Common use of Subordinate Debt Clause in Contracts

Subordinate Debt. The Borrower shall be permitted to pay amounts with respect to the “Subordinate Debt” (as defined in the Bond Subordination and Standstill Agreement) only at such times and to the extent that no Default or Event of Default exists or would arise as a result thereof. Without the prior written consent of the Required Lenders, which consent may be withheld by the Required Lenders in their sole and absolute discretion, the Borrower shall not (i) modify or amend the Subordinate Debt, (ii) prepay, amortize, purchase, retire, redeem or otherwise acquire the Subordinate Debt, except as expressly permitted in the Bond Subordination and Standstill Agreement, or (iii) make any payments on the Subordinate Debt except as permitted in this §8.19.

Subordinate Debt. The Borrower shall be permitted to pay amounts with respect to the “Subordinate Debt” (as defined in the Bond Subordination and Standstill Agreement) only at such times and to the extent that no Default or Event of Default exists or would arise as a result thereof. Without the prior written consent of the Required Lenders, which consent may be withheld by the Required Lenders in their sole and absolute discretion, the Borrower shall not (i) modify or amend the Subordinate Debt, (ii) prepay, amortize, purchase, retire, redeem or otherwise acquire the Subordinate Debt, except as expressly permitted in the Bond Subordination and Standstill AgreementAgreements, or (iii) make any payments on the Subordinate Debt except as permitted in this §8.19.