Acceleration and Remedies; Bankruptcy Filings. Each Subordinated Creditor agrees that, except for claims submitted in any proceeding contemplated by Section 3.2 hereof, it will not exercise any remedies or take any action or proceeding to enforce any Subordinated Obligation if the payment of such Subordinated Obligation is then prohibited by Section 2.3 or 2.4, and each Subordinated Creditor further agrees not to file, or to join with any other creditors of any Borrower Company in filing, any petition commencing any bankruptcy, insolvency, reorganization, arrangement or receivership proceeding or any assignment for the benefit of creditors against or in respect of any Borrower Company or any other marshaling of the assets and liabilities of any Borrower Company. Each Subordinated Creditor further agrees, to the fullest extent permitted under applicable law, that it will not cause any Borrower Company to file any such petition, commence any such proceeding or make any such assignment referred to above until all Senior Obligations have been paid in full.
Acceleration and Remedies; Bankruptcy Filings. Each Subordinated Creditor agrees that, prior to the Permitted Date, (a) it will not exercise any remedies or take any action or proceeding to enforce any Subordinated Obligation, (b) it will not file, or join with any other creditors of any Loan Party in filing, any petition commencing any bankruptcy, insolvency, reorganization, arrangement or receivership proceeding or any assignment for the benefit of creditors against or in respect of any Loan Party or any other marshaling of the assets and liabilities of any Loan Party, or (c) to the fullest extent permitted under applicable law, it will not cause any Loan Party to file any such petition, commence any such proceeding or make any such assignment.
Acceleration and Remedies; Bankruptcy Filings. The Sponsor agrees that, except for claims submitted in any proceeding contemplated by Section 3.2 hereof, it will not exercise any remedies or take any action or proceeding to enforce any Sponsor Notes Obligation if the payment in cash of such Sponsor Notes Obligation is then prohibited by Section 2.3, and the Sponsor solely in its capacity as the holder of the Sponsor Notes Obligations further agrees not to file, or to join with any other creditors of the Borrower in filing, any petition commencing any bankruptcy, insolvency, reorganization, arrangement or receivership proceeding or any assignment for the benefit of creditors against or in respect of the Borrower or any other marshaling of the assets and liabilities of the Borrower. Notwithstanding anything to the contrary contained herein, this Agreement shall not prevent the Sponsor from causing the Borrower to file any such petition, commence any such proceeding or make any such assignment referred to above if the Sponsor is taking such action in its capacity as a holder of the Equity Interests of the Borrower.
