Common use of Shareholder Notes Clause in Contracts

Shareholder Notes. Make or offer to make any payment, prepayment, repurchase or redemption of or otherwise defease or segregate funds with respect to the principal of or interest on, or any other amount payable in respect of, the Shareholder Notes, except (i) payments of interest in kind (or capitalizing interest) in accordance with the terms of the Shareholder Notes and delivery of warrants as contemplated thereby and (ii) cash payments or prepayments of principal of and interest on the Shareholder Notes, provided that with respect to any payments under this clause (ii) the following conditions shall have been satisfied:

Shareholder Notes. (a) Make or offer to make any payment, prepayment, repurchase or redemption of or otherwise defease or segregate funds with respect to the principal of or interest on, or any other amount payable in respect of, the Shareholder Notes, except (i) payments of interest in kind (or capitalizing interest) in accordance with the terms of the Shareholder Notes and delivery of warrants as contemplated thereby and (ii) cash payments or prepayments of principal of and interest on the Shareholder Notes, provided that with respect to any payments under this clause (ii) the following conditions shall have been satisfied: (I) no Default or Event of Default shall have occurred and be continuing at the time of such payment or would result therefrom;