Junior Parties definition
Examples of Junior Parties in a sentence
Each of the Senior Agent, on behalf of itself and the Senior Parties, and each Junior Agent, on behalf of itself and the Junior Parties, hereby irrevocably waives any defense based on the adequacy of a remedy at law and any other defense which might be asserted to bar the remedy of specific performance in any action which may be brought by the other Person.
Each of Junior Parties and the Junior Creditors agree to and consent to any assignment of rights or transfer of rights and obligations by a Lender of its rights and/or obligations under any Finance Document (including any Security created under the Finance Documents) made in accordance with clause 24 (Changes to Lender) of the Facility Agreement.
Pursuant to clause 12.6 (Resignation of Junior Parties) of the Agreement, we request that [name of Junior Party] be released from its obligations as a [Subordinated Borrower] / [Subordinated Creditor] under the Agreement.
Each Junior Agent, for itself and on behalf of the Junior Parties.
In the event of any sale of the Collateral, whether in the ordinary course of business or not in the ordinary course of business, the Junior Parties shall execute and deliver to the Senior Party and/or Borrower all such consents to such sale of Collateral and releases of their Liens (including without limitation partial releases under the Uniform Commercial Code) with respect to such Collateral as the Senior Party may reasonably request in order to effect such sale.