Permitted Atchison Debt definition
Permitted Atchison Debt means Debt of MGP to Bank of Atchison (Union State Bank) provided that (1) the aggregate principal amount of such Debt outstanding at any time does not exceed $1,500,000, less any payments or prepayments thereof after the date of its incurrence, (2) such Debt is unsecured except for a Lien on (i) MGP’s real property and improvements thereon located in Onaga, Kansas, (ii) MGP’s real property and improvements thereon located in Atchison, Kansas and commonly known as the “flour mill,” and (iii) equipment located at such real property locations, (3) such Debt is subject to an intercreditor agreement in favor of the Agent, on behalf of the Banks, which provides for the Agent, on behalf of the Banks, to retain a subordinate Lien on such properties and equipment and which restricts the holder of such Debt from obtaining judgment liens on or taking other action against assets of MGP other than such properties and which is otherwise reasonably acceptable to the Agent, and (4) the maturity, payment and other terms of such Debt are reasonably acceptable to the Banks.