Subordinate to Senior Indebtedness. The Company agrees, and Purchaser by its acceptance hereof likewise agrees, that the payment of the principal of and interest on this Debenture is hereby expressly made subordinate and junior in right of payment to the prior payment in full of all principal of and interest on all Senior Indebtedness (as defined below) whether now outstanding or hereafter incurred, created or assumed.
Appears in 2 contracts
Samples: Subordinated Debenture and Warrant Purchase Agreement (Cahill Edward L), Subordinated Debenture and Warrant Purchase Agreement (Cahill Edward L)
Subordinate to Senior Indebtedness. The Company agrees, and ---------------------------------- Purchaser by its acceptance hereof likewise agrees, that the payment of the principal of and interest on this Debenture is hereby expressly made subordinate and junior in right of payment to the prior payment in full of all principal of and interest on all Senior Indebtedness (as defined below) whether now outstanding or hereafter incurred, created or assumed.
Appears in 1 contract
Samples: Subordinated Debenture and Warrant Purchase Agreement (Concorde Career Colleges Inc)
Subordinate to Senior Indebtedness. The Company agrees, and Purchaser ---------------------------------- by its acceptance hereof likewise agrees, that the payment of the principal of and interest on this Debenture is hereby expressly made subordinate and junior in right of payment to the prior payment in full of all principal of and interest on all Senior Indebtedness (as defined below) whether now outstanding or hereafter incurred, created or assumed.
Appears in 1 contract
Samples: Subordinated Debenture and Warrant Purchase Agreement (Concorde Career Colleges Inc)
