Common use of Issuance of Senior Notes Clause in Contracts

Issuance of Senior Notes. Subject to the terms of this Agreement, each Investor, severally and not jointly, agrees to lend to the Company the amount set forth in such Investor’s Senior Secured Promissory Note Subscription Agreement (such Investor’s “Senior Note Subscription Amount”), to be paid against the issuance and delivery by the Company of a senior secured promissory note for such amount in substantially the form attached hereto as Exhibit A. The minimum Senior Note Subscription Amount shall be U.S. $50,000, except as may be permitted in the sole discretion of the Company. Each senior secured promissory note issued and delivered by the Company pursuant to this Section 1.1 shall be referred to herein as a “Senior Note” and collectively as the “Senior Notes,” and effective upon the purchase of the Senior Note, such Investor shall be deemed a “Senior Noteholder” for so long as such Investor remains the recorded owner of the Senior Note and the Senior Note is outstanding.

Issuance of Senior Notes. Subject to the terms of this Agreement, each Investor, severally and not jointly, agrees to lend to the Company the amount set forth in such Investor’s Senior Secured Promissory Demand Note Subscription Agreement (such Investor’s “Senior Note Subscription Amount”), to be paid against the issuance and delivery by the Company of a senior secured promissory demand note for such amount in substantially the form attached hereto as Exhibit A. The minimum Senior Note Subscription Amount shall be U.S. $50,000, except as may be permitted in the sole discretion of the Company. Each senior secured promissory demand note issued and delivered by the Company pursuant to this Section 1.1 shall be referred to herein as a “Senior Note” and collectively as the “Senior Notes,” and effective upon the purchase of the Senior Note, such Investor shall be deemed a “Senior Noteholder” for so long as such Investor remains the recorded owner of the Senior Note and the Senior Note is outstanding.