Senior Lienholders Excluded Obligations

Senior Lienholders Excluded Obligations. Shall mean, at any time of the determination thereof, the amount by which the aggregate amount of the Senior Lienholders Obligations at such time are in excess of the aggregate of the following: (i) the lesser of (a) the Revolving Line of Credit Cap Amount at such time or (b) the Adjusted Borrowing Base at such time; plus (ii) $7.0 million as reduced from time to time by principal payments and prepayments received by the Senior Lienholders... on the Senior Lienholders Term Loan; plus (iii) the amount of all Collateral Shortfall Overadvances outstanding on such date; plus (iv) up to $3.5 million of all other Overadvances made by the Senior Lienholders which are outstanding on such date; plus (v) the amount of the Protective Advances outstanding on such date. For the purposes of calculating the amount of the Senior Lienholders Excluded Obligations, (a) Collateral Shortfall Overadvances and Protective Advances shall be deemed repaid only after all other Overadvances which are not Senior Lienholders Excluded Obligations 5 have been paid in full and (b) Collateral Shortfall Overadvances shall be deemed repaid only after all Protective Advances have been paid in full. View More