Common use of Subordination Rights Not Impaired by Acts or Omissions of the Issuers or Holders of Senior Debt Clause in Contracts

Subordination Rights Not Impaired by Acts or Omissions of the Issuers or Holders of Senior Debt. No right of any present or future holders of any Senior Debt to enforce subordination as provided herein shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Issuers or by any act or failure to act, in good faith, by any such holder, or by any noncompliance by the Issuers with the terms of this Indenture, regardless of any knowledge thereof which any such holder may have or otherwise be charged with. Without in any way limiting the generality of the foregoing paragraph, the holders of Senior Debt may, at any time and from time to time, without the consent of or notice to the Trustee or any Holder of a Security, without incurring responsibility to the Trustee or the Holders of the Securities and without impairing or releasing the subordination provided in this Article Ten or the obligations hereunder of the Holders of the Securities to the holders of the Senior Debt, do any one or more of the following: (i) change the manner, place or terms of payment or extend the time of payment of, or renew or alter, Senior Debt, or otherwise amend or supplement in any manner Senior Debt, or any instrument evidencing the same or any agreement under which Senior Debt is outstanding; (ii) sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing Senior Debt; (iii) release any Person liable in any manner for the payment or collection of Senior Debt; and (iv) exercise or refrain from exercising any rights against the Issuers and any other Person.

Appears in 2 contracts

Samples: Quality Distribution Inc, Quality Distribution Inc

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Subordination Rights Not Impaired by Acts or Omissions of the Issuers or Holders of Senior Debt. No right of any present or future holders of any Senior Debt to enforce subordination as provided herein shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Issuers Issuer or by any act or failure to act, in good faith, by any such holder, or by any noncompliance by the Issuers with the terms of this Indenture, regardless of any knowledge thereof which any such holder may have or otherwise be charged with. Without in any way limiting the generality of the foregoing paragraph, the holders of Senior Debt may, at any time and from time to time, without the consent of or notice to the Trustee or any Holder of a SecurityTrustee, without incurring responsibility to the Trustee or the Holders of the Securities and without impairing or releasing the subordination provided in this Article Ten X or the obligations hereunder of the Holders of the Securities to the holders of the Senior Debt, do any one or more of the following: (i) change the manner, place or terms of payment or extend the time of payment of, or renew or alter, Senior Debt, or otherwise amend or supplement in any manner Senior Debt, or any instrument evidencing the same or any agreement under which Senior Debt is outstanding; (ii) sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing Senior Debt; (iii) release any Person liable in any manner for the payment or collection of Senior Debt; and (iv) exercise or refrain from exercising any rights against the Issuers Issuer and any other Person.

Appears in 1 contract

Samples: Indenture (Oak Ridger LLC)

Subordination Rights Not Impaired by Acts or Omissions of the Issuers or Holders of Senior Debt. No right of any present or future holders of any Senior Debt to enforce subordination as provided herein shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Issuers Issuer or the Co-Issuer or by any act or failure to act, in good faith, by any such holder, or by any noncompliance by the Issuers Issuer or the Co-Issuer with the terms of this Indenture, regardless of any knowledge thereof which any such holder may have or otherwise be charged with. Without in any way limiting the generality of the foregoing paragraph, the holders of Senior Debt may, at any time and from time to time, without the consent of or notice to the Trustee or any Holder of a SecurityTrustee, without incurring responsibility to the Trustee or the Holders of the Securities Notes and without impairing or releasing the subordination provided in this Article Ten X or the obligations hereunder of the Holders of the Securities Notes to the holders of the Senior Debt, do any one or more of the following: (i) change the manner, place or terms of payment or extend the time of payment of, or renew or alter, Senior Debt, or otherwise amend or supplement in any manner Senior Debt, or any instrument evidencing the same or any agreement under which Senior Debt is outstanding; (ii) sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing Senior Debt; (iii) release any Person liable in any manner for the payment or collection of Senior Debt; and (iv) exercise or refrain from exercising any rights against the Issuers Issuer, the Co-Issuer and any other Person.

Appears in 1 contract

Samples: Indenture (Barrington Quincy LLC)

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Subordination Rights Not Impaired by Acts or Omissions of the Issuers or Holders of Senior Debt. No right of any present or future holders of any Senior Debt to enforce subordination as provided herein shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Issuers any Issuer or by any act or failure to act, in good faith, by any such holder, or by any noncompliance by any Issuer, the Issuers Trustee, any Paying Agent or any registrar with the terms and provisions and covenants of this Indenture, regardless of any knowledge thereof which any such holder may have or otherwise be charged with. Without in any way limiting The provisions of this Article are intended to be for the generality of the foregoing paragraphbenefit of, and shall be enforceable directly by, the holders of Senior Debt. All rights and interests under this Indenture of the Agent under the Credit Agreement and the other holders of Senior Debt, and all agreements and obligations of the Trustee, the Holders of Securities and the Issuers under this Article Eight shall remain in full force and effect irrespective of any lack of validity or enforceability of the Credit Agreement, any promissory notes evidencing the Indebtedness thereunder, or any other agreement or instrument relating thereto or to any other Senior Debt, including, without limitation, any agreement referred to in the definition of Credit Agreement. The provisions set forth in this Article Eight constitute a continuing agreement and shall (i) be and remain in full force and effect until payment in full of all Indebtedness under the Credit Agreement and at such time when no bank shall have any obligations to make advances under the Credit Agreement, (ii) be binding upon the Trustee, the Holders of Securities and the Issuers, and their respective successors, transferees and assigns, and (iii) inure to the benefit of, and be enforceable directly by, each of the holders of Senior Debt mayand their respective successors, transferees and assigns. The Agent under the Credit Agreement is hereby authorized to demand specific performance of the provisions of this Article Eight, whether or not any Issuer shall have complied with any of the provisions in this Article Eight, at any time and from time to time, without the consent of or notice to when the Trustee or any Holder of a Security, without incurring responsibility Securities shall have failed to the comply with any of these provisions. The Trustee or and the Holders of Securities hereby irrevocably waive any defense based on the Securities and without impairing or releasing the subordination provided in this Article Ten or the obligations hereunder adequacy of the Holders a remedy at law that might be asserted as a bar to such remedy of the Securities to the holders of the Senior Debt, do any one or more of the following: (i) change the manner, place or terms of payment or extend the time of payment of, or renew or alter, Senior Debt, or otherwise amend or supplement in any manner Senior Debt, or any instrument evidencing the same or any agreement under which Senior Debt is outstanding; (ii) sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing Senior Debt; (iii) release any Person liable in any manner for the payment or collection of Senior Debt; and (iv) exercise or refrain from exercising any rights against the Issuers and any other Personspecific performance.

Appears in 1 contract

Samples: Indenture (Euramax International PLC)

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