Debt Priority. Obligations under this Note are senior to all Junior Debt on the terms set forth in Paragraph 4. Obligations under this Note shall be junior to the Senior Debt only to the extent of the express terms, such as existed on the date this Note, of the Senior Debt. In the event that the Company shall fail to comply with any of the covenants or other agreements contained in any agreement or instrument relating to Senior Debt or an event of default shall occur with respect to Senior Debt other than a Payment Default, which default or event of default shall not have been cured or waived (a "Covenant Default"), the Company shall give prompt written notice of such Covenant Default to the Holder.
Appears in 5 contracts
Samples: General Environmental Management, Inc, General Environmental Management, Inc, General Environmental Management, Inc
