Subordination of Loans. Each Security Party shall cause all loans made to it by any Affiliate or subsidiary and all sums and other obligations (financial or otherwise) owed by it to any Affiliate or subsidiary to be fully subordinated to all Secured Liabilities.
Subordination of Loans. Each of the Borrowers shall cause all loans made to it by any Affiliate, parent or subsidiary or any Guarantor, and all sums and other obligations (financial or otherwise) owed by it to any Affiliate, parent or subsidiary or to an Approved Manager or a Guarantor to be fully subordinated (in Agreed Form) to all Secured Liabilities.
Subordination of Loans. The Loans, the Notes, this Agreement and the other Loan Documents; the rights and remedies of the Lenders and the Administrative Agent hereunder and thereunder and the Liens created thereby are subject to the Terms of Subordination attached hereto as Annex II.
Subordination of Loans. Each Loan Party covenants and agrees that any existing and future loans from any Subsidiary that is not a Loan Party to the Borrower or any Loan Party shall be subordinated (to the extent legally permitted) in right of payment to the Secured Obligations pursuant to the Intercompany Note.
Subordination of Loans. The Loans, the Notes, this Agreement and the other Loan Documents, the rights and remedies of the Lenders and the Administrative Agent hereunder and thereunder and the Liens created thereby are second and subordinate to the terms of the First Lien Loans in accordance with the terms of the Intercreditor Agreement. Each Lender and other Secured Party (by their acceptance of the benefits of any Collateral) acknowledges and agrees that the Administrative Agent has entered into the Intercreditor Agreement on behalf of itself and the Secured Parties, and the Secured Parties hereby agree to be bound by the terms of such Intercreditor Agreement as if such Secured Parties were parties to such Intercreditor Agreement and acknowledge receipt of a copy of such Intercreditor Agreement. All rights, powers and remedies available to the Administrative Agent and the Secured Parties with respect to the Collateral, or otherwise pursuant to the Security Documents, shall be subject to the provisions of such Intercreditor Agreement. In the event of any conflict or inconsistency between the terms and provisions of this Agreement and the terms and provisions of such Intercreditor Agreement, the terms and provisions of such Intercreditor Agreement shall govern and control except that this Agreement shall govern and control the rights, powers, duties, immunities and indemnities of the Administrative Agent.
Subordination of Loans. If the Loans (or any of them) cease to be deemed to be Tier 2 Capital other than due to the limitation imposed by the second sentence of 12 C.F.R. Part 325, App. A(I)(A)(2)(e), which limits the capital treatment of subordinated debt during the five years immediately preceding the maturity date of the subordinated debt, the Borrower shall: (a) immediately notify the Administrative Agent and the Lenders; and (b) immediately upon request of the Administrative Agent or the Required Lenders execute and deliver all such agreements (including, without limitation, replacement notes) as the Administrative Agent or the Required Lenders may reasonably request in order to restructure the obligations evidenced by the Loans as a senior obligations of the Borrower.
Subordination of Loans. The OBLIGORS hereby agree that until the LINE OF CREDIT is paid in full, all amounts due and owing from any OBLIGOR to any other OBLIGOR (collectively, the "SUBORDINATED LOANS") are hereby subordinated in all respects to the indebtedness that is due and owing to the BANK under the LOAN DOCUMENTS. The OBLIGORS hereby agree that no payments shall be made or received by any of the OBLIGORS on any of the SUBORDINATED LOANS until such time as all indebtedness that is owed to the BANK under the LOAN DOCUMENTS has been fully satisfied. In the event that any of the OBLIGORS receive any payments on any of the SUBORDINATED LOANS, the OBLIGORS shall hold such funds in trust for the BANK and shall immediately turn over such funds to the BANK.
Subordination of Loans. Subordinate all existing and future shareholders’ loans and/or advances to the Loan; provided that the Borrower or any Guarantor may make routine installment payments under such shareholders’ loans so long as (a) no Event of Default has occurred and is continuing, and (b) interest on any such shareholders’ loans does not exceed the interest rate charged on the Note.
Subordination of Loans the Borrower will procure and ensure that all present and future loans granted to it by related and/or associated companies or shareholders will be subordinated to the Indebtedness and such loans will not be repaid in full or in part without the prior written consent of the Bank until all moneys owing to the Bank under this Agreement and/or the Security Documents have been paid up in full.
Subordination of Loans. Each Guarantor shall cause all loans made to it by any Affiliate (with the exception of permitted credits not exceeding $250,000 per Vessel owed to each Approved Manager), parent or subsidiary and all sums and other obligations (financial or otherwise) owed by it to any Affiliate, parent or subsidiary to be fully subordinated to all Secured Liabilities pursuant to a Subordination Agreement.
