Definition of PMSI Indebtedness

  1. PMSI Indebtedness means purchase money security Indebtedness for assets acquired by the Maker or the Subsidiaries in the ordinary course of their businesses to the extent such Indebtedness does not exceed the fair market value of the assets acquired with the proceeds of such Indebtedness and such Indebtedness is secured solely by such assets.

Examples of PMSI Indebtedness in a sentence

  1. Notwithstanding anything to the contrary contained in this Agreement, to the extent that Secured Party asserts a purchase money security interest in any items of Collateral (PMSI Collateral): (i) the PMSI Collateral shall secure only that portion of the Indebtedness which has been advanced by Secured Party to enable Debtor to purchase, or acquire rights in or the use of such PMSI Collateral (the PMSI Indebtedness), and (ii) no other Collateral shall secure the PMSI Indebtedness.