Cancellation of Subordinated Debt Sample Clauses

Cancellation of Subordinated Debt. All Subordinated Debt that are: (a) redeemed in full; (b) subject to the approval of BNM, early redeemed by the Issuer or purchased by the Issuer, its subsidiaries or by the agents of the Issuer; (c) which, being worn-out, mutilated or defaced, destroyed, lost or stolen, have been surrendered and replaced pursuant to Condition 11 or as provided in the Trust Deed, shall forthwith be cancelled or treated as cancelled and accordingly shall not be re- issued or resold, and the Issuer shall give or procure to be given: (i) in the case of cancellation of Subordinated Debt due to the purchase of Subordinated Debt by the Issuer or its subsidiaries or by agents of the Issuer, at least five (5) Business Days prior written notice to the Facility Agent and the Trustee of such cancellation; (ii) in the case of cancellation of Subordinated Debt due to any other circumstances, a certificate to the Facility Agent and the Trustee, the Central Depository and the Paying Agent stating: (1) the aggregate Nominal Value of the Subordinated Debt which have been so surrendered and replaced or redeemed; (2) the certificate numbers of such Subordinated Debt (if applicable); and (3) the Subordinated Debt have been cancelled, as soon as possible and in any event within fourteen (14) days after the date of such surrender, redemption, purchase, or replacement (as the case may be). The Facility Agent and the Trustee may accept such certificate as conclusive evidence of surrender, repayment, purchase or replacement of such Subordinated Debt or payment of any amount thereon and of cancellation of such Subordinated Debt. The Facility Agent and the Trustee may request and the Issuer shall provide, such other evidence as may be reasonably requested by the Facility Agent and the Trustee.
Sample 1
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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.
Sample 1
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
Sample 1

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.

  • Conversion of Subordinated Units (a) All of the Subordinated Units shall convert into Common Units on a one-for-one basis on the expiration of the Subordination Period. (b) A Subordinated Unit that has converted into a Common Unit shall be subject to the provisions of Section 6.7.

  • 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.

  • No Senior Subordinated Debt The Company shall not incur, create, issue, assume, guarantee or otherwise become liable for any Indebtedness that is subordinate or junior in right of payment to any Senior Debt and senior in any respect in right of payment to the Notes. No Guarantor shall incur, create, issue, assume, guarantee or otherwise become liable for any Indebtedness that is subordinate or junior in right of payment to any Senior Debt of a Guarantor and senior in any respect in right of payment to any of the Subsidiary Guarantees.

  • 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.

  • Cancellation of Indebtedness No Credit Party shall cancel any claim or debt owing to it, except for reasonable consideration negotiated on an arm’s-length basis and in the ordinary course of its business consistent with past practices.

  • Cancellation of Notes Any Person that receives a Note surrendered for payment, registration of transfer, exchange or redemption will deliver the Note to the Indenture Trustee and the Indenture Trustee will promptly cancel it. The Issuer may surrender to the Indenture Trustee for cancellation Notes previously authenticated and delivered under this Indenture which the Issuer may have acquired, and the Indenture Trustee will promptly cancel them. No Notes will be authenticated in place of or in exchange for Notes cancelled as stated in this Section 2.10. The Indenture Trustee may hold or dispose of cancelled Notes according to its standard retention or disposal policy unless the Issuer directs, by Issuer Order, that they be destroyed or returned to it.

  • Cancellation of Notes Paid, Etc All Notes surrendered for the purpose of payment, repurchase, conversion, exchange or registration of transfer, shall, if surrendered to the Company or any Paying Agent or any Note Registrar or any Conversion Agent, be surrendered to the Trustee and promptly canceled by it, or, if surrendered to the Trustee, shall be promptly canceled by it, and no Notes shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Indenture. The Trustee shall dispose of canceled Notes in accordance with its customary procedures and, after such disposition, shall deliver a certificate of such disposition to the Company, at the Company’s written request. If the Company shall acquire any of the Notes, such acquisition shall not operate as satisfaction of the indebtedness represented by such Notes unless and until the same are delivered to the Trustee for cancellation.

  • Cancellation of Securities All Securities surrendered for payment, redemption, registration of transfer or exchange, or for credit against any payment in respect of a sinking or analogous fund, if surrendered to the Issuer or any agent of the Issuer or the Trustee, shall be delivered to the Trustee for cancellation or, if surrendered to the Trustee, shall be cancelled by it; and no Securities shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Indenture. The Trustee shall dispose of cancelled Securities held by it in accordance with its procedures for the disposition of cancelled Securities and deliver a certificate of disposition to the Issuer upon request. If the Issuer shall acquire any of the Securities, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee for cancellation.

  • Subordination of Certain Indebtedness Cause any indebtedness of Borrower for borrowed money to any shareholder, director, officer or Affiliate of Borrower, which indebtedness has a term of more than 1 year or is in excess of $25,000, to be subordinated to the Obligations by the execution and delivery to Lender of a Subordination of Debt Agreement, on the form prescribed by Lender, certified by the corporate secretary of Borrower to be true and complete and in full force and effect.

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