Examples of Subordinated Intercompany Debt in a sentence
Without limiting the last sentence of Section 4.03(c), each Grantor will cause any Subordinated Intercompany Debt that constitutes Indebtedness for borrowed money owed to it by any Subsidiary of the Borrower that is not an Obligor to be evidenced by the Intercompany Note, duly executed by it and delivered to the Collateral Agent for the ratable benefit of the Secured Parties.
The Obligations constitute “Senior Debt” (or the equivalent thereof) under the Subordinated Intercompany Debt and any Permitted Refinancing Indebtedness in respect thereof.
Until the Subordination Termination Date, no Subordinated Creditor shall, without the prior written consent of the Micron Parties, take any Enforcement Action with respect to the Subordinated Intercompany Debt.
In the event of any conflict between this Agreement and any other provision of any Subordinated Intercompany Debt Agreements or any other agreement, instrument or understanding governing the Subordinated Debt, this Agreement shall control to the extent of such conflict.
For the avoidance of doubt, each Subordinated Intercompany Debt Agreement shall continue on and after execution and delivery of this Agreement without any novation, discharge, rescission, extinguishment or substitution of the Obligors’ rights and obligations thereunder pursuant to the terms thereof.