Subordination of Intercompany Loans. Each Loan Party covenants and agrees that any existing and future debt obligation of any Loan Party to any Subsidiary that is not a Loan Party shall, pursuant to a subordination agreement reasonably satisfactory to the Administrative Agent, be expressly subordinated to the Loans following a Default.
Appears in 4 contracts
Samples: Credit Agreement (Consolidated Communications Holdings, Inc.), Credit Agreement (Consolidated Communications Holdings, Inc.), Credit Agreement (Consolidated Communications Holdings, Inc.)
Subordination of Intercompany Loans. Each Loan Party covenants and agrees that any existing and future debt obligation of the Borrower or any Subsidiary Loan Party to any Non-U.S. Subsidiary that is not a Loan Party shall, pursuant to a subordination agreement reasonably satisfactory to the Administrative Agent, shall be expressly subordinated to the Loans following a Defaultto at least the same extent as such existing obligations were subordinated to the obligations under the Existing Credit Agreement.
Appears in 2 contracts
Samples: Credit Agreement (Polymer Group Inc), Credit Agreement (Polymer Group Inc)
Subordination of Intercompany Loans. Each Loan Party covenants and agrees that any existing and future debt obligation of intercompany Debt, loans or advances owed by any Loan Party to any Subsidiary that is not a other Loan Party shall, pursuant to a subordination agreement reasonably satisfactory to the Administrative Agent, shall be expressly subordinated to the Loans following a Defaultpayment of the Obligations.
Appears in 1 contract
Samples: Credit Agreement (Arch Coal Inc)
Subordination of Intercompany Loans. Each Loan Party covenants and agrees that any existing and future debt obligation of the Borrower or any Subsidiary Loan Party to any Non-U.S. Subsidiary that is not a Loan Party shall, pursuant to a subordination agreement reasonably satisfactory to the Administrative Agent, shall be expressly subordinated to the Loans following a Defaultto at least the same extent as the Convertible Notes.
Appears in 1 contract
Samples: Credit Agreement (Polymer Group Inc)
Subordination of Intercompany Loans. Each Loan Party covenants and agrees that any existing and future debt obligation of any Loan Party to any Subsidiary member of the Restricted Group that is not a Loan Party shall, pursuant to a subordination agreement reasonably satisfactory to the Administrative Agent, be expressly subordinated to the Loans following a DefaultDefault on terms customary for "seller paper."
Appears in 1 contract
Samples: Credit Agreement (Consolidated Communications Texas Holdings, Inc.)
Subordination of Intercompany Loans. Each Loan Party covenants and agrees that any existing and future debt obligation of intercompany Debt, loans or advances owed by (i) any Loan Party to any Subsidiary that is not a other Loan Party shall, pursuant and (ii) any Loan Party to a subordination agreement reasonably satisfactory to the Administrative Agent, any Non-Guarantor Subsidiary shall be expressly subordinated to the Loans following a Defaultpayment of the Obligations.
Appears in 1 contract
Samples: Credit Agreement (Arch Coal Inc)
Subordination of Intercompany Loans. Each Loan Party covenants and agrees that any existing and future debt obligation of any Loan Party to any Subsidiary that is not a Non-Loan Party shall, pursuant to a subordination agreement reasonably satisfactory to the Administrative Agent, (other than any Insurance Subsidiary) shall be expressly subordinated to the Loans following a Defaultto at least the same extent as the intercompany notes delivered pursuant to Section 4.01(r) of the Senior Credit Agreement are subordinated to the Loans under the Senior Credit Agreement.
Appears in 1 contract
Samples: Senior Subordinated Credit Agreement (Lifepoint Hospitals, Inc.)
