Common use of Temporary Limitations Clause in Contracts

Temporary Limitations. Notwithstanding any other covenant or other provision set forth in this Agreement, the Company will not, and will not permit any of its Subsidiaries, at any time prior to 11:59 p.m. ET on March 29, 2017, to:\ (a) make any payment to any holder of a Debenture prior to March 31, 2017, provided that nothing in this clause (a) shall preclude the Company from paying any amounts due on the maturity of the Debentures in accordance with and subject to the conditions set forth in the Debentures and the Debenture Indenture (in each case as in effect on the date of the First Amendment), including the transfer and deposit by the Company in the Maturity Account (as defined in the Debenture Indenture as in effect on the date of the First Amendment) on or after March 24, 2017 of funds in an amount sufficient to pay the cash amount payable in respect of the Debentures and Debenture Indenture upon maturity (less any tax required by law to be deducted) and, for the purpose of making such payment on maturity, complying with notice or other requirements pursuant to the terms of the Debentures and the Debenture Indenture and the rules of the Toronto Stock Exchange;\ (b) make any Restricted Payment except for any payment or other distribution described in clause (b) of the definition of such term;\ (c) make any payment of principal outstanding under the Notes or any Other NPA Notes, other than:\ \(i) payments of principal outstanding under the Notes and\ \(ii) payments of principal outstanding under any Other NPA Notes, so long as (A) substantially simultaneously therewith, the Company prepays a Pro Rata Share of the outstanding principal of each Note, and (B) the payment of principal of any Other NPA Note does not exceed its

Appears in 1 contract

Sources: Note Purchase Agreement (PENGROWTH ENERGY Corp)

Temporary Limitations. Notwithstanding any other covenant or other provision set forth in this Agreement, the Company will not, and will not permit any of its SubsidiariesSubsidiary, at any time prior to 11:59 p.m. ET on March 29, 2017, to:\ (a) make any payment to any holder of a Debenture prior to March 31, 2017, provided that nothing in this clause (a) shall preclude the Company from paying any amounts due on the maturity of the Debentures in accordance with and subject to the conditions set forth in the Debentures and the Debenture Indenture (in each case as in effect on the date of the First Amendment), including the transfer and deposit by the Company in the Maturity Account (as defined in the Debenture Indenture as in effect on the date of the First Amendment) on or after March 24, 2017 of funds in an amount sufficient to pay the cash amount payable in respect of the Debentures and Debenture Indenture upon maturity (less any tax required by law to be deducted) and, for the purpose of making such payment on maturity, complying with notice or other requirements pursuant to the terms of the Debentures and the Debenture Indenture and the rules of the Toronto Stock Exchange;\ (b) make any Restricted Payment except for any payment or other distribution described in clause (ba) of the definition of such term;\ (c) make any payment of principal outstanding under the Notes or any Other NPA Notes, other than:\ \(i) payments of principal outstanding under the Notes and\ \(ii) payments of principal outstanding under any Other NPA Notes, so long as (A) substantially simultaneously therewith, the Company prepays a Pro Rata Share of the outstanding principal of each Note, and (B) the payment of principal of any Other NPA Note does not exceed itsand\

Appears in 1 contract

Sources: Note Purchase Agreement (PENGROWTH ENERGY Corp)