Common use of Status of Note Clause in Contracts

Status of Note. The obligations of the Maker under this Note shall rank senior to all other existing Indebtedness (including the Class B Notes) and equity of the Company except that the obligations of the Maker under this Note shall rank pari passu with all other Indebtedness owing to the other Investors under the other Class A Notes (as such term is defined in the Purchase Agreement) (the “Other Notes”). Upon any Liquidation Event (as hereinafter defined), but subject in all cases to the Purchase Agreement, the Holder will be entitled to receive, before any distribution or payment is made upon, or set apart with respect to, any Indebtedness of the Maker (other than Indebtedness in respect of the Other Notes) or any class of shares of the Maker, an amount equal to the sum of the Outstanding Principal Amount. For purposes of this Note, “Liquidation Event” means a liquidation pursuant to a filing of a petition for bankruptcy under applicable law or any other insolvency or debtor’s relief, an assignment for the benefit of creditors, or a voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Maker.

Status of Note. The obligations of the Maker under this Note shall rank senior to all other existing Indebtedness (including the Class B Notes) and equity of the Company except that Company, other than Indebtedness owing to the holders of the Prior Notes (as such term is defined in the Purchase Agreement), and the obligations of the Maker under this Note shall rank pari passu with all other Indebtedness owing to the other Investors under holders of the other Class A Notes (as such term is defined in the Purchase Agreement) (the “Other Prior Notes”). Upon any Liquidation Event (as hereinafter defined), but subject in all cases to the Purchase Agreement, the Holder will be entitled to receive, before any distribution or payment is made upon, or set apart with respect to, any Indebtedness of the Maker (other than Indebtedness in respect of the Other Prior Notes) or any class of shares of the Maker, an amount equal to the sum of the Outstanding Principal Amount. For purposes of this Note, “Liquidation Event” means a liquidation pursuant to a filing of a petition for bankruptcy under applicable law or any other insolvency or debtor’s relief, an assignment for the benefit of creditors, or a voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Maker.

Status of Note. The obligations of the Maker under this Note shall rank senior to all other existing Indebtedness (including the Class B Notes) and equity of the Company except that to the extent of the first lien security interest in the collateral pursuant to the Security Agreement, other than the Other Note issued pursuant to the Purchase Agreement and the Prior Notes, with which the obligations of the Maker under this Note shall rank pari passu with all other Indebtedness owing pursuant to the other Investors under terms of the other Class A Notes (as such term is defined in the Purchase Security Agreement) (the “Other Notes”). Upon any Liquidation Event (as hereinafter defined), but subject in all cases to the Purchase Agreement, the Holder will be entitled to receive, before any distribution or payment is made upon, or set apart with respect to, any Indebtedness of the Maker (other than Indebtedness ranking junior to this Note in respect right of the Other Notes) or any class of shares of the Makerpayment, an amount equal to the sum of the Outstanding Principal Amountoutstanding Principal, Interest and any other sums due. For purposes of this Note, “Liquidation Event” means a liquidation pursuant to a filing of a petition for bankruptcy under applicable law or any other insolvency or debtor’s relief, an assignment for the benefit of creditors, or a voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Maker.