Senior Obligations definition

Senior Obligations is defined in Section 5.1 of this Agreement.

Senior Obligations means the Credit Agreement Obligations and any Additional Senior Debt Obligations.

Senior Obligations has the meaning set forth in Section 5.1.

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.

More Definitions of Senior Obligations

Senior Obligations means (a) with respect to any ABL Priority Collateral, all ABL Obligations and (b) with respect to any Term Loan Priority Collateral, all Term Loan Obligations.

Senior Obligations means all obligations of the Issuer that are unsubordinated or that are subordinated and do not constitute either Junior Obligations or Parity Obligations.

Senior Obligations shall have the meaning given to the term “Obligations” in the Credit Agreement (and shall include, without limitation, all interest accruing after the commencement of any bankruptcy, insolvency, receivership or similar proceeding at the rate provided in the governing documentation, whether or not such interest is an allowed claim in such proceeding).

Senior Obligations means all obligations of the Issuer, issued directly or indirectly by it, other than Parity Obligations and Junior Obligations;

Senior Obligations means all unsubordinated payment obligations of the Issuer (including payment obligations to the Issuer's depositors in respect of their due claims) and all subordinated payment obligations (if any) of the Issuer except Junior Obligations or Pari Passu Obligations;

Senior Obligations means, subject to the next sentence, the “Secured Indebtedness” as defined in the U.S. Credit Agreement, the “Canadian Secured Indebtedness” as defined in the U.S. Credit Agreement and any equivalent term in any Refinancing thereof. Notwithstanding the foregoing, if at any time the aggregate outstanding principal or face amount of all Indebtedness under the Senior Facilities secured by Shared Collateral constituting principal from Loans and Canadian Loans and drawn Letters of Credit and Canadian Letters of Credit and the face amount of undrawn Letters of Credit and Canadian Letters of Credit (but excluding any Hedging Obligations and obligations in respect of treasury management services that do not constitute Indebtedness) is in excess of the Cap Amount, then, with respect to such principal and undrawn amount of such letters of credit, only that portion of such principal and undrawn amount of such letters of credit as selected by the Senior Representative not exceeding the Cap Amount shall be included in Senior Obligations and interest and reimbursement obligations with respect to any such principal or undrawn amount of letters of credit excluded from Senior Obligations shall also be excluded from Senior Obligations until any such principal or undrawn amount of letters of credit is included in Senior Obligations; provided that (a) any Indebtedness or portion thereof that is not in excess of the Cap Amount (as determined as of the time of the incurrence or issuance, as the case may be, of such Indebtedness) shall continue to be included in the Senior Obligations notwithstanding any subsequent reduction in the Cap Amount and (b) any portion of any Indebtedness that is in excess of the Cap Amount (as determined as of the time of the incurrence or issuance, as the case may be, of such Indebtedness) shall be deemed not to be in excess of the Cap Amount for purposes of clause (a) if, on the date of a subsequently delivered Reserve Report, such portion would not be in excess of the Cap Amount (as determined on such date as if such date were an issuance or incurrence of such Indebtedness).

Senior Obligations has the meaning ascribed to it in Section 12.9(a).