Examples of Laurus Creditors in a sentence
The terms and conditions of this Agreement shall not be amended, modified or waived in any respect without the prior written consent of each of (x) the Laurus Creditors holding at least 50.1% of the Laurus Obligations (the "Required Laurus Creditors") and (y) the Sands Creditors holding at least 50.1% of the Bridge Loan Obligations (the "Required Sands Creditors").
Notwithstanding the foregoing, Chaleo (One) Inc., an Affiliate of Cxxxxxx Xxxxxxx, shall subordinate repayment of the $3 million loan owed to it by Blackbird (“Chaleo Notes”) and priority of security interest under such loan only to the $1.25 million of senior indebtedness to be owed by Rapid Link to the Laurus Creditors in accordance with Section 5.8, below, but such loan from Chaleo (One) Inc.
Furthermore, (i) no term or condition of any Sands Document shall be amended, modified or waived in any respect without the prior written consent of the Required Laurus Creditors and (ii) no term or condition of any 2005 Laurus Document shall be amended in any respect which would be materially adverse to the value of the Shared Collateral without the prior written consent of the Required Sands Creditors.
If the Purchasers exercise their right under this Section 10(a) to purchase the Laurus Debt and pay the purchase price therefor, the Laurus Creditors will assign to the Purchasers all right, title and interest they have to the Laurus Documents concurrently with the transfer of the promissory notes evidencing the Laurus Debt.
Such Telenational Liabilities shall include the indebtedness due to the Laurus Creditors as described in Section 7.1(i) hereof.
On or prior to the Closing Date, Rapid Link shall have obtained the reduction of the aggregate amount owing by Rapid Link under certain senior secured notes due to the Laurus Creditors to a maximum principal amount of $1,250,000 (the “Rapid Link Debt”).
Notwithstanding anything herein to the contrary, (a) payments made to the Laurus Creditors in the form of equity made in accordance with Section 3 above, and (b) payments received by any Subordinated Creditor under Section 7(d) and/or Section 10 on account of the sale and/or transfer of their respective Subordinated Debt, in each case, are not subject to this Section 5.