Common use of Actions against the Company Clause in Contracts

Actions against the Company. No holder of the Subordinated Debt will (a) commence any action or proceeding against the Company to recover all or any part of such Subordinated Debt or (b) join with any creditor in bringing any proceeding against the Company under Title 11 of the Bankruptcy Code or any other state or federal insolvency statute and until, in each case, the Senior Debt shall have been indefeasibly paid in full in cash (provided that holders of the Subordinated Debt may so file concurrently with or after the holders of the Senior Debt). The Junior Creditor and each other holder of the Subordinated Debt will not, except as permitted under the Accounts Agreement, ask, demand, xxx for, take or receive from the Company, directly or indirectly, in cash, property or securities or other property or by set-off or in any other manner (including, from or by way of collateral), payment of all or any part of the Subordinated Debt unless and until all Senior Debt shall have been indefeasibly paid in full in cash or the benefits of this sentence waived by or on behalf of the holder or holders of the Senior Debt.

Actions against the Company. No holder of the Subordinated Debt will (a) commence any action or proceeding against the Company to recover all or any part of such Subordinated Debt or (b) join with any creditor in bringing any proceeding against the Company under Title 11 of the Bankruptcy United States Code or any other state or federal insolvency statute and until, in each case, the Senior Debt shall have been indefeasibly paid in full in cash (provided that holders of the Subordinated Debt may so file concurrently with or after the holders of the Senior Debt). The Except pursuant to Section 2.6, the Junior Creditor and each other holder of the Subordinated Debt will not, except as permitted under the Accounts Agreement, not ask, demand, xxx forsue xxx, take or receive from the Company, directly or indirectly, in cash, property or securities or other property or by set-off or in any other manner (including, without limitation, from or by way of collateral), payment of all or any part of the Subordinated Debt unless and until all Senior Debt shall have been indefeasibly paid in full in cash or the benefits of this sentence waived by or on behalf of the holder or holders of the Senior Debt.