Approved Intercreditor Agreement means (i) with respect to indebtedness secured on a pari passu basis with the Secured Obligations, this Agreement (or any other collateral trust agreement or intercreditor agreement reasonably acceptable to the Administrative Agent) and (ii) with respect to any indebtedness secured on a junior basis to the Secured Obligations, an intercreditor agreement the terms of which are consistent with market terms governing security arrangements for the sharing of liens or arrangements relating to the distribution of payments, as applicable, at the time the intercreditor agreement is proposed to be established in light of the type of Indebtedness subject thereto.
Approved Intercreditor Agreement means either the Intercreditor Agreement or an intercreditor agreement on substantially the same terms as the Intercreditor Agreement (or terms not materially worse to the Noteholders), including substantially the same terms with respect to release of Guarantees and priority and release of Collateral.
Approved Intercreditor Agreement means the Intercreditor Agreement, any Pari Passu Intercreditor Agreement or any Junior Lien Intercreditor Agreement.
Examples of Approved Intercreditor Agreement in a sentence
No director, officer, employee, incorporator or stockholder of the Issuer or any Guarantor, as such, will have any liability for any obligations of the Issuer or the Guarantors under the Notes, this Indenture, the Note Guarantees, the Security Documents, the Intercreditor Agreement and any other applicable Approved Intercreditor Agreement or for any claim based on, in respect of, or by reason of, such obligations or their creation.
In the event of any conflict between the terms of the Intercreditor Agreement or any such Approved Intercreditor Agreement and the terms of this Agreement or any other Loan Document with respect to the priority of any Liens granted to the Collateral Agent or the exercise of any rights and remedies of the Collateral Agent, the terms of the Intercreditor Agreement and such applicable Approved Intercreditor Agreements shall govern and control.
The Trustee and Notes Collateral Agent shall sign any amended or supplemental indenture or amendment or supplement to the Security Documents, the Intercreditor Agreement or any other applicable Approved Intercreditor Agreement, as applicable, authorized pursuant to this Article 9 if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee or the Notes Collateral Agent.
More Definitions of Approved Intercreditor Agreement
Approved Intercreditor Agreement has the meaning as set forth in the Collateral Trust Agreement.
Approved Intercreditor Agreement means an intercreditor agreement the terms of which are consistent with market terms governing security arrangements for the sharing of liens or arrangements relating to the distribution of payments, as applicable, at the time the intercreditor agreement is proposed to be established in light of the type of Debt subject thereto.
Approved Intercreditor Agreement means, with respect to Second Lien Secured Obligations, the Second Lien Collateral Trust Agreement or any other collateral trust agreement or intercreditor agreement the terms of which are consistent with market terms governing security arrangements for the sharing of Liens or arrangements relating to the distribution of payments, as applicable, at the time the collateral trust agreement or the intercreditor agreement is proposed to be established in light of the type of Indebtedness subject thereto (in each case, as determined in good faith by the Company and certified to the Trustee and Second Lien Collateral Trustee in an Officer’s Certificate on which the Trustee and the Second Lien Collateral Trustee may conclusively rely without liability).
Approved Intercreditor Agreement means (i) with respect to Indebtedness secured on a pari passu basis with the Secured Obligations, the Collateral Trust Agreement (or any other collateral trust agreement or intercreditor agreement reasonably acceptable to the Administrative Agent) and (ii) with respect to any Indebtedness secured on a junior basis to the Secured Obligations, the Intercreditor Agreement (or any other intercreditor agreement reasonably acceptable to the Administrative Agent).
Approved Intercreditor Agreement means, (a) with respect to First Lien Obligations, the ABL/Junior Intercreditor Agreement, and any other customary intercreditor agreement or any other collateral trust agreement in form and substance substantially similar to the intercreditor relationship between the ABL/FILO Obligations and the New Third Lien Secured Notes as determined by the Company, providing that the Liens on the Collateral securing such First Lien Obligations shall be First Liens, (b) with respect to Second Lien Indebtedness, the 2L/3L Intercreditor Agreement, and any other customary intercreditor agreement or any other collateral trust agreement in form and substance substantially similar to the intercreditor relationship between the New Second Lien Secured Notes and the New Third Lien Secured Notes as determined by the Company, providing that the Liens on the Collateral securing such Second Lien Indebtedness shall be Second Liens, and (c) with respect to Pari Passu Lien Indebtedness, a customary intercreditor agreement as reasonably determined by the Company, providing that the Liens on the Collateral securing such Pari Passu Lien Indebtedness shall share Pari Passu Liens with the New Third Lien Secured Notes; in each case of (a), (b) and (c) the terms of which are consistent with market terms governing security arrangements for the sharing of Liens or arrangements relating to the distribution of payments, as applicable, at the time such collateral trust agreement or intercreditor agreement is proposed to be established in light of the type of Indebtedness subject thereto (in each case, as determined in good faith by the Company and certified to the Third Lien Trustee and Collateral Agent in an Officer’s Certificate on which the Third Lien Trustee and the Collateral Agent may conclusively rely without liability).
Approved Intercreditor Agreement means (a) with respect to any Permitted Term Debt, an intercreditor agreement containing terms satisfactory to Agent, among Agent, on behalf of the Secured Parties, the applicable Obligors, and the holders of such Permitted Term Debt (or any agent or trustee acting on their behalf), and (b) with respect to an Approved Floorplan and Factoring Facility, an intercreditor agreement containing terms satisfactory to Agent, among Agent, on behalf of the Secured Parties, the applicable Obligors, and the creditors providing such Approved Floorplan and Factoring Facilities (or any agent or trustee acting on their behalf), as any of the foregoing may be amended, restated, amended and restated, supplemented or otherwise modified from time to time.
Approved Intercreditor Agreement means (i) with respect to Indebtedness secured on a pari passu basis with the First Lien Debt, the Collateral Trust Agreement (or any other collateral trust agreement or intercreditor agreement reasonably acceptable to the Collateral Trustee acting at the direction of the requisite secured parties) and (ii) with respect to any Indebtedness secured on a junior basis to the First Lien Debt, an intercreditor agreement the terms of which are consistent with market terms governing security arrangements for the sharing of liens or arrangements relating to the distribution of payments, as applicable, at the time the intercreditor agreement is proposed to be established in light of the type of Indebtedness subject thereto.