Intercompany Subordinated Debt definition

Intercompany Subordinated Debt is defined in the second recital.

Intercompany Subordinated Debt means unsecured Debt of the Borrower to Parent in respect of the loan made by Parent to the Borrower pursuant to the Intercompany Subordinated Loan Agreement.

Intercompany Subordinated Debt means that certain Indebtedness evidenced by the Intercompany Subordinated Note and the other Intercompany Subordinated Debt Documents, which Indebtedness has an outstanding principal balance of $10,356,140.65 as of the Amendment No. 1 Effective Date, after giving effect to the transactions to occur on or about the Amendment No. 1 Effective Date.

Examples of Intercompany Subordinated Debt in a sentence

• Each Subordinated Debtor agrees that it will not make any payment on any of the Intercompany Subordinated Debt, or take any other action, in contravention of the provisions of this Agreement.

• Each Subordinated Creditor agrees that, in connection with any such proceeding, it shall not contest or oppose the treatment of claims of the Purchaser in any plan of reorganization or otherwise and it shall vote any claims that exist by virtue of the Intercompany Subordinated Debt in connection with any plans of reorganization or otherwise, as may be requested by the Purchaser.

• No Obligor shall make, and no Subordinated Creditor shall receive or accept from any Obligor, any payment in respect of any Intercompany Subordinated Debt if any Default set forth in Section 11.01(h)—(j) of the Credit Agreement, or any other Event of Default, shall have occurred and be continuing or would result therefrom.

• Each Subordinated Creditor represents and warrants that the Intercompany Subordinated Debt is unsecured.

• Each Subordinated Creditor agrees to make no claim for, or receive payment with respect to, such Intercompany Subordinated Debt until all Obligations and such obligations have been fully discharged in cash.

More Definitions of Intercompany Subordinated Debt

Intercompany Subordinated Debt as defined in Section 8.1(vi).

Intercompany Subordinated Debt means all Indebtedness which, in accordance with GAAP, on a consolidated basis, would be recorded in the Borrower’s consolidated financial statements (including the notes thereto) and which is owing to a Related Party, which Indebtedness has all of the following characteristics:

Intercompany Subordinated Debt means, with respect to each Company, all indebtedness, liabilities, and other obligations of each Obligor owing to such Company, whether now existing or hereafter arising, and whether due or to become due, absolute or contingent, liquidated or unliquidated, determined or undetermined, including all fees and all other amounts payable by any Obligor to such Company under or in connection with any documents or instruments related thereto.

Intercompany Subordinated Debt shall have the meaning set forth in Section 8.18.

Intercompany Subordinated Debt means any Debt between Obligors.

Intercompany Subordinated Debt is defined in the recitals hereof.

Intercompany Subordinated Debt means all indebtedness and other obligations of the Debtor from time to time owing to the Subordinated Creditor in respect of indebtedness related to or resulting from intercompany loans, advances or other indebtedness from a Subordinated Creditor (whether created directly or acquired by assignment or otherwise), and interest, premiums and fees, if any, thereon and other amounts payable in respect thereof and all rights and remedies of the Subordinated Creditor with respect thereto.