Subordination of Intercompany Obligations Sample Clauses

Subordination of Intercompany Obligations. (a) Each Loan Party executing this Agreement or any other Loan Document covenants and agrees that the payment of all Obligations, principal, interest (including interest which accrues after the commencement of any case or proceeding in bankruptcy, or for the reorganization of any Loan Party), fees, charges, expenses, attorneys’ fees and any other sum, obligation or liability owing by any other Loan Party to such Loan Party, including any intercompany trade payables or royalty or licensing fees (collectively, the “Intercompany Obligations”), is subordinated, to the extent and in the manner provided in this Section 13.22, to the prior payment in full in cash of all Obligations and that the subordination is for the benefit of the Administrative Agent, Issuing Bank, and Lenders and the Administrative Agent, Issuing Bank, and Lenders may enforce such provisions directly.
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Subordination of Intercompany Obligations. The Borrower agrees that all Intercompany Obligations shall be subject and subordinate and junior in right of payment and performance to all obligations of the Borrower Subsidiaries to the Collateral Agent and Administrative Agent hereunder and to the security interests in the Collateral granted to the Collateral Agent for the benefit of the Secured Parties to secure the payment and performance of the Secured Obligations. Upon the occurrence and during the continuance of an Event of Default or if the Facility Termination Date has occurred or been declared under the terms of the Credit Agreement, then unless and until all Secured Obligations shall have been paid and performed in full, (x) no payment on account of the principal of, or interest on, or any other amount in respect of, the Intercompany Obligations or any judgment with respect thereto shall be made by or on behalf of any Borrower Subsidiary to the Borrower and (y) the Borrower shall not (A) ask, demand, xxx for, take or receive from any Borrower Subsidiary, by set-off or in any other manner any payment on account of the principal of, or interest on, or any other amount in respect of, the Intercompany Obligations or (B) seek any other remedy allowed at law or in equity against any Borrower Subsidiary for a breach of Intercompany Obligations. If any payment or distribution of any character, whether in cash, securities or other property, in respect of Intercompany Obligations shall be received by the Borrower in violation of the terms of this section, such payment or distribution shall be held in trust for the benefit of, and shall be paid over or delivered to, the Administrative Agent for the benefit of the Secured Parties to the extent necessary to pay all Secured Obligations in full.
Subordination of Intercompany Obligations. (a) Each Obligor agrees that all Subordinated Intercompany Indebtedness shall be subordinate and junior in right of payment, to the extent and in the manner hereinafter set forth, to all Obligations of the Obligors under this Agreement (and other indebtedness and obligations in connection with any renewal, refunding, restructuring or refinancing thereof, including interest thereon accruing after the commencement of any proceedings referred to in clause (b) below, whether or not such interest is an allowed claim in such proceeding, being hereinafter collectively referred to in this Section 15.01 as “Senior Indebtedness”). For purposes hereof, “
Subordination of Intercompany Obligations. Any and all obligations of the Borrower or any other Loan Party to any Subsidiary Guarantor now or hereafter existing is hereby subordinated to the Guaranteed Obligations. No Subsidiary Guarantor will seek, accept or retain for such Subsidiary Guarantors’ account, any payment from any Loan Party on account of such obligations at any time when a Default or Event of Default exists, and any such payments made while any Default or Event of Default exists on account of such obligations shall be collected and received by such Subsidiary Guarantor in trust for the Administrative Agent and the Lenders and shall be paid over to the Administrative Agent on account of the Guaranteed Obligations without impairing or releasing the obligations of the Subsidiary Guarantors hereunder.
Subordination of Intercompany Obligations. (a) Each Borrower executing this Agreement or any other Loan Document covenants and agrees that the payment of all obligations, principal, interest (including interest which accrues after the commencement of any case or proceeding in bankruptcy, or for the reorganization of any Borrower), fees, charges, expenses, attorneys’ fees and any other sum, obligation or liability owing by any other Borrower to such Borrower, including any intercompany trade payables or royalty or licensing fees (collectively, the “Intercompany Obligations”), is subordinated, to the extent and in the manner provided in this Section 13.25, to the prior payment in full in cash of all Obligations and that the subordination is for the benefit of Administrative Agent, the Issuing Bank, and Lenders, and Administrative Agent, the Issuing Bank, and Lenders may enforce such provisions directly.
Subordination of Intercompany Obligations. Each Obligor hereby acknowledges that (i) the principal amount of any Debt now or hereafter due from Borrower to any other Obligor (including, without limitation, the Debt shown on Schedule 4.30 as Debt owed by Borrower to a Subsidiary of Borrower) shall not be required to be paid (whether by way of mandatory sinking fund, mandatory redemption, mandatory prepayment or otherwise) prior to the Maturity Date, and (ii) the payment of principal of or any interest on any such Debt, and any other obligations of Borrower relating thereto, are hereby subordinated to the prior payment in full of the principal of and interest (including, without limitation, post-petition interest, whether or not any such post-petition interest is an allowable claim in any bankruptcy proceeding) on the Loans and all other Obligations of the Obligors to the Lenders under the Loan Documents. EXECUTED as of the day and year first mentioned. SFX BROADCASTING, INC., Borrower
Subordination of Intercompany Obligations. (a) Each Credit Party covenants and agrees, that (i) all payments of the principal of (and premium, if any), and interest on, the Intercompany Obligations and any Liens securing the Intercompany Obligations are hereby subordinated in accordance with the provisions of this Section 1.18 and junior ------------ in right of payment to the prior payment in full in cash or Cash Equivalents of all the Obligations and (ii) the Obligations are by the terms hereof expressly made superior in right of payment to the Intercompany Obligations and any such Liens.
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Subordination of Intercompany Obligations. Any Indebtedness of any Obligor (the “Debtor-Obligor”) now or hereafter owing to any other Obligor (the “Creditor-Obligor”) is here-by subordinated to the Obligations of such Debtor-Obligor owing to the Agent and Purchasers; and if the Agent so requests at a time when an Event of Default exists, all such Indebtedness of such Debtor-Obligor to such Creditor-Obligor shall be collected, enforced and received by such Creditor-Obligor for the benefit of the Agent and Purchasers and be paid over to the Agent on behalf of the Purchasers on account of the Obligations, but without affecting or impairing in any manner the liability of any Obligor under the other provisions of this Agreement and the Transaction Documents. Without limiting the generality of the foregoing, any Liens granted by any Debtor-Obligor in favor of any Creditor-Obligor is hereby made subordinate and junior to the Liens granted by such Debtor-Obligor to the Agent, for the benefit of the Purchasers.
Subordination of Intercompany Obligations. Each Borrower covenants and agrees that the payment of all Obligations, principal, interest (including interest which accrues after the commencement of any case or proceeding in bankruptcy, or for the reorganization of any Loan Party), fees, charges, expenses, attorneys’ fees and any other sum, obligation or liability owing by any other Borrower to such Borrower, including any intercompany trade payables or royalty or licensing fees (collectively, the “Intercompany Obligations”), is subordinated to the prior Payment in Full of all Obligations and that the subordination is for the benefit of Administrative Agent, Issuing Banks and Lenders and Administrative Agent, Issuing Bank and Lenders may enforce such provisions directly, including in any Insolvency Proceeding of any Loan Party.
Subordination of Intercompany Obligations. (a) Each Obligor agrees that upon the occurrence of any Bankruptcy Event with respect to the Borrower or any of its Subsidiaries:
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