Debentures to Rank Pari Passu. The Debentures will be direct unsecured obligations of the Corporation. Each Debenture of the same series of Debentures will rank pari passu with each other Debenture of the same series (regardless of their actual date or terms of issue) and, subject to statutory preferred exceptions, with all other present and future subordinated and unsecured indebtedness of the Corporation, other than Senior Indebtedness.
Debentures to Rank Pari Passu. The Debentures will be direct unsecured obligations of the Trust. Each Debenture of the same series of Debentures will rank pari passu with each other Debenture of the same series (regardless of their actual date or terms of issue) and, subject to statutory preferred exceptions, with all other present and future subordinated and unsecured indebtedness of the Trust except for sinking fund provisions (if any) applicable to different series of Debentures or other similar types of obligations of the Trust.
Debentures to Rank Pari Passu. The Debentures will be direct unsecured subordinated obligations of the Corporation. Each Debenture a will rank pari passu with each other Debenture (regardless of their actual date or terms of issue) and, subject to statutory preferred exceptions, with all other present and future subordinated and unsecured indebtedness of the Corporation (other than Senior Indebtedness) except for sinking fund provisions (if any) applicable to different series of Debentures or other similar types of obligations of the Corporation. The payment of the principal and interest on the Debentures shall, as provided for in Article 5, be subordinated and postponed in right of payment to all Senior Indebtedness.
Debentures to Rank Pari Passu. The Debentures issued by the Borrower, once issued and granted, rank pari passu with each other and each Debentureholder shall be equally and proportionately entitled to the benefits hereof as if all of the Debentures had been issued, granted and negotiated simultaneously.
Debentures to Rank Pari Passu. (1) The Debentures will be direct secured obligations of the Corporation in accordance with the provisions of Article 5 of the Indenture. Each Debenture of the same series of Debentures will rank pari passu with each other Debenture of the same series (regardless of their actual date or terms of issue) and, subject to statutory preferred exceptions, in priority all other present and future secured indebtedness of the Corporation.
(2) Notwithstanding Article 5, during the period that any Debentures are outstanding, the Corporation agrees that it will not grant new encumbrances or liens or otherwise grant any new security interest in any of its assets without the prior consent of Canaccord Genuity Corp. and the lead investor in the Offering, such consent not to be unreasonably withheld or delayed.”
(3) Article 5 of the Indenture is hereby deleted and replaced with the following:
Debentures to Rank Pari Passu. (a) The Initial Debentures will be direct senior obligations of the Corporation secured against all present and after acquired property of the Corporation to the extent a security interest in such collateral may be created and perfected under Article 9 of the New York Uniform Commercial Code (and as applicable the Delaware Uniform Commercial Code), provided however that the Corporation may factor or otherwise sell its accounts receivable in the ordinary course of business or secure such accounts receivable in priority to the Initial Debentures in favour of a third party lender. Each Debenture of the same series of Debentures will rank pari passu with each other Debenture of the same series (regardless of their actual date or terms of issue) and, subject to statutory preferred exceptions, will rank senior to all other indebtedness and obligations of the Corporation except for sinking fund provisions (if any) applicable to different series of Debentures or other similar types of obligations of the Corporation. For greater certainty, the Initial Debentures will rank senior to all other Debentures issued hereunder.
Debentures to Rank Pari Passu. All Debentures of each series shall rank pari passu without discrimination, preference or priority with all other Debentures issued under this Indenture or any indenture supplemental hereto and all existing and future senior unsecured, unsubordinated Indebtedness of the Corporation. The Debentures will be effectively subordinated in right of payment to all secured Indebtedness of the Corporation to the extent of the value of the assets securing any such Indebtedness. Notwithstanding the foregoing, the Corporation shall pay any amounts received under the Keep Well Agreement in respect of debt incurred in respect of the Debentures in accordance with the terms of the Keep Well Agreement.
Debentures to Rank Pari Passu. The Debentures shall rank pari-passu, inter-se, without any preferences or priority of one over the other or others of them.
Debentures to Rank Pari Passu. (a) The Debentures may be issued in such amounts, to such Persons and on such terms not inconsistent with the provisions of this Trust Indenture as the Corporation by Written Direction of the Corporation directs, pursuant to Section 2.3, at par. The Debentures as soon as issued or negotiated, subject to the terms hereof, will be direct obligations of the Corporation. The Debentures will rank in priority of payment to all existing and future Indebtedness of the Corporation other than existing and future Permitted Debt and will be subordinated in right of payment to all existing and future Permitted Senior Debt in accordance with Article 4.
(b) Except as provided in Article 4, nothing contained in this Trust Indenture or in the Debentures is intended to or shall impair, as between the Corporation and the Debentureholders, the obligation of the Corporation, which is absolute and unconditional, to pay to the Debentureholders the Principal Sum and Interest on the Debentures as and when the same shall become due and payable in accordance with their terms, nor shall anything herein or therein prevent the Trustee or the Debentureholders from exercising all remedies otherwise permitted by Applicable Law upon an Event of Default, subject to the rights, if any, of the holders of Permitted Senior Debt.
(c) Except as provided in Article 4, nothing contained in this Section 2.5 or elsewhere in this Trust Indenture or in any of the Debentures shall prevent the application by the Trustee of any monies deposited with the Trustee hereunder for the purpose of the payment of or on account of the Principal Sum or Interest on the Debentures. Notwithstanding the provisions of this Section 2.5 or any provisions contained in this Trust Indenture or in the Debentures, the Trustee shall not be charged with knowledge of the existence of any Permitted Senior Debt or of any Senior Debt Default, unless and until the Trustee shall have received written notice thereof from the Corporation or from the holder of any Permitted Senior Debt or from the representative of any such holder.
Debentures to Rank Pari Passu. The Debentures will be direct unsecured obligations of the Corporation. Each Debenture of the same series of Debentures will rank pari passu with each other Debenture of the same series (regardless of their actual date or terms of issue) and, subject to statutory preferred exceptions, will rank pari passu to all other present and future unsecured indebtedness of the Corporation; but will be subordinate to all existing and future Secured Indebtedness and other Secured Indebtedness of the Corporation, in each case only to the extent of the value of the assets securing such Secured Indebtedness, or other indebtedness that ranks senior to the Debentures by operation of law.
