Exclusive Enforcement. Subject to the Subordinated Holders’ rights to commence a Permitted Action, until the Senior Indebtedness Payment Date has occurred, whether or not an Insolvency Proceeding has been commenced by or against any Loan Party, the Senior First Priority Secured Parties shall have the exclusive right to take and continue any Enforcement Action with respect to the Common Collateral, without any consultation with or consent of any Subordinated Holder, but subject to the proviso set forth in Section 6.1. Upon the occurrence and during the continuance of a Default or an Event of Default (as each such term is defined in the Senior Credit Agreement), the Senior Agent and the other Senior First Priority Secured Parties may take and continue any Enforcement Action with respect to the Senior Indebtedness and the Common Collateral in such order and manner as they may determine in their sole discretion, subject to their obligation to account for excess proceeds as contemplated by Section 5.1.
Appears in 4 contracts
Samples: Intercreditor and Subordination Agreement (Teton Energy Corp), Intercreditor and Subordination Agreement (Teton Energy Corp), Intercreditor and Subordination Agreement (Teton Energy Corp)
