Commentary

55 The senior debt

BANKING vol 4(1)
| Commentary

55 The senior debt

| Commentary

3: DEFINITIONS

55 The senior debt

Before discussing the methods by which a subordination before and on insolvency is achieved it is useful to set out a definition of senior debt which is found in subordination agreements or intercreditor deeds in typical documentation in use today:

‘‘the Senior Debt’ means all present and future liabilities of the Borrower to the Senior Lenders under a credit facility agreement dated ...... (‘the Credit Agreement’) entered into by the Borrower and the Senior Lenders (including under all variations of, and supplements to, the Credit Agreement) together with:

  1. 55.1

        any refinancing, refundings, novations or extension of

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