Permitted Obligations
Permitted Obligations. (a) the Loan Obligations; (b) Obligations giving rise to Permitted Liens; (c) accounts payable and accrued payables arising in the ordinary course of business which are not past due in accordance with their terms; provided Borrower may contest accounts payable in appropriate proceedings if done so in good faith and if adequate reserves are set aside on the books of Borrower; and (d) Obligations to Borrower's shareholders, members, or partners, as applicable, that are expressly subordinate to...
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