External Creditors definition
Examples of External Creditors in a sentence
None of the External Creditors will be liable to any other Creditor, the Parent or any Debtor for any Consent given or deemed to be given under this Clause 25.
Prior to the Final Discharge Date, the Debtors and the Parent may amend or waive the terms of any agreement evidencing the terms of the Parent Liabilities unless the amendment or waiver is or would be reasonably likely to be adverse to any External Creditor, in which case the prior consent of the Majority External Creditors must be obtained and provided always that the Parent Liabilities continue to be subordinated to the External Creditor Liabilities.
Without prejudice to the generality of the preceding sentence, if the provisions of this Clause 17 have been applied before all the Liabilities have matured and/or been finally quantified, the Security Agent may elect to re- apply those provisions on the basis of revised Exposures and the External Creditors shall make appropriate adjustment payments amongst themselves.
Before each occasion on which it intends to implement the provisions of this Clause 17, the Security Agent shall send notice to each Creditor Representative requesting that it notify it of, respectively, its Exposure and that of each of the External Creditors (if any) which it represents.
For the purposes of Clause 7.2 (Distributions), Clause 7.5 (Filing of claims) and Clause 7.6 (Further assurance – Insolvency Event) the Security Agent shall act on the instructions of the Majority External Creditors or, in the absence of any such instructions, as the Security Agent sees fit.
Without prejudice to the generality of the preceding sentence, if the provisions of this Clause 17 have been applied before all the Liabilities have matured and/or been finally quantified, the Security Agent may elect to re-apply those provisions on the basis of revised Exposures and the External Creditors shall make appropriate adjustment payments amongst themselves.