Ranking of Note. Subject at all times to the subordination provisions set forth in Section 9 hereof, this Note shall constitute senior securities of the Company and, except as provided below, shall rank pari passu with all other indebtedness for money borrowed by the Company and senior to any other indebtedness for money borrowed by the Company which, by its terms shall be made expressly subject and subordinated to this Note.
Ranking of Note. Other than Permitted Indebtedness (as defined in the Note), no Indebtedness of the Company, at the Closing, will be senior to, or pari passu with, the Note in right of payment, whether with respect to payment or redemptions, interest, damages, upon liquidation or dissolution or otherwise.
Ranking of Note. The Note shall constitute a senior general unsecured obligation of the Company, ranking equally in right of payment with all of the existing and future senior Indebtedness of the Company and ranking senior in right of payment to any future Indebtedness of the Company that is expressly made subordinate to the Note by the terms of such Indebtedness.
Ranking of Note. (a) The Company covenants and agrees, and the Holder, by accepting this Note, also covenants and agrees, that the indebtedness represented by this Note and the payment of principal and interest on, premium, if any, and all other amounts owing in respect of, this Note (collectively, the "Subordinated Obligations") shall be expressly subordinated, to the extent and in the manner hereinafter set forth, to the prior payment in full in cash of all Senior Debt (as hereinafter defined). Senior Debt shall mean all Indebtedness (as
Ranking of Note. Except as set forth on Schedule (ee), no Indebtedness of the Company is senior to or ranks pari passu with the Note in right of payment, whether with respect of payment of redemptions, interest, damages or upon liquidation or dissolution or otherwise.
Ranking of Note. With the exception of the Senior Convertible Note previously issued to VDF FutureCeuticals, Inc. (the “VDF Note”), the Promissory Note issued to Solait Corp (the "Solait Note"), and the Senior Convertible Note issued to Lincoln Park Capital Fund, LLC (the "LPC Note"), no Indebtedness of the Company, at the Closing, will be senior to the Note in right of payment, whether with respect to payment or redemptions, interest, damages, upon liquidation or dissolution or otherwise.
Ranking of Note. The Note will rank pari passu with all other senior Indebtedness of the Borrower, whether with respect to payment of redemptions, interest, damages or upon liquidation or dissolution or otherwise.
Ranking of Note. Subject at all times to the subordination provisions set forth in Section 9 hereof, this Note shall, together with the Series L Convertible Notes, constitute Senior Securities of Greenstone Healthcare Corporation and, except as provided below, Series L Notes shall be senior to any other indebtedness for money borrowed by the Company which, by its terms shall be made expressly subject and subordinated to this Note.
Ranking of Note. As of the date of this Agreement, except for the indebtedness under the Note, Borrower has no indebtedness for borrowed money.
Ranking of Note. The Company shall not issue any securities which are senior to or pari passu with this Surplus Note [other than a surplus note issued to Noteholder on the same date hereof relating to the Company’s or its subsidiaries’ life business]. By acceptance of this Surplus Note, the Noteholder expressly agrees that the payment of principal and interest by the Company is expressly subordinated to claims of creditors of Company under ILL. REV. STAT. ch. 215 Section 5/205, which provides that surplus notes are at the eighth priority. The obligations of the Company under this Surplus Note are not subject either to offset by the Noteholder or to recoupment with respect to any liability or obligation owed to the Company by the Noteholder.
