Common use of Subordination of Certain Indebtedness Clause in Contracts

Subordination of Certain Indebtedness. Not at any time permit the aggregate principal amount outstanding under all promissory notes issued by Borrower to all former employees of Borrower and other persons in full or partial consideration for Borrower's repurchase of shares of stock in Borrower from such former employees and other persons to exceed Four Million Dollars ($4,000,000) unless all such amounts in excess of Four Million Dollars ($4,000,000) are subordinated to all obligations now or hereafter owed by Borrower to Bank pursuant to subordination agreements in form and substance satisfactory to Bank. Bank hereby acknowledges and agrees, however, that each of such subordination agreements shall permit Borrower to make, and shall permit the payee of the promissory note(s) subordinated thereby to receive, regularly scheduled payments of principal and interest under such promissory note(s) so long as Borrower has made each and every payment of principal and interest due and owing to Bank and is not in default under any of its agreements with Bank.

Subordination of Certain Indebtedness. Not at any time permit the aggregate principal amount outstanding under all promissory notes issued by Borrower to all former employees of Borrower and other persons in full or partial consideration for Borrower's repurchase of shares of stock in Borrower from such former employees and other persons to exceed Four Million Dollars ($4,000,000) unless all such amounts in excess of Four Million Dollars ($4,000,000) are subordinated to all obligations now or hereafter owed by Borrower to Bank pursuant to subordination agreements in form and substance satisfactory to Bank. Bank hereby acknowledges and agrees, however, that each of such subordination agreements shall permit Borrower to make, and shall permit the payee of the promissory note(s) notes subordinated thereby to receive, regularly scheduled payments of principal and interest under such promissory note(s) so long as Borrower has made each and every payment of principal and interest due and owing to Bank and is not in default under any of its agreements with Bank.

Subordination of Certain Indebtedness. Not at any time permit the aggregate principal amount outstanding under all promissory notes issued by Borrower to all former employees of Borrower and other persons in full or partial consideration for Borrower's ’s repurchase of shares of stock in Borrower from such former employees and other persons to exceed Four Ten Million Dollars ($4,000,00010,000,000) unless all such amounts in excess of Four Ten Million Dollars ($4,000,00010,000,000) are subordinated to all obligations now or hereafter owed by Borrower to Bank pursuant to subordination agreements in form and substance satisfactory to Bank. Bank hereby acknowledges and agrees, however, that each of such subordination agreements shall permit Borrower to make, and shall permit the payee of the promissory note(s) notes subordinated thereby to receive, regularly scheduled payments of principal and interest under such promissory note(s) so long as Borrower has made each and every payment of principal and interest due and owing to Bank and is not in default under any of its agreements with Bank.

Subordination of Certain Indebtedness. Not at any time permit the aggregate principal amount outstanding under all promissory notes issued by Borrower to all former employees of Borrower and other persons in full or partial consideration for Borrower's repurchase of shares of stock in Borrower from such former employees and other persons to exceed Four One Million Dollars ($4,000,0001,000,000) unless all such amounts in excess of Four One Million Dollars ($4,000,0001,000,000) are subordinated to all obligations now or hereafter owed by Borrower to Bank pursuant to subordination agreements in form and substance satisfactory to on Bank's standard form. Bank hereby acknowledges and agrees, however, that each of such subordination agreements shall permit Borrower to make, and shall permit the payee of the promissory note(s) subordinated thereby to receive, regularly scheduled payments of principal and interest under such promissory note(s) so long as Borrower has made each and every payment of principal and interest due and owing to Bank and is not in default under any of its agreements with Bank.