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. 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. Borrower agrees that all Affiliate Indebtedness at any time owing by Borrower 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 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 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 Borrower shall have no Indebtedness between it and any Affiliates or make any loans (whether secured or unsecured) to, or advance any monies on behalf of, any Afflliates.
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. 19 4.8 Consents........................................................19 4.9
Affiliate Indebtedness. Cause all Indebtedness owed by any Loan Party to Affiliates of such Loan Party to be subordinated in all respects to the Obligations on terms acceptable to Lender.
Affiliate Indebtedness. The Stockholder and its Affiliates are repaying any outstanding indebtedness they may have to the Company. The Company is repaying any outstanding indebtedness they may have to the Stockholder, in an amount not to exceed $150,000.
Affiliate Indebtedness. There exists no borrowings to or from Affiliates or other Affiliate Indebtedness of the Company.
Affiliate Indebtedness. At or prior to the Closing, Sellers and their Affiliates (other than the Millennium Inorganic Companies) shall (a) either capitalize or cause