Example ContractsClausesConversion of Senior Debt
Conversion of Senior Debt
Conversion of Senior Debt contract clause examples

Conversion of Senior Debt. The Purchasers hereby acknowledge that all Senior Debt will convert into the Series A Preferred Stock simultaneously with the Closing of this transaction.

Conversion of Senior Debt. The holders of the Senior Debt shall agree to convert all of their outstanding principal amount plus any accrued but unpaid interest thereon into the Series A Preferred Stock; and

Conversion of Senior Debt. The holders of the Senior Debt shall agree to convert all of their outstanding principal amount plus any accrued but unpaid interest thereon into the Series A Preferred Stock.

Senior Debt. Ensure that the Obligations shall, at all times, rank at least pari passu in right of payment (to the fullest extent permitted by law) with all other senior Indebtedness of the Borrower and each of its Subsidiaries.

Senior Debt. The Obligors will promptly take all actions as may be necessary to ensure that the Obligations shall rank at least pari passu with any other senior Debt or securities of the Obligors and shall constitute senior Debt of the Obligors under and as defined in any documentation documenting any present or future junior or subordinated Debt of the Obligors.

The Obligations of each Loan Party under this Agreement, the Notes, the Guaranty Agreement and each of the other Loan Documents to which it is a party do rank and will rank at least pari passu in priority of payment with all other Indebtedness of such Loan Party. There is no Lien upon or with respect to any of the properties or income of any Loan Party or Subsidiary of any Loan Party which secures Indebtedness or other obligations of any Person except for Permitted Liens.

The Obligations of each Loan Party under this Agreement, the Notes, the Guarantee and Collateral Agreement and each of the other Loan Documents to which it is a party do rank and will rank at least pari passu in priority of payment with all other senior Indebtedness of the Loan Parties. Without limiting the foregoing, each Loan Party shall take all steps necessary to provide that # its Obligations under this Agreement, the Notes, the Guarantee and Collateral Agreement and the other Loan Documents shall be senior to, or pari passu with, any outstanding senior Indebtedness, # the Liens securing the Second Lien Notes and all other obligations under the Second Lien Note Documents are subordinated to the Liens securing the Obligations under this Agreement, the Notes, the Guarantee and Collateral Agreement and the other Loan Documents on the terms and conditions set forth in the Second Lien Intercreditor Agreement and # any other Indebtedness of any Loan Party, now existing or hereafter incurred that is in any manner subordinated in right of payment or security to any other Indebtedness is subordinated to the Obligations on the same terms and conditions.

Indebtedness with respect to deferred purchase price, earnouts, purchase price adjustments or indemnification obligations for any Permitted Acquisition or other Permitted Investment;

Senior Debt Status. The Loans will be treated as senior debt under the relevant documentation for any Subordinated Indebtedness of the Borrower or any Guarantor.

Designation of Senior Debt. Designate any Indebtedness (other than the Obligations and any Permitted First Priority Refinancing Indebtedness) of any Loan Party as "Designated Senior Indebtedness" (or any similar term) under, and as defined in, any subordinated Indebtedness (excluding intercompany subordinated Indebtedness) and documents evidencing or governing any such subordinated Indebtedness.

Next results

Draft better contracts
faster with AllDrafts

AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.

And AllDrafts generates clean Word and PDF files from any draft.