Unsecured Notes. The Notes are general, unsecured obligations, PARI PASSU in right of payment to all of our existing and future senior debt except for any secured indebtedness. Holders of any secured indebtedness would have claims that are superior to your claims as a holder of the Notes to the extent of the value of the assets securing such other indebtedness. If we become insolvent, file for bankruptcy, reorganize our business or close down, the assets which serve as collateral for any secured indebtedness would be available to satisfy the obligations under the secured indebtedness before any payments were to be made on the Notes.
Appears in 2 contracts
Sources: Convertible Promissory Note Purchase Agreement (3pea Technologies Inc.), Convertible Promissory Note Purchase Agreement (3pea Technologies Inc.)