Preexisting Debt definition
Preexisting Debt means the debt and obligations of the Sellers existing immediately prior to the Closing which are secured by Preexisting Encumbrances upon the Real Property and the Personal Property and owed to the parties set forth on Schedule 1.1(g), having the outstanding principal balances and accrued unpaid interest thereon as of the Effective Date as set forth in Schedule 1.1(g).