Common use of Intercompany Payments Clause in Contracts

Intercompany Payments. (a) The Borrower will not, nor will it permit its Subsidiaries to, make any payment of principal on any intercompany Indebtedness owed to any Person other than the Borrower or its Subsidiaries, except (i) payments made by the Borrower on the Working Capital Line, and (ii) as may be refinanced with a public or private debt or equity issuance; provided that, if no Loan is outstanding, the Borrower may make payments on the Intercompany Loan. (b) If an Event of Default has occurred and is continuing, then the Borrower and its Subsidiaries shall not offset any intercompany payables or receivables owing among any of the Borrower and any of its Subsidiaries on the one hand and Anadarko or any of its Subsidiaries, other that the Borrower or its Subsidiaries, on the other.