Subordination of Certain Indebtedness. Cause any indebtedness of Borrower for borrowed money to any shareholder, director, officer or Affiliate of Borrower, which indebtedness has a term of more than 1 year or is in excess of $25,000, to be subordinated to the Obligations by the execution and delivery to Lender of a Subordination of Debt Agreement, on the form prescribed by Lender, certified by the corporate secretary of Borrower to be true and complete and in full force and effect.
Subordination of Certain Indebtedness. The Seller will cause any and all debt and obligations of the Seller to any Affiliate or any member, manager, stockholder, director or officer of the Seller (excluding debt for directors’ or officers’ salary, bonuses, directors’ fees or other compensation for service) of any Affiliate to be Qualified Subordinated Debt by the execution and delivery by such Affiliate or member, manager, stockholder, director or officer, as applicable, to the Administrative Agent of a Subordination Agreement in form and substance satisfactory to the Buyers and the taking of all other steps (if any) required to cause such Debt to be Qualified Subordinated Debt and deliver to the Administrative Agent an executed copy of that Subordination Agreement, certified by the corporate secretary or assistant secretary of the Seller to be true and complete and in full force and effect, as to all such present and future debts and obligations of the Seller.
Subordination of Certain Indebtedness. Borrower shall cause any indebtedness of Borrower to any member, manager or other Affiliate of Borrower or to Guarantor to be subordinated to the Obligations by the execution and delivery to Administrative Agent of a Subordination of Debt Agreement, on the form prescribed by Administrative Agent and certified by the manager of Borrower to be true and complete and in full force and effect.
Subordination of Certain Indebtedness. Cause any indebtedness of Borrower to any member, manager or Affiliate or any shareholder, director or officer of any manager, member or Affiliate of Borrower, which indebtedness has a term of more than 1 year or is in excess of $25,000, to be subordinated to the Obligations by the execution and delivery to Lender of a Subordination of Debt Agreement, on the form prescribed by Lender, certified by the corporate secretary of Borrower to be true and complete and in full force and effect.
Subordination of Certain Indebtedness. Cause any indebtedness of the Company, incurred after the date of this Agreement, to any shareholder, director or officer of the Company, or to any Affiliate of the Company or of any Subsidiary of the Company, to be subordinated to all Obligations by the execution of a Subordination of Debt Agreement in the form of Exhibit F hereto and deliver to the Lender an executed copy of said Agreement, certified by the corporate secretary of the Company to be true and complete and in full force and effect.
Subordination of Certain Indebtedness. If the GUARANTOR advances any sums to the BORROWER or its successors or assigns or if the BORROWER or its successors or assigns shall hereafter become indebted to the GUARANTOR, such sums and indebtedness shall be subordinate in all respects to the amounts then or thereafter due and owing to the LENDER by the BORROWER.
Subordination of Certain Indebtedness. Cause any indebtedness of the Company, incurred after the date of this Agreement, to any shareholder, director or officer of the Company, or to any Affiliate of the Company or of any Subsidiary of the Company, or to any guarantor, which indebtedness has a term of more than one (1) year or is in excess of Twenty-Five Thousand Dollars ($25,000) to be subordinated to all Obligations by the execution of a Subordination of Debt Agreement in the form of Exhibit F hereto and deliver to the Lender an executed copy of said Agreement, certified by the corporate secretary of the Company to be true and complete and in full force and effect.
Subordination of Certain Indebtedness. Any Indebtedness of the Issuer now or hereafter held by any Guarantor is hereby subordinated in right of payment to the Obligations, and any such indebtedness of the Issuer to such Guarantor collected or received by such Guarantor after an Event of Default has occurred and is continuing shall be held in trust for the Holders of the Notes and shall forthwith be paid over to the Holders of the Notes to be [EXECUTION COPY] credited and applied against the Obligations.
Subordination of Certain Indebtedness. If the Guarantor has advanced or hereafter advances any sums to the Borrower or its successors or assigns or if the Borrower or its successors or assigns is now or shall hereafter become indebted to the Guarantor, such sums and indebtedness shall be subordinate in all respects to the amounts now and hereafter due and owing to GE Capital by the Borrower.
Subordination of Certain Indebtedness. Not at any time permit the aggregate principal amount outstanding under all promissory notes issued by Borrower to all former employees of Borrower and other persons in full or partial consideration for Borrower's repurchase of shares of stock in Borrower from such former employees and other persons to exceed Four Million Dollars ($4,000,000) unless all such amounts in excess of Four Million Dollars ($4,000,000) are subordinated to all obligations now or hereafter owed by Borrower to Bank pursuant to subordination agreements in form and substance satisfactory to Bank. Bank hereby acknowledges and agrees, however, that each of such subordination agreements shall permit Borrower to make, and shall permit the payee of the promissory note(s) subordinated thereby to receive, regularly scheduled payments of principal and interest under such promissory note(s) so long as Borrower has made each and every payment of principal and interest due and owing to Bank and is not in default under any of its agreements with Bank.
