Common use of Acceleration and Remedies; Bankruptcy Filings Clause in Contracts

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, except for claims submitted in any proceeding contemplated by Section 3.2 hereof3.2, 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, 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 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 Borrower Company Loan Party or any other marshaling of the assets and liabilities of any Borrower CompanyLoan Party. Each Subordinated Creditor further agrees, to the fullest extent permitted under applicable law, that it will not cause any Borrower Company Loan Party 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. Notwithstanding the foregoing, this Section shall apply only to actions taken by a Subordinated Creditor in its capacity as a creditor, and shall not apply to any actions taken in the capacity of shareholder or director of any Loan Party.