No New Debt Senior to Senior Debt. After the date of this Note, the Company, Santa Xxxxx Waste Water Company, a California corporation (“SCWW”) or California Living Waters, Inc. shall not incur any Debt other than debt incurred to replace the indebtedness to the National Bank of California, the terms of which purport to be senior to any of the Notes. All new debt of the Company, SCWW and CLW shall be Junior Debt to any of the Notes.
Appears in 5 contracts
Samples: Note Agreement (General Environmental Management, Inc), Note Agreement (General Environmental Management, Inc), Note Agreement (General Environmental Management, Inc)
