SUBORDINATION AGREEMENT EXHIBIT 10.35 (MAXCO, INC.)Subordination Agreement • November 19th, 2003 • Maxco Inc • Wholesale-miscellaneous nondurable goods • Michigan
In consideration of financial accommodation now or hereafter extended by THE HUNTINGTON NATIONAL BANK, a national banking association, of Troy, Michigan ("Bank"), to the undersigned Borrower and in order to induce Bank to, at any time or from time to time, make loans, extensions of credit or other accommodations to or for the account of Borrower, or to purchase or extend credit upon any instrument or writing in respect of which Borrower may be liable in any capacity, or to grant such renewals or extensions of any thereof as Bank may deem advisable, Creditor hereby agrees that it will not ask, demand, sue for, take or receive from Borrower, by set-off or any other manner, the whole or any part of any indebtedness of Borrower to Creditor (other than payments for federal and state income taxes allocable to the Borrower as if it were not a member of a controlled group, as well as actual, out-of-pocket payments Creditor may make after the date hereof on behalf of Borrower for reimbursable e
RECITALS --------Credit Agreement • November 19th, 2003 • Maxco Inc • Wholesale-miscellaneous nondurable goods
