Common use of Seniority of Convertible Note Clause in Contracts

Seniority of Convertible Note. Subject to the applicable laws, the seniority of the Convertible Note hereunder shall be no less favorable than the seniority of the Offshore Co-investor CN Loan under the Offshore Co-investor Note Agreement, and the Convertible Note hereunder shall be repaid with precedence over the debts owed by each of the Guarantors to other parties and/or the debts owed by the Target Company to its existing shareholders as a result of their exercise of the repurchase rights under the Transition Agreement.