Common use of Action on Subordinated Indebtedness Clause in Contracts

Action on Subordinated Indebtedness. The Subordinated Creditor will not commence any action or proceeding against the Borrowers to recover all or any part of the Subordinated Indebtedness, or join with any creditor (unless the Banks shall so join) in bringing any proceeding against any 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 Collateral, or exercise or enforce any right or remedy available to the Subordinated Creditor with respect to any such Collateral, unless and until the Senior Debt has been paid in full and the Banks have released their Lien in the Collateral.

Action on Subordinated Indebtedness. The Subordinated Creditor Creditors will not commence any action or proceeding against the Borrowers any Borrower to recover all or any part of the Subordinated Indebtedness, or join with any creditor (unless the Banks Lender shall so join) in bringing any proceeding against any 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 Collateral, or exercise or enforce any right or remedy available to the Subordinated Creditor Creditors with respect to any such Collateral, unless and until the Senior Debt Lender Indebtedness has been paid in full and the Banks have Lender has released their its Lien in the Collateral.

Action on Subordinated Indebtedness. The Subordinated Creditor will not commence any action or proceeding against the Borrowers Borrower to recover all or any part of the Subordinated Indebtedness, or join with any creditor (unless the Banks Senior Lenders shall so join) in bringing any proceeding against any 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 Collateral, or exercise or enforce any right or remedy available to the Subordinated Creditor with respect to any such Collateral, unless and until the Senior Debt has been paid in full and the Banks Senior Lenders have released their Lien in the Collateral.

Action on Subordinated Indebtedness. The Subordinated Creditor Creditors will not commence any action or proceeding against the Borrowers any Borrower to recover all or any part of the Subordinated Indebtedness, or join with any creditor Creditors (unless the Banks Lender shall so join) in bringing any proceeding against any 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 Collateral, or exercise or enforce any right or remedy available to the Subordinated Creditor Creditors with respect to any such Collateral, unless and until the Senior Debt Lender Indebtedness has been paid in full and the Banks have Lender has released their its Lien in the Collateral.

Action on Subordinated Indebtedness. The Subordinated Creditor Creditors will not commence any action or proceeding against any Loan Party or the Borrowers Collateral to recover all or any part of the Subordinated Indebtedness, or join with any creditor (unless the Banks Lender shall so join) in bringing any proceeding against the any Borrower Loan Party under any bankruptcy, reorganization, readjustment of debt, arrangement of debt receivership, liquidation or insolvency law or statute of the federal or any state governmentgovernment (collectively, “Bankruptcy Law”), or take possession of, sell, or dispose of any Collateral, or exercise or enforce any right or remedy available to the Subordinated Creditor Creditors with respect to any such Collateral, unless and until the Senior Debt Lender Indebtedness has been paid in full and the Banks have Lender has released their its Lien in the Collateral.