However, the term does not include debt that:(1) is provided by a financial institution (as defined in IC 5-13-4-10) after May 15, 2005; and(2) is secured by a valid mortgage, security agreement, or other agreement or document that establishes a collateral or security position for the financial institution that is senior to all collateral or security interests of other taxpayers that provide debt or equity capital to the qualified Indiana business.As added by P.L.192-2002(ss), SEC.119. Amended by P.L.193-2005, SEC.16; P.L.165-2021, SEC.77.
Indiana Legal Code