Sacred Rights Clause Samples
The 'Sacred Rights' clause serves to protect certain fundamental rights or privileges that are deemed inviolable within the context of an agreement or governing document. Typically, this clause identifies specific rights—such as voting rights, ownership interests, or veto powers—that cannot be altered, waived, or removed without the explicit consent of the affected parties, often requiring unanimous or supermajority approval. By establishing these rights as 'sacred,' the clause ensures that key stakeholders retain essential protections and that significant changes cannot be made unilaterally, thereby safeguarding minority interests and maintaining balance within the organization or contractual relationship.
Sacred Rights. Notwithstanding anything in this Section 14.12 to the contrary, no amendment, modification, waiver or consent in respect of this Note or the other Note Documents shall, without the consent of each Noteholder that is directly and adversely affected thereby, (i) increase any commitment by such Noteholder to fund Loans, (ii) extend the scheduled final maturity of any Secured Obligations owing to such Noteholder, (iii) reduce the rate of or extend the time for payment of interest on any Secured Obligations owing to such Noteholder (other than any waiver of any increase in the interest rate to the Default Rate pursuant to Section 4.3), (iv) waive, reduce, or postpone any scheduled amortization (but not mandatory prepayments) owing to such Noteholder, (v) reduce the principal amount of any Secured Obligations owing to such Noteholder, (vi) release all or substantially all of the Collateral, release Jet Share from the Corporate Guaranty Agreement or release the Personal Guarantor from the Personal Guaranty Agreement, (vii) amend, modify, terminate or waive any provision of this Section 14.12 or the definitions of “Majority Noteholders” or “Pro Rata Share” on substantially the same basis as the Loans and Noteholders included therein on the Closing Date, or (viii) modify the terms of Section 5.1 or Section 5.5.