Excess Senior Obligations definition

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, individually and collectively, the Excess Senior Revolver Obligations and the Excess Senior Term Loan Obligations.

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

• The Lien priorities provided for in Section 2.01 shall not be altered or otherwise affected by any such amendment, supplement or other modification or Refinancing of either the Senior Obligations, the Excess Senior Obligations, or the Junior Lien Obligations[[, or any portion thereof]].

• 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).

• Nothing in this Agreement is intended to or shall impair the obligations of the Borrower or any other Grantor, which are absolute and unconditional, to pay the Senior Obligations (including, for purposes hereof, any Excess Senior Obligations) and the Junior Lien Obligations as and when the same shall become due and payable in accordance with their terms.

More Definitions of Excess Senior Obligations

Excess Senior Obligations has the meaning assigned to such term in the First Lien/Second Lien Intercreditor Agreement.

Excess Senior Obligations means the sum of (a) the portion of the principal amount of the loans or the notes outstanding under the Senior Debt Documents that is in excess of the Senior Cap, plus (b) the portion of interest and fees on account of such portion of the loans or the notes described in clause (a) of this definition.

Excess Senior Obligations means the Senior Obligations that are in excess of the Maximum Senior Principal Amount.

Excess Senior Obligations means, at any time a determination thereof is to be made, the amount of Senior Obligations, if any, constituting the principal amount of loans and unreimbursed draws under Letters of Credit plus the maximum stated amount of undrawn Letters of Credit outstanding under the Senior Credit Agreement that are in excess of the Cap Amount.

Excess Senior Obligations means Capped Obligations in excess of the Senior Cap Amount and the interest accrued on such excess.

Excess Senior Obligations means the sum of (a) the portion of the principal amount of the loans outstanding under the Senior Loan Documents, the undrawn amount of all outstanding Letters of Credit, and the amount of Bank Product Obligations that is in excess of the Senior Debt Cap, plus (b) the portion of interest and fees that accrue on account of such portion of the loans, Letters of Credit, and Bank Product Obligations described in clause (a) of this definition, provided, however, that any Senior Obligations that are owed to any Obligor, or any of their Affiliates shall be deemed to be Excess Senior Obligations (it being understood that nothing in this Agreement should be interpreted as a consent by any Senior Claimholder or any Subordinated Claimholder to permitting any Obligor, or any of their Affiliates in becoming a Senior Creditor, a Participant, or any other Person to whom Senior Obligations are owed).

Excess Senior Obligations means any Senior Indebtedness that is in excess of the Senior Debt Cap.