Examples of Permitted Subordinated Debt Payments in a sentence
Until the Senior Facility Debt is Paid In Full, unless an Insolvency Proceeding has commenced (as to which Sections 2.5, 2.7, 5.5 and 5.6 hereof shall apply), Obligors will not make and Subordinate Agent shall not accept or retain any Distribution in respect of the Subordinated Indebtedness other than, subject to Section 2.3 herein, Permitted Subordinated Debt Payments.
Upon the expiration of any Payment Blockage Period and so long as no other Payment Blockage Period is in effect, Borrowers and the other Obligors may make or resume making (and Junior Creditors may receive and retain) any and all Permitted Subordinated Debt Payments that would otherwise have been made but for such Payment Blockage Period (“Deferred Permitted Subordinated Debt Payment”).
It provides for the situation where the office of secretary is vacant or there is no secretary capable of acting for any other reason.