Definition of Senior Indebtedness. The term "Senior Indebtedness," as used in this Debenture, shall mean the principal and interest on the following, whether outstanding at the date of execution of the Debenture Purchase Agreement or thereafter incurred, created, assumed, modified, renewed or extended: (w) indebtedness of the Company for money borrowed (including the loan with Security Bank, as defined in the Debenture Purchase Agreement); (x) the financial obligations of the Company to CenCor existing as of the date hereof (which will be repaid in full and released at Closing as defined in the Debenture Purchase Agreement); (y) obligations of the Company as lessee under any lease of property which is reflected on the Company's balance sheet as a capitalized lease in accordance with generally accepted accounting principles ("GAAP"); and (z) guarantees by the Company of indebtedness for money borrowed by a Subsidiary or of any obligations of a Subsidiary under any lease or property which is reflected on the Subsidiary's balance sheet as a capitalized lease in accordance with GAAP.
Appears in 2 contracts
Samples: Debenture Purchase Agreement (Cahill Edward L), Debenture Purchase Agreement (Cahill Edward L)
