Examples of Majority in Interest of Noteholders in a sentence
The Indentures provide, in relevant part:If an Event of Default shall have occurred and be continuing and so long as the same shall continue unremedied, then and in every such case the Loan Trustee may, and upon the written instructions of a Majority in Interest of Noteholders, the Loan Trustee shall, do one or more of the following to the extent permitted by, and subject to compliance with the requirements of, applicable law then in effect: .
For non-bankruptcy Events of Default under the Indentures, Section 4.02(a) states that the Trustee “may, and upon the written instructions of a Majority in Interest of Noteholders, .
Section 4.01(g) identifies filing a voluntary petition in bankruptcy or a voluntary petition “seeking reorganization, liquidation or other relief as a debtor” as an Event of Default.After delineating Events of Default in Section 4.01, Section 4.02 of the Indentures outlines remedies that the Loan Trustee “may, and upon the written instruction of a Majority in Interest of Noteholders .
Subject to the terms of Article IV and this Article V, upon the written instructions at any time of a Majority in Interest of Noteholders, the Loan Trustee shall promptly (i) give such notice, direction, consent, waiver or approval or exercise such right, remedy or power hereunder in respect of all or any part of the Collateral or (ii) take such other action permitted hereunder, in each case, as is specified in such instructions.
The Loan Trustee may not sell the Airframe or any Engine without the consent of a Majority in Interest of Noteholders.