Common use of Payments Otherwise Permitted Clause in Contracts

Payments Otherwise Permitted. Nothing contained in this Section 17 or elsewhere in this Agreement or in the Senior Facility Agreements shall prevent the Borrowers at any time, except during the pendency of any Proceeding referred to in subsection 17(b) or under the conditions referred to in subsection 17(c), from making payments, to the extent funds are available therefor in accordance with the terms of this Agreement, or the Junior Creditors from receiving payments pursuant to Section 6 of this Agreement on the Junior Notes.

Appears in 2 contracts

Sources: Master Collateral and Intercreditor Agreement (Americredit Financial Services Inc), Master Collateral and Intercreditor Agreement (Americredit Corp)