Subordinate Loan. The Borrower does hereby agree declare, confirm and undertake that all loans, advances, and other monies advanced by its group companies/ associates/ the directors, designated partners, partners, and/or their friends and relatives or any of them or any other person shall stand and be regarded as subordinate debt in relation to the said loan/advances/Credit Facilities hereby granted. The Borrower does hereby further declare and undertake that in case of of Event of Default the Borrower shall not repay any of such loans and advances in whole or in part or pay any interest thereon until such time as the entire outstandings of the Lender under and in pursuance of the Credit Facilities and/or this Agreement are repaid in full.
Appears in 2 contracts
Sources: Loan Agreement, Loan Agreement