Examples of Permitted Senior Indebtedness in a sentence
The senior lender has declared a default under any Permitted Senior Indebtedness (as defined in the Security Agreement).
The Collateral Agent is expressly authorized to execute on behalf of the Holders a subordination agreement in favor of a bank which issues Permitted Senior Indebtedness that is consistent with the terms hereof.
Enforcement of Holder’s security interest in the Collateral, and payment of principal and interest on the Notes, is expressly subordinate and junior in right of payment and lien priority to all principal, interest, charges, expenses and security interests arising out of or relating to all Permitted Senior Indebtedness, pursuant to the following terms and conditions.
Holders shall not accelerate payment of the Notes, or commence any action, suit or proceeding against Grantor with respect to the Notes, or otherwise pursue any remedy to enforce Holders’ rights to payment of the Notes, or to enforce the rights of Holders as secured creditors with respect to the Collateral, while any Permitted Senior Indebtedness is outstanding, until after ninety (90) days notice to Grantor of the occurrence of an Event of Default.