Additional Subordinated Debt. The Payor shall not incur any additional Indebtedness that would rank pari passu with the Junior Debt without the prior written consent of the Holder, which consent shall not be unreasonably withheld, conditioned or delayed. If for any reason the Holder shall not consent to the incurrence of such additional Indebtedness by the Payor, then notwithstanding anything in this Note to the contrary, the Payor shall have the right, upon not less than three (3) Business Days’ notice to the Holder, to redeem this Note in whole at a Redemption Price equal to 100% of the then outstanding Principal Amount plus accrued and unpaid interest, if any, to the Redemption Date. For the avoidance of doubt, this provision shall not limit the ability of the Payor to incur additional Senior Debt.
Appears in 3 contracts
Sources: Subordinated Note (Cinedigm Corp.), Securities Purchase Agreement (Cinedigm Corp.), Securities Purchase Agreement (Chez Ronald L)