Examples of Permitted Junior Payments in a sentence
Upon the default in payment when due of any principal, interest or other amount owing with respect to Specified Senior Indebtedness (a “Payment Default”) by lapse of time, acceleration or otherwise, then all such Specified Senior Indebtedness shall first be paid in full, or shall first have been duly provided for, before any payment is made on account of the Debenture Liabilities (other than Permitted Junior Payments).
Neither any Junior Creditor nor the Company may waive, amend, or modify any conditions to any Junior Creditor’s right to receive any Permitted Junior Payments under the Junior Convertible Debentures in any manner adverse to the rights and benefits of the Senior Creditors hereunder.
Indebtedness in Default Upon the default in payment when due of any principal, interest or other amount owing with respect to Specified Senior Indebtedness (a “Payment Default”) by lapse of time, acceleration or otherwise, then all such Specified Senior Indebtedness shall first be paid in full, or shall first have been duly provided for, before any payment is made on account of the Debenture Liabilities (other than Permitted Junior Payments).
The Junior Creditors shall not be prohibited from receiving any Permitted Junior Payments for more than three hundred sixty (360) days in the aggregate during any such three hundred sixty-five (365) day period.
Notwithstanding the terms of Section 2(a) above, the Company shall be permitted to pay, and the Junior Creditors shall be permitted to accept, (i) any and all non-cash Permitted Junior Payments, and (ii) any Permitted Junior Payments consisting of cash provided that (x) at the time of such payment no “Payment Blockage Period,” as defined in subsection (c) below, is in effect and (y) the making of such payment shall not cause a Payment Blockage Period to be in effect.