Seniority of Notes. The Company acknowledges, agrees and covenants that the Securities shall be its senior obligations, ranking senior in right of payment to Common Stock and to future issuances of Debt (as defined in the Tranche I Notes) other than (i) Debt that is permitted to be secured in accordance with the limitations on Debt in Section 6 of the Tranche I Notes under Sections 6(a)(ii)(a) or (c), and (ii) for the avoidance of doubt, the Total Notes, which Total Notes shall be pari passu with the Securities except as provided in the MOU.
Seniority of Notes. The Purchasers hereby agree that the Alpharma Convertible Note issued pursuant to the Loan Agreement shall rank pari passu in right of payment with the Subordinated Notes and any debt securities issuable upon conversion or exchange of the shares of Preferred Stock of the Company issued to the Purchasers pursuant to the Series G Purchase Agreement, except as otherwise provided in the Subordination Agreement dated as of February 16, 1999 among the Company, the Purchasers and Alpharma.
Seniority of Notes. The Furmxx Xxxx Xxxities hereby agree that the 7.5% Convertible Subordinated Note in the aggregate principal amount of up to $40,000,000 (the "Alpharma Convertible Note") issued by the Company on February 19, 1999 to Alpharma pursuant to the Loan Agreement dated as of February 16, 1999 by and among the Company, Alpharma and Alpharma Inc. (the "Alpharma Loan Agreement") shall rank pari passu in right of payment with the Third Amendment Convertible Notes issued to the Furmxx Xxxx Xxxities pursuant to this Third Amendment, the Subordinated Notes and the Convertible Notes issuable upon exchange of the Preferred Stock, except as otherwise provided in the Subordination Agreement dated as of February 16, 1999 among the Company, the Purchasers and Alpharma, as amended (the "Subordination Agreement").
Seniority of Notes. No Indebtedness of the Company or any of the Subsidiaries, at the Closing, will rank senior to, or pari passu with, the Notes in right of payment, whether with respect to payment or redemptions, interest, damages, upon liquidation or dissolution or otherwise.
Seniority of Notes. (a) The Notes shall rank senior to all Indebtedness of the Company and its Subsidiaries (including Intercompany Indebtedness) existing as of the date hereof or hereafter incurred other than Senior Debt. The Notes may be subordinated only to Senior Debt. The Notes may rank pari passu with the New Notes that may be issued by the Company in compliance with Section 5(u) of the Notes.
Seniority of Notes. The Company shall cause its obligations under this Agreement and the Notes at all times to be senior in right of payment to all other Indebtedness of the Company, other than the Indebtedness identified on Schedule A, any Indebtedness incurred pursuant to the Shareholder Financing and Indebtedness incurred pursuant to Section 9.3(c) (whether secured or unsecured); provided that Indebtedness of the Company permitted under Section 9.3(c) and consisting of guarantees of Indebtedness of its Subsidiaries may be equal in right of payment to the Company's obligations under this Agreement and the Notes to the extent such Indebtedness of the Company outstanding at any time does not exceed $1,500,000 in aggregate principal amount.
Seniority of Notes. The Company shall cause its obligations under this Agreement and the Notes at all times to be senior in right of payment to all other Indebtedness of the Company other than the Indebtedness of the Company identified on Schedule A, any Indebtedness incurred by the Company pursuant to the Additional TCG Financing and Indebtedness incurred by the Company pursuant to Section 9.3(c) (whether secured or unsecured) (collectively, the "Excluded Indebtedness"); provided that the Company's obligations under this Agreement and the Notes shall be at least equal in right of payment to the Excluded Indebtedness; provided, further, that Indebtedness of the Company permitted under Section 9.3(c) and consisting of guarantees of Indebtedness of its Subsidiaries may only be equal in right of payment to the Company's obligations under this Agreement and the Notes to the extent such Indebtedness of the Company outstanding at any time does not exceed $1,500,000 in aggregate principal amount.
Seniority of Notes. The Company hereby acknowledges that any Notes issued pursuant to this Agreement shall be senior to the 1.50% Convertible Subordinated Debentures due 2024 (the “Subordinated Debentures”) issued pursuant to that certain Indenture, dated as of September 22, 2004 (the “Indenture”), by and between the Company and U.S. Bank National Association, as Trustee.
Seniority of Notes. Upon issuance, the Notes will rank senior to any current Indebtedness of the Company except for the Company’s previously issued 7% Senior Convertible Promissory Notes which shall rank senior to the Notes. Except for the Company’s previously issued 7% Senior Convertible Promissory Notes, the Company currently has no senior or secured Indebtedness outstanding. As used herein, the term “Indebtedness” means: (i) all obligations for borrowed money, (b) all obligations evidenced by bonds, debentures, notes, or other similar instruments and all reimbursement or other obligations in respect of letters of credit or other financial products, (c) all payment obligations (other than trade payables incurred in the ordinary course of business
Seniority of Notes. The Notes rank parri passu in right of payment with all existing and future senior indebtedness of the Company and the Parent Company.
