Subordinated Debt. (a) Make or permit any payment on any Subordinated Debt (other than conversions into equity), except under the terms of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject, or # amend any provision in any document relating to the Subordinated Debt which would increase the amount thereof, provide for earlier or greater principal, interest, or other payments thereon, or adversely affect the subordination thereof to Obligations owed to Bank.

Subordinated Debt. Any document, instrument, or agreement evidencing any Subordinated Debt shall for any reason be revoked or invalidated or otherwise cease to be in full force and effect, any Person shall be in breach thereof or contest in any manner the validity or enforceability thereof or deny that it has any further liability or obligation thereunder, or the Obligations shall for any reason be subordinated or shall not have the priority contemplated by this Agreement or any applicable subordination or intercreditor agreement;

unsecured Indebtedness to trade creditors incurred in the ordinary course of business; # Indebtedness incurred as a result of endorsing negotiable instruments received in the ordinary course of business; # Indebtedness secured by Liens permitted under clauses (a) and (c) of the definition of “Permitted Liens” hereunder;

Indebtedness pursuant to corporate credit cards not with SVB in an aggregate amount not to exceed $250,000 at any time;

“Tangible Net Worth” means the aggregate assets of [[Organization A:Organization]] excluding all intangible assets, including, but not limited to, goodwill, licenses, trademarks, patents, copyrights, organization costs, appraisal surplus, officer, stockholder, related entity and employee advances or receivables, mineral rights and the like, less liabilities, plus Subordinated Debt, all determined in accordance with G.A.A.P. (except to the extent that under G.A.A.P. “tangible net worth” excludes leasehold improvements which are included in “Tangible Net Worth” as defined herein).

unsecured Indebtedness to trade creditors incurred in the ordinary course of business;

Subordination. After the execution and delivery thereof, each Permitted Subordinated Debt Document is enforceable against Borrower and the holders of the Permitted Subordinated Debt evidenced thereby, and all Obligations hereunder and under the other Credit Documents are within the definition of “Senior Debt” (or any relevant similar term) included in the subordination provisions of such Permitted Subordinated Debt Documents.

Permitted Debt Create, incur, guarantee or suffer to exist any Debt, except:

Subordination Agreement" means an agreement in form and substance acceptable to Bank between Bank and the holder of any Subordinated Debt.

no part of the ​-District Debt has been assigned, transferred, pledged, subordinated or otherwise encumbered by such ​-District Creditor in any respect heretofore or as of the Effective Date (except pursuant to this Agreement), except that # the ​-District Debt was previously subordinated pursuant to that certain Subordination Agreement dated as of April 19, 2021 by and among the ​-District Creditors as subordinated creditors, Live Oak Banking Company as senior creditor and ​ (as amended by that certain Amendment to Subordination Agreement dated as of April 26, 2021 by and among the ​-District Creditors as subordinated creditors, Live Oak Banking Company as senior creditor and ​) and # the ​-District Debt was previously subordinated pursuant to that certain Subordination Agreement dated as of April 1, 2022 by and among the ​-District Creditors as subordinated creditors, TQLA as senior creditor and ​.