enter credit agreement pursuant to the terms of those agreements oil gear with required to pay mr hit a sum of money and clothing followed by three separate installments on june third of two thousand and fifteen two thousand and sixteen and two thousand and seventy or al q made the first installment payment but has not made any payments since its a subornation agreement that is the critical agreement in this matter i take it  conceded that between the dates of the first and second payments there was a real default called the primary debt to g d p morgan yes we can you repeat the question i take it that is agreed that the default would be treated as cured yes certainly conditions were met and one of the conditions was not paying it correct without a team or skin set correct now i understand your position to be that hit never agree to that condition as let's suppose that's true and well here says tomorrow morning and therefore we're going to pay yet even though j p morgan hasn't approved the day after that i should think j p morgan will declare the need to fall reinstated and then while gear under the agreement between oil gear and it will be forbidden to pay it a penny so how is he the agreement between oil gear and yet ogier is forbidden to pay yet so i don't understand to go back to my natural place i don't understand how the relief you're asking for would actually be relief  i don't know that there's anything within the agreements that would support that interpretation the the agreement states that oil care must pay hit on  fact it paid the first installment credit maybe that oil here can find a way to get out of financial default but what the situation as i now understand that's why i began my questioning as i did you periods in the fall but the default has been way and there is a confusion on the way that means it is still in default it hasn't paid all of the money o still are in default but morgan has waived particular remedies allowed by that to fall you know in the world of finance that's the difference between curing a default and waving  default i believe they did a pretty important distinction then they did cure the fall through the amendment to the senior credit agreement so our position and his position is that at the time that the june third two thousand and sixteen payment was d well it doesn't actually say that right it said that in the written consent to the senior creditor so unless you can say the written consent can't be unreasonably withheld which you haven't really allege you haven't said that it wasn't recently with i don't know where you're ignoring the last part of the thing two three b the two three be the first two payment resuming payments which were missed under the application of two three eight two three eight states  time the payments to hit became due and june third of two thousand sixteen oil cure was not in default therefore they're required to make that installment payment the effect of making that payment whether it puts him back into de is a separate issue and i don't think we reach that because they haven't made that payment and they have not been reinstated into default well two three i had said at the time as such payment shell subordinated creditors company shall have received a default which we agree happened here and then and we agree that it was by that point cured or waived but then i think it really the argument is i guess it's over what what the meaning is resume or where that comes in to correct your to if you're in a default you got a default doesn't matter if it came with missed we humans just taking up the obligation again the language of three point two b states that resume refers to the payment of test not the obligation to make painless death therefore since at the time that the debt at the time that oil cure was in the fault before it was cured they never missed a payment therefore there to the payments that were already missed on i think these further support for this is the fact that oil gear and j p morgan felt it necessary to amend the scene a credit agreement to specifically part of their consent to make payments hit if the reading of two point three b states that they needed the written consent at any time they would resume payments there was no need for gear and j p morgan to amend the contract to require their main consent because already there so since they since oil here and j p morgan felt it necessary to amend the contract and add that language if it is it is presume that their about the effort to define resume as only applying what has been a missed payment just ignores the parents the tickle so from our point of view you know this was a payment sale and getting very near that the time when the debt will be paid and i can't obviously promise you because it's one of those deals that would be signed and closed on the same day but i'm told soon but i don't ask you to realize that they're behind me that the pope purpose of a support nation agreement is they are but the senior creditors first and right of time in payment and sometimes you wait till the end of time and you wait till the company is liquidated and the senior creditor d argument and the six point fifteen six point fifteen was obviously added i guess the last thing i heard mr maloney argument make was that somehow six point fifteen's inclusion means a two point three b didn't mean what it meant well if payment that that's built into the definition of permit it's more subordinated debt payments as i understand it because it refers to defaults that exist or what exists because of the payment sounds there are multiple