Common use of Intercompany Debt Clause in Contracts

Intercompany Debt. Cause all of the outstanding intercompany promissory notes evidencing Indebtedness owing from a direct Subsidiary of the Borrower or any Guarantor to the Borrower or such Guarantor to be promptly delivered to the Administrative Agent, together with duly executed in blank and undated allonges attached thereto such that at all times the Administrative Agent shall maintain a first priority, perfected Lien pursuant to the terms and conditions of the Collateral Documents, and any filings and deliveries reasonably necessary in connection therewith to perfect the security interests therein, all in form and substance reasonably satisfactory to the Administrative Agent.

Intercompany Debt. Cause all of the outstanding intercompany promissory notes evidencing Indebtedness (other than working capital advances) owing from a direct Subsidiary of the Borrower or any a Loan Party which is not a Guarantor to the Borrower or such any Guarantor to be promptly delivered to the Administrative Agent, together with duly executed in blank and undated allonges attached thereto such that at all times the Administrative Agent shall maintain a first priority, perfected Lien pursuant to the terms and conditions of the Collateral Documents, and any filings and deliveries reasonably necessary in connection therewith to perfect the security interests therein, all in form and substance reasonably satisfactory to the Administrative Agent.

Intercompany Debt. Cause all of the outstanding intercompany promissory notes evidencing Indebtedness (other than working capital advances) owing from a direct Subsidiary of the Borrower or any which is not a Guarantor to the Borrower or such any Guarantor to be promptly delivered to the Administrative Agent, together with duly executed in blank and undated allonges attached thereto such that at all times the Administrative Agent shall maintain a first priority, perfected Lien pursuant to the terms and conditions of the Collateral Documents, and any filings and deliveries reasonably necessary in connection therewith to perfect the security interests therein, all in form and substance reasonably satisfactory to the Administrative Agent.