Separate Class Sample Clauses
The Separate Class clause defines a distinct group of stakeholders or interests within a larger entity, such as a class of creditors or shareholders, that are treated independently for certain legal or financial purposes. In practice, this clause is often used in restructuring agreements or corporate governance documents to ensure that the rights, claims, or votes of one class are considered separately from others, such as when approving a plan of arrangement or distribution of assets. Its core function is to ensure fairness and clarity by recognizing and protecting the unique interests of different groups, preventing the dilution or overriding of minority rights by majority classes.
Separate Class. Without limiting anything to the contrary contained herein or in the Credit Documents, each Creditor acknowledges and agrees that (i) the grants of liens pursuant to the CRG Documents and the A/R Facility Documents constitute two separate and distinct grants of liens, and (ii) because of, among other things, their differing rights in the Collateral, each Creditor’s Claims are fundamentally different from the other’s Claims and must be separately classified in any Plan proposed or adopted in an Insolvency Proceeding. To further effectuate the intent of the parties as provided in the immediately preceding sentence, if it is held that the respective Claims of the Creditors in respect of the Collateral constitute only one secured claim (rather than separate classes of senior and junior secured claims), then each Creditor hereby acknowledges and agrees (x) that all distributions shall be made as if there were separate classes of senior and junior secured claims against the Obligors in respect of the Collateral, and (y) to turn over to the other Creditor amounts otherwise received or receivable by it in the manner described in Section 3(b) to the extent necessary to effectuate the intent of this sentence.
Separate Class. Without limiting anything to the contrary contained herein or in the Credit Documents, each of [A/R Lender] and CRG Agent, on behalf of CRG Creditors, acknowledges and agrees that (i) the grants of liens pursuant to the CRG Documents and the A/R Facility Documents constitute two separate and distinct grants of liens, and (ii) because of, among other things, their differing rights in the Collateral, each set of Creditors’ Claims are fundamentally different from the other’s Claims and must be separately classified in any Plan proposed or adopted in an Insolvency Proceeding. To further effectuate the intent of the parties as provided in the immediately preceding sentence, if it is held that the respective Claims of the Creditors in respect of the Collateral constitute only one secured claim (rather than separate classes of senior and junior secured claims), then each of [A/R Lender] and CRG Agent, on behalf of CRG Creditors, acknowledges and agrees (x) that all distributions shall be made as if there were separate classes of senior and junior secured claims against the Obligors in respect of the Collateral, and (y) to turn over to the other Creditor amounts otherwise received or receivable by it in the manner described in Section 3(b) to the extent necessary to effectuate the intent of this sentence.
Separate Class. The Co-Trustees shall constitute a class of trustees -------------- separate from the Owner Trustee pursuant to Section 3806(b) of the Delaware Act, and shall be entitled to vote and otherwise exercise the rights and powers granted herein without the consent of or consultation with the Owner Trustee.
Separate Class. 27 ARTICLE IX Accounts of the Trust
Separate Class the B Shares shall constitute a separate class of shares in the capital of the relevant Company (no variation of class rights so as to interfere with the enjoyment of the rights attaching to the B Shares shall be permitted).
Separate Class. 2018B Term Loans shall be deemed outstanding as a separate Class of Term Loans under the Credit Agreement.