Obligor Senior Debt definition
Obligor Senior Debt means all Debt of any Person other than Debt that is junior or subordinated in right of payment or upon liquidation.
Obligor Senior Debt means, as of any date of determination with respect to any Obligor Loan (other than Obligor Second Lien Loans, REO Loans, Obligor Subordinated Loans and Real Estate Loans), the senior Indebtedness of such Obligor as of such date which Indebtedness (i) if secured, is secured by a first priority perfected security interest in substantially all of the property securing such debt, subject to exceptions to such first priority security interest set forth in the relevant Obligor Loan Documents evidencing such Obligor Loan which are customary in commercial loan transactions, including without limitation, for purchase money indebtedness, and (ii) is not contractually subordinated to any other Indebtedness of such Obligor.
Obligor Senior Debt is hereby added to Section 1.01 of the Credit Agreement in proper alphabetical order as follows:
Examples of Obligor Senior Debt in a sentence
By Payee's's acceptance of this Note, Payee hereby agrees that the indebtedness evidenced by this Note (and the security interest granted and lien created hereby) shall be subordinated in right of payment to up to $5,000,000 aggregate principal amount of new or restructured indebtedness of the Obligor ("Senior Debt") to third parties (other than Accentia, Inc.