DEFINITION OF SENIOR DEBT. As used herein "Senior Debt" shall mean all indebtedness whenever incurred by Salton for borrowed money, whether secured or unsecured, with the exception of indebtedness owed to any Affiliate of Salton, and trade debt. As used in this Section 3.1, the term "Affiliate" shall not include any investor (other than a Salton Executive Related Party) who acquires an equity interest in Salton at the closing of the Salton Option or thereafter provided that such investor's interest represents less than fifty percent (50%) of the voting interests in Salton or any parent company of Salton.
DEFINITION OF SENIOR DEBT. The definition of "Senior Debt" on page 19 ------------------------- of the Credit Agreement is restated in its entirety as follows:
DEFINITION OF SENIOR DEBT. The term "Senior Debt" means the principal, premium (if any), and interest on (a) indebtedness (other than this Debenture or any previously subordinated debenture) of the Company evidenced by notes or similar obligations for money borrowed from or guaranteed to persons, firms, or corporations which engage in lending money, including, but without limitation, individuals, banks, trust companies, insurance companies and other financing institutions, and charitable trusts, pension trusts, and other investing entities or organizations, (b) indebtedness of the Company evidenced by notes or debentures issued under the provisions of an indenture or similar instrument between the Company and a bank or trust company, (c) the indebtedness of the Company evidenced by the Company's Senior Notes in an aggregate principal amount of $2,000,000 (due January 12, 1998) and $1,680,000 (due February 3, 1999), and (d) indebtedness incurred, assumed or guaranteed by the Company in connection with the acquisition by it of any property or asset unless, in each case, by the terms of the instrument creating or evidencing the indebtedness it is expressly provided that such indebtedness is not superior in right of payment to this Debenture.
DEFINITION OF SENIOR DEBT. Upon the Notification Time, the term "Senior Debt" as defined in the Indenture shall be amended to be defined as follows:
DEFINITION OF SENIOR DEBT. For purposes hereof, "SENIOR DEBT" shall mean (a) the principal of, premium, if any, accrued and unpaid interest (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating to the Company), and any other monetary obligations on (i) indebtedness of the Company for money borrowed, whether outstanding on the date of this Debenture or thereafter created, incurred or assumed (including but not limited to nonrecourse borrowings secured by receivables), (ii) guaranties by the Company of indebtedness for money borrowed by any other person, or reimbursement obligations under letters of credit, in either case, whether outstanding on the date of this Debenture or thereafter created, incurred or assumed, and (iii) indebtedness evidenced by notes, debentures, bonds or other instruments of indebtedness (other than this Debenture) for the payment of which the Company is responsible or liable, by guarantees or otherwise, whether outstanding on the date of this Debenture or thereafter created, incurred or assumed, and (b) modifications, renewals, extensions, refinancings, refundings and replacements of any such indebtedness, obligations or guarantees; unless, in the instrument creating or evidencing the same or pursuant to which the same is outstanding, it is expressly provided that such indebtedness, obligations or guarantees or such modification, renewal, extension, refinancing, refunding or replacement thereof are not superior in right of payment to this Debenture and the holder of such indebtedness has consented to same; provided, HOWEVER, that Senior Debt shall not be deemed to include any obligations of the Company to any of its subsidiaries. Without in any way limiting the scope of the foregoing, it is expressly acknowledged and agreed that Senior Debt shall include all indebtedness, obligations and guaranties of the Company and its subsidiaries under that certain Credit Agreement dated November 14, 1996 among the Company, certain of its subsidiaries, Fleet National Bank, as administrative agent, The First National Bank of Boston, as documentation agent, and the lender parties thereto and under all notes, instruments, agreements and documents entered into pursuant thereto or in connection therewith and all modifications, renewals, extensions, refinancings, refundings and replacements thereof.
DEFINITION OF SENIOR DEBT. For purposes hereof, "Senior Debt" shall mean (a) the principal of, premium, if any, accrued and unpaid interest (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating to the Company), and any other monetary obligations on (i) indebtedness of the Company for money borrowed, whether
DEFINITION OF SENIOR DEBT. For purposes hereof, "Senior Debt" shall mean (a) the principal of, premium, if any, accrued and unpaid interest (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating to the Company), and any other monetary obligations on (i) indebtedness of the Company for money borrowed, whether outstanding on the date of this Note or thereafter created, incurred or assumed (including but not limited to nonrecourse borrowings secured by receivables), (ii) guaranties by the Company of indebtedness for money borrowed by any other person, or reimbursement obligations under letters of credit, in either case, whether outstanding on the date of this Note or thereafter created, incurred or assumed, and (iii) indebtedness evidenced by notes (other than the Note), debentures, bonds or other instruments of indebtedness for the payment of which the Company is responsible or liable, by guarantees or otherwise, whether outstanding on the date of this Note or thereafter created, incurred or assumed, and (b) modification, renewals, extensions, refinancings, refundings and replacements of any such indebtedness, obligations or guarantees; unless, in the instrument creating or evidencing the same or pursuant to which the same is outstanding, it is
DEFINITION OF SENIOR DEBT. In the subordinated debt documents, senior debt will be defined to include (i) all amounts owing under the Credit Agreement and Loan Documents, including all principal, interest, fees, expenses, amounts payable under reimbursement obligations in connection with letters of credit and post-petition interest at the rate prescribed in the Credit Agreement whether or not allowed or allowable in a bankruptcy case, (ii) all amounts owing with respect to foreign exchange and interest rate and other hedging agreements between the Borrower and any Holders of Secured Obligations, (iii) all amounts owing under agreements refinancing the Credit Agreement, or amendments of the Credit Agreement, including amendments that increase the principal amount of senior debt. The amount of senior debt (exclusive of amounts due under foreign exchange and interest rate and other hedging agreements) may be restricted to an amount not less than $120,000,000, which may be reduced by repayments of the Term Loans.
DEFINITION OF SENIOR DEBT. The term “Senior Debt “ is defined to mean the principal of and premium, if any, interest, costs of enforcement or collection and any other sums due and owing by the Corporation on the following: (i) all indebtedness and obligations (other than the New Notes or notes to be issued to the holders of the Company's convertible debentures in connection with the Company's restructuring plan) that are created, assumed or guaranteed by the Company, whether before or after the issuance of the New Notes, that are (A) for money borrowed or (B) secured by purchase money mortgages or other similar security interests given by the Company or any subsidiary on real or personal property, (ii) all obligations of the Company, or of others which are guaranteed by the Company, whether existing on or after the issuance of the New Notes, as lessee under a lease of real or personal property, unless, with respect to any indebtedness or obligations described in clause (i) or (ii) of this Paragraph 2(g), unless the instrument creating or evidencing such indebtedness expressly provides that such indebtedness is not superior in right of payment of the New Notes, (iii) all indebtedness or obligations of a kind not described in said clause (i) or (ii) which were incurred or guaranteed by the Company in connection with the acquisition of an existing business or assets, whether by means of a merger, consolidation, stock acquisition or acquisition of all or part of the assets of a corporation, partnership, limited liability company, business trust, sole proprietorship or other entity, or otherwise, and (iv) any deferrals, renewals, extensions or refundings of any of the foregoing, unless, in the case of any particular indebtedness or obligation or renewal, extension or refunding thereof, under the express provisions of the instrument creating or evidencing the same, or pursuant to which the same is outstanding, such indebtedness or other obligation or such renewal, extension or refunding thereof is not superior in right of payment to this Note. Senior Debt shall include the Company’s obligations to Cheyne Special Situations Fund L.P. and its affiliates, successors and assigns (collectively, “Cheyne”) issued under its senior secured note in the initial principal amount of $10,000,000 and any other obligations to Cheyne under any note, credit, loan or other agreement, and Senior Debt shall not include (a) indebtedness incurred for compensation to employees, or (b) other indebtedness incurred...
DEFINITION OF SENIOR DEBT. The term "Senior Debt" shall mean and consist of all present and future indebtedness and liabilities of the Company (contingent or otherwise) for money borrowed from banks or other institutional lenders (collectively the "Senior Lender"), including any extension or renewals thereof, whether outstanding on the date hereof or hereafter created or incurred, which are not by their terms subordinate and junior to or on a parity with the Notes at the time they are created or incurred, and all related agreements and instruments (collectively, the "Loan Documents"), and any extension, increase, refinancing, refunding or replacement of all or any part of such indebtedness entered into by the Company from time to time.
