Pari Passu Debt Representative definition
Examples of Pari Passu Debt Representative in a sentence
No person shall become a Senior Agent, Second Lien Agent, Senior Secured Notes Trustee, Pari Passu Debt Representative, Second Lien Notes Trustee, High Yield Agent, High Yield Notes Trustee, Unsecured Agent or Unsecured Notes Trustee unless at the same time, it accedes to this Agreement in such capacity pursuant to Clause 23.13 (Creditor Accession Undertaking).
Any such amendment shall not require the consent of any Creditor save as provided for in such Clauses and shall be effective and binding on all Parties upon the execution thereof by the Debtors, each High Yield Representative, each Senior Secured Notes Trustee, each Pari Passu Debt Representative, the Senior Agent, each Second Lien Representative and the Security Agent (as applicable).
If the Collateral Agent at any time receives written notice from the Directing Pari Passu Debt Representative that any Triggering Event has occurred entitling the Collateral Agent to foreclose upon, collect or otherwise enforce its Liens on the Collateral under any Pari Passu Security Document, the Collateral Agent will promptly deliver written notice thereof to each Pari Passu Debt Representative.
The Company shall promptly provide each Pari Passu Debt Representative with a copy of each Joinder executed and delivered pursuant to this Section 8.17.
All obligations of the Company and the other Grantors hereunder will inure to the sole and exclusive benefit of, and be enforceable by, the Collateral Agent, each Pari Passu Debt Representative and each present and future holder of Pari Passu Debt Obligations, each of whom will be entitled to enforce this Agreement as a third-party beneficiary hereof, and all of their respective successors and assigns.
Promptly following the Discharge of Pari Passu Debt Obligations with respect to one or more Series of Pari Passu Debt, each Pari Passu Debt Representative with respect to each applicable Series of Pari Passu Debt that is so discharged will provide written notice of such discharge to the Collateral Agent, and this Agreement shall terminate and be of no further force and effect with respect to such Series of Pari Passu Debt.
The Company shall not, and shall not permit any of its Restricted Subsidiaries to, grant to any Person (other than the Notes Collateral Agent, for the benefit of the Trustee, the holders of the Securities, any Pari Passu Debt Representative and holders of any Pari Passu Debt), any interest whatsoever in any of the Notes Collateral other than a junior security interest for the benefit of the Lenders Debt as contemplated by the Security Documents.
Until so delivered, such proceeds will be held by that Pari Passu Debt Representative or that holder of a Pari Passu Debt Obligation, as the case may be, for the benefit of the holders of all Pari Passu Debt Obligations.
Nothing in this Agreement impairs or otherwise adversely affects any rights or remedies the Term Loan Collateral Agent or the Term Loan Claimholders, any Additional Pari Passu Debt Representative or the Additional Pari Passu Claimholders may have against the Grantors under the Term Loan Credit Documents and the Additional Pari Passu Credit Documents, other than with respect to the Current Asset Collateral solely to the extent expressly provided herein.
All obligations of the Collateral Agent hereunder will inure to the sole and exclusive benefit of, and be enforceable by, each Pari Passu Debt Representative and each present and future holder of Pari Passu Debt Obligations, each of whom will be entitled to enforce this Agreement as a third-party beneficiary hereof, and all of their respective successors and assigns.