Common use of Indebtedness Defined Clause in Contracts

Indebtedness Defined. The word “Indebtedness” is used herein in its most comprehensive sense and includes any and all advances, debts, obligations and liabilities of Borrower heretofore, now or hereafter made, incurred or created, whether voluntary or involuntary and however arising, whether due or not due, absolute or contingent, liquidated or unliquidated, determined or undetermined, including under any swap, derivative, foreign exchange, hedge, deposit, treasury management or other similar transaction or arrangement, and whether Borrower may be liable individually or jointly with others, including without limitation, obligations and liabilities arising from notes, repurchase agreements and trust receipts, and any and all interest and other amounts thereon which may accrue subsequent to Borrower becoming subject to any state or federal debtor-relief statute. Notwithstanding the foregoing or anything in this Subordination Agreement to the contrary, the definition of Junior Debt shall not include and this Subordination Agreement shall not apply to any salary, wages, bonuses, stock options, employee benefits, employment contract obligations, split dollar life insurance programs, board fees and other similar compensation paid or owing by Borrower to Creditor in his capacity as an employee or director of Borrower and any reimbursements in the ordinary course related thereto.