Senior Indebtedness Status. The Obligations of each Credit Party and each Subsidiary thereof under this Agreement and each of the other Loan Documents shall cease to rank as senior in priority of payment to all Subordinated Indebtedness and all senior unsecured Indebtedness of each such Person.
Appears in 4 contracts
Sources: Credit Agreement (Kforce Inc), Credit Agreement (Kforce Inc), Credit Agreement (Kforce Inc)
Senior Indebtedness Status. (a) The Borrower shall fail to designate the Obligations of each Credit Party and each Subsidiary thereof under this Agreement as “Senior Indebtedness” under any instruments and each of documents, now or in the other Loan Documents future, relating to any Subordinated Indebtedness; or
(b) the Obligations shall cease fail to rank as at least senior in priority of payment to all Subordinated Indebtedness and all senior unsecured Indebtedness of each such PersonCredit Party and each Subsidiary thereof.
Appears in 1 contract
Sources: Credit Agreement (Global Power Equipment Group Inc.)