Subordinate Indebtedness. Subordinate any indebtedness due to it from any Person to indebtedness of other creditors of such Person.
Subordinate Indebtedness. Any loans or other indebtedness incurred by the Borrower to any third party or to related party of the Borrower, whether now existing or hereafter made, shall be subordinate and subordinated to the Loan.
Subordinate Indebtedness. Subordinate any indebtedness due to it from any Person to indebtedness of other creditors of such Person; provided, however, Parent or MTSI may subordinate any such indebtedness due to either of them to indebtedness of other creditors of such Person if the aggregate unpaid principal balance of the total indebtedness being subordinated (as to both Parent and MTSI, combined) does not exceed $150,000.
Subordinate Indebtedness. Debtor acknowledges and shall cause each Seller to acknowledge that the Indebtedness is “Senior Indebtedness” as such term is defined in each UNSECURED SUBORDINATED PROMISSORY NOTE (collectively, the “Subordinate Notes” and each a “Subordinate Note”) executed by Debtor and payable to the order of a Seller in accordance with Section 8(n)(iii). The Subordinate Indebtedness shall not be payable, and Debtor shall not make any payment (whether of principal, accrued interest or otherwise) or other distribution of, on or with respect to any Subordinate Indebtedness, and no Seller shall receive, accept, retain or apply any such payment or other distribution, unless and until: (i) the Indebtedness shall have been Indefeasibly Paid; and (ii) Lender shall have no further obligations under the Loan Documents to make loans to Debtor. Debtor shall not permit any amendment or modification of any Subordinate Note without the prior written consent shall consent shall not be unreasonably denied or delayed. NOTWITHSTANDING THE FOREGOING, DEBTOR SHALL BE PERMITTED TO MAKE REGULARLY SCHEDULED PAYMENTS OF INTEREST ON THE SUBORDINATE INDEBTEDNESS: (1) PRIOR TO THE OCCURRENCE OF A DEFAULT OR EVENT OF DEFAULT UNDER THE LOAN DOCUMENTS; AND (2) PROVIDED THAT A LEVEL 1 TRIGGER HAS NOT OCCURRED AND IS CONTINUING.
Subordinate Indebtedness. During any fiscal year of the Corporation while the Bonds are outstanding, the Corporation may, without the prior written consent of the Purchaser, incur additional indebtedness (a) for any purpose in an aggregate amount of not more than $75,000, provided that such indebtedness is either unsecured or secured by mortgages and security interests that are subordinate to the mortgages and security interests securing the Series 2011 Bond, or (b) for the purpose of paying certain costs of the Project in an aggregate amount of not more than $500,000 for a term not to exceed five years, provided that such indebtedness is unsecured or secured by mortgages and security interests subordinate to the mortgages and security interests securing the Series 2011 Bond. The term “indebtedness” means (i) all obligations for borrowed money, (ii) all obligations to pay the deferred purchase price of property or services, except trade accounts payable arising in the ordinary course of business, (iii) all obligations as lessee under any lease of real or personal property which is required, in accordance with generally accepted accounting principles, to be capitalized on the balance sheet of the lessee, (iv) all obligations of others secured by a lien on any asset of the Corporation, whether or not such obligations are assumed by the Corporation, and (v) all obligations of others guaranteed by the Corporation. The Purchaser agrees that it will not unreasonably withhold or delay the giving of its consent when requested by the Corporation pursuant to this paragraph.
Subordinate Indebtedness. Other than the debt due Borrower from Atmosphere Annealing, Inc., and from Wxxxxx Plastic Products, Inc., which debts have been subordinated to National City Bank and National City Commercial Finance, Inc., respectively, subordinate any indebtedness due it from any Person to indebtedness of other creditors of such Person.
Subordinate Indebtedness. Subordinate any indebtedness due to it from any Person to indebtedness of other creditors of such Person. Notwithstanding the provisions of this Section 5, Borrower and those of its Subsidiaries that are also Guarantors may make and conduct, solely among themselves and only on commercially reasonable terms consistent with an arms-length transaction between unrelated parties, (a) loans that are subordinate in all respects to the Indebtedness, (b) investments, (c) mergers, and (d) sales of the types described in this
Subordinate Indebtedness. So long as any of the Bonds remain Outstanding, the Authority will not issue any additional bonds or obligations payable from Revenues or having a lien upon the Trust Estate having priority over, or on a parity with, the Bonds. The Authority may incur any Indebtedness secured by a lien or encumbrance which is expressly stated to be junior and subordinate to the lien and encumbrance upon the Revenues created hereunder and to the Deed of Trust except as hereinafter provided. No such subordinate indebtedness shall be secured by the Credit Enhancement or the Collateral. No such subordinate indebtedness shall be issued without the consent of the Credit Enhancement Provider. Subordinate indebtedness will have no rights of acceleration or foreclosure.
Subordinate Indebtedness. Mortgagor may, in its sole discretion and without the approval of Mortgagee, further encumber or mortgage the Premises, or any part thereof, or any interest therein without the prior written consent of Mortgagee. Any such indebtedness secured by a mortgage on the Premises or any part thereof or interest therein is referred to herein as "Subordinate Indebtedness" any mortgage or similar security instrument securing Subordinate Indebtedness is referred to herein as a "Subordinate Mortgage." A fully executed counterpart of each Subordinate Mortgage shall be delivered to Mortgagee by Mortgagor within ten (10) days after the execution and delivery thereof by Mortgagor. Each Subordinate Mortgage shall contain an express covenant to the effect that notwithstanding any other provision of such Subordinate Mortgage, it is in all respects subject and subordinate to the lien and terms, provisions, agreements, covenants and conditions of this Mortgage and that the holder of such Subordinate Mortgage will upon demand confirm the subordination of such Subordinate Mortgage to the lien and terms, covenants and conditions of this Mortgage, as hereinafter extended, renewed, modified, replaced or consolidated. In addition, the holder of each Subordinated Mortgage shall agree with Mortgagee as follows:
