Common use of Certain Enforcement Actions Clause in Contracts

Certain Enforcement Actions. Prior to the Bank Credit Facility Payment Date, the Junior Secured Creditor will not, without the prior written consent of the Bank Agent, (a) during the Standstill Period, commence any action, whether judicial or otherwise, for the enforcement of the Junior Secured Creditor's rights or remedies as a secured creditor with respect to the Collateral or any Liens on the Collateral, including commencement of an Insolvency or Liquidation Proceeding against the Company or commencement of, or participation in, any execution, levy, receivership or foreclosure proceedings against, or any other sale of, collection on, or disposition of, any Collateral or in respect of any Liens on the Collateral or any Proceeds thereof, or any other exercise of rights or remedies with respect to any of the Collateral or in respect of any Liens on the Collateral (including any collection proceedings with respect to any of the Collateral); or (b) following the commencement of an Insolvency or Liquidation Proceeding against the Company, exercise any rights afforded to secured creditors in a case under the Bankruptcy Code with respect to the Collateral or any Liens on the Collateral or take any other action under the Bankruptcy Code that directly affects the Collateral or any Liens on the Collateral, provided that (x) the foregoing shall not be deemed to prevent the taking of any action by the Junior Secured Creditor to the extent that the same relates to or affects all or substantially all of the property of the bankruptcy estate of the Company and (y) the Junior Secured Creditor and the Holders may make such demands and file such claims or documents as may be necessary to prevent the waiver or bar under applicable statutes of limitations or other statutes, court orders or rules of procedure of any claims held by them. The foregoing provisions of this Section 3.02 shall not prevent the Junior Secured Creditor or any of the Holders from making any demand or bringing any action for payment or declaring a Default or an Event of Default or exercising their rights to accelerate Indebtedness of the Company pursuant to the provisions of the Tranche A Indenture or the Tranche B Indenture, as the case may be, or otherwise exercising their rights as unsecured creditors. After the Bank Credit Facility Payment Date, the Junior Secured Creditor shall not be restricted by the provisions of this Agreement from exercising any and all rights and remedies it may have as a creditor under applicable law, including rights and remedies with respect to any of the Collateral.

Certain Enforcement Actions. Prior to the Bank Credit Facility Payment Date, the Junior Secured Creditor will not, without the prior written consent of the Bank Agent, (a) during the Standstill Period, commence any action, whether judicial or otherwise, for the enforcement of the Junior Secured Creditor's rights or remedies as a secured creditor with respect to the Collateral or any Liens on the Collateral, including commencement of an Insolvency or Liquidation Proceeding against the Company or commencement of, or participation in, any execution, levy, receivership or foreclosure proceedings against, or any other sale of, collection on, or disposition of, any Collateral or in respect of any Liens on the Collateral or any Proceeds thereof, or any other exercise of rights or remedies with respect to any of the Collateral or in respect of any Liens on the Collateral (including any collection proceedings with respect to any of the Collateral); or (b) following the commencement of an Insolvency or Liquidation Proceeding against the Company, exercise any rights afforded to secured creditors in a case under the Bankruptcy Code with respect to the Collateral or any Liens on the Collateral or take any other action under the Bankruptcy Code that directly affects the Collateral or any Liens on the Collateral, provided that (x) the foregoing shall not be deemed to prevent the taking of any action by the Junior Secured Creditor to the extent that the same relates to or affects all or substantially all of the property of the bankruptcy estate of the Company and (y) the Junior Secured Creditor and the Holders may make such demands and file such claims or documents as may be necessary to prevent the waiver or bar under applicable statutes of limitations or other statutes, court orders or rules of procedure of any claims held by them. The foregoing provisions of this Section 3.02 shall not prevent the Junior Secured Creditor or any of the Holders from making any demand or bringing any action for payment or declaring a Default or an Event of Default or exercising their rights to accelerate Indebtedness of the Company pursuant to the provisions of the Tranche A Indenture or the Tranche B Indenture, as the case may be, or otherwise exercising their rights as unsecured creditors. After the Bank Credit Facility Payment Date, the Junior Secured Creditor shall not be restricted by the provisions of this Agreement from exercising any and all rights and remedies it may have as a creditor under applicable law, including rights and remedies with respect to any of the Collateral.

Certain Enforcement Actions. Prior to the Bank Credit Facility Agreement Payment Date, the Junior Secured Creditor Trustee will not, without the prior written consent of the Bank AgentBanks (or of an agent or representative on their behalf), (a) during the Standstill Period, commence any action, whether judicial or otherwise, for the enforcement of the Junior Secured CreditorTrustee's rights or remedies as a secured creditor with respect to the Collateral or any Liens on the Collateral, including (i) commencement of an Insolvency or Liquidation Proceeding against the Company or commencement of, or participation in, any execution, levy, receivership or foreclosure proceedings against, or any other sale of, collection on, or disposition of, any Collateral or in respect of any Liens on the Collateral or any Proceeds proceeds thereof, or any other exercise of rights or remedies with respect to any of the Collateral or in respect of any Liens on the Collateral (including any collection proceedings with respect to any of the Collateral); or , (bii) notifying any obligor on any of the Intercompany Notes, or any other third-party account debtors of the Company, to make payment directly to the Trustee or to any of its agents or other Persons acting on its behalf, and (iii) following the commencement of an Insolvency or Liquidation Proceeding against the Company, exercise exercising any rights afforded to secured creditors in a case under the Bankruptcy Code with respect to the Collateral or any Liens on the Collateral or take taking any other action under the Bankruptcy Code that directly relates to or directly affects the Collateral or any Liens on the Collateral, provided that (x) following the foregoing occurrence and during the continuance of an Insolvency Proceeding, nothing herein shall not be deemed to prevent the taking of any action by the Junior Secured Creditor Trustee to the extent that the same relates to or affects all or substantially all of the property of the bankruptcy estate of the Company and Company, (y) the Junior Secured Creditor Trustee and the Holders may make such demands and file such claims or documents as may be necessary to prevent the waiver or bar under applicable statutes of limitations or other statutes, court orders or rules of procedure of any claims held by them. The them and (z) the foregoing provisions of this Section 3.02 shall not prevent the Junior Secured Creditor Trustee or any of the Holders from making any demand or bringing any action for payment or declaring a Default or an Event of Default or exercising their rights to accelerate the Indebtedness pursuant to Article V of the Company pursuant Indenture, or (b) seek to the provisions exercise any other rights or remedies of any type or nature with respect to any of the Tranche A Indenture Collateral or any Lien on the Tranche B Indenture, as the case may be, or otherwise exercising their rights as unsecured creditorsCollateral. After the Bank Credit Facility Agreement Payment Date, the Junior Secured Creditor Trustee shall not be restricted by the provisions of this Agreement from exercising any and all rights and remedies it may have as a creditor under applicable law, including the rights to exercise all rights and remedies in foreclosure or otherwise with respect to any of the Collateral.