Common use of Indebtedness of Holdings Clause in Contracts

Indebtedness of Holdings. or the Borrower to a Restricted Subsidiary or of a Restricted Subsidiary to Holdings, the Borrower or another Restricted Subsidiary; provided that all such Indebtedness of any Loan Party owned to any non-Loan Party shall be evidenced by notes that have been pledged (individually or pursuant to a global note) to the Administrative Agent for the benefit of the Lenders (it being understood and agreed that any Indebtedness permitted under this clause (b) that are not so evidenced as of the Closing Date are not required to be so evidenced and pledged until the date that is ninety (90) days after the Closing Date), (ii) any such Indebtedness that is owed by a non-Loan Party to a Loan Party is permitted as an Investment under Section 6.7(i) and (iii) any Indebtedness of any NM Group Member to any other NM Group Member existing as of the Closing Date shall be permitted to be maintained, modified and/or refinanced among the same NM Group Members (or their successor entities) as long as, if the obligor with respect thereto is Holdings, the Borrower or a Subsidiary Guarantor and the payee with respect thereto is a Restricted Subsidiary that is not a Loan Party, the same continues to be or is made subject to an intercompany subordination agreement reasonably acceptable to the Administrative Agent, and the outstanding principal amount thereof is not increased;