PRIORITY LIEN; SENIORITY. The Company represents, warrants and covenants that in the event of Bankruptcy of the Company, this Note and the indebtedness evidenced hereby, collectively, with all other Notes issued pursuant to the Purchase Agreement, shall: (i) become secured by a lien on the assets of the Company and its wholly-owned subsidiaries as of the date of such Bankruptcy; and (ii) be senior in right of payment in full to the payment of all Indebtedness of the Company created after the date of this Note. The term "
Appears in 5 contracts
Samples: 10% Note (Proteonomix, Inc.), 10% Note (Proteonomix, Inc.), 10% Note (Proteonomix, Inc.)
