Common use of Creditor Proceedings Clause in Contracts

Creditor Proceedings. Commencement of foreclosure, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Borrower or any creditor of any Grantor against any Collateral securing the Indebtedness, including, without limitation, a garnishment, attachment, levy, seizure, writ or distress warrant or the like (collectively, a “creditor proceeding”). However, this Event of Default shall not apply to such creditor proceeding if Section 3.1(h) applies thereto and is being contested in accordance therewith.