Subordinate Indebtedness. Subordinate any indebtedness due to 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; 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. 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. Borrower shall not subordinate any ------------------------ indebtedness due to it from a Person to indebtedness of other creditors of such Person.
Subordinate Indebtedness. All debts now or hereafter payable by Borrowers, or either of them, to Parent shall be called the ASubordinate Indebtedness.@ Borrowers have incurred and may hereafter incur Subordinate Indebtedness owed to Parent. Borrowers and Parent agree to sign and deliver in favor of Agent and Banks, a subordination agreement (the ASubordination Agreement@) in Proper Form, by which Borrowers and Parent subordinate the Subordinate Indebtedness to repayment of the Loans and the Hedge Liabilities. Borrowers and Parent hereby agree that (i) the Subordinate Indebtedness shall not exceed $2,000,000.00 in aggregate principal at any time, (ii) repayment of the Subordinate Indebtedness is subordinate to repayment of the Loans and the Hedge Liabilities, (iii) Borrowers will not grant, and subordinate creditors will not permit, any liens or security interests securing payment of the Subordinate Indebtedness covering the Properties, any other collateral of Agent, or any of Borrowers= assets, (iv) the Subordinate Indebtedness may not mature by its terms or by acceleration of the maturity before thirty (30) days after the Termination Date (as hereafter extended), (v) no payments, prepayments, or changes may be made to the Subordinate Indebtedness, except as specifically permitted hereunder, without the prior written consent of Agent, (vi) so long as there is not an Event of Default existing, no Event of Default will be caused by the payment, and so long that there is no Borrowing Base deficiency, Borrowers may pay up to $1,000,000.00 per fiscal year to Parent as a management fee, and repay up to $2,000,000.00 in principal per fiscal year in Subordinate Indebtedness, and (vii) unless and only to the extent that Agent gives its prior written consent, no other payments of principal or interest will be permitted on the Subordinate Indebtedness until the Loans and the Hedge Liabilities are paid in full.
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. 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. 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. 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.
18. Sub-Section 7.10 of Section of the Agreement is hereby deleted in its entirety and replaced with the following:
