Postponement of Payment Sample Clauses

Postponement of Payment. Employee agrees to defer the base salary to which Employee is entitled for a period not to exceed twelve months from the date such installment of base salary is due (the "Deferral Period") until the earlier of the date Employer (i) has a positive cash flow, including general and administrative expenses and debt service requirements or (ii) has raised $1,000,000 in capital (including both debt and equity) or, (iii) or has received value of at least $1,000,000 of value in acquisition or merger for stock of Employer. Also, in addition, upon Employer raising an additional $1,000,000 in capital or receipt of value of $1,000,000, as aforesaid, Employee shall be entitled to a bonus of $100,000. Payments of salary deferred or postponed under this paragraph shall not bear interest.

Postponement of Payment. For its convenience, Mortgagee has elected not to exercise immediately its right to receive payment to it directly of the proceeds of any sale of the oil, gas and other minerals produced or sold from the Mortgaged Property and the purchasers may continue to make such payment or delivery of the proceeds to Mortgagor until such time as Mortgagor and the purchasers have received notice that an Event of Default has occurred and is continuing, and that the purchasers are directed to make payment or delivery of the proceeds directly to Mortgagee. Such failure by Mortgagee to exercise its rights immediately shall not in any way waive the right of Mortgagee to receive any of the proceeds, or to make any such demand, or to affect any such assignment as to any proceeds not theretofore paid or delivered to Mortgagor. In this regard, if any of the proceeds are paid or delivered directly to Mortgagee and then, at the request of Mortgagee, the proceeds are, for a period or periods of time, paid or delivered to Mortgagor, Mortgagee shall nevertheless have the right, effective upon written notice, to require that future proceeds be again paid or delivered directly to it. Mortgagee shall never be required to send any such notice to all purchasers, and may direct such notice only to those purchasers as it may, in its discretion, desire. It shall never be necessary for Mortgagee to institute legal proceedings to enforce the assignment of hydrocarbons, proceeds, or other rents, profits, or income contained in this instrument. It shall not be necessary for Mortgagee to obtain possession of the Mortgaged Property as a prerequisite to Mortgagee's right to collect or receive any hydrocarbons, other minerals, proceeds, or other rents, profits, or income assigned to Mortgagee under this instrument. Mortgagor and Mortgagee expressly agree and it is the express intention of Mortgagor and Mortgagee that in no event will any reduction in the obligations be measured by the fair market value of the hydrocarbons, other minerals, proceeds, or other rents, profits, or income assigned to Mortgagee under this instrument.

Postponement of Payment. SECTION 1.38. Notwithstanding any other provision of this Agreement, any payment to be made by the Partnership pursuant to Article XI hereof or otherwise hereunder to, or withdrawal of capital by, any Partner shall be postponed if, but only to the extent that, after giving effect to the payment or withdrawal, such payment or withdrawal, or any part thereof, would be prohibited by the provisions of Securities and Exchange Commission Rule 15c3-1 (or any successor Rule), or any Rule of the Exchange, or would render the Partnership unable to meet its capital requirements as a specialist firm on the Exchange. Any such postponement shall be until such time as the payment or withdrawal could be made pursuant to the provisions of said Rule 15c3-1 (or any successor Rule) and any Rule of the Exchange and until the Partnership, after giving effect to the payment or withdrawal, would be in compliance with its capital requirements as a specialist firm on the Exchange. In addition, any payment to be made by the Partnership pursuant to Article XI hereof or otherwise hereunder to, or withdrawal of capital by, any Partner shall be postponed if, but only to the extent that, after giving effect to the payment or withdrawal, such payment or withdrawal, or any part thereof, would contravene, result in any breach of, or constitute a default under, or result in the creation of any lien in respect of the property of the Partnership under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, organizational document, or any other agreement or instrument to which the Partnership is bound or by which the Partnership or any of its properties may be bound or affected. In accordance with Rule 313.11 of the Exchange, all withdrawals of capital hereunder shall be made only with the prior written approval of the Exchange and upon six months written notice to the Partnership given no sooner than six months after such contribution was first made, unless a different period of notice is consented to by the General Partner and approved by the Exchange. SECTION 1.39. In determining for purposes of Section 14.01 hereof whether any payment or withdrawal can be made and the extent thereof, any amounts due from the Partnership to or in respect of any Partner which other amounts are payable at or prior to the date on which such payment or withdrawal was initially scheduled (disregarding any postponement of the Partnership's obligation to make such payment), shall be deem...

Postponement of Payment. The Insured shall not agree to a postponement of the due date for payment of any part of the Insured Debt provided, however, that in the event of the need for such postponement arising at or shortly before the due date, the Insured may grant such postponement as may have been agreed upon with the Insurer. The extension of cover occasioned by such postponement of payment will be subject to such terms and conditions as the Insurer may specify at the time.