Excess Senior Obligations definition

Excess Senior Obligations means either (a) the Excess Revolving Credit Agreement Obligations or (b) the Excess Term Loan Credit Agreement Obligations, as applicable.

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

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

Examples of Excess Senior Obligations in a sentence

• Upon the payment in full in cash of the Excess Senior Obligations, any Shared Collateral or Proceeds thereof shall be distributed to the relevant Grantor or, to the extent directed by such Grantor or a court of competent jurisdiction, to whomever may be lawfully entitled to receive the then remaining amount to be distributed.

• Any Liens of the Senior Lender on the Collateral securing the Excess Senior Obligations are and shall be junior and subordinate in all respects to the Liens of the Junior Lender on the Collateral securing the Junior Obligations.

• Until the Senior Termination has occurred, the Liens of the Senior Lender on the Collateral securing the Senior Obligations (other than the Excess Senior Obligations) are and shall be senior and prior in right to the Liens of the Junior Lender on the Collateral securing the Junior Obligations, and such Liens of the Junior Lender on the Collateral securing the Junior Obligations are and shall be junior and subordinate to the Liens of the Senior Lender on the Collateral securing the Senior Obligations.

• For more detailed information contact the Community Development Department.

• Upon the date of such purchase and sale, the Junior Lender shall (a) pay to the Senior Lender as the purchase price therefor the full amount of all the Senior Obligations (other than Excess Senior Obligations) then outstanding and unpaid (including principal, interest, fees, prepayment premiums, indemnities and expenses, including, without limitation, reasonable attorneys' fees and legal expenses).

More Definitions of Excess Senior Obligations

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 the sum of the aggregate amount of outstanding Indebtedness constituting Senior Obligations (including, without limitation, principal, premium, interest, fees and other amount) that is in excess of the First Lien Cap; provided, for the sake of clarity, that the principal amounts outstanding under the Senior Debt Documents as of the date hereof, together with all accrued and unpaid interest, fees and premiums on account thereof, shall be Senior Obligations but shall not be deemed to be Excess Senior Obligations.

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

Excess Senior Obligations means the excess of the First Lien Obligations over the Senior Obligations 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 First Lien Creditors will be deemed to be part of the First Lien Obligations, and (b) the amount of any customary “carve-out” or other similar administrative priority expense or claim consented to in writing by the Collateral Agent or the First Lien Creditors to be paid prior to the First Lien 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 First Lien 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 First Lien Obligations for purposes of determining the Excess Senior Obligations, but any additional DIP Financing loans funded by the First Lien Creditors thereafter shall be deemed part of the First Lien Obligations for such purpose unless and until the GM Contract Assumption occurs.

Excess Senior Obligations means, at any time following a DIP Cap Election, any Senior Obligations that would constitute Senior Obligations if not for the Senior Debt Cap 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.