Bondholder and Preferred Consent Sample Clauses

Bondholder and Preferred Consent. (a) Each of Concentric and -------------------------------- NEXTLINK shall (i) solicit, and use its commercially reasonable efforts to obtain, the consent of holders of the Concentric Senior Notes and the Concentric Series B Preferred Stock to the Mergers and, at NEXTLINK's request, to the replacement, as of the Effective Time, of the covenants contained in the indentures relating to the Concentric Senior Notes and the Concentric Debentures and the Concentric Series B Preferred Stock covenants substantially identical, mutatis mutandis, to those applicable to NEXTLINK's 10 1/2% Senior Notes due 2009 and the consent of the holder of the Concentric Series C Preferred Stock to the items contemplated by clauses (A) and (D) of Section 3.1(i), provided that -------- any fees or other inducements paid or provided for in connection therewith shall be paid by NEXTLINK in such amounts, at such times and subject to such contingencies as NEXTLINK shall determine in its sole discretion and/or, if NEXTLINK elects to do so, (ii) exchange the Concentric Series B Preferred Stock for Concentric Debentures in accordance with its terms and subject such Concentric Notes and the Concentric Debentures to covenant defeasance in accordance with Section 403 of the respective indentures related thereto, effective immediately prior to the Mergers, in the case of the Concentric Senior Notes, and effective immediately prior to the exchange of Concentric Series B Preferred Stock for Concentric Debentures, in the case of the Concentric Debentures, in each case with the funds therefor to be supplied by NEXTLINK, provided that nothing contained in this Agreement will require NEXTLINK to elect -------- such covenant defeasance.