Unsecured and Subordinated. Xxxxxx agrees that the Note shall be subordinate in rights of payment and priority to all current and future indebtedness to banks, commercial finance lenders, insurance companies, leasing and equipment financing institutions, and/or other institutions regularly engaged in the business of lending money.
Unsecured and Subordinated. Holder agrees that the Note shall be subordinate in rights of payment and priority to all current and future indebtedness to banks, commercial finance lenders, insurance companies, leasing and equipment financing institutions, and/or other institutions regularly engaged in the business of lending money.
Unsecured and Subordinated. The indebtedness represented by this Note is unsecured and the Lender acknowledges and agrees that the obligation of the Borrower to make payment on this Note is expressly subordinated in right of payment to the prior payment in full of all of the Borrower’s commercial finance lenders, insurance companies, lease financing institutions or other lending institutions approved by the Borrower’s Board of Directors and regularly engaged in the business of lending money.
Unsecured and Subordinated. This note is unsecured. The indebtedness evidenced by this Note is subordinated in right of payment to the prior payment in full of any Senior Indebtedness in existence on the date of this Note or hereafter incurred. “Senior Indebtedness” shall mean, unless expressly subordinated to the amounts due under this Note, all amounts due in connection with (i) indebtedness of the Company for borrowed money, (ii) any such indebtedness or any debentures, notes or other evidence of indebtedness issued in exchange for such Senior Indebtedness, or any indebtedness arising from the satisfaction of such Senior Indebtedness by a guarantor, or (iii) any indebtedness incurred as part of a financing transaction of the Company whereby the Company borrows funds to effect a merger or other business combination.
