Claim Standstill Sample Clauses

Claim Standstill. Prior to Discharge of the Senior Obligations (other than as specified in clause (b) of the definition of Discharge of Senior Obligations), no Subordinated Claimholder shall take any Collection Action with respect to any of the Subordinated Obligations, except as permitted in this Section 4(a) and in Section 4(d) and, in each such case, subject to Section 4(b). No Subordinated Claimholder may take any Collection Action with respect to any of the Subordinated Obligations unless the Subordinated Agent has provided each Senior Agent with not less than five (5) Business Days prior written notice of such Subordinated Claimholder’s intent to take such Collection Action (which notice may be given prior to the expiration of a Claim Standstill Period). Notwithstanding the foregoing, (i) no Subordinated Claimholder may take any Collection Action with respect to any of the Subordinated Obligations prior to delivery of a Claim Standstill Notice, (ii) no Subordinated Claimholder may take any Collection Action with respect to any of the Subordinated Obligations during any Claim Standstill Period, but may take any Collection Action upon the expiration of such Claim Standstill Period, and (iii) no Subordinated Claimholder shall commence, or join with any creditor in commencing, any Insolvency Proceeding against any Obligor or any of its Subsidiaries or any assets of any Obligor or any of its Subsidiaries until the date when (x) all Liens granted by such Obligor to the Subordinated Agent and the other Subordinated Claimholders have been irrevocably released by the Subordinated Agent or the applicable Subordinated Claimholders and (y) the applicable Claim Standstill Period with respect thereto has expired.