Definition of M&I Indebtedness


M&I Indebtedness means the obligations of the Seller owed to M&I set forth on Exhibit 12(r) attached hereto in the aggregate amount set forth on Exhibit 12(r) (such amount not to exceed Two Hundred Fifty Thousand Dollars ($250,000)).
Sample 1

Examples of M&I Indebtedness in a sentence

As of the Closing Date, the Seller shall have no outstanding indebtedness for borrowed money other than the DTI Indebtedness, the M&I Indebtedness, accounts payable and accrued expenses incurred in the Ordinary Course of Business and other indebtedness, as reflected on Schedule 5.1.25 attached hereto, to be paid in full by the Seller in the Ordinary Course of Business.
Buyer covenants and agrees to obtain, within thirty (30) days after the Closing Date, a full release of the Seller, the Member, Joanne, the Landlord, the Member's residence, the Leased Real Property, the Intellectual Property, the Server, the Customer and Supplier Lists and any other collateral owned by the Seller, the Member, Joanne and/or the Landlord from all liability, obligations and personal guaranties related to or the result of the M&I Indebtedness.
To clarify the foregoing, the release described above shall not apply to any collateral owned by the Seller, the Member, Joanne and/or the Landlord solely securing any mortgage indebtedness on the Member's residence or the Leased Real Property and not cross-collateralized with the M&I Indebtedness.