Common use of Holders Bound Clause in Contracts

Holders Bound. Except where the consent of others may be required pursuant to the express provisions of subsection 11.3 of the Term Loan Agreement, any modification, amendment, waiver, release, termination or discharge of any security interest, right, remedy, power or benefit conferred upon Secured Party that is effectuated in a writing signed by Secured Party shall be binding upon all Holders of Secured Obligations if it is (i) authorized pursuant to any provision of the Term Loan Agreement or any other Loan Document, (ii) required by law or (iii) authorized or ratified either (A) by the Majority Lenders or (B) by the Holders of at least a majority in outstanding principal amount of the Secured Obligations (other than contingent or unliquidated Secured Obligations).