Examples of Operating Indebtedness in a sentence
The Holder by accepting this Note agrees that the payment (by set-off or otherwise) of principal of and interest on the Notes is subordinated in right of payment, to the extent and in the manner provided in Section 9 of the Subscription Agreement, to the prior payment in full of all obligations in respect of Operating Indebtedness of the Company, whether outstanding on the date of the Subscription Agreement or thereafter incurred.
All Term Indebtedness, Operating Indebtedness and Swap Indebtedness shall rank in right of payment in priority to the Intercompany Subordinated Debt, the Convertible Debt and the Subordinated Debt.
Thereafter, all net cash sale proceeds shall be applied to the MCDA Operating Indebtedness until paid in full, after which, all remaining net cashsale proceeds (if any) shall be divided equally between Marquette and MCDA.
All Bridge Indebtedness and Swap Indebtedness shall rank in right of payment in priority to the Intercompany Subordinated Debt, the Convertible Debt and the Subordinated Debt, and shall rank pari passu in right of payment to the Term Indebtedness and the Operating Indebtedness.
Purchasers and the Secured Party hereby agree not to exercise any of their rights with respect to the Collateral under this Agreement, at law, in equity or otherwise until the holders of Operating Indebtedness have been paid in full.