Examples of Intercreditor Terms in a sentence
Goodwill on acquisition for which the agreement date is on or after 1 January 2005Goodwill arising on acquisition is recognised in the consolidated balance sheet as an asset, initially measured at cost and subsequently at cost less any accumulated impairment losses.
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.
The Authorised Measurer shall on receipt of the prescribed fee (if any) measure the vessel and calculate its tonnage in accordance with these Regulations and shall issue and deliver to the Secretary of State a Certificate of Measurement in a form approved by the Secretary of State.
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.
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 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.
Any waiver of any provision of these Intercreditor Terms, and any consent to any departure from the terms of any provision of these Intercreditor Terms, shall be effective only in the specific instance and for the specific purpose for which given.
In the event of any dispute concerning the meaning or interpretation of these Intercreditor Terms which results in litigation, or in the event of any litigation by a party hereto to enforce the provisions hereof, the prevailing party shall be entitled to recover from the non-prevailing party, in addition to its other damages, its reasonable attorneys’ fees and expenses and any actual court costs incurred.
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.
The Senior Agent, on behalf of the Senior Secured Creditors, and Hedging Counterparty, each covenant and agree that the assignment of any indebtedness or other obligations evidenced by the Senior Loan Documents and the Junior Hedge Documents owing to such Hedging Counterparty shall be subject to the terms, provisions and conditions of these Intercreditor Terms and that the assignee thereof shall be bound by the terms, provisions and conditions of these Intercreditor Terms.