Modifications to Senior Debt. Lenders may at any time and from ---------------------------- time to time without the consent of or notice to Junior Creditor, without incurring liability to the Junior Creditor and without impairing or releasing the obligations of the Junior Creditor under this Agreement, change the manner or place of payment or extend the time of payment of or renew, increase or alter any Senior Debt, or amend in any manner any agreement, note, guaranty or other instrument evidencing or securing or otherwise relating to the Senior Debt.
Modifications to Senior Debt. Until the Senior Debt is paid in full in cash and notwithstanding anything contained in the Junior Loan Documents or the Senior Loan Documents to the contrary, Lender shall not, without the prior written consent of Junior Creditor, agree to any amendment, modification or supplement to the Senior Loan Documents which (i) increases the maximum principal amount of the Senior Debt or rate of interest on any of the Senior Debt (except as provided in the Senior Loan Documents including but not limited to the provisions of the Senior Loan Documents allowing for protective advances and default rate of interest, (ii) accelerates the dates (including maturity dates) upon which payments of principal or interest on the Senior Debt are due, except following an event of default, (iii) makes more restrictive or adds any event of default or any covenant with respect to the Senior Debt, (iv) changes the redemption or prepayment provisions of the Senior Debt, or (v) alters the subordination provisions with respect to the Senior Debt, including, without limitation, subordinating the Senior Debt to any other debt. Subject to the foregoing, in the administration of its Loan either before or after an event of default Lender may proceed in its sole discretion.
Modifications to Senior Debt. This is an irrevocable agreement of subordination and the Senior Creditors may, without notice to any of the parties hereto and without impairing or releasing the obligations of the Company, any Subsidiary and the Junior Creditors hereunder, (a) create Senior Debt by extending credit under the Credit Agreement; (b) change the terms of or increase the amount of the Senior Debt by increasing, extending, rearranging, amending, supplementing, or otherwise modifying any of the Loan Documents or other instruments or agreements creating Senior Debt; (c) sell, exchange, release, or otherwise deal with any collateral securing any Senior Debt; (d) release anyone, including the Company, any Subsidiary or any guarantor, liable in any manner for the payment or collection of any Senior Debt; (e) exercise or refrain from exercising any rights against the Company or any Subsidiary or any other Person; and (f) apply any sums received by any of the Senior Creditors, from whatever source, to the payment of the Senior Debt; provided, however, that neither Agent nor any of the Lenders shall (a) increase the Senior Debt to an amount greater than the sum of the aggregate principal amount of Senior Debt outstanding on the date hereof plus $2,000,000, reduced by the amount of any repayments and prepayments thereof (it being understood that no amounts expended by any Senior Creditor to preserve the value of, or otherwise protect, the Collateral, shall be subject to, or included within, the foregoing limitations), (b) increase the interest rate with respect to the Senior Debt by more than three hundred (300) basis points from any interest rate specified in the Credit Agreement as in effect on the date hereof, or (c) extend the final maturity of the Senior Debt to a date later than June 30, 2007.
Modifications to Senior Debt. The Senior Creditors may at any time without the consent of or notice to the Junior Creditor, without incurring liability to the Junior Creditor and without impairing or releasing the obligations of the Junior Creditor under this Agreement, change the manner or place of payment or extend the time of payment of, increase the principal, interest rates and fees applicable to, or renew or alter any of the other terms of the Senior Debt or the Senior Debt Documents, or amend, modify, supplement, restate, substitute, replace or refinance in any manner any Senior Debt Document or any other agreement, note, guaranty or other instrument evidencing or securing or otherwise relating to the Senior Debt. In the event that the Senior Debt is refinanced in its entirety with any Person, the Junior Creditor and such Person(s) will, if so requested by any Person refinancing the Senior Debt in its entirety, enter into an agreement similar in effect to this Agreement containing terms and provisions no more onerous in their entirety than the terms and provisions of this Agreement.
Modifications to Senior Debt. The Senior Creditors may at any time without the consent of or notice to the Junior Creditors, without incurring liability to the Junior Creditors and without impairing or releasing the obligations of the Junior Creditors under this Agreement, change the manner or place of payment or extend the time of payment of, increase the interest rates and fees applicable to or renew or alter any of the other terms of the Senior Debt (including increases to the principal amount of outstanding Senior Debt subject to the proviso under the definition of Senior Debt in this Agreement) or the Senior Debt Documents, or amend, modify, supplement, restate, substitute, replace or refinance in any manner any Senior Debt Document or any other any agreement, note, guaranty or other instrument evidencing or securing or otherwise relating to the Senior Debt.
Modifications to Senior Debt. Senior Lender may at any time without the consent of or notice by Junior Lender, without incurring liability to Junior Lender and without impairing or releasing the obligations of Junior Lender under this Agreement, change the manner or place of payment or extend the time of payment of, increase the interest rates and fees applicable to, or renew or alter any of the other terms of the Senior Debt or the Senior Debt Documents, or amend, modify, supplement, restate, substitute, replace or refinance in any manner any Senior Debt Document or any other agreement, note, guaranty or other instrument evidencing or securing or otherwise relating to the Senior Debt. Any amendment, modification or waiver of any representation, covenant or default in the Senior Debt Documents shall automatically be deemed to amend, modify or waive (as applicable) any corresponding representation, covenant or default in the Junior Debt Documents to the extent necessary to ensure that the representations, covenants and defaults set forth in the Junior Debt Documents shall in no event be more restrictive than the representations, covenants and defaults set forth in the Senior Debt Documents. In the event that all of the Senior Debt then outstanding is refinanced pursuant to a Permitted Refinancing, Junior Lender will enter into an agreement substantively identical to this Agreement with such Person(s).
Modifications to Senior Debt. Senior Creditors may at any time and from time to time without the consent of or notice to Subordinated Creditor, without incurring liability to Subordinated Creditor and without impairing or releasing the obligations of Subordinated Creditor under this Agreement, change the manner or place of payment or extend the time of payment of or renew or alter any Senior Debt, or amend in any manner any Senior Debt Documents, or increase the amount of the Senior Debt, provided that immediately following any such increase, the ratio of the Company's EBITDA to Total Interest Expense is at least 2:1. For purposes hereof, "EBITDA" means the Company's consolidated earnings before interest, taxes, depreciation and amortization for the four most recently completed fiscal quarters, as adjusted to give effect to the use by the Company of the proceeds of such increase in Senior Debt, including without limitation to acquire any other entity, and, to the extent that such calculation includes earnings of entities acquired by the Company since the beginning of such four-quarter measurement period, including entities acquired with the proceeds of such increase in Senior Debt, as further adjusted to give effect to pro-forma adjustments made to such acquired company's historical earnings in connection with the valuation, acquisition, and integration of such company by the Company. For purposes hereof, "TOTAL INTEREST EXPENSE" means the Company's anticipated consolidated pro forma annual interest expense at the time of and after giving effect to such increase in Senior Debt.
Modifications to Senior Debt. The Senior Creditors may at any time without the consent of or notice to the Subordinated Creditor, without incurring liability to the Subordinated Creditor and without impairing or releasing the obligations of the Subordinated Creditor under this Agreement, change the manner or place of payment or extend the time of payment of or renew or alter any of the terms of the Senior Debt, or amend in any manner any agreement, note, guaranty or other instrument evidencing or securing or otherwise relating to the Senior Debt; provided, that, notwithstanding anything to the contrary set forth above, the Subordinated Creditor does not consent to, and the Senior Creditors and the Obligors may not, change, amend, supplement or otherwise modify the terms of the Senior Debt Documents, or agree to any of the foregoing, or refund or refinance the same, without the prior consent of the "Required Holders" (as such term is defined in the Securities Purchase Agreement), if the effect of such amendment, supplement or modification or such refunding or such refinancing is to (a) increase the principal amount of the Senior Debt (except as permitted by the definition of Senior Debt herein), (b) increase any applicable interest rate or interest rate margin with respect to the Senior Debt by more than 2.00% per annum, except in connection with (i) the imposition of a default rate of interest in accordance with the terms of the Senior Debt Documents or (ii) any increase in interest rates applicable to the Senior Debt as a result of a fluctuation in any index rate used in the calculation of such interest rate in accordance with the terms of the Senior Debt Documents, (c) extend the final scheduled maturity of the Senior Debt beyond Axxxx 00, 0000, (x) amend or add any provision which directly limits the ability of the Obligors to pay or prepay the Subordinated Debt or restricts the Obligors from making amendments or modifications to the Subordinated Debt Documents in a way that is more restrictive than such restrictions as are in effect in this Agreement and the Senior Debt Documents on the date hereof, or (e) shorten the amortization period or reduce any required amortization of any portion of the Senior Debt, if applicable (provided that the foregoing shall not preclude acceleration of the Senior Debt upon any Senior Default). The Agent shall use reasonable efforts to promptly notify the Subordinated Creditor in writing if it decides to exercise any of its rights and remedies with re...
Modifications to Senior Debt. Modifications to LSA or MLA terms related to Senior debt require IC approval except as noted in this section. The IC, in its sole discretion, may consider numerous factors in its decision, including but not limited to: the specific request and the underlying business purpose, the identity of the Senior Lender, the risk rating of the Portfolio Company, the amount and timing of concurrent equity financing, if any, and the LTV of the Term Loan.
Modifications to Senior Debt. The Senior Creditor may at any time and from time to time without the consent of or notice to the Junior Creditor, without incurring liability to the Junior Creditor and without impairing or releasing the obligations of the Junior Creditor under this Agreement, change the manner or place of payment or extend the time of payment of or renew or alter any of the terms of the Senior Debt, or amend in any manner any agreement, note, guaranty or other instrument evidencing or securing or otherwise relating to the Senior Debt; provided that the Senior Creditor shall not make any such changes, extensions, renewals, alterations or amendments that cause the Senior Debt not to be “Senior Debt” as defined in Section 1 hereof.
