Common use of Additional Series of Notes Clause in Contracts

Additional Series of Notes. In addition to the issuance and sale of the Original Notes, the Company may from time to time issue and sell one or more additional notes (the “Additional Notes” and together with the Original Notes, the “Notes”, such term to include each Note delivered pursuant to any provision of this Agreement or any Supplement and each Note delivered in substitution or exchange for any such Note pursuant to any such provision) pursuant to this Agreement; provided, however, that the aggregate principal amount of all Additional Notes issued pursuant to this Agreement that may be outstanding at any time shall not exceed $500,000. Any Additional Notes will be issued solely in consideration for cash at 100% of the principal amount thereof pursuant to a supplement to this Agreement (a “Supplement”) in substantially the form of Exhibit J, and will be subject to, and entitled to the benefits of, all of the provisions of this Agreement. For the avoidance of doubt, all Notes issued under this Agreement, including pursuant to any Supplement, shall rank pari passu with each other, including, without limitation, with respect to security interests and proceeds under each Collateral Document. For the further avoidance of doubt, any issuance and sale of Additional Notes that complies with the provisions of this paragraph 2A(2) is a transaction expressly permitted by this Agreement within the meaning of paragraph 7B(9) of this Agreement.

Appears in 1 contract

Samples: Securities Purchase Agreement (ZaZa Energy Corp)

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