Permitted Intercompany Advance means Intercompany Advances:
Permitted Intercompany Advance means an Intercompany Advance from Parent or any of its Subsidiaries to Parent or any Borrower.
Permitted Intercompany Advance means a loan or advance, evidenced by a note, by the Borrower to one or more if its Subsidiaries or other Affiliates, a repayment by the Borrower of a loan or advance previously made by one or more of the Borrower’s Subsidiaries or other Affiliates to the Borrower, or the establishment by the Borrower in the ordinary course of its business of a letter of credit or guaranty as credit support for the obligations of any of the Borrower’s Subsidiaries or other Affiliates (each an “Intercompany Advance”), so long as at the time of such Intercompany Advance (and after taking such Intercompany Advance into account) (a) no Default or Event of Default would then exist, (b) Borrower has Minimum Total Liquidity, and (c) with respect to Intercompany Advances taking place during the Bridge Period, such Intercompany Advance would not cause Permitted Transaction Expenses to exceed $50,000,000.
Examples of Permitted Intercompany Advance in a sentence
Except for (a) the issuance or sale of Qualified Equity Interests by Borrower or (b) the issuance or sale of Equity Interests by a Subsidiary of Borrower to Borrower or another Subsidiary of Borrower if the Investment in any such Equity Issuance is permitted as a Permitted Intercompany Advance, Borrower will not, and will not permit any of its Subsidiaries to issue or sell or enter into any agreement or arrangement for the issuance or sale of any of its Equity Interests.
Other than in connection with a Permitted Intercompany Advance and other than the deferral of royalty revenues to address temporary working capital needs, directly or indirectly enter into or permit to exist any transaction with any Affiliate of Borrower except for transactions that are in the ordinary course of business, upon fair and reasonable terms, that are fully disclosed to Agent, and that are no less favorable than would be obtained in an arm’s length transaction with a non-Affiliate.
So long as any Permitted Intercompany Advance made on or after the Closing Date is outstanding with respect to any Subsidiary of Borrower that is not a Guarantor, all such Subsidiaries shall not have Permitted Investments in DDAs or Securities Accounts in an aggregate amount in excess of $17,000,000 at any one time.
More Definitions of Permitted Intercompany Advance
Permitted Intercompany Advance means an Intercompany Advance, so long as (a) the Intercompany Subordination Agreement (as defined in the Credit Agreement) is in full force and effect with respect to the proposed Intercompany Advance, (b) if the Person acting as the borrower with respect to such Intercompany Advance is a Non-Wholly Owned Subsidiary and has not executed a Guaranty (as defined in the Credit Agreement) or a Security Agreement (as defined in the Credit Agreement), (i) the aggregate outstanding amount of all such Intercompany Advances to non-guarantors other than Liquor License Subsidiaries, as of the last day of each fiscal quarter of the Lessee, shall not be greater than the sum of (A) the aggregate outstanding amount of such Intercompany Advances as of December 30, 2001, and (B) $1,000,000, and (ii) the proceeds of each such Intercompany Advance are used solely for Capital Expenditures and other general business or operating expenses of a Restaurant operated by such Person, and (c) if the Person acting as the borrower with respect to such Intercompany Advance is a Liquor License Subsidiary and has not executed a Guaranty (as defined in the Credit Agreement) or a Security Agreement(as defined in the Credit Agreement), the proceeds of each such Intercompany Advance are used solely for the obligation of such Liquor License Subsidiary to pay for or maintain licenses and related expenses in respect thereof.
Permitted Intercompany Advance means an advance made by a Borrower to an Intercompany Borrower if (A) no Potential Default or Event of Default exists or would result therefrom, (B) the amount of such advance does not exceed the Availability existing immediately prior to the time such advance is made, (C) such advance is used by the applicable Intercompany Borrower to acquire Petroleum and Natural Gas Rights, (D) such advance is otherwise made on terms and conditions and is evidenced and governed by loan and security documents which are reasonably acceptable to the Administrative Agent and Lenders, (E) such advance, along with the collateral securing the repayment thereof and all documentation executed in connection therewith, is pledged to the Administrative Agent for the benefit of the Lenders to secure repayment of the Obligations pursuant to the terms of the Additional Security Agreement, and (F) the applicable Borrower shall have provided evidence to Administrative Agent and the Lenders, in form and substance reasonably acceptable to the Administrative Agent and the Lenders, that after giving effect to such advance
Permitted Intercompany Advance means unsecured loans or advances (i) from Parent or Borrower to any of their respective Subsidiaries, (ii) from any of Borrower’s Subsidiaries to Borrower, or (iii) from any Subsidiary of Borrower to any other Subsidiary of Borrower, so long as for each of (i), (ii), or (iii), no Event of Default has occurred and is continuing and all parties to each such transaction execute an Intercompany Subordination Agreement.
Permitted Intercompany Advance means Intercompany Advances made by a Borrower to another Borrower so long as no Event of Default has occurred and is continuing or would result therefrom and all parties to such transaction are party to the Intercompany Subordination Agreement.
Permitted Intercompany Advance means Intercompany Advances (a) made by any of Parent’s Subsidiaries that is not an Obligor to any of Parent’s other Subsidiaries that is not an Obligor; (b) made by Parent or any of Parent’s Subsidiaries to an Active Obligor so long as they are the subject of the Intercompany Subordination Agreement; (c) made by any of Parent’s Subsidiaries that is an Obligor to Bookham China, so long as (i) no Default or Event of Default has occurred and is continuing or would result therefrom, and (ii) all such Intercompany Advances do not exceed $4,500,000 per month (subject to annual increases requested by Borrowers and acceptable to Agent, which increases must be based upon historic revenue growth since the Closing Date), provided, that no such Intercompany Advances may be made following Bookham China’s receipt of cash proceeds from the Bookham China Sale and Leaseback, until such cash proceeds have been fully utilized to fund the ongoing business of Bookham China,; (d) made by any of Parent’s Subsidiaries that is an Obligor to Bookham Switzerland, so long as (i) no Default or Event of Default has occurred and is continuing or would result therefrom, and (ii) all such Intercompany Advances do not exceed $1,400,000 per calendar month; (e) made by any of Parent’s Subsidiaries that is an Obligor to any of Parent’s other Subsidiaries that is not an Obligor (other than Bookham China or Bookham Switzerland), so long as (i) no Default or Event of Default has occurred and is continuing or would result therefrom, and (ii) all such Intercompany Advances do not exceed $100,000 outstanding at any one time; and (f) payments made by any Obligor to the Lender Group in respect of obligations under this Agreement or the Loan Documents, to the extent that the same are construed as “advances” for the benefit of one or more of the other Obligors and so long as they are subject to the Intercompany Subordination Agreement.
Permitted Intercompany Advance means any loan or other advance of money whether in the form of funds advanced or as a credit against or reduction of amounts owing by a Loan Party to any Subsidiary of the Loan Parties that does not constitute a Loan Party, provided that (a) at the time of and after giving pro forma effect to such loan or other advance, (i) no Default or Event of Default has occurred and is continuing, (ii) Availability is not less than $15,000,000, and (iii) the Aggregate Net Payable Balance is not less than $55,000,000, and (b) in no event shall the Loan Parties make any loans or other advances in cash to any UK Subsidiary. Without limiting the generality of the foregoing, in the case of any Account of a Loan Party owing by a UK Subsidiary, such Account shall be a Permitted Intercompany Advance if at the time of and after giving pro forma effect to such Account, (i) no Default or Event of Default has occurred and is continuing, (ii) Availability is not less than $15,000,000, (iii) the Aggregate Net Payable Balance is not less than $55,000,000, (iv) the sum of all such Accounts does not exceed $5,000,000, and (v) such Account shall result from goods purchased or services rendered in the ordinary course of business at market rates in arms-length transactions and shall not take the form of cash or Cash Equivalents. For purposes of clauses (a)(iii) and (b)(iii) hereinabove, the term “Aggregate Net Payable Balance” at any time means the amount due from all Loan Parties to Subsidiaries that are not Loan Parties at such time, less the amount due to all Loan Parties from Subsidiaries that are not Loan Parties at such time. For purposes hereof, the parties acknowledge that, as of the Closing Date there exists a loan or other advance of cash from the Loan Parties to the UK Subsidiaries in an amount not in excess of $8,798,960, and that, for so long as such loan or other advance of cash is not increased, the same shall be deemed to constitute a Permitted Intercompany Advance (provided that in all events such loan or other advance from the Loan Parties to the UK Subsidiaries shall be included for purposes of the limit set forth in clauses (a)(iii) and (b)(iii) hereinabove).
Permitted Intercompany Advance means an Intercompany Advance, so long as (a) the Intercompany Subordination Agreement is in full force and effect with respect to the proposed Intercompany Advance, and (b) the Intercompany Advance is being made by one Loan Party to another Loan Party.