Subordinated Holder definition
Examples of Subordinated Holder in a sentence
Actions undertaken by the Subordinated Holder Representative pursuant to this Agreement on behalf of the Subordinated Holders shall be undertaken at the direction or with the consent of the requisite number or percentage of Subordinated Holders to the extent required by, and in accordance with the terms of, the Subordinated Debenture Documents.
The Subordinated Holder Representative, on behalf of itself and the Subordinated Holders, agrees that except as expressly set forth in this Section none of them shall seek or accept adequate protection without the prior written consent of the Senior Agent.
The Borrower shall promptly notify the Senior Agent of any exercise by any Subordinated Holder of any Subordinated Holder Optional Redemption.
The Subordinated Holders, by their purchase of any Subordinated Debentures under the Subordinated Debenture Documents and notwithstanding any provision of any Subordinated Debenture Document to the contrary, hereby authorize the Subordinated Holder Representative to comply with its obligations under this Section 3.4.
Senior Agent, on behalf of itself and the Senior Lenders, hereby consents to Borrower making payments in respect of the Subordinated Holder Optional Redemption on or prior to the Subordinated Holder Optional Redemption Date, notwithstanding any restrictions or prohibitions with respect to such payments contained in the Senior Credit Agreement.
The Subordinated Holder Representative and the other Subordinated Holders agree that none of them will seek relief from the automatic stay or from any other stay in any Insolvency Proceeding in respect of any Common Collateral, without the prior written consent of the Senior Agent.
The Subordinated Holder Representative shall promptly notify the Senior Agent of the commencement of any Permitted Action, any judgment in any Permitted Action and any other material developments related to its efforts in any of the foregoing.
Nothing contained herein shall prohibit or in any way limit the Senior Agent or any other Senior First Priority Secured Party from objecting in any Insolvency Proceeding or otherwise to any action taken by any Subordinated Holder not expressly permitted hereunder, including the seeking by any Subordinated Holder of adequate protection (except as provided in Section 6.4).
Without limitation of the foregoing, the Subordinated Holder Representative and each other Subordinated Holder will not object to any sale under Section 363 of the Bankruptcy Code (and otherwise under the Bankruptcy Code and the rules promulgated thereunder) to any sale supported by the Senior First Priority Secured Parties and will agree to have released their Liens in such assets.
Neither the Subordinated Holder Representative nor any Subordinated Holder shall support or vote in favor of any plan of reorganization (and each shall be deemed to have voted to reject any plan of reorganization) unless such plan (a) pays off, in cash in full, all Senior Indebtedness or (b) is accepted by the class of holders of Senior Indebtedness voting thereon and is supported by the Senior Agent.