Definition of Porter Subordinated Debt

  1. Porter Subordinated Debt means those certain Subordinated Promissory Notes in the original aggregate principal amount of $2,500,000 dated on or about March 31, 2015 issued by the Borrower to John R.C. Porter pursuant to those certain Subordinated Loan Agreements dated on or about March 31, 2015 by and between the Borrower and John R. C. Porter.

Examples of Porter Subordinated Debt in a sentence

  1. On or within thirty (30) days after the Closing Date (unless the Agent has agreed in writing otherwise), the proceeds of the Loans shall be applied to Permitted Uses consisting of (i) the payment in full of all outstanding Porter Subordinated Debt and (ii) the purchase (and concurrent cancellation) or redemption of the portion of the Senior Preferred Stock not held by John R. C. Porter or his Affiliates in an aggregate amount of approximately $360,000.

Definition of Porter Subordinated Debt in Credit Agreement

Porter Subordinated Debt means those certain Subordinated Promissory Notes in the original aggregate principal amount of $2,500,000 dated on or about March 31, 2015 issued by the Borrower to John R.C. Porter pursuant to those certain Subordinated Loan Agreements dated on or about March 31, 2015 by and between the Borrower and John R. C. Porter.