Definition of IBM Indebtedness


IBM Indebtedness means Indebtedness owing by Borrower to IBM Credit LLC or its Affiliates ("IBM"), which Indebtedness is either (i) unsecured or (ii) secured by Liens ( a ) upon or in any Equipment acquired or held by Borrower or any of its Subsidiaries to secure the purchase price of such Equipment or indebtedness incurred solely for the purpose of financing the acquisition or lease of such Equipment, or ( b ) existing on such Equipment at the time of its acquisition, provided that the Lien is confined solely to the property so acquired and improvements thereon, and the proceeds of such Equipment , and such Liens are subject to a subordination agreement in favor of Bank, in form and substance reasonably satisfactory to Bank .