Act of Required Debtholders definition

Act of Required Debtholders means, as to any matter at any time:

Act of Required Debtholders means, as to any matter at any time, a direction in writing delivered to the Collateral Trustee by or with the written consent of the holders of at least 50.1% of the sum of:

Act of Required Debtholders will mean the holders of more than 50% of the sum of the aggregate “settlement amount” (or similar term) (as defined in the applicable Hedge Agreement relating to Priority Lien Obligations consisting of a Hedging Obligation) or, with respect to any such Hedge Agreement that has been terminated in accordance with its terms, the amount then due and payable (including any termination payments then due) under such Hedge Agreement, under all Hedge Agreements relating to Priority Lien Obligations consisting of Hedging Obligations; provided that the “settlement amount” (or similar term) as of the last Business Day of the month preceding any date of determination shall be calculated by the appropriate swap counterparties and reported to the Collateral Trustee upon request; provided further, that any Hedging Obligation with a “settlement amount” (or similar term) that is a negative number shall be disregarded for purposes of all calculations required by the term “Act of Required Debtholders;” and

Examples of Act of Required Debtholders in a sentence

• The Collateral Trustee will not be required to inquire as to the occurrence or absence of any Secured Debt Default and will not be affected by or required to act upon any notice or knowledge as to the occurrence of any Secured Debt Default unless and until it is directed by an Act of Required Debtholders.

• The Collateral Trustee has accepted and is bound by the Security Documents executed by the Collateral Trustee as of the date of this Agreement and, as directed by an Act of Required Debtholders, the Collateral Trustee shall execute additional Security Documents delivered to it after the date of this Agreement; provided, however, that such additional Security Documents do not adversely affect the rights, privileges, benefits and immunities of the Collateral Trustee.

• Upon any such resignation or removal, a successor Collateral Trustee may be appointed by an Act of Required Debtholders.

• Unless it has been directed to the contrary by an Act of Required Debtholders, the Collateral Trustee in any event may (but will not be obligated to) take or refrain from taking such action with respect to any default under any Secured Debt Document as it may deem advisable to preserve and protect the value of the Collateral.

• As to any matter not expressly provided for by this Agreement or the other Security Documents, the Collateral Trustee will act or refrain from acting as directed by an Act of Required Debtholders and will be fully protected if it does so, and any action taken, suffered or omitted pursuant hereto or thereto shall be binding on the holders of Secured Debt Obligations.

More Definitions of Act of Required Debtholders

Act of Required Debtholders means, as to any matter at any time, a direction in writing delivered to the Collateral Trustee by or with the written consent of the holders of Parity Lien Obligations constituting Required Debtholders, accompanied (if requested by the Collateral Trustee) by an indemnity or security satisfactory to the Collateral Trustee sufficient to protect it against any and all costs, losses, liabilities and expenses that may be incurred by it by reason of taking or continuing to take such direction.

Act of Required Debtholders has the meaning ascribed to such term in the Collateral Agency and Accounts Agreement.

Act of Required Debtholders means a vote by Holders of a majority of the principal amount of the Notes.

Act of Required Debtholders the meaning provided in the Collateral Agency and Intercreditor Agreement (as in effect on the Closing Date).

Act of Required Debtholders means, as to any matter at any time, a direction in writing delivered to the Collateral Trustee by or with the written consent of the holders of Secured Debt representing the Required Debtholders. For purposes of this definition, (a) Secured Debt registered in the name of, or beneficially owned by, any Issuer or any Affiliate thereof will be deemed not to be outstanding and (b) votes will be determined in accordance with Section 7.2.

Act of Required Debtholders will mean the holders of more than 50% of the sum of the aggregate “settlement amount” (or similar term, in each case as defined in the applicable Hedge Agreement relating to Shared Lien Obligations consisting of a Hedging Obligation) under all Hedge Agreements relating to Shared Lien Obligations consisting of Hedging Obligations or, with respect to any such Hedge Agreement that has been terminated in accordance with its terms, the amount then due and payable (including any termination payments then due) under such Hedge Agreement; provided that the “settlement amount” (or similar term) as of the last business day of the month preceding any date of determination will be calculated by the appropriate swap counterparties and reported to the Collateral Trustee upon request; provided further, that any Hedging Obligation with a “settlement amount” (or similar term) that is a negative number will be disregarded for purposes of all calculations required by the term “Act of the Required Debtholders.” For purposes of this definition, (1) Shared Lien Debt registered in the name of, or beneficially owned by, the Company or any Affiliate of the Company will be deemed not to be outstanding, and (2) votes will be determined in accordance with Section 8.2 of the Collateral Trust Agreement.

Act of Required Debtholders means, (i) for so long as the Credit Agreement is outstanding, an act of the Credit Agreement Agent and (ii) as to any matter at any time thereafter: