Cancellation of Subordinated Debt Sample Clauses

Cancellation of Subordinated Debt. (a) As of the Effective Date, the Subordinated Bondholder hereby (i) cancels (and hereby directs the Issuer and the Bond Trustee to cancel) all obligations of the Debtor Parties under the Terminated Subordinated Debt Documents (such obligations, the “Cancelled Subordinated Debt”) (ii) terminates (and hereby directs the Issuer and the Bond Trustee to terminate) all of the Terminated Subordinated Debt Documents, (iii) terminates, cancels and releases (and hereby directs the Issuer and the Bond Trustee to terminate, cancel and release) the Liens of the Subordinated Security Documents, all in consideration of the Bond Satisfaction
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Cancellation of Subordinated Debt. All Subordinated Debt that are:
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Cancellation of Subordinated Debt. The Parent shall not cancel, write-off or otherwise forgive all or any part of any loans made to the Intermediate Parent (being Subordinated Debt), without the prior written consent of the Agent, if such cancellation, write-off or other forgiveness might reasonably be expected to give rise to material tax liabilities for the UK Group taken as a whole, which cannot be sheltered by the net operating losses of the Group available at the time of such cancellation, write off or forgiveness.
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Cancellation of Subordinated Debt. (a) As of the Effective Date, the Subordinated Bondholder hereby (i) cancels (and hereby directs the Issuer and the Bond Trustee to cancel) all obligations of the Debtor Parties under the Terminated Subordinated Debt Documents (such obligations, the “Cancelled Subordinated Debt”) (ii) terminates (and hereby directs the Issuer and the Bond Trustee to terminate) all of the Terminated Subordinated Debt Documents, (iii) terminates, cancels and releases (and hereby directs the Issuer and the Bond Trustee to terminate, cancel and release) the Liens of the Subordinated Security Documents, all in consideration of the Bond Satisfaction Payment and payment of the fees and expenses of the Subordinated Claimholders set forth on Exhibit A pursuant to Section 2.02(b). Each of the Issuer and the Bond Trustee hereby acknowledges the directions to it from the Subordinated Bondholder pursuant to subsections (i), (ii) and (iii) of this Section 2.04(a) and agrees that, on the Effective Date, each of the Terminated Subordinated Debt Documents to which it is a party has been satisfied and terminated.
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Related to Cancellation of Subordinated Debt

  • Cancellation of Surrendered Debt Securities All Debt Securities surrendered for payment, redemption, registration of transfer or exchange shall, if surrendered to the Partnership or any paying agent or a Registrar, be delivered to the Trustee for cancellation by it, or if surrendered to the Trustee, shall be canceled by it, and no Debt Securities shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Indenture. All canceled Debt Securities held by the Trustee shall be destroyed (subject to the record retention requirements of the Exchange Act) and certification of their destruction delivered to the Partnership, unless otherwise directed. On request of the Partnership, the Trustee shall deliver to the Partnership canceled Debt Securities held by the Trustee. If the Partnership shall acquire any of the Debt Securities, however, such acquisition shall not operate as a redemption or satisfaction of the Debt represented thereby unless and until the same are delivered or surrendered to the Trustee for cancellation. The Partnership may not issue new Debt Securities to replace Debt Securities it has redeemed, paid or delivered to the Trustee for cancellation.

  • Termination of Subordination Period, Conversion of Subordinated Units and Extinguishment of Cumulative Common Unit Arrearages Notwithstanding any provision of this Agreement, if the General Partner is removed as general partner of the Partnership under circumstances where Cause does not exist and Units held by the General Partner and its Affiliates are not voted in favor of such removal, (i) the Subordination Period will end and all Outstanding Subordinated Units will immediately and automatically convert into Common Units on a one-for-one basis, (ii) all Cumulative Common Unit Arrearages on the Common Units will be extinguished and (iii) the General Partner will have the right to convert its General Partner Interest and its Incentive Distribution Rights into Common Units or to receive cash in exchange therefor in accordance with Section 11.3.

  • Subordination of Subrogation Subordination of Intercompany Indebtedness (A) Subordination of Subrogation. Until the Guaranteed Obligations have been fully and finally performed and indefeasibly paid in full in cash, the Guarantors (i) shall have no right of subrogation with respect to such Guaranteed Obligations and (ii) waive any right to enforce any remedy which the Holders of Guaranteed Obligations, the Issuing Bank or the Administrative Agent now have or may hereafter have against the Borrower, any endorser or any guarantor of all or any part of the Guaranteed Obligations or any other Person, and the Guarantors waive any benefit of, and any right to participate in, any security or collateral given to the Holders of Guaranteed Obligations, the Issuing Bank and the Administrative Agent to secure the payment or performance of all or any part of the Guaranteed Obligations or any other liability of the Borrower to the Holders of Guaranteed Obligations or the Issuing Bank. Should any Guarantor have the right, notwithstanding the foregoing, to exercise its subrogation rights, each Guarantor hereby expressly and irrevocably (A) subordinates any and all rights at law or in equity to subrogation, reimbursement, exoneration, contribution, indemnification or set off that such Guarantor may have to the indefeasible payment in full in cash of the Guaranteed Obligations and (B) waives any and all defenses available to a surety, guarantor or accommodation co-obligor until the Guaranteed Obligations are indefeasibly paid in full in cash. Each Guarantor acknowledges and agrees that this subordination is intended to benefit the Administrative Agent and the other Holders of Guaranteed Obligations and shall not limit or otherwise affect such Guarantor’s liability hereunder or the enforceability of this Guaranty, and that the Administrative Agent, the other Holders of Guaranteed Obligations and their respective successors and assigns are intended third party beneficiaries of the waivers and agreements set forth in this Section 7(A).

  • Conversion of Subordinated Units (a) All of the Subordinated Units shall convert into Common Units on a one-for-one basis on the first Business Day following the distribution of Available Cash to Partners pursuant to Section 6.3(a) in respect of the final Quarter of the Subordination Period.

  • Cancellation of Debt The Borrower shall not cancel any claim or debt owing to it, except for reasonable consideration or in the ordinary course of business.

  • Cancellation of Notes Paid, Converted, Etc The Company shall cause all Notes surrendered for the purpose of payment at maturity, repurchase upon a Fundamental Change, redemption, registration of transfer or exchange or conversion (other than any Notes exchanged pursuant to Section 14.12), if surrendered to the Company or any of its agents or Subsidiaries, to be surrendered to the Trustee for cancellation. All Notes delivered to the Trustee shall be canceled promptly by it in accordance with its customary procedures. Except for any Notes surrendered for registration of transfer or exchange, or as otherwise expressly permitted by any of the provisions of this Indenture, no Notes shall be authenticated in exchange for any Notes surrendered to the Trustee for cancellation. The Trustee shall dispose of canceled Notes in accordance with its customary procedures and, after such disposition, shall deliver evidence of such disposition to the Company, at the Company’s written request in a Company Order.

  • Payments on Subordinated Debt The Borrower will not, and will not permit any of its Subsidiaries to, declare or make, or agree to pay for or make, directly or indirectly, any payment of principal or interest or any purchase, redemption, retirement, acquisition or defeasance with respect to any Indebtedness of such Person which is subordinated to the payment of the Loan Document Obligations except that so long as no Default shall have occurred and shall be continuing or would immediately result therefrom, the Borrower or any Subsidiary may make payments of Subordinated Debt to the extent permitted by the subordination provisions applicable thereto.

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