Contingent debt. On a Winding Up of the Issuer, the Subscribers shall only be entitled to prove for any sum payable in respect of the Borrower Notes as a debt which is subject to and contingent upon prior payment in full of the Senior Creditors. Each Subscriber agrees, and by subscribing for a Borrower Note each Subscriber of the Borrower Note will be deemed to agree, that:
Contingent debt. Assume, guarantee, endorse, contingently agree to purchase, or otherwise become liable upon the obligation of any person, firm, or corporation, except (a) by the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business, or (b) guarantees of any obligations owed to the Lender.
Contingent debt. The Borrower will not, directly or indirectly, create, incur, become obligated for or suffer to exist any Contingent Debt.
Contingent debt. 57 ARTICLE IX -
Contingent debt. No member of the Consolidated Group will assume, incur or permit to exist any Contingent Debt other than (i) Contingent Debt relating to Indebtedness of the Consolidated Group permitted under Section 8.1, (ii) the endorsement of checks or other negotiable instruments in the ordinary course of business, and (iii) Contingent Debt which does not exceed $10,000,000 in the aggregate at any time outstanding. No member of the Consolidated Group will enter into any Hedging Agreement except in the ordinary course of business to manage existing or reasonably anticipated risks.
