No Senior Indebtedness. The Company shall not create, incur, issue, assume, guarantee or otherwise become liable for any Indebtedness senior in right of payment or otherwise to the Senior Secured Convertible Notes, and all outstanding current and any future obligations of the Company to its officers and/or managers and any additional debt instruments issued by the Company shall be subordinated to the Senior Secured Convertible Notes in all material respects.
No Senior Indebtedness. Other than indebtedness relating to a credit line in the aggregate principal amount not in excess of $1,000,000, until the expiration of the Lock-up Period, the Company agrees that neither the Company nor any direct or indirect subsidiary of the Company shall create, incur, assume, guarantee, secure or in any manner become liable in respect of any indebtedness, or permit any liens, claims or encumbrances to exist against the Company or any direct or indirect subsidiary of the Company or any of their assets, unless junior to the Debentures in all respects.
No Senior Indebtedness. Except with respect to $2,000,000.00 of ---------------------- Indebtedness owed by Borrower in connection with certain Industrial Development Revenue Bonds originally issued by Xxxxxxxxx County Development Authority, the Indebtedness of Borrower hereunder ranks and will rank at least equal with all other present and future Indebtedness of Borrower other than Senior Indebtedness.
No Senior Indebtedness. Until each Note has been fully repaid, the Company covenants that, without the prior unanimous approval of the holders of the outstanding Notes, the Company will not incur any indebtedness which by its terms is senior in right of payment of principal or interest to the Notes.
No Senior Indebtedness. The District has not issued or incurred any obligations which are currently outstanding having any priority in payment out of the Gross Revenues or the Net Revenues over the payment of the Loan Repayments as provided herein.
No Senior Indebtedness. Until the later of (a) the six month anniversary of the Closing Date and (b) the earlier of (x) the six month anniversary of the exercise of the Special Warrant and (y) the expiration of the Special Warrant, the Company shall not create, incur, assume, guarantee, secure or in any manner become liable in respect of any indebtedness, or permit any liens, claims or encumbrances to exist against the Company or any of its assets unless PARI PASSU or junior to the Debentures and the Warrant Debentures in all respects, except for obligations of the Company under capital leases or purchase money obligations incurred for the purpose of financing all or any part of the purchase price of property (including intellectual property, such as software), plant or equipment used in the business of the Company and except for liens securing such indebtedness (provided such liens are limited to the property subject to such capital lease or acquired with such purchase money financing) and mortgages, deeds of trust, pledges, liens, security interests or other charges or encumbrances for (i) taxes, assessments or governmental charges or levies on property, in each case, not yet due and payable, (ii) arising out of pledges or deposits under laws or regulations pertaining to workmen's compensation, unemployment insurance, old age pensions or other social security or retirement benefits or similar legislation, (iii) securing the performance of bids, tenders, service contracts, statutory obligations and surety bonds in an amount not to exceed $100,000 in the aggregate, (iv) zoning restrictions, easements and rights of restrictions of record on the use of real property, provided such restrictions do not impair the use of the real property, (v) arising by operation of law in favor of the owner or sublessor of leased premises, and (vi) arising from any litigation or proceeding which is being contested in good faith and for which adequate reserves have been set aside.
No Senior Indebtedness. The Company shall not issue any notes, bonds, indentures or similar instruments for borrowed money with rights to payment senior to that of the Notes.
No Senior Indebtedness. No Indebtedness of any Guarantor is senior in payment to any Guaranteed Obligations, and no Indebtedness of any Borrower or their respective Subsidiaries is senior in payment to the Guaranteed Obligations of such Borrower or Subsidiary, if any.
No Senior Indebtedness. Following the date hereof, the Company shall not incur any Indebtedness that is a Senior obligation to this Note.
No Senior Indebtedness. As long as any part of the Convertible Debentures are outstanding and Purchaser has complied with all its funding obligations as set forth on the Funding Schedule, subject to Section v of this Section (regarding subordination), the Company shall not incur any indebtedness, liability or obligation that is senior to the Convertible Debentures in right of payment, whether with respect to interest or upon liquidation or dissolution, or otherwise; provided, however, that notwithstanding the foregoing, the Company may, in the ordinary course of business, incur indebtedness secured by purchase money security interests (which will be senior only as to the underlying assets covered thereby) and indebtedness under capital lease obligations (which will be senior only as to the underlying assets covered thereby) in an aggregate outstanding principal amount not to exceed two million dollars ($2,000,000.00) .
