Payments on Subordinated Debt. As long as any Senior Debt shall remain outstanding and unpaid, the Borrower shall not make, directly or indirectly, and the Creditor shall not accept or receive, any Subordinated Debt Payment; provided, however, that the Borrower and the Creditor may at any time convert the Subordinated Debt, in whole or in part, into common stock of the Borrower.
Appears in 2 contracts
Sources: Subordination Agreement (Chalone Wine Group LTD), Subordination Agreement (Domaines Barons De Rothschild /Lafite/)
Payments on Subordinated Debt. As long as any Senior Debt shall remain outstanding and unpaid, the Borrower shall not make, directly or indirectly, and the Creditor shall not accept or receive, any Subordinated Debt Payment; providedPROVIDED, howeverHOWEVER, that the Borrower and the Creditor may at any time convert the Subordinated Debt, in whole or in part, into common stock of the Borrower.
Appears in 2 contracts
Sources: Subordination Agreement (Chalone Wine Group LTD), Subordination Agreement (Chalone Wine Group LTD)
Payments on Subordinated Debt. As long as any Senior Debt shall remain outstanding and unpaid, the Borrower shall not make, directly or indirectly, and the Creditor shall not accept or receive, any Subordinated Debt Payment; providedPROVIDE , howeverHOWEVER, that the Borrower and the Creditor may at any time convert the Subordinated Debt, in whole or in part, into common stock of the Borrower.
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