Common use of Limitation on Remedies Upon Acceleration of Senior Debt Clause in Contracts

Limitation on Remedies Upon Acceleration of Senior Debt. Notwithstanding any contrary provision of any Subordinated Debt Document, the acceleration of any Senior Debt by the commencement of legal proceedings by the Senior Creditor against the Borrower to enforce payment of any Senior Debt shall entitle the Subordinated Creditor to accelerate Subordinated Debt or take other Enforcement Action (subject to the applicable provisions of Section 2.3 of this Agree- ment).

Limitation on Remedies Upon Acceleration of Senior Debt. Notwithstanding any contrary provision of any Subordinated Debt Document, the acceleration of any Senior Debt by the commencement of legal proceedings by the Senior Creditor against the Borrower to enforce payment of any Senior Debt shall entitle the Subordinated Creditor to accelerate Subordinated Debt or take other Enforcement Action (subject to the applicable provisions of Section 2.3 of this Agree- mentAgreement).

Limitation on Remedies Upon Acceleration of Senior Debt. Notwithstanding any contrary provision of any Subordinated Debt Document, the acceleration of any Senior Debt by the commencement of legal proceedings by the Senior Creditor against the Borrower to enforce payment of any Senior Debt shall entitle the Subordinated Creditor to accelerate Subordinated Debt or take other Enforcement Action (subject to the applicable provisions of Section 2.3 of this Agree- Agree-ment).