Common use of Prior Debt Clause in Contracts

Prior Debt. The Prior Debt, if any, (i) has been (or concurrently with the initial borrowing will be) paid in full and all related Liens, if any, have been (or concurrently with the initial borrowing will be) released or (ii) otherwise subject to an intercreditor arrangement or subordination agreement acceptable to Agent in its commercially-reasonable discretion.

Appears in 4 contracts

Samples: Credit Agreement (Acer Therapeutics Inc.), Credit Agreement (Acer Therapeutics Inc.), Credit Agreement (Acer Therapeutics Inc.)

AutoNDA by SimpleDocs
Time is Money Join Law Insider Premium to draft better contracts faster.