First Priority Obligations

First Priority Obligations. Means all of the obligations, liabilities, and indebtedness of the Borrower under any of the Senior Loan Documents, irrespective of whether on account of principal, premium, interest, fees, costs, or expenses and including any premium, interest, fees, costs, or expenses which would accrue and become due but for the commencement of an Insolvency Proceeding, whether or not such premium, interest, fees, costs, or expenses are allowed or allowable in whole or in part in any such Insolvency... Proceeding; provided that to the extent any indebtedness on account of principal of the Borrower owed to the Senior Lenders under the Senior Loan Documents exceeds the Cap Amount, such obligations, to the extent of such excess, shall not be "First Priority Obligations" under this Agreement. View More

First Priority Obligations. As defined in the Intercreditor Agreement