Examples of Outstanding Indebtedness in a sentence
Scilex agrees to promptly take, at Scilex’s sole cost and expense, any further action and to execute any and all additional documents or instruments, in each case as reasonably requested by Semnur, to terminate any liens or security interests that have arisen in connection with the Outstanding Indebtedness, if any.
Scilex further represents and warrants to Semnur that Scilex is the sole owner of all right, title and interest in and to the Outstanding Indebtedness.
Semnur and Scilex desire that (i) Scilex shall contribute the Outstanding Indebtedness to Semnur in exchange for the issuance by Semnur to Scilex of preferred stock of Semnur, and (ii) upon the occurrence of the events described in clause (i), the Aggregate Outstanding Amount and the Outstanding Indebtedness shall be satisfied in full and irrevocably and automatically discharged, terminated and released.
Scilex agrees to deliver any of the original evidence of the Outstanding Indebtedness to Semnur (if such original evidence exists and is in Xxxxxx’s possession) for cancellation on or before the Contribution.