Common use of Action on Subordinated Indebtedness Clause in Contracts

Action on Subordinated Indebtedness. The Subordinated Creditors each agree not to commence any action or proceeding against the Borrower to recover all or any part of the Subordinated Indebtedness, or join with any creditor (unless the Preferred Lenders shall both so join) in bringing any proceeding against the Borrower under any bankruptcy, reorganization, readjustment of debt, arrangement of debt receivership, liquidation or insolvency law or statute of the federal or any state government, or take possession of, sell, or dispose of any item that comprises “Collateral” pursuant to the terms of any of the Security Agreements entered pursuant to the TCA Credit Agreement or the Exchange Agreement (“Collateral”), or exercise or enforce any right or remedy available to a Subordinated Creditor with respect to any such Collateral, unless and until all Preferred Lenders Debt has been paid in full. Notwithstanding anything to the contrary set forth in this Section 6, if all of Borrower’s obligations to the Preferred Lenders are not fully paid and satisfied, and neither of the Preferred Lenders has initiated a foreclosure or other action against Borrower, upon five (5) business days’ prior written notice to each of the Preferred Lenders after expiration of the Subordinated Creditor Standstill Period (as defined below), the Subordinated Creditors may exercise any rights or remedies they may have against Borrower whether by judicial or non-judicial foreclosure or otherwise provided that the receipt of any payments by the Subordinated Creditors shall be paid over to the Preferred Lenders, in immediately available funds, until payment in full of the obligations to the Preferred Lenders. “Subordinated Creditor Standstill Period” means the period beginning on the occurrence of an event of default under any of the agreements between the Subordinated Creditors and Borrower and ending on the date that is six (6) months following the date after the Subordinated Creditors shall have given notice to each of the Preferred Lenders and to Borrower that such event of default shall have occurred and be continuing and of the intent of any of the Subordinated Creditors to exercise their rights and remedies.

Action on Subordinated Indebtedness. The Subordinated Creditors each agree not to commence any action or proceeding against the Borrower to recover all or any part of the Subordinated Indebtedness, or join with any creditor (unless the Preferred Senior Lenders shall both so join) in bringing any proceeding against the Borrower under any bankruptcy, reorganization, readjustment of debt, arrangement of debt receivership, liquidation or insolvency law or statute of the federal or any state government, or take possession of, sell, or dispose of any item that comprises “Collateral” pursuant to the terms of any of the Security Agreements entered pursuant to the TCA Credit Agreement or the Exchange Agreement Facility (“Collateral”), or exercise or enforce any right or remedy available to a Subordinated Creditor with respect to any such Collateral, unless and until all Preferred Lenders Senior Lender Debt has been paid in full. Notwithstanding anything to the contrary set forth in this Section 6, if all of Borrower’s obligations to the Preferred Senior Lenders are not fully paid and satisfied, and neither of the Preferred Lenders no Senior Lender has not initiated a foreclosure or other action against Borrower, upon five (5) business days’ prior written notice to each of the Preferred Senior Lenders after expiration of the Subordinated Creditor Standstill Period (as defined below), the Subordinated Creditors may exercise any rights or remedies they may have against Borrower whether by judicial or non-judicial foreclosure or otherwise provided that the receipt of any payments by the Subordinated Creditors shall be paid over to the Preferred Senior Lenders, in immediately available funds, until payment in full of the obligations to the Preferred Senior Lenders. “Subordinated Creditor Standstill Period” means the period beginning on the occurrence of an event of default under any of the agreements between the Subordinated Creditors and Borrower and ending on the date that is six (6) months following the date after the Subordinated Creditors shall have given notice to each of the Preferred Senior Lenders and to Borrower that such event of default shall have occurred and be continuing and of the intent of any of the Subordinated Creditors to exercise their rights and remedies.

Action on Subordinated Indebtedness. The Subordinated Creditors each agree not to commence any action or proceeding against the Borrower to recover all or any part of the Subordinated Indebtedness, or join with any creditor (unless the Preferred Lenders Lender shall both so join) in bringing any proceeding against the Borrower under any bankruptcy, reorganization, readjustment of debt, arrangement of debt receivership, liquidation or insolvency law or statute of the federal or any state government, or take possession of, sell, or dispose of any item that comprises “"Collateral” " pursuant to the terms of any of the Security Agreements entered pursuant to the TCA FCCC Credit Agreement or the Exchange Agreement any related Loan Document (“"Collateral”"), or exercise or enforce any right or remedy available to a Subordinated Creditor with respect to any such Collateral, unless and until all Preferred Lenders Lender Debt has been paid in full. Notwithstanding anything to the contrary set forth in this Section 6, if all of Borrower’s 's obligations to the Preferred Lenders Lender are not fully paid and satisfied, and neither of the Preferred Lenders Lender has not initiated a foreclosure or other action against Borrower, upon five (5) business days’ ' prior written notice to each of the Preferred Lenders Lender after expiration of the Subordinated Creditor Standstill Period (as defined below), the Subordinated Creditors may exercise any rights or remedies they may have against Borrower whether by judicial or non-judicial foreclosure or otherwise provided that the receipt of any payments by the Subordinated Creditors shall be paid over to the Preferred LendersLender, in immediately available funds, until payment in full of the obligations to the Preferred LendersLender. “"Subordinated Creditor Standstill Period” " means the period beginning on the occurrence of an event of default under any of the agreements between the Subordinated Creditors and Borrower and ending on the date that is six (6) months following the date after the Subordinated Creditors shall have given notice to each of the Preferred Lenders Lender and to Borrower that such event of default shall have occurred and be continuing and of the intent of any of the Subordinated Creditors to exercise their rights and remedies.

Action on Subordinated Indebtedness. The Each of the Subordinated Creditors each agree agrees not to commence any action or proceeding against the Borrower to recover all or any part of the Subordinated Indebtedness, or join with any creditor (unless the Preferred Lenders Lender shall both so join) in bringing any proceeding against the Borrower under any bankruptcy, reorganization, readjustment of debt, arrangement of debt receivership, liquidation or insolvency law or statute of the federal or any state government, or take possession of, sell, or dispose of any item that comprises “Collateral” pursuant to the terms of any of Collateral (as defined in the Security Agreements entered pursuant to the TCA Credit Agreement or the Exchange Agreement (“Collateral”Agreement), or exercise or enforce any right or remedy available to a Subordinated Creditor with respect to any such Collateral, unless and until all the Preferred Lenders Lender Debt has been paid in full. Notwithstanding anything to the contrary set forth in this Section 6, if all of Borrower’s obligations to the Preferred Lenders Lender are not fully paid and satisfied, and neither of the Preferred Lenders Lender has not initiated a foreclosure or other action against Borrower, upon five (5) business days’ prior written notice to each of the Preferred Lenders Lender after expiration of the Subordinated Creditor Standstill Period (as defined below)Period, the Subordinated Creditors may exercise any rights or remedies they may have against Borrower whether by judicial or non-judicial foreclosure or otherwise provided that the receipt of any payments by the Subordinated Creditors shall be paid over to the Preferred LendersLender, in immediately available funds, until payment in full of the obligations to the Preferred LendersLender. “Subordinated Creditor Standstill Period” means the period beginning on the occurrence of an event of default under any of the agreements between the Subordinated Creditors and Borrower and ending on the date that is six (6) months following the date after the Subordinated Creditors shall have given notice to each of the Preferred Lenders Lender and to Borrower that such event of default shall have occurred and be continuing and of the intent of any of the Subordinated Creditors to exercise their rights and remedies.

Action on Subordinated Indebtedness. The Each of the Subordinated Creditors each agree agrees not to commence any action or proceeding against the Borrower to recover all or any part of the Subordinated Indebtedness, or join with any creditor (unless the Preferred Lenders Lender shall both so join) in bringing any proceeding against the Borrower under any bankruptcy, reorganization, readjustment of debt, arrangement of debt receivership, liquidation or insolvency law or statute of the federal or any state government, or take possession of, sell, or dispose of any item that comprises “Collateral” pursuant to the terms of any of the Security Agreements entered pursuant to the TCA Credit Agreement or the Exchange Agreement (“Collateral”), or exercise or enforce any right or remedy available to a Subordinated Creditor with respect to any such Collateral, unless and until all the Preferred Lenders Lender Debt has been paid in full. Notwithstanding anything to the contrary set forth in this Section 6, if all of Borrower’s obligations to the Preferred Lenders Lender are not fully paid and satisfied, and neither of the Preferred Lenders Lender has not initiated a foreclosure or other action against Borrower, upon five (5) business days’ prior written notice to each of the Preferred Lenders Lender after expiration of the Subordinated Creditor Standstill Period (as defined below)Period, the Subordinated Creditors may exercise any rights or remedies they may have against Borrower whether by judicial or non-judicial foreclosure or otherwise provided that the receipt of any payments by the Subordinated Creditors shall be paid over to the Preferred LendersLender, in immediately available funds, until payment in full of the obligations to the Preferred LendersLender. “Subordinated Creditor Standstill Period” means the period beginning on the occurrence of an event of default under any of the agreements between the Subordinated Creditors and Borrower and ending on the date that is six (6) months following the date after the Subordinated Creditors shall have given notice to each of the Preferred Lenders Lender and to Borrower that such event of default shall have occurred and be continuing and of the intent of any of the Subordinated Creditors to exercise their rights and remedies.

Action on Subordinated Indebtedness. The Subordinated Creditors each agree Creditor will not to commence any action or proceeding against the Borrower to recover all or any part of the Subordinated Indebtedness, or join with any creditor (unless the Preferred Lenders Senior Lender shall both so join) in bringing any proceeding against the Borrower under any bankruptcy, reorganization, readjustment of debt, arrangement of debt receivership, liquidation or insolvency law or statute of the federal or any state government, or take possession of, sell, or dispose of any item that comprises “Collateral” pursuant to the terms of any of the Security Agreements entered pursuant to the TCA Credit Agreement or the Exchange Agreement (“Collateral”), or exercise or enforce any right or remedy available to a the Subordinated Creditor with respect to any such Collateral, unless and until all Preferred Lenders Debt (a) the Senior Lender Indebtedness has been paid in fullfull and the Senior Lender has released its Lien in the Collateral or (b) Senior Lender has accelerated the Senior Lender Indebtedness. Notwithstanding anything to the contrary set forth in this Section 6foregoing, if all of so long as the Senior Lender is actively winding down the Borrower’s obligations to business or otherwise liquidating the Preferred Lenders are not fully paid and satisfiedCollateral, and neither of the Preferred Lenders has initiated a foreclosure or other action against Borrower, upon five (5) business days’ prior written notice to each of the Preferred Lenders after expiration of the Subordinated Creditor Standstill Period (as defined below), shall take no action on the Subordinated Creditors may exercise Indebtedness other than acceleration thereof. In the event Subordinated Creditor collects, takes possession of, forecloses upon, or exercises any other rights or remedies they may have against Borrower whether by judicial with respect to, the Collateral judicially or non-judicial foreclosure or otherwise provided that judicially, and at the receipt of time any payments Senior Lender Indebtedness remains outstanding, all proceeds thereof received by the Subordinated Creditors Creditor shall be paid over remitted promptly to Senior Lender to applied to the Preferred Lenders, Senior Lender Indebtedness in immediately available fundssuch order and manner as Senior Lender shall determine in its discretion, until payment the Senior Lender Indebtedness has been paid and performed in full full. Nothing in this Agreement shall restrict the Noteholders from seeking specific performance to cause the Borrower to issue common stock to the Noteholders pursuant to the terms of the obligations to the Preferred Lenders. “Subordinated Creditor Standstill Period” means the period beginning on the occurrence of an event of default under Notes or any of the agreements between the Subordinated Creditors and Borrower and ending on the date that is six (6) months following the date after the Subordinated Creditors shall have given notice to each of the Preferred Lenders and to Borrower that such event of default shall have occurred and be continuing and of the intent of any of the Subordinated Creditors to exercise their rights and remediesother securities issued in connection therewith.