Subordinated Intercompany Debt definition

Subordinated Intercompany Debt shall have the meaning assigned to such term in Section 6.01(e).

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Subordinated Intercompany Debt means unsecured Indebtedness (a) subordinated to the Obligations by provisions substantially in the form set forth in Schedule II hereto and (b) the terms of which (including interest rate) are not more burdensome to the obligor or obligors thereunder than those terms generally available from independent third parties to obligors similarly situated as such obligor or obligors.

Subordinated Intercompany Debt means Debt of the Borrower or the Guarantor owing to Andersons or any of its Subsidiaries that has been subordinated to the Obligations in right of payment in a manner satisfactory to the Agent.

Examples of Subordinated Intercompany Debt in a sentence

• The Obligations constitute “Senior Debt” (or the equivalent thereof) under the Subordinated Intercompany Debt and any Permitted Refinancing Indebtedness in respect thereof.

• Without limiting the last sentence of Section 4.03(c), each Grantor will cause any Subordinated Intercompany Debt that constitutes Indebtedness for borrowed money owed to it by any Subsidiary of the Borrower that is not an Obligor to be evidenced by the Intercompany Note, duly executed by it and delivered to the Collateral Agent for the ratable benefit of the Secured Parties.

• ADT Limited will not permit any of its Subsidiaries that is subject to the subordination provisions of any Subordinated Intercompany Debt (including Indebtedness in respect of the Dividended Note) to take or omit to take any action the taking or the omission of which would result in the failure of such Subsidiary fully and properly to perform and observe all of its obligations in respect of such subordination provisions.

• Any indebtedness of any Borrower subordinated to Bank on terms satisfactory to Bank in its sole discretion, including the Subordinated Intercompany Debt in accordance with the terms of the Intercompany Debt Subordination Agreement.

• For the avoidance of doubt, each Subordinated Intercompany Debt Agreement shall continue on and after execution and delivery of this Agreement without any novation, discharge, rescission, extinguishment or substitution of the Obligors’ rights and obligations thereunder pursuant to the terms thereof.

More Definitions of Subordinated Intercompany Debt

Subordinated Intercompany Debt means unsecured loans made by Borrower to Guarantor, provided that such Indebtedness shall be subordinated pursuant to a subordination agreement in favour of the Sprott Lender Parties pursuant to which, among other things, the Borrower agrees (a) to subordinate and postpone the Indebtedness to the PF Obligations, (b) that no Liens have been or will be taken, (c) that no remedies will be exercised while any PF Obligations remain outstanding, and (d) that in connection with any Insolvency Event, the Borrower will not vote its claim in respect thereof in any manner that would prejudice the Sprott Lender Parties’ rights and remedies under this Agreement or any of the Security.

Subordinated Intercompany Debt means unsecured loans made by Debtor to Guarantor, provided that such Indebtedness shall be subordinated pursuant to a subordination agreement in favour of (among others) the Sprott Entities pursuant to which, among other things, Debtor agrees (a) to subordinate and postpone the Indebtedness to the PF Obligations, (b) that no Liens have been or will be taken, (c) that no remedies will be exercised while any PF Obligations remain outstanding, and (d) that in connection with any Insolvency Event, Debtor will not vote its claim in respect thereof in any manner that would prejudice the Sprott Entities’ rights and remedies under this Debenture or any of the Security.

Subordinated Intercompany Debt has the meaning stated therefor in Section 9.24.

Subordinated Intercompany Debt means Debt of any Credit Party owing to any other Credit Party that is subordinated in right of payment and otherwise to the Loans and the other Credit Obligations in a manner satisfactory to the Administrative Agents.

Subordinated Intercompany Debt means unsecured loans made solely among one or more Seller PSA Entities, provided that such Financial Indebtedness shall be subordinated pursuant to a Subordination Deed.

Subordinated Intercompany Debt any Indebtedness of the Borrower or any other Loan Party owed to Holdings, the terms of which are expressly subordinated in right of payment in full to the Obligations by the execution and delivery of the Intercompany Subordination Agreement.

Subordinated Intercompany Debt has the meaning assigned to such term in Section 10.2.1(e).