Limitation on Payments and Amendments of Subordinated Debt Clause Samples

Limitation on Payments and Amendments of Subordinated Debt. (a) Optionally prepay, retire, redeem, purchase, defease or exchange, or make or arrange for any mandatory prepayment, retirement, redemption, purchase or defeasance of, or make any payments of principal with respect to, any Indebtedness outstanding pursuant to subsection 8.1(i) (except for (i) the prepayment, retirement, redemption, purchase or defeasance of the then outstanding amount of the Subordinated Facility (including accrued but unpaid interest and accretions of principal) with cash proceeds from the issuance of common stock or Permitted Preferred Stock by Holdings and the payment of any penalties or premiums with respect thereto with such cash proceeds, (ii) the prepayment, retirement, redemption, purchase or defeasance of up to not more than 35% of the then outstanding principal amount of the Subordinated Notes under any "equity clawback" provisions and the payment of any penalties, premiums or accrued interest with respect thereto with cash proceeds from the issuance of common stock by Holdings and (iii) refinancing of Subordinated Debt with the proceeds of other Subordinated Debt (including Subordinated Debt issued by Holdings) to the extent permitted by Section 8.1(i)), (b) make any cash interest payments with respect to any Indebtedness outstanding pursuant to subsection 8.1(i) prior to five years from the initial issuance of the Subordinated Facility or the Senior Subordinated Notes, which ever occurs first (other than as permitted by clause (a) above) or (c) waive, amend, supplement, modify, terminate or release any of the provisions of any such Indebtedness outstanding pursuant to subsection 8.1(i) if, after giving effect to such waiver, amendment, supplement, modification, termination or release, such Indebtedness would not have been permitted to be incurred pursuant to such subsection.