Subrogated Debt definition
Subrogated Debt means any indebtedness of any Company to any Person in respect of which the holder thereof has entered into a subordination, postponement and assignment agreement in favour of the Lender, in form and substance satisfactory to the Lender and registered in all places where necessary or desirable to protect the priority of the Security, which shall provide (among other things) that: (i) the holder of such indebtedness may not receive payments on account of principal or interest without the prior written consent of the Lender; (ii) any security held in respect of such indebtedness is subordinated to the Security; (iii) the holder of such indebtedness may not take any enforcement action in respect of any such security without the prior written consent of the Lender; and (iv) the holder assigns such indebtedness and security in favour of the Lender as security for the Obligations.