Common use of No Action With Respect to Junior Clause in Contracts

No Action With Respect to Junior. Obligations Collateral Subject to Senior Liens. No Junior Collateral Agent or other Junior Obligations Secured Party shall commence or instruct the Junior Collateral Agent to commence any judicial or nonjudicial foreclosure proceedings with respect to, seek to have a trustee, receiver, liquidator or similar official appointed for or over, attempt any action to take possession of, exercise any right, remedy or power with respect to, or otherwise take any action to enforce its interest in or realize upon, or take any other action available to it in respect of, any Junior Obligations Collateral under any Junior Obligations Security Document, applicable law or otherwise, at any time when such Junior Obligations Collateral shall be subject to any Senior Lien and prior to the Discharge of Senior Obligations, it being agreed that only the applicable Senior Collateral Agent, acting in accordance with the applicable Senior Obligations Security Documents, shall be entitled to take any such actions or exercise any such remedies. Notwithstanding the foregoing or anything to the contrary provided in Section 2.06, the Junior Collateral Agent may, subject to Section 2.05, (i) take all such actions as it shall deem necessary to continue the perfection of the Junior Liens on any Junior Obligations Collateral, (ii) file a claim or statement of interest with respect to the Junior Obligations in any bankruptcy, insolvency or similar proceeding or (iii) take any other action not adverse to the Senior Liens in order to preserve or protect its rights in the Junior Liens on the Collateral for the benefit of the Junior Obligations Secured Parties.

No Action With Respect to Junior. Obligations Collateral Subject to Senior Liens. No Junior Collateral Agent or other Junior Obligations Secured Party shall commence or instruct the any Junior Collateral Agent to commence any judicial or nonjudicial foreclosure proceedings with respect to, seek to have a trustee, receiver, liquidator or similar official appointed for or over, attempt any action to take possession of, exercise any right, remedy or power with respect to, or otherwise take any action to enforce its interest in or realize upon, or take any other action available to it in respect of, any Junior Obligations Collateral under any Junior Obligations Security Document, applicable law or otherwise, at any time when such Junior Obligations Collateral shall be subject to any Senior Lien and prior any Senior Obligations secured by such Senior Lien shall remain outstanding or any commitment to the Discharge of extend credit that would constitute Senior ObligationsObligations secured by such Senior Lien shall remain in effect, it being agreed that only the applicable Senior Collateral Agent, acting in accordance with the applicable Senior Obligations Security Documents, shall be entitled to take any such actions or exercise any such remedies. Notwithstanding the foregoing or anything to the contrary provided in Section 2.06foregoing, the any Junior Collateral Agent may, subject to Section 2.05, (i) take all such actions as it shall deem necessary to continue the perfection of the Junior Liens on any Junior Obligations Collateral, (ii) file a claim or statement of interest with respect to the Junior Obligations in any bankruptcy, insolvency or similar proceeding or (iii) take any other action not adverse to the Senior Liens in order to preserve or protect its rights in the Junior Liens on the Collateral for the benefit of the Junior Obligations Secured Parties.

No Action With Respect to Junior. Obligations Collateral Subject to Senior Liens. No Junior Collateral Agent or other Junior Obligations Secured Party shall commence or instruct the any Junior Collateral Agent to commence any judicial or nonjudicial foreclosure proceedings with respect to, seek to have a trustee, receiver, liquidator or similar official appointed for or over, attempt any action to take possession of, exercise any right, remedy or power with respect to, or otherwise take any action to enforce its interest in or realize upon, or take any other action available to it in respect of, any Junior Obligations Collateral under any Junior Obligations Security Document, applicable law or otherwise, at any time when such Junior Obligations Collateral shall be subject to any Senior Lien and prior to the Discharge of Senior Obligations, it being agreed that only the applicable Senior Collateral Agent, acting in accordance with the applicable Senior Obligations Security Documents, shall be entitled to take any such actions or exercise any such remedies. Notwithstanding the foregoing or anything to the contrary provided in Section 2.06, the any Junior Collateral Agent may, subject to Section 2.05, (i) take all such actions as it shall deem necessary to continue the perfection of the Junior Liens on any Junior Obligations Collateral, (ii) file a claim or statement of interest with respect to the Junior Obligations in any bankruptcy, insolvency or similar proceeding or (iii) take any other action not adverse to the Senior Liens in order to preserve or protect its rights in the Junior Liens on the Collateral for the benefit of the Junior Obligations Secured Parties.