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).