TRUPS

TRUPS. Borrower shall cause its wholly owned Delaware trust, Belvedere Socal Statutory Trust I ("Statutory Trust I"), to defer all distributions and payments with respect to the Trust Preferred Security that was issued by Statutory Trust I on January 31, 2008 (the "TRUPS"),subject however to any clear and unambiguous restriction prohibiting such deferral under applicable law or contained in the terms of any contract by which Statutory Trust I is bound in form existing on the Effective Date of the... First Amendment and Waiver Agreement. The foregoing restriction on distributions shall automatically terminate, and Borrower may resume otherwise deferred distributions and payments with respect to the TRUPS at such time as (A) the principal of the Senior Indebtedness has been paid down to less than $5,500,000.00, and (B) Borrower requests confirmation from Lender and Lender confirms in writing that no Event of Default exists and is continuing under the Agreement, or any of the Loan Documents; View More