No Senior Debt. So long as this Note is outstanding, Company will not incur on or after the Closing Date any indebtedness for borrowed money that is not expressly subordinated to this Note, without the prior written consent of Lender. For the avoidance of doubt, the phrase “indebtedness for borrowed money” will not include ordinary-course obligations to trade creditors.
No Senior Debt. Prior to the earlier of (i) the occurrence of a Qualified Financing, (ii) the consummation of a conversion at the option of the Holder pursuant to Section 3(b) or (iii) the payment of this Note and all interest accrued hereunder in full, the Company shall not create, incur, assume, permit to exist or otherwise become liable for any Indebtedness that is senior in any respect in right of payment to this Note.
No Senior Debt. The Company shall not, and shall not permit any of its Subsidiaries to incur, assume or suffer to exist, any indebtedness for money borrowed that will be senior or pari passu to the Securities; provided, however, that the Company may obtain and maintain a line of credit from a financial institution having assets of not less than $200,000,000 in an amount up to $5,000,000, to use for working capital.
No Senior Debt. Except for the Debentures and for obligations with respect to equipment leases or other equipment financings incurred in the ordinary course of business, the Company is not currently indebted to any banks, commercial finance lenders, leasing or equipment financing institutions (including the vendor financing such equipment) or other lending institutions regularly engaged in the business of lending money (including venture capital, investment banking or similar institutions which sometimes engage in lending activities but which are primarily engaged in investments in equity securities), for money borrowed or for the purchase or leasing of equipment in the case of lease or other equipment financing, whether or not secured.
No Senior Debt. So long as any principal amount of Debentures is outstanding, the Company and its subsidiaries shall not, without the affirmative vote of the holders of at least 75% of the principal amount of the Debentures then outstanding, incur any additional indebtedness which is senior to the Debentures, except for capital leases and financing for operating equipment and for working capital facilities from commercial banks up to the greater of $15 million or 25% of revenues, provided that such limitation shall not apply to financing for acquisitions of companies or assets or licenses of products, patents or other intellectual property.
No Senior Debt. Vaccinogen does not currently have any indebtedness for borrowed money or any obligations evidenced by notes or debentures or similar instruments (collectively, “Debt”), except (i) indebtedness owed to Organon Teknika Corporation (now Merck) in the amount of $3,000,000 (plus accrued interest calculated from October 31, 2007 based on a simple annual interest rate based on the prime lending rate in effect on the anniversary of October 31, 2007) pursuant to that certain Letter Agreement, dated October 31, 2007, among Intracel Holdings Corporation, Intracel Acquisition Holdings Company LLC, Organon Biosciences International B.V., and Organon Teknika Corp (the “Merck Debt”) and (ii) indebtedness owed to Dolphin Offshore Partners, LP (“Dolphin”) in the amount of $1,600,000 (plus accrued thereon from March 31, 2016) pursuant to that certain Unsecured Promissory Note, effective as of March 31, 2016, issued by Vaccinogen in Favor of Dolphin (the “Dolphin Debt”). The Merck Debt is due one (1) year after the first marketing approval of OncoVax by the United States Food and Drug Administration or the European Medicines Agency, whichever is first, in annual payments of $1,000,000 (plus accrued interest) until collection of the entire outstanding amount (subject to certain acceleration provisions). The Dolphin Debt matures on June 30, 2016. From the date hereof and until the date that this Note is paid in full, Vaccinogen shall not incur, create or assume any additional Debt, except: (a) Debt existing or arising under this Note and any refinancing thereof; and (b) Debt that is subordinate to the prior payment in full of the obligations evidenced by this Note.
No Senior Debt. Vaccinogen does not currently have any indebtedness for borrowed money or any obligations evidenced by notes or debentures or similar instruments (collectively, “Debt”), except indebtedness owed to Organon Teknika Corporation (now Merck) in the amount of $3,000,000 (plus accrued interest calculated from October 31, 2007 based on a simple annual interest rate based on the prime lending rate in effect on the anniversary of October 31, 2007) pursuant to that certain Letter Agreement, dated October 31, 2007, among Intracel Holdings Corporation, Intracel Acquisition Holdings Company LLC, Organon Biosciences International B.V., and Organon Teknika Corp (the “Merck Debt”). The Merck Debt is due one (1) year after the first marketing approval of OncoVax by the United States Food and Drug Administration or the European Medicines Agency, whichever is first, in annual payments of $1,000,000 (plus accrued interest) until collection of the entire outstanding amount (subject to certain acceleration provisions). From the date hereof and until the date that this Note is paid in full, Vaccinogen shall not incur, create or assume any additional Debt, except: (a) Debt existing or arising under this Note and any refinancing thereof; and (b) Debt that is subordinate to the prior payment in full of the obligations evidenced by this Note.
No Senior Debt. (a) shall be incurred, agreed to, or outstanding in excess of the amount that would result in a violation of the Senior Debt To Net Worth Ratio; and/or
