Intercreditor Deed Clause Samples
An Intercreditor Deed is a legal agreement that sets out the rights and priorities of multiple lenders or creditors who have interests in the same borrower or collateral. It typically outlines how payments, enforcement actions, and proceeds from the collateral will be shared among the creditors, and may establish which creditor has priority in case of default or insolvency. The core function of this clause is to prevent disputes between creditors by clearly defining their respective rights and obligations, thereby ensuring orderly management and enforcement of claims.
POPULAR SAMPLE Copied 2 times
Intercreditor Deed. (a) Any party to the Intercreditor Deed (other than a Finance Party or an Obligor) fails to comply with the provisions of, or does not perform its obligations under, the Intercreditor Deed; or
(b) a representation or warranty given by that party in the Intercreditor Deed is incorrect in any material respect, and, if the non-compliance or circumstances giving rise to the misrepresentation or breach of warranty are capable of remedy, it is not remedied within 10 Business Days of the earlier of the Agent giving notice to that party or that party becoming aware of the non-compliance, misrepresentation or breach of warranty.
Intercreditor Deed. This clause 40 is subject to the terms of the Intercreditor Deed.
Intercreditor Deed. 14.1 This Agreement is subject to the terms of the Intercreditor Deed.
14.2 No payment shall be made (or notice of enforcement or demand given) under this Agreement to the extent that such action is prohibited by the terms of the Intercreditor Deed.
14.3 If any provision of this Agreement is inconsistent with the Intercreditor Deed, the Intercreditor Deed will prevail.
Intercreditor Deed. Any payments under this Section 8.8 shall be made subject to and in accordance with the provisions of the Intercreditor Deed.
Intercreditor Deed. Each of the parties to this Agreement agrees and acknowledges that this Agreement is entered into, subject to the terms of the Intercreditor Deed and in the event of any inconsistency between this Agreement and the Intercreditor Deed the terms of the Intercreditor Deed shall prevail.
Intercreditor Deed. Each of (a) the Parent Guarantor, the Issuer and the Original Subsidiary Guarantors, (b) the Bank Agent, (c) the security trustee, (d) Lloyds TSB Bank plc and Clydesdale Bank PLC (trading as Yorkshire Bank), as Arrangers, (e) the Bank Lenders, (f) Lloyds TSB Bank plc, Clydesdale Bank PLC (trading as Yorkshire Bank) and Bank of America, N.A., as Bilateral Lenders, and (g) the Purchasers shall have entered into the Intercreditor Deed, which shall be in the form set forth in Exhibit 4.11, and such Purchaser shall have received an original copy of the Intercreditor Deed and it shall be in full force and effect.
Intercreditor Deed. HoldCo, the Agent, the Security Agent, the Issuing Bank, the Original Intercompany Lenders (as defined in that agreement), the Original Intercompany Borrowers (as defined in that agreement), and others entered into an intercreditor deed dated 27 August 2008 (as amended and/or amended and restated from time to time).
Intercreditor Deed. Any member of the BST Group that is party to the Intercreditor Deed fails to comply with the provisions of, or does not perform its obligations under, the Intercreditor Deed and, if the non-compliance is capable of remedy, it is not remedied within 15 days of the earlier of the relevant Agent giving notice to that party or that party becoming aware of the non-compliance. Cessation of business Any Material Company suspends or ceases to carry on (or threatens to suspend or cease to carry on) all or a material part of its business save as contemplated pursuant to the Permitted Reorganisation Transaction. Change of ownership After the Closing Date, an Obligor (other than the Parent) ceases to be a wholly-owned Subsidiary of the Parent; or An Obligor ceases to own at least the same percentage of shares in a Material Company as on the Closing Date, except, in either case, as a result of a disposal which is a Permitted Disposal or a Permitted Transaction or contemplated pursuant to the Permitted Reoganisation Transaction. Amending articles of association Any member of the BST Group amends, varies, supplements, supersedes, waives or terminates its Constitutional Documents without the prior written consent of the Majority Lenders unless such an amendment is not materially prejudicial to the interests of the Finance Parties or relates to a change to its legal name to include the words “ITG Automotive Safety” or words to a similar effect provided that where an amendment relates to the appointment of an Independent Director and his/her related voting rights the prior written consent of the Majority Lenders shall always be required. Audit qualification The Auditors of the BST Group qualify the audited annual consolidated financial statements of the Parent where the Majority Lenders determine (acting reasonably) that such qualification is materially adverse to the interests of the Finance Parties.
Intercreditor Deed. Any member of the BST Group that is party to the Intercreditor Deed fails to comply with the provisions of, or does not perform its obligations under, the Intercreditor Deed and, if the non-compliance is capable of remedy, it is not remedied within 15 days of the earlier of the relevant Agent giving notice to that party or that party becoming aware of the non-compliance.
Intercreditor Deed. Each Holder, by accepting a Note, agrees to be bound by all of the terms and provisions of the Indenture and the Intercreditor Deed, as the same may be amended from time to time, and acknowledges that the claims of Holders of the Notes are subject to the Intercreditor Deed. Each Holder, by accepting a Note, authorizes and requests the Trustee to, on such Holder’s behalf, (a) make all undertakings, representations, offers and agreements of the Trustee set forth in the Intercreditor Deed and (b) take all actions called for to be taken by the Trustee in the Intercreditor Deed.