Loan Subordinations. Any related party notes payable by Borrower, to owners of Borrower, or to other related parties, now existing or hereafter made are and shall be subordinated to the lien of the Loan granted herein. Borrower confirms that all related party debts are fully disclosed on the financial statements provided to Lender and in the event Lender so requires, such related parties shall enter into subordination agreements to evidence the requirements of this Section.
Appears in 4 contracts
Samples: Loan Agreement, Loan Agreement (Odyssey Marine Exploration Inc), Loan Agreement (Odyssey Marine Exploration Inc)
Loan Subordinations. Any related party notes payable by any Borrower, to any other Borrower or to owners of any Borrower, or to other related parties, now existing or hereafter made are and shall be subordinated to the lien of the Loan granted herein. Each Borrower confirms that all related party debts are fully disclosed on the financial statements provided to Lender the Bank and in the event Lender the Bank so requires, such related parties shall enter into subordination agreements to evidence the requirements of this Section.
Appears in 3 contracts
Samples: Revolving Credit Loan and Security Agreement (Deer Valley Corp), Revolving Credit Loan and Security Agreement (Deer Valley Corp), Revolving Credit Loan and Security Agreement (Deer Valley Corp)
Loan Subordinations. Any related party notes payable by Borrower, Borrower to owners of Borrower, or to other related parties, now existing or hereafter made are and shall be subordinated to the lien of the Loan granted herein. Borrower confirms that all related party debts are fully disclosed on the financial statements provided to Lender the Bank and in the event Lender the Bank so requires, such related parties shall enter into subordination agreements to evidence the requirements of this SectionSection 2.1(i).
Appears in 2 contracts
Samples: Credit Loan and Security Agreement, Loan and Security Agreement (Odyssey Marine Exploration Inc)
Loan Subordinations. Any related party notes payable by Borrower, Borrower to owners of Borrower, or to any other related parties, now existing or hereafter made are and shall be subordinated to the lien of the Loan granted herein. Borrower confirms that all related party debts are fully disclosed on the financial statements provided to the Lender and in the event the Lender so requires, such related parties shall enter into subordination agreements to evidence the requirements of this Section.
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