Examples of Existing Secured Note in a sentence
It is a requirement of the Existing Secured Note that any secured Indebtedness of the Company, including this Note, be subordinated in right of payment to the Existing Secured Note.
So long as this Note is outstanding, the Company shall not, and the Company shall not permit any of its Subsidiaries to, directly or indirectly, allow or suffer to exist any mortgage, lien, pledge, charge, security interest or other similar encumbrance upon or in any property or assets (including accounts and contract rights) owned by the Company or any of its Subsidiaries (collectively “Liens”) other than (i) existing Liens securing the Existing Secured Note and (ii) Permitted Liens.
The indebtedness evidenced by the Existing Secured Note is continuing indebtedness and nothing contained herein shall be deemed to constitute payment, settlement or a novation of the Existing Secured Note.
The Company hereby agrees that it may not make, and the Holder hereby agrees that it will not accept, any Distribution with respect to this Note until the earlier of (a) the date that is one (1) day following the date the Existing Secured Debt is indefeasibly paid in full in cash and (b) in the event that the Existing Secured Note Holder has acknowledged in writing that the Existing Secured Debt has been indefeasibly paid in full in cash, the date of such payment and acknowledgment in writing.
It is a requirement of the Existing Secured Note and of the Summit Consent Letter that the liens or security interests securing the Notes be subordinate and junior to the liens and security interests securing the Indebtedness of the Company in respect of the Existing Secured Note and the Summit Debt, respectively.
The Holder Representative acknowledges that the Existing Secured Note Holder has been granted a security interest in the Collateral and that Summit has been granted a security interest in a portion of the Collateral.
The Servicing Agent intends to assign the Existing Secured Note and liens securing the note to the Successor Servicing Agent.
So long as this Note is outstanding, the Company shall not, and the Company shall not permit any of its Subsidiaries (as defined in the Securities Purchase Agreement) to, directly or indirectly, incur or guarantee, assume or suffer to exist any Indebtedness, other than (i) the Indebtedness evidenced by this Note and the Other Notes, (ii) Permitted Indebtedness and (iii) the Existing Secured Note.
The Holder Representative acknowledges and agrees that the security interest granted to it in the Collateral for the benefit of the holders of the Notes is subordinated to the respective security interests of the Existing Secured Note Holder and Summit in the Collateral (to the extent that a security interest in the Collateral has been granted to such Person) in the manner and pursuant to the terms set forth in this Section 9.
The Holder Representative agrees promptly to execute and deliver to the Company, the Existing Secured Note Holder or Summit (as applicable) such termination statements, releases and other documents as the Existing Secured Note Holder or Summit (as applicable) may reasonably require to effectively confirm such release.