Common use of Exclusive Enforcement Rights Clause in Contracts

Exclusive Enforcement Rights. Until the Discharge of the Senior Obligations has occurred, whether or not any Insolvency Proceeding has been commenced by or against any Obligor or any of its Subsidiaries, the Senior Claimholders shall have the exclusive right to enforce rights of a secured creditor, Exercise Secured Creditor Remedies (other than actions of the type described in clause (d) of the definition of Exercise of Secured Creditor Remedies to the extent that the Subordinated Agent or any Subordinated Claimholder is permitted to take such actions pursuant to clause (b)(1) above) and make determinations regarding the release or disposition of, or restrictions with respect to, the Collateral without any consultation with or the consent of any Subordinated Claimholder. The Senior Claimholders shall have the right to enforce the provisions of the Senior Loan Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in the exercise of their sole discretion. Such exercise and enforcement shall include the rights of an agent appointed by them to sell or otherwise Dispose of Collateral, to incur expenses in connection with such Disposition, and to exercise all the rights and remedies of a secured creditor under the laws of any applicable jurisdiction, including the right to Exercise Secured Creditor Remedies.

Exclusive Enforcement Rights. Until the Discharge of the Senior ABL Priority Obligations has occurred, whether or not any Insolvency Proceeding has been commenced by or against any Obligor or any of its SubsidiariesGrantor, but subject to Section 3.1(a) and subject to the ABL Loan Documents, the Senior ABL Agent and the ABL Claimholders shall have the exclusive right to enforce rights of a secured creditor, Exercise any Secured Creditor Remedies (other than actions of the type described in clause (d) of the definition of Exercise of Secured Creditor Remedies to the extent that the Subordinated Agent or any Subordinated Claimholder is permitted to take such actions pursuant to clause (b)(1) above) and make determinations regarding the release or disposition of, or restrictions with respect to, the Collateral without any consultation with or the consent of any Subordinated other Agent or Claimholder; provided, however, that the Secondary Liens on the Collateral shall remain on the proceeds (other than those properly applied to the ABL Obligations) of such Collateral released or disposed of subject to the relative priorities described in Section 2.1. The Senior In exercising rights and remedies with respect to the Collateral, the ABL Agent and the ABL Claimholders shall have the right to may enforce the provisions of the Senior ABL Loan Documents and exercise remedies thereunder, all in such order and in such manner in accordance with the ABL Loan Documents as they may determine in the exercise of their sole reasonable discretion. Such exercise and enforcement shall include in accordance with the ABL Loan Documents the rights of an agent appointed by them to sell or otherwise Dispose of Collateralthe Collateral upon foreclosure, to incur expenses in connection with such Disposition, and to exercise all the rights and remedies of a secured creditor under the laws of any applicable jurisdiction, including the right to Exercise Secured Creditor Remedieslaw.

Exclusive Enforcement Rights. Until the Discharge of the Senior Obligations has occurredObligations, whether or not any Insolvency Proceeding has been commenced by or against any Obligor or any of its Subsidiaries, the Senior Claimholders shall have the exclusive right to enforce rights of as a secured creditor, Exercise Secured Creditor Remedies (other than actions of the type described in clause (d) of the definition of Exercise of Secured Creditor Remedies to the extent that the Subordinated Agent or any Subordinated Claimholder is permitted to take such actions pursuant to clause (b)(1) above) and make determinations regarding the release or disposition Disposition of, or restrictions with respect to, the Collateral without any consultation with or the consent of any Subordinated Claimholder. The Senior Claimholders shall have the right to enforce the provisions of the Senior Loan Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in the exercise of their sole discretiondiscretion and subject to the terms hereof. Such exercise and enforcement shall include the rights of an agent appointed by them to sell or otherwise Dispose of Collateral, to incur expenses in connection with such Disposition, and to exercise all the rights and remedies of a secured creditor under the laws of any applicable jurisdiction, including without limitation the right to Exercise Secured Creditor Remedies.