Common use of Subordinated Obligations Clause in Contracts

Subordinated Obligations. Borrower will not, directly or indirectly, (i) permit any payment to be made in respect of any indebtedness, liabilities or obligations, direct or contingent (the “Subordinated Debt”) to any of its shareholders or their affiliates or which are subordinated by the terms thereof or by separate instrument to the payment of principal of, and interest on, the Note; (ii) permit the amendment, rescission or other modification of any such subordination provisions of any of Borrower's subordinated obligations in such a manner as to affect adversely the Lien in and to the Collateral or Agent's senior priority position and entitlement as to payment and rights with respect to the Note and the Obligations, or (iii) permit the prepayment or redemption, except for mandatory prepayments, of all or any part of Borrower's obligations to its shareholders, or of any subordinated obligations of Borrower except in accordance with the terms of such subordination. Notwithstanding anything to the contrary in this Section 7.2(f), so long as Borrower's Tangible Net Worth remains in compliance with Section 7.1(y)(i), Borrower may: (i) retire unsecured Subordinated Debt, and/or (ii) declare dividends, buy back stock, and perform other equity transactions.

Subordinated Obligations. Borrower will not, directly or indirectly, (i) permit any payment to be made in respect of any indebtedness, liabilities or obligations, direct or contingent contingent, (the “Subordinated Debt”) to any of its shareholders or their affiliates or which are subordinated by the terms thereof or by separate instrument to the payment of principal of, and interest on, the Note; (ii) permit the amendment, rescission or other modification of any such subordination provisions of any of Borrower's ’s subordinated obligations in such a manner as to affect adversely the Lien in and to the Collateral or Agent's Lenders’ senior priority position and entitlement as to payment and rights with respect to the Note and the Obligations, or (iii) permit the prepayment or redemption, except for mandatory prepayments, of all or any part of Borrower's ’s obligations to its shareholders, or of any subordinated obligations of Borrower except in accordance with the terms of such subordination. Notwithstanding anything to the contrary in this Section 7.2(f), so long as Borrower's ’s Tangible Net Worth remains in compliance with Section 7.1(y)(i), 7.1(x)(i) Borrower may: (i) retire unsecured Subordinated Debtsubordinated debt, and/or (ii) declare dividends, buy back stock, and perform other equity transactions.

Subordinated Obligations. Borrower will not, directly or indirectly, (i) permit any payment to be made in respect of any indebtedness, liabilities or obligations, direct or contingent contingent, (the “Subordinated Debt”) to any of its shareholders or their affiliates or which are subordinated by the terms thereof or by separate instrument to the payment of principal of, and interest on, the Note; (ii) permit the amendment, rescission or other modification of any such subordination provisions of any of Borrower's ’s subordinated obligations in such a manner as to affect adversely the Lien in and to the Collateral or Agent's ’ senior priority position and entitlement as to payment and rights with respect to the Note and the Obligations, or (iii) permit the prepayment or redemption, except for mandatory prepayments, of all or any part of Borrower's ’s obligations to its shareholders, or of any subordinated obligations of Borrower except in accordance with the terms of such subordination. Notwithstanding anything to the contrary in this Section 7.2(f), so long as Borrower's ’s Tangible Net Worth remains in compliance with Section 7.1(y)(i), Borrower may: (i) retire unsecured Subordinated Debtsubordinated debt, and/or (ii) declare dividends, buy back stock, and perform other equity transactions.

Subordinated Obligations. Borrower will not, directly or indirectly, (i) permit any payment to be made in respect of any indebtedness, liabilities or obligations, direct or contingent contingent, (the “Subordinated Debt”) to any of its shareholders or their affiliates or which are subordinated by the terms thereof or by separate instrument to the payment of principal of, and interest on, the Note; (ii) permit the amendment, rescission or other modification of any such subordination provisions of any of Borrower's ’s subordinated obligations in such a manner as to affect adversely the Lien in and to the Collateral or Agent's Lender’s senior priority position and entitlement as to payment and rights with respect to the Note and the Obligations, or (iii) permit the prepayment or redemption, except for mandatory prepayments, of all or any part of Borrower's ’s obligations to its shareholders, or of any subordinated obligations of Borrower except in accordance with the terms of such subordination. Notwithstanding anything to the contrary in this Section 7.2(f), so long as Borrower's ’s Tangible Net Worth remains in compliance with Section 7.1(y)(i), 7.1(w)(i) Borrower may: (i) retire unsecured Subordinated Debtsubordinated debt, and/or (ii) declare dividends, buy back stock, and perform other equity transactions.

Subordinated Obligations. Borrower will not, directly or indirectly, (i) permit any payment to be made in respect of any indebtedness, liabilities or obligations, direct or contingent (the “Subordinated Debt”) to any of its shareholders or their affiliates or which are subordinated by the terms thereof or by separate instrument to the payment of principal of, and interest on, the Note; (ii) permit the amendment, rescission or other modification of any such subordination provisions of any of Borrower's ’s subordinated obligations in such a manner as to affect adversely the Lien in and to the Collateral or Agent's ’ senior priority position and entitlement as to payment and rights with respect to the Note and the Obligations, or (iii) permit the prepayment or redemption, except for mandatory prepayments, of all or any part of Borrower's ’s obligations to its shareholders, or of any subordinated obligations of Borrower except in accordance with the terms of such subordination. Notwithstanding anything to the contrary in this Section 7.2(f), so long as Borrower's ’s Tangible Net Worth remains in compliance with Section 7.1(y)(i)) hereof, Borrower may: (i) retire unsecured Subordinated Debtsubordinated debt, and/or (ii) declare dividends, buy back stock, and perform other equity transactions.

Subordinated Obligations. Borrower will not, directly or indirectly, (i) permit any payment to be made in respect of any indebtedness, liabilities or obligations, direct or contingent contingent, (the “Subordinated Debt”) to any of its shareholders or their affiliates or which are subordinated by the terms thereof or by separate instrument to the payment of principal of, and interest on, the Note; (ii) permit the amendment, rescission or other modification of any such subordination provisions of any of Borrower's ’s subordinated obligations in such a manner as to affect adversely the Lien in and to the Collateral or Agent's ’ senior priority position and entitlement as to payment and rights with respect to the Note and the Obligations, or (iii) permit the prepayment or redemption, except for mandatory prepayments, of all or any part of Borrower's ’s obligations to its shareholders, or of any subordinated obligations of Borrower except in accordance with the terms of such subordination. Notwithstanding anything to the contrary in this Section 7.2(f), so long as Borrower's ’s Tangible Net Worth remains in compliance with Section 7.1(y)(i7.1(x)(i), Borrower may: (i) retire unsecured Subordinated Debtsubordinated debt, and/or (ii) declare dividends, buy back stock, and perform other equity transactions.