Excluded Indebtedness

Excluded Indebtedness. Shall mean the following obligations of the Borrowers: i. The Existing Secured Debt in a principal amount not to exceed at any time $3,100,000, plus accrued interest thereon, plus ii. Any indebtedness which is specifically subordinated to this Note (and upon which no payments of principal can be made while any Financial Obligations are outstanding).

Excluded Indebtedness. Indebtedness included in the Guarantor's financial statements in accordance with GAAP but which none of the Guarantor or its subsidiaries (other than subsidiaries that are CDOs or other securitization entities) is obligated to pay, including all CDOs or other securitization vehicles that are consolidated in accordance with GAAP.