Common use of Subordination of Inside Debt Clause in Contracts

Subordination of Inside Debt. All present and future indebtedness of the Borrower to its officers, directors and shareholders ("Inside Debt") shall, at all times, be subordinated to the Obligations pursuant to a subordination agreement on Silicon's standard form. Borrower represents and warrants that there is no Inside Debt presently outstanding, except for the Xxxxxx Note, the L&H Note, the Philips Note and the Additional Philips Obligation (each as defined herein). Prior to incurring any Inside Debt in the future, Borrower shall cause the person to whom such Inside Debt will be owed to execute and deliver to Silicon a subordination agreement on Silicon's standard form.

Subordination of Inside Debt. All present and future indebtedness of the Borrower or any Guarantor to its officers, directors and shareholders or any other Guarantor or Borrower ("Inside Debt") shall, at all times, be subordinated to the Obligations pursuant to a subordination agreement on Silicon's standard form. Borrower represents and warrants that there is no Inside Debt presently outstanding, except for the Xxxxxx Note, the L&H Note, the Philips Note and the Additional Philips Obligation (each as defined herein)following: NONE. Prior to incurring any Inside Debt in the future, Borrower and each Guarantor shall cause the person to whom such Inside Debt will be owed to execute and deliver to Silicon a subordination agreement on Silicon's standard form.

Subordination of Inside Debt. All present and future indebtedness of the Borrower to its officers, directors directors, Domestic Subsidiaries, and shareholders ("“Inside Debt"”) shall, at all times, be subordinated to the Obligations pursuant to a subordination agreement on Silicon's ’s standard form. Borrower represents and warrants that there is no Inside Debt presently outstanding, except for Inside Debt that is the Xxxxxx Note, subject of the L&H Note, the Philips Note Intercompany Subordination Agreement and the Additional Philips Obligation (each as defined herein)following: NONE. Prior to incurring any Inside Debt in the future, Borrower shall cause the person to whom such Inside Debt will be owed to execute and deliver to Silicon a subordination agreement on Silicon's ’s standard form.

Subordination of Inside Debt. All present and future indebtedness (excluding reasonable salary, bonus and expense reimbursement) of the Borrower to its officers, directors and shareholders ("Inside shareholders,("Inside Debt") shall, at all times, be subordinated to the Obligations pursuant to a subordination agreement on Silicon's standard form. Borrower represents and warrants that there is no Inside Debt presently outstanding, except for the Xxxxxx Note, the L&H Note, the Philips Note and the Additional Philips Obligation (each as defined herein)following: NONE. Prior to incurring any Inside Debt in the future, Borrower shall cause the person to whom such Inside Debt will be owed to execute and deliver to Silicon a subordination agreement on Silicon's standard form.

Subordination of Inside Debt. All present and future indebtedness of the Borrower to its officers, directors and shareholders exclusive of expense reimbursements and advances made in the ordinary course of business ("Inside Debt") shall, at all times, be subordinated to the Obligations pursuant to a subordination agreement on Silicon's standard form. Borrower represents and warrants that there is no Inside Debt presently outstanding, except for the Xxxxxx Note, the L&H Note, the Philips Note and the Additional Philips Obligation (each as defined herein)following: NONE. Prior to incurring any Inside Debt in the future, Borrower shall cause the person to whom such Inside Debt will be owed to execute and deliver to Silicon a subordination agreement on Silicon's standard form.