Examples of Senior Obligations in a sentence
Senior Lender may extend, renew, modify, or amend the Senior Obligations and any of the Senior Loan Documents, and release, transfer, assign, sell, or exchange any security therefor and otherwise deal freely with Borrower to the same extent as could any person, all without notice to or consent of Subordinate Lender and without affecting the liabilities and obligations of Subordinate Lender.
As long as any portion of the Senior Obligations shall remain outstanding, the sole remedy of the holder of the Subordinate Loan Documents, in the event of any default under the Subordinate Loan Documents, shall be to pay off (or to purchase at par, without warranty or recourse) the Senior Loan and the Senior Loan Documents as a condition to, and prior to asserting, any rights or remedies under the Subordinate Loan Documents.
The priorities herein specified are applicable irrespective of the time of creation of the Senior Obligations or the Subordinate Obligations.
The RRIF Lien is in full force and effect and is not subordinate or junior to any other Liens in respect of the Pledged Taxes and the Pledged Taxes Accounts except (i) to the extent the Pledged Taxes and Pledged Taxes Accounts are pledged for the benefit of the Senior Obligations, and (ii) to the extent such other Liens are entitled to priority as a matter of law.
The RRIF Lien granted to the RRIF Lender pursuant to the RRIF Loan Documents shall be subordinate only to the pledge of the Pledged Taxes and the Pledged Taxes Accounts for the benefit of the Senior Obligations.