#223638 :
Es gibt eine Reihenfolge in der Abarbeitung der Schulden:
Im Intercreditor Agreement wird unter Section 2 ab S. 34 umfassend darauf eingegangen auch in Bezug auf die Verteilung der Sicherheiten, also alles Zusammen Verteilung der Sicherheiten und Abtragen der Schulden von "Oben nach Unten":
"SECTION 2
RANKING AND PRIMARY CREDITORS
2. RANKING AND PRIORITY
2.1 Primary Creditor Liabilities
Each of the Parties agrees that the Super Senior Facility Liabilities, the New Monies Facility Liabilities, the Break Fee Liabilities, the Senior Management Compensation Arrangement Liabilities, the Director Indemnity Liabilities, the First Lien Facility Liabilities and the Second Lien Facility Liabilities owed by the Debtors to the Primary Creditors shall rank (subject to the terms of this Agreement) in right and priority of payment, as amongst themselves, pari passu and without any preferences between them.
2.2 Transaction Security
Each of the Parties agrees that the Transaction Security shall rank and secure the following Liabilities (but only to the extent that such Transaction Security is expressed to secure those Liabilities) in the following order (subject to the terms of this Agreement):
(a) first, the Super Senior Facility Liabilities, the New Monies Facility Liabilities, the Break Fee Liabilities, the Senior Management Compensation Arrangement Liabilities and the Director Indemnity Liabilities pari passu and without any preference between them;
(b) second, the First Lien Facility Liabilities pari passu and without any preference between them; and
(c) third, the Second Lien Facility Liabilities pari passu and without any preference between them.
2.3 Subordinated Liabilities and Intra-Group Liabilities
(a) Each of the Parties agrees that the Subordinated Liabilities and the Intra-Group Liabilities are
postponed and subordinated to the Liabilities owed by the Debtors to the Primary Creditors.
(b) This Agreement does not purport to rank any of the Subordinated Liabilities and the Intra-Group Liabilities as between themselves."
Die erwähnten 1L, 2L und Intercreditor Agreements findet man unter:
www.lucid-is.com/steinhoff/
SEAG CVA - Amended Documents
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