SUBORDINATION AGREEMENT AND ASSIGNMENT In order to induce THE BANK OF NEW YORK (hereinafter called the "Bank") at its discretion, to extend or to continue to extend financial accommodations from time to time to AMPLACO GROUP, INC., a New York...Subordination Agreement and Assignment • December 29th, 1997 • Forward Industries Inc • Plastics products, nec • New York
In order to induce THE BANK OF NEW YORK (hereinafter called the "Bank") at its discretion, to extend or to continue to extend financial accommodations from time to time to AMPLACO GROUP, INC., a New York corporation (hereinafter called the "Borrower") or to the aggregate principal amount or $1,000,000 outstanding at any time, plus interest accrued thereon, fees in respect thereof, and costs and expenses of the Bank in respect thereof, with such maturity or maturities, to bear such rate or rates of interest, to be unsecured or to be secured by such collateral security, and to contain such other terms and provisions as may be agreed by such collateral security, and to contain such other terms and provisions as may be agreed upon between the Bank and the Borrower (all such credit and extensions thereof and all other indebtedness, liabilities and obligations of every kind and nature of the Borrower to the Bank, whether joint, several, or joint and several, direct or indirect or acquired by
