Affiliate Indebtedness. So long as a Default has occurred and is continuing, no Borrower, Guarantor or Pledged Entity will make any payments to any Affiliate that is not a Borrower or Guarantor on account of any Indebtedness owed by such Person to such Affiliate, other than: (a) reimbursements for the payment of Taxes; (b) payments in order to cover operating expenses incurred in the ordinary course of business, provided that such expenses are upon terms and conditions no more favorable to such Affiliate than would be available in an arms-length transaction between independent parties; and (c) payments to The Related Companies Group on account of obligations incurred in the ordinary course of business, provided that such expenses are upon terms and conditions no more favorable to such Affiliate than would be available in an arms-length transaction between independent parties.
Affiliate Indebtedness. Borrower agrees that all Affiliate Indebtedness at any time owing by any Borrower under any Sub-Loan Agreement shall be unsecured and shall be absolutely subordinated to the Obligations except payments of Affiliate indebtedness may be made so long as no Event of Default exists and is continuing. Except as set forth above, Borrower will not, directly or indirectly: (a) permit any payment to be made in respect of any indebtedness, liabilities or obligations, direct or contingent, to any Direct Affiliate which are subordinated by the terms thereof or by separate instrument to the payment of the Obligations, except in accordance with the terms of such subordination; (b) permit the amendment, rescission or other modification of any such subordination provisions of any of Borrower’s subordinated obligations in such a manner as to affect adversely Lender’s Lien in and to the Sub-Loan Collateral or Lender’s senior priority position and entitlement as to payment and rights with respect to the Obligations; or (c) permit the prepayment or redemption, of all or any part of Borrower’s obligations to any Affiliate, or of any subordinated obligations of Borrower, except in accordance with the terms of such subordination provisions.
Affiliate Indebtedness. The Company shall not incur any indebtedness to any of its Subsidiaries or Affiliates unless such indebtedness shall be subordinated in right of payment to the Company’s obligations with respect to these Notes.
Affiliate Indebtedness. The Borrower shall not make any loans (whether secured or unsecured) to, or advance any monies on behalf of, any Affiliates. The Borrower shall not incur any Indebtedness from any Affiliate, unless such Indebtedness is expressly subordinated to the Obligations.
Affiliate Indebtedness. There exists no borrowings to or from Affiliates or other Affiliate Indebtedness of the Company.
Affiliate Indebtedness. During the Pre-Closing Period, neither ---------------------- Park nor any of the Park Shareholders shall cause or permit Park to make any advances, loans, or extensions of credit to any Affiliate of Park, or otherwise increase the Related Party Receivables owed to Park by any Affiliate of Park.
Affiliate Indebtedness. At or prior to the Closing, Sellers and their Affiliates (other than the Millennium Inorganic Companies) shall (a) either capitalize or cause
Affiliate Indebtedness. The only Indebtedness to an Affiliate is ---------------------- $1,300,000 owing to Xxxxxx X. Xxxxxxx, which shall be subordinated to the Loan in accordance with Section 6 of this Agreement.
Affiliate Indebtedness. Attached hereto as Schedule 5.1(t) (as amended from time to time) is a true, accurate, and complete schedule of all Indebtedness, other than the Pledged Notes and Excluded Notes, owing by Borrower, any Primary Obligor, any Secondary Obligor or any other Affiliate thereof setting forth: (i) the date such indebtedness was incurred; (ii) the original principal amount thereof and the outstanding principal balance thereof as of the date hereof; (iii) the interest rate payable thereon; (iv) whether such indebtedness is evidenced by a note or other writing and whether any security has been granted to secure payment thereof; (v) the payment terms thereof; (vi) the maturity date thereof; and
Affiliate Indebtedness. (a) The Borrower will not (nor will it permit any of its Subsidiaries to) incur any Indebtedness owing to the Parent or any Subsidiary of the Parent other than Permitted Affiliate Indebtedness. For purposes of this Section 8.8, “Permitted Affiliate Indebtedness” shall mean Indebtedness (i) that shall be owing to the Parent or any wholly-owned Subsidiary of the Parent, (ii) that shall not have been transferred or pledged to any Person (other than the Parent or any wholly-owned Subsidiary of the Parent) and (iii) that shall be subordinated in the event of a bankruptcy or liquidation of the Borrower to the Borrower Obligations and the Related Hedging Obligations on terms reasonably required by the Administrative Agent, which subordination terms shall not prohibit the repayment of any such Permitted Affiliate Indebtedness at any time so long as no Default or Event of Default exists or shall result therefrom.
