Permitted Intercompany Loan means, as of any particular time, (i) a loan from the Borrower to any of its Subsidiaries or a loan from any such Subsidiary to the Borrower or any other Subsidiary of the Borrower, in each case other than a Regulated Subsidiary, provided that any Subsidiary which is a borrower under such Permitted Intercompany Loan does not have any third party Indebtedness for Borrowed Money outstanding other than Indebtedness for Borrowed Money under a Permitted Intercompany Loan, including, without limitation, each of the loans described in Schedule L, and (ii) Permitted Shareholder Loans.
Permitted Intercompany Loan means a loan made by any Loan Party to another Loan Party, provided that the Lender holds a First Ranking Security Interest in all personal property of both such Loan Parties.
Permitted Intercompany Loan means a loan made by any Loan Party to another Loan Party, provided that the Lender holds a security interest in all property and assets of both such Loan Parties, subject only to Permitted Encumbrances.
Examples of Permitted Intercompany Loan in a sentence
The Borrowers will not make any loans or advances to or investment in any Person except for Investment Obligations, Permitted Acquisitions, Permitted Intercompany Loans, (provided that any Permitted Intercompany Loan to a foreign Subsidiary or Affiliate in excess of $100,000 shall be evidenced by a promissory note which shall be pledged and delivered to the Agent (for the ratable benefit of the Banks) with appropriate endorsements) and Permitted Officer Loans.
Each Borrower may from time to time extend a Permitted Inter-company Loan, being a loan or loans to other Borrower(s) and/or to HTCC Tanacsado Reszvenytarsasag for the purposes of, but not limited to, short-term working capital requirements of the recipient Borrower or HTCC Tanacsado Reszvenytarsasag, as applicable, the outstanding amount(s) of which in aggregate do(es) not at any time exceed an amount equivalent to two million dollars (USD 2,000,000).
More Definitions of Permitted Intercompany Loan
Permitted Intercompany Loan means any Intercompany Loan (A) entered into by the Issuer as lender and a Guarantor (other than the Parent) as borrower or entered into by a Group Company (other than the Parent except as permitted in Clause 12.5 a)) as lender and the Issuer or a Guarantor (other than the Parent) as borrower; (B) entered into between Subsidiaries that are not Guarantors; or (C) entered into between Guarantors (other than the Parent except as permitted in Clause 12.5 a)) as a lender and Group Companies that are not Guarantors as a borrower, provided (in case of (C)) that such loans (x) in the aggregate do not exceed EUR 7,000,000 at any one time outstanding or (y) are pledged under an Intercompany Loans Pledge Agreement.
Permitted Intercompany Loan means a loan made in the ordinary course of business by a Company to another Company or a Subsidiary of Parent, but only so long as (a) such loan is evidenced by a promissory note, the original of which shall be delivered to the Agent, (b) the promissory note evidencing such loan provides (in form and substance satisfactory to the Agent) that the repayment thereof is subordinated to the full and final payment of the Obligations and (c) if the loan is made to a Subsidiary of Parent organized outside of the United States of America, then the total outstanding amount thereof, together with the aggregate sum of other advances and investments by the Companies in Subsidiaries of Parent organized outside of the United States of America, does not exceed $5,000,000. Permitted Tax Liens shall mean liens for Taxes not due and payable and liens for Taxes that any Company is contesting in good faith, by appropriate proceedings which are sufficient to prevent imminent foreclosure of such liens, and with respect to which adequate reserves are being maintained by such Company in accordance with GAAP; provided that in either case, such liens (a) are not filed of record in any public office, (b) other than with respect to Real Estate, are not senior in priority to the liens granted by such Company to the Agent, for the benefit of the Agent and the Lenders, or (c) do not secure taxes owed to the United States of America (or any department or agency thereof) or any State or State authority, if applicable State law provides for the priority of tax liens in a manner similar to the laws of the United States of America. Person shall mean any individual, sole proprietorship, partnership, corporation, business trust, joint stock company, trust, unincorporated organization, association, limited liability company, institution, public benefit corporation, joint venture, entity or government (whether Federal, state, county, city, municipal or otherwise, including any instrumentality, division, agency, body or department thereof). Pro Rata Percentage shall mean, as to each Lender at any time, a fraction (expressed as a percentage), the numerator of which is the amount of such Lender’s Commitment at such time and the denominator of which is the aggregate amount of all Commitments at such time (or in the event that the Commitments of the Lenders hereunder have terminated, the numerator of which is the principal amount of loans then owed to such Lender hereunder and the denominator of whic...
Permitted Intercompany Loan means a loan or other extension of credit made by a Credit Party to another Credit Party (other than Parent), but only so long as (a) if so required by Agent, such loan is evidenced by a promissory note, the original of which shall be delivered to Agent, and (b) the promissory note evidencing such loan provides (in form and substance satisfactory to Agent) that the repayment thereof is subordinated to the payment in full of the Obligations.
Permitted Intercompany Loan means, as of any particular time, (i) a loan from any Company (including the Borrower) to any other Company other than a Regulated Subsidiary, provided that any Company, other than the Borrower, which is a borrower under such Permitted Intercompany Loan does not have any third party Indebtedness for Borrowed Money outstanding other than Indebtedness for Borrowed Money under a Permitted Intercompany Loan, and (ii) loans made under the ITC Investments Shareholder Notes. For certainty, each of the loans described in Schedule O shall be Permitted Intercompany Loans. “Regulated Subsidiary” means a Subsidiary of the Borrower or the Target whose principal line of business is (i) the transmission and distribution of electric energy and whose operations (including its electrical rates charged to the public) are regulated by applicable governmental authorities or (ii) the transmission and distribution of natural gas and whose operations (including its natural gas rates charged to the public) are regulated by applicable governmental authorities and whose material transmission assets are included in its regulated rate base and whose only material pipeline assets are related to its regulated gas distribution business.
Permitted Intercompany Loan means any loan made by the Company to any Restricted Subsidiary that (i) is evidenced by a Permitted Intercompany Note, (ii) provides for interest payments at the same rate and at the same times as the Notes and the principal amount of and all accrued interest on such loan is due and payable on demand, (iii) ranks at least pari passu in right of payment with all other Indebtedness of such Restricted Subsidiary, except as contemplated by the Company Pledge Agreement, (iv) except as provided herein, is secured by a Lien on substantially all assets of such Restricted Subsidiary other than Negative Pledge
Permitted Intercompany Loan means (i) Investments in Oxford Automotriz de Mexico S.A. de C.V. in an aggregate amount not to exceed $1,000,000 and (ii) Investments in the Borrowing Subsidiary in an aggregate amount not to exceed $2,500,000; provided, that (x) in each case such Investment shall be made as an intercompany loan from the Company to the relevant Subsidiary and shall documented by an intercompany note in form and substance satisfactory to the Administrative Agent, and (y) each such intercompany note shall be pledged as security for the Obligations of the Company and delivered to the Collateral Agent pursuant to the terms of the Pledge and Security Agreement prior to the making of the intercompany loan by the Company.
Permitted Intercompany Loan means any loan or advance made to the Borrower in cash by the Parent Company prior to, on or after the 2007 Amendment Effective Date; provided, however, that, for purposes of this Agreement, any such loan or advance shall constitute a “Permitted Intercompany Loan” only if each of the following conditions shall be satisfied with respect to such loan or advance and also with respect to any Indebtedness of the Borrower with respect to such loan or advance, and any Indebtedness of the Borrower under or with respect to any Instruments evidencing or governing such loan or advance: