Terms of Intercreditor Agreement Sample Clauses

Terms of Intercreditor Agreement. All present and future obligations of Borrower to Lender under the Line of Credit Agreement and the Note (the “Lender Obligations”) shall be subordinate to all present and future obligations of Borrower and Artery, LLC (“Artery”) to Pxxx Capital (the “Pxxx Capital Obligations”), with the effect that – except for periodic interest payments in accordance with the terms of the Line of Credit Agreement and the Note (provided no default with respect to the Pxxx Capital Obligations has occurred) – there can be no payment of (or demand for the payment of) any of the Lender Obligations so long as any of the Pxxx Capital Obligations are outstanding. • In accordance with the foregoing point, in the event of an exercise of the Gliadel put right as provided in Section 12 of the Line of Credit Agreement, the Put Price would be applied first to satisfy the Pxxx Capital Obligations, then to the Lender Obligations, and then to Borrower. Without limitation of the foregoing, no crediting of the Put Price may be made against any of the Lender Obligations unless and until all of the Pxxx Capital Obligations have been repaid in full. • The Intercreditor Agreement shall contain customary receipt-in-trust/turn over provisions for payments made in violation of the debt subordination terms. • The Intercreditor Agreement shall contain customary bankruptcy protection provisions in favor of Pxxx Capital (i.e., all distributions that might otherwise be paid on the Lender Obligations are payable to Pxxx Capital until the Pxxx Capital Obligations are paid in full; Pxxx Capital to be authorized to make all claims, etc. for distributions in the bankruptcy proceedings). • To the extent the Lender security interests encumber any property in which Pxxx Capital has a security interest, the Lender security interest is subordinate to Pxxx Capital. • Until such time as the Pxxx Capital Obligations have been paid in full, there can be no action to enforce any of the Lender security interests. • So long as any of the Pxxx Capital Obligations remain outstanding, without the prior written consent of Pxxx Capital none of the Line of Credit Agreement, the Note or the Security Agreement may be amended in a manner which could reasonably be considered to be adverse to the interests of Pxxx Capital.

Terms of Intercreditor Agreement. (a) After the Issue Date, the Issuer, the Co-Issuer, the Subsidiary Guarantors and Absaloka shall be permitted to enter into or guarantee the Revolving Credit Facility, which may be secured by the Revolving Facility First-Priority Collateral. Notwithstanding the time, order or method of grant, creation, attachment or perfection of any Liens securing the Notes, the Liens of the Notes on the Revolving Facility First-Priority Collateral shall rank junior to the Revolving Facility First-Priority Liens under the Revolving Credit Facility. Concurrent with the Revolving Credit Facility, an intercreditor agreement shall be entered into between the Note Collateral Agent, the collateral agent under the Revolving Credit Facility (the “Revolving Collateral Agent”) and the relevant borrowers and guarantors parties thereto on the terms described in this section in all material respects (the “Intercreditor Agreement”). Compliance with this provision shall be evidenced by an Officers’ Certificate delivered to the Trustee.

Terms of Intercreditor Agreement. THIS AMENDMENT SHALL BE CONSTRUED, ADMINISTERED AND APPLIED IN ACCORDANCE WITH ALL OF THE TERMS AND PROVISIONS OF THE INTERCREDITOR AGREEMENT, INCLUDING, WITHOUT LIMITATION, THE PROVISIONS RELATING TO FORUM SELECTION, CONSENT TO JURISDICTION AND WAIVER OF JURY TRIAL INCLUDED IN SECTION 9.07 OF THE INTERCREDITOR AGREEMENT, WHICH PROVISIONS ARE HEREBY ACKNOWLEDGED AND CONFIRMED BY EACH OF THE PARTIES HERETO.