Excess Senior Obligations definition

Excess Senior Obligations has the meaning assigned to such term in the First Lien/Second Lien Intercreditor Agreement.
Excess Senior Obligations means the excess of the Loan Agreement Obligations over the Senior Obligation Cap. For purposes of determining the Excess Senior Obligations, unless the Interim DIP Period is in effect or the GM Contract Assumption has occurred (and subject to clause (ii) of the next sentence), (a) any DIP Financing provided by the Loan Agreement Creditors will be deemed to be part of the Loan Agreement Obligations, and (b) the amount of any customary “carve-out” or other similar administrative priority expense or claim consented to in writing by Agent or the Loan Agreement Creditors to be paid prior to the Loan Agreement Obligations Payment Date will be considered a DIP Financing loan advance subject to the Senior Obligation Cap. For certainty, (i) in connection with any Insolvency Proceedings, during the Interim DIP Period and from and after the occurrence of the GM Contract Assumption, the amounts described in clauses (a) and (b) above will not be deemed part of the Loan Agreement Obligations for purposes of determining the Excess Senior Obligations and (ii) from and after the end of the Interim DIP Period, if the GM Contract Assumption has not occurred, then the amounts described in clause (a), to the extent of any amounts outstanding at the end of the Interim DIP Period, and clause (b) above will not be deemed part of the Loan Agreement Obligations for purposes of determining the Excess Senior Obligations, but any additional DIP Financing loans funded by the Loan Agreement Creditors thereafter shall be deemed part of the Loan Agreement Obligations for such purpose unless and until the GM Contract Assumption occurs.
Excess Senior Obligations means either (a) the Excess Revolving Credit Agreement Obligations or (b) the Excess Term Loan Credit Agreement Obligations, as applicable.

Examples of Excess Senior Obligations in a sentence

  • A must-opt has no default value and requires the user to explicitly choose one of the variants (which always includes a variant declining the option) offered.

  • All Liens on the Shared Collateral securing any Second Priority Debt Obligations shall be and remain senior in all respects and prior to all Liens on the Shared Collateral securing any Excess Senior Obligations for all purposes, whether or not such Liens securing any Excess Senior Obligations are subordinated to any Lien securing any other obligation of any Borrower, any Grantor or any other Person or otherwise subordinated, voided, avoided, invalidated or lapsed.

  • Subject to Section 6.04, this Agreement shall continue to be effective until the Discharge of Senior Obligations shall have occurred and, following the occurrence of a DIP Cap Election, the Discharge of Excess Senior Obligations shall have occurred.

  • Notwithstanding anything herein to the contrary, including the next following paragraph, the relative Lien priority of the Excess Senior Obligations to the Excess Second Priority Obligations shall be the same as the relative Lien priority of the Senior Obligations to the Second Priority Debt Obligations and the provisions of this Agreement shall apply to such categories of obligations mutatis mutandis.

  • The parties hereto agree that, so long as the Discharge of Senior Obligations has not occurred, none of the Grantors shall[[, or shall permit any of its subsidiaries to,]] grant or permit any Lien on any asset to secure any Junior Lien Obligation unless it has granted, or concurrently therewith grants, a Lien on such asset to secure the Senior Obligations (including for purposes hereof the Excess Senior Obligations).


More Definitions of Excess Senior Obligations

Excess Senior Obligations means, individually and collectively, the Excess Senior Revolver Obligations and the Excess Senior Term Loan Obligations.
Excess Senior Obligations means the sum of the aggregate amount of outstanding Indebtedness constituting Senior Obligations (including, without limitation, principal, premium, interest, fees and other amount) that is in excess of the First Lien Cap; provided, for the sake of clarity, that the principal amounts outstanding under the Senior Debt Documents as of the date hereof, together with all accrued and unpaid interest, fees and premiums on account thereof, shall be Senior Obligations but shall not be deemed to be Excess Senior Obligations.
Excess Senior Obligations means the portion of the Principal Senior Obligations that is in excess of the Senior Lien Cap.
Excess Senior Obligations means, at any time following a DIP Cap Election, any Senior Obligations that would constitute Senior Obligations if not for the Senior Debt Cap Amount.
Excess Senior Obligations means the excess of the First Lien Obligations over the Senior Obligations Cap. For purposes of determining the Excess Senior Obligations, unless the Interim DIP Period is in effect or the GM Contract Assumption has occurred (and subject to clause (ii) of the next sentence), (a) any DIP Financing provided by the First Lien Creditors will be deemed to be part of the First Lien Obligations, and (b) the amount of any customary “carve-out” or other similar administrative priority expense or claim consented to in writing by the Collateral Agent or the First Lien Creditors to be paid prior to the First Lien Obligations Payment Date will be considered a DIP Financing loan advance subject to the Senior Obligation Cap. For certainty, (i) in connection with any insolvency proceedings, during the Interim DIP Period and from and after the occurrence of the GM Contract Assumption, the amounts described in clauses (a) and (b) above will not be deemed part of the First Lien Obligations for purposes of determining the Excess Senior Obligations and (ii) from and after the end of the Interim DIP Period, if the GM Contract Assumption has not occurred, then the amounts described in clause (a), to the extent of any amounts outstanding at the end of the Interim DIP Period, and clause (b) above will not be deemed part of the First Lien Obligations for purposes of determining the Excess Senior Obligations, but any additional DIP Financing loans funded by the First Lien Creditors thereafter shall be deemed part of the First Lien Obligations for such purpose unless and until the GM Contract Assumption occurs.
Excess Senior Obligations means Capped Obligations in excess of the Senior Cap Amount and the interest accrued on such excess.
Excess Senior Obligations means any Senior Indebtedness that is in excess of the Senior Debt Cap.