Intercreditor Terms definition

Intercreditor Terms means the summary heads of terms of the Intercreditor Agreement set out in Schedule 1 (Restructuring Terms) of the Implementation Plan.

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Intercreditor Terms means the Term Sheet Annex 1.

Intercreditor Terms means (x) the terms set forth in Exhibit I-1 in respect of Indebtedness secured by Liens ranking pari passu with the Liens securing the Obligations (except to the extent otherwise reasonably agreed by the Borrower and the Administrative Agent) or otherwise on such terms that are reasonably satisfactory to the Administrative Agent, in each case, as amended, restated, supplemented or otherwise modified from time to time with the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) or (y) the terms set forth in Exhibit I-2 in respect of Indebtedness secured by Liens ranking junior to the Liens securing the Obligations and senior to the Liens securing the Second Lien Obligations (except to the extent otherwise reasonably agreed by the Borrower and the Administrative Agent) or otherwise on such terms that are reasonably satisfactory to the Administrative Agent, in each case, as amended, restated, supplemented or otherwise modified from time to time with the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed).

Examples of Intercreditor Terms in a sentence

Each Avis Obligor other than the Parent shall (subject to the Reservations) ensure that at all times the claims of the FleetCo Secured Creditors and/or the Issuer Secured Creditors against it rank at least pari passu with the claims of all its unsecured creditors save those whose claims are preferred by law and subject to the provisions of the Issuer Intercreditor Terms.
Agreement Each Holder shall be bound by the provisions of any Intercreditor Agreement entered into by the Trustee and the Security Trustee which contains terms and conditions substantially the same as the Pre-Agreed Intercreditor Terms and the Trustee and the Security Trustee are hereby authorized and directed to enter into any such Intercreditor Agreement with the Permitted Priority Trustee for and on behalf of the Holders of any Permitted Priority Secured Indebtedness.
The claims of the Issuer Secured Creditors against the Issuer will rank as provided in the Issuer Intercreditor Terms and the Issuer Deed of Charge (subject to the Reservations).
The Issuer Intercreditor Terms shall be binding on the Issuer and each of the Issuer Secured Creditors and the Issuer and the Issuer Secured Creditors shall be bound to give effect to the Issuer Intercreditor Terms.
Each of the Issuer and the Issuer Secured Creditors shall comply with the Issuer Intercreditor Terms.
Exhibit L [Compliance Certificate] and Exhibit M [Intercreditor Terms] to this Amendment shall be added as a new Exhibit L and a new Exhibit M to the Credit Agreement.
The Senior Secured Creditors and the Junior Secured Creditors each hereby covenants and agrees to take any and all additional actions and execute, deliver, file and/or record any and all additional agreements, documents and instruments as may be necessary or as such party may from time to time reasonably request to effect the subordination and other provisions of these Intercreditor Terms.
The Senior Agent warrants and represents to the Hedging Counterparty that (i) it has authority to execute these Intercreditor Terms upon behalf of the Senior Secured Creditors and (ii) upon execution and delivery of these Intercreditor Terms by the Senior Agent, these Intercreditor Terms shall be binding upon the Senior Secured Creditors.
No failure or delay on the part of the Senior Secured Creditors and the Junior Secured Creditors in the exercise of any power, right, remedy or privilege under these Intercreditor Terms shall impair such power, right, remedy or privilege or shall operate as a waiver thereof; nor shall any single or partial exercise of any such power, right, remedy or privilege preclude any other or further exercise of any other power, right, remedy or privilege.
These Intercreditor Terms shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the indebtedness evidenced by the Senior Loan Documents is rescinded or must otherwise be returned by any Senior Secured Creditor upon the insolvency, bankruptcy or reorganization of the Borrower or otherwise, all as though such payment had not been made.

More Definitions of Intercreditor Terms

Intercreditor Terms means (x) the terms set forth in Exhibit I-1 in respect of liens securing any Permitted ABL Indebtedness (except to the extent otherwise reasonably agreed by the Borrower and the Administrative Agent) or otherwise on such terms that are reasonably satisfactory to the Administrative Agent, in each case, as amended, restated, supplemented or otherwise modified from time to time with the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed), (y) the terms set forth in Exhibit I-2 in respect of Indebtedness secured by Liens ranking pari passu with the Liens securing the Obligations (except to the extent otherwise reasonably agreed by the Borrower and the Administrative Agent) or otherwise on such terms that are reasonably satisfactory to the Administrative Agent, in each case, as amended, restated, supplemented or otherwise modified from time to time with the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed), or (z) the terms set forth in Exhibit I-3 in respect of Indebtedness secured by Liens ranking junior to the Liens securing the Obligations (except to the extent otherwise reasonably agreed by the Borrower and the Administrative Agent) or otherwise on such terms that are reasonably satisfactory to the Administrative Agent, in each case, as amended, restated, supplemented or otherwise modified from time to time with the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed).

Intercreditor Terms means the terms set forth in Exhibit I in respect of Indebtedness secured by Liens ranking pari passu or junior with the Liens securing the Obligations (except to the extent otherwise reasonably agreed by the Borrower and the Administrative Agent) or otherwise on such terms that are reasonably satisfactory to the Administrative Agent, in each case, as amended, restated, supplemented or otherwise modified from time to time with the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed).

Intercreditor Terms means the intercreditor arrangements set forth in the Orders governing the pari passu nature of the Liens on the RUS Collateral securing the Obligations and the Liens on the RUS Collateral securing the RUS Obligations.

Intercreditor Terms means the intercreditor terms included in the Security Trust Deed, a summary of which are set out in Attachment 3 (Intercreditor Terms).