Common use of Acquisition of Intra-Group Liabilities Clause in Contracts

Acquisition of Intra-Group Liabilities. (a) Subject to paragraphs (b) below, each Debtor may, and may permit any other member of the Group to: (i) enter into any Liabilities Acquisition; or (ii) beneficially own all or any part of the share capital of a company that is party to a Liabilities Acquisition, in respect of any Intra-Group Liabilities at any time. (b) Prior to the Senior Discharge Date, subject to paragraph (c) below, no action described in paragraph (a) above may take place in respect of any Intra-Group Liabilities if: (i) that action would result in a breach of the Facilities Agreement; or (ii) at the time of that action, an Acceleration Event has occurred. (c) The restrictions in paragraph (b) above shall not apply if: (i) the Majority Senior Creditors consent to that action; or (ii) that action is taken to facilitate Payment of the Senior Liabilities.

Acquisition of Intra-Group Liabilities. ‌ (a) Subject to paragraphs paragraph (b) below, each Debtor may, and may permit any other member of the Group to: (i) enter into any Liabilities Acquisition; or (ii) beneficially own all or any part of the share capital of a company that is party to a Liabilities Acquisition, in respect of any Intra-Group Liabilities at any time. (b) Prior to the Senior Discharge Date, Date and subject to paragraph (c) below, no action described in paragraph (a) above may take place in respect of any Intra-Group Liabilities if: (i) that action would result in a breach of the Facilities Agreement; or (ii) at the time of that action, an Acceleration Event has occurred. (c) The restrictions in paragraph (b) above shall not apply if: (i) the Majority Senior Creditors consent to that action; or (ii) that action is taken to facilitate Payment of the Senior Liabilities.