Modification of Subordinated Debt Sample Clauses

Modification of Subordinated Debt. Borrowers (or any of them) shall modify the terms or provisions of any agreement, instrument or other document relating to any Subordinated Debt without Lender’s prior written consent, unless such modification is permitted by the applicable Subordination Agreement;
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Modification of Subordinated Debt. No amendment or modification of the Xxxxxxx Note, the Unique note, or any other agreement or instrument in favor of a Subordinated Creditor shall directly or indirectly modify the provisions of this Agreement in any manner which might terminate or impair the subordination of the Subordinated Debt or the subordination of any Liens granted thereunder in accordance with the terms of this Agreement. By way of example, the Subordinated Creditors may not amend any of the foregoing agreements or instruments to (a) increase the rate of interest with respect to the Subordinated Debt, (b) accelerate the payment of principal or interest or any other portion of the Subordinated Debt, or (c) increase any payments due to any Subordinated Creditor thereunder.
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Modification of Subordinated Debt. So long as this Agreement is in effect, the payment terms or interest rate of the Subordinated Debt shall not be modified without in each such case the express prior written consent of the Administrative Agent. Each Subordinated Creditor agrees that (a) it hereafter will not accept any security or collateral of any kind for or with respect to the Subordinated Debt and (b) in the event any Subordinated Creditor does obtain any security or collateral for the Subordinated Debt (whether in breach hereof or otherwise), it shall provide notice thereof to the Administrative Agent and, at the request of the Administrative Agent, execute and deliver to the Administrative Agent (and the Administrative Agent hereby authorizes the Administrative Agent to prepare and record) such termination statements and releases as the Administrative Agent shall reasonably request or require to release any security interest in or lien on any such property or assets. Each Subordinated Creditor agrees that any lien or security interest that it may now or hereafter have in any assets or property in contravention of the preceding sentence is subject and subordinate, to the extent and in the manner provided herein, to any and all liens and security interests that the Administrative Agent may now or hereafter have in such assets and property to secure the Senior Debt. Notwithstanding anything to the contrary herein, the Borrower and each Loan Party may elect and shall be permitted to offset all or a portion of any Pending Claim (as defined in the Purchase Agreement) against the right of each Subordinated Creditor to receive all or a portion of the Subordinated Debt if and to the extent permitted under the Purchase Agreement.
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Modification of Subordinated Debt. Subordinated Lender shall not --------------------------------- increase the aggregate principal amount of the Subordinated Debt without the prior written consent of Senior Lenders. Further, Subordinated Lender shall not otherwise amend, modify or supplement any instruments, agreements or documents evidencing or related to the Subordinated Debt without the prior written consent of Senior Lenders, if such amendment, modification or supplement would, in the opinion of Senior Lenders, have an adverse effect on Senior Lenders, any of the Senior Lender Collateral or the rights of Agent or any Senior Lender under this Agreement.
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Modification of Subordinated Debt. The Borrowers shall not amend or modify, or consent to any amendment or modification of, any of the terms of any Subordinated Debt.
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Modification of Subordinated Debt. The Borrower will not, and will not permit any Subsidiary to amend, supplement or otherwise modify any term or provision of the Subordinated Debt Documents in any manner which would have the effect of (i) increasing the principal amount of the Subordinated Debt or the interest rate charged thereon, (ii) shortening the final maturity date or adding or modifying any mandatory prepayment or other provision requiring that all or a portion of the principal amount of the Subordinated Debt be prepaid or that any sinking fund payments be made prior to the final maturity thereof, (iii) modifying or amending any of the terms or provisions of Article 12 of the Note Purchase Agreement, or (iv) amending, modifying or supplementing any of the covenants or defaults contained in the Subordinated Debt Documents to be more onerous or restrictive on the Borrower and its Subsidiaries than those in effect on December 31, 2003. The Borrower shall, and shall cause all of its Subsidiaries to, comply with and not take any action contrary to the subordination provisions set forth in Article 12 of the Note Purchase Agreement.
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Modification of Subordinated Debt. None of the terms of the Subordinated Debt, the Notes, the Guaranty, the Subordinated Security Agreement or the other Subordinated Debt Documents shall be modified, and there shall be no additions to or modifications of the Collateral described in the Notes or the Subordinated Security Agreement, without the express prior written consent of the Agent.
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Modification of Subordinated Debt. SBI INVESTMENTS and each other holder of Subordinated Debt agrees that none of the Subordinated Debt Documents may be changed, modified, amended or supplemented without the prior written consent of the Senior Lenders and that, without the prior written consent of the Senior Lenders, such consent not to be unreasonably withheld, none of the Option Agreement, the Registration Rights Agreement and the Investor Rights Agreement may be changed, modified, amended or supplemented in any manner which adversely affects any Senior Lenders rights with respect to the Subordinated Debt.
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Related to Modification of Subordinated Debt

  • Limitation on Senior Subordinated Indebtedness The Company will not Incur any Indebtedness that is subordinate or junior in right of payment to any Senior Indebtedness and senior in right of payment to the Securities. No Guarantor will Incur any Indebtedness that is subordinate or junior in right of payment to any Senior Indebtedness of such Guarantor and senior in right of payment to such Guarantor’s Subsidiary Guarantee.

  • Payments and Modifications of Subordinated Debt No Credit Party will, or will permit any Subsidiary to, directly or indirectly (a) declare, pay, make or set aside any amount for payment in respect of Subordinated Debt, except for payments made in full compliance with and expressly permitted under the Subordination Agreement, (b) amend or otherwise modify the terms of any Subordinated Debt, except for amendments or modifications made in full compliance with the Subordination Agreement, (c) declare, pay, make or set aside any amount for payment in respect of any Debt hereinafter incurred that, by its terms, or by separate agreement, is subordinated to the Obligations, except for payments made in full compliance with and expressly permitted under the subordination provisions applicable thereto, or (d) amend or otherwise modify the terms of any such Debt if the effect of such amendment or modification is to (i) increase the interest rate or fees on, or change the manner or timing of payment of, such Debt, (ii) accelerate or shorten the dates upon which payments of principal or interest are due on, or the principal amount of, such Debt, (iii) change in a manner adverse to any Credit Party or Agent any event of default or add or make more restrictive any covenant with respect to such Debt, (iv) change the prepayment or redemption provisions of such Debt or any of the defined terms related thereto, (v) change the subordination provisions thereof (or the subordination terms of any guaranty thereof), or (vi) change or amend any other term if such change or amendment would materially increase the obligations of the obligor or confer additional material rights on the holder of such Debt in a manner adverse to Credit Parties, any Subsidiaries, Agent or Lenders.

  • 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).

  • SUBORDINATION OF SUBSIDIARY GUARANTEES The Guarantee of each Guarantor shall be subordinated to the prior payment in full of all Senior Debt of that Guarantor (in the same manner and to the same extent that the Notes are subordinated to Senior Debt), which shall include all guarantees of Senior Debt

  • No Senior Subordinated Debt The Company will 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 of the Company and senior in any respect in right of payment to the Notes. No Guarantor will incur, create, issue, assume, guarantee or otherwise become liable for any Indebtedness that is subordinate or junior in right of payment to the Senior Debt of such Guarantor and senior in any respect in right of payment to such Guarantor's Note Guarantee.

  • Agreement of Subordination The Company covenants and agrees, and each holder of Notes issued hereunder by his acceptance thereof likewise covenants and agrees, that all Notes shall be issued subject to the provisions of this Article IV; and each person holding any Note, whether upon original issue or upon transfer, assignment or exchange thereof, accepts and agrees to be bound by such provisions. The payment of the principal of, premium, if any, and interest on all Notes (including, but not limited to, the redemption price or repurchase price with respect to the Notes to be redeemed or repurchased, as provided in this Indenture) issued hereunder shall, to the extent and in the manner hereinafter set forth, be subordinated to the prior payment in full, in cash or in such other form of payment as may be acceptable to the holders of Senior Indebtedness, of all Senior Indebtedness, whether outstanding at the date of this Indenture or thereafter incurred or created. No provision of this Article IV shall prevent the occurrence of any default or Event of Default hereunder.

  • 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.

  • 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 and (ii) all Cumulative Common Unit Arrearages on the Common Units will be extinguished.

  • Securities Subordinate to Senior Indebtedness The Company covenants and agrees, and each Holder of a Security, by its acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article, the payment of the principal of (and premium, if any) and interest (including any Additional Interest) on each and all of the Securities of each and every series are hereby expressly made subordinate and subject in right of payment to the prior payment in full of all Senior Indebtedness.

  • Securities Subordinated to Senior Indebtedness The Company and each Holder of a Security, by his acceptance thereof, agree that (a) the payment of the principal of, premium (if any) and interest on and any Additional Amounts with respect to each and all the Securities and (b) any other payment in respect of the Securities, including on account of the acquisition or redemption of Securities by the Company, is subordinated, to the extent and in the manner provided in this Article Thirteen, to the prior payment in full of all Senior Indebtedness of the Company, whether outstanding at the date of this Indenture or thereafter created, incurred, assumed or guaranteed, and that these subordination provisions are for the benefit of the holders of Senior Indebtedness. This Article Thirteen shall constitute a continuing offer to all Persons who, in reliance upon such provisions, become holders of, or continue to hold, Senior Indebtedness, and such provisions are made for the benefit of the holders of Senior Indebtedness, and such holders are made obligees hereunder and any one or more of them may enforce such provisions.

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