investment Corp)

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SUSPENDED PAYMENTS. In the event the foregoing conditions in Section I cannot be satisfied, the Payment shall be suspended. The Company agrees that if its obligation to make a Payment is Suspended suspended in whole or in part for a period of two years, the Company will, unless otherwise directed in writing by the Lender, thereupon commence a rapid and orderly complete liquidation of its business. The date on which the liquidation commences shall be the maturity date for the balance owed on the Credit Line.

Appears in 1 contract

Samples: Subordination Agreement (Ministry Partners Investment Corp)

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SUSPENDED PAYMENTS. In the event the foregoing conditions in Section I II cannot be satisfied, the Payment shall be suspended. The Company agrees that if its obligation to make a Payment is Suspended in whole or in part for a period of two years, the Company will, unless otherwise directed in writing by the Lender, thereupon commence a rapid and orderly complete liquidation of its business. The date on which the liquidation commences shall be the maturity date for the balance owed on the Credit Line.

Appears in 1 contract

Samples: Class Alpha Note Subordination Agreement (Ministry Partners Investment Corp)

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