Common use of PROHIBITION ON CHANGES IN SUBORDINATED LIABILITIES Clause in Contracts

PROHIBITION ON CHANGES IN SUBORDINATED LIABILITIES. (a) Except as herein set forth in paragraph B.9(B), the Subordinate Lender will not without the prior written consent of the Bank (i) cancel, waive, forgive, amend, modify, transfer or assign, or attempt to enforce or collect, or subordinate to any Liabilities other than the Senior Liabilities, any Subordinated Liabilities or any rights in respect thereof; (ii) convert any Subordinated Liabilities into stock or other securities in any of the Obligors; (iii) take any Collection Action; (iv) commence, or join with any other creditor in commencing, any bankruptcy, reorganization or insolvency proceedings with respect to any of the Obligors, or (v) take any other action prejudicial to or inconsistent with the Bank's rights and first priority secured position with respect to the Obligors, the Bank Collateral and collateral for the Senior Liabilities. (b) Notwithstanding the provisions of paragraph B.9(A), if any default has occurred under any of the Subordinated Loan Documents and such default has continued in existence for a period of one hundred eighty (180) consecutive days after the Subordinated Lenders have provided written notice of the existence of such default to the Bank (the "STANDSTILL PERIOD"), the Subordinated Lender may proceed to take legal action against the Obligors for the sole purpose of obtaining a judgment against the Obligors; provided, however, at no time either before or after the expiration of the Standstill Period, may any Subordinated Lender take any action or Collection Action to enforce a security interest in, liquidate or otherwise receive payment from any collateral for the Senior Liabilities, including the Bank Collateral or Subordinated Lenders' Collateral, unless and until the Bank has been indefeasibly paid in full for all Senior Liabilities.

PROHIBITION ON CHANGES IN SUBORDINATED LIABILITIES. (a) Except as herein set forth in paragraph B.9(B), the Subordinate Lender will not without the prior written consent of the Bank (i) cancel, waive, forgive, amend, modify, transfer or assign, or attempt to enforce or collect, or subordinate to any Liabilities other than the Senior Liabilities, any Subordinated Liabilities or any rights in respect thereof; (ii) convert any Subordinated Liabilities into stock or other securities in any of the Obligors; (iii) take any Collection Action; (iv) commence, or join with any other creditor in commencing, any bankruptcy, reorganization or insolvency proceedings with respect to any of the Obligors, or (v) take any other action prejudicial to or inconsistent with the Bank's rights and first priority secured position with respect to the Obligors, the Bank Collateral and collateral for the Senior Liabilities. (b) Notwithstanding the provisions of paragraph B.9(A), if any default has occurred under any of the Subordinated Loan Documents and such default has continued in existence for a period of one hundred eighty (180) consecutive days after the Subordinated Lenders subordinated lenders have provided written notice of the existence of such default to the Bank bank (the "STANDSTILL PERIOD"), the Subordinated Lender may proceed to take legal action against the Obligors for the sole purpose of obtaining a judgment against the Obligors; provided, however, at no time either before or after the expiration of the Standstill Period, may any Subordinated Lender take any action or Collection Action to enforce a security interest in, liquidate or otherwise receive payment from any collateral for the Senior Liabilities, including the Bank Collateral or Subordinated Lenders' Collateral, unless and until the Bank has been indefeasibly paid in full for all Senior Liabilities.

PROHIBITION ON CHANGES IN SUBORDINATED LIABILITIES. (a) Except as herein set forth in paragraph B.9(BB.9(b), the neither Subordinate Lender will not Creditor will, without the prior written consent of the Bank Agent, (i) cancel, waive, forgive, amend, extend, renew, replace, refinance, modify, transfer or assign, or attempt to enforce or collect, or subordinate to any Liabilities other than the Senior Liabilities, any Subordinated Liabilities Liabilities, the Subordinated Loan Documents or any rights in respect thereof; (ii) convert any Subordinated Liabilities into stock or other securities in any of the ObligorsObligor except as permitted by this Agreement; (iii) take any Collection Prohibited Action; (iv) commence, or join with any other creditor in commencing, any bankruptcy, reorganization or insolvency proceedings Insolvency Proceedings with respect to any of the ObligorsObligor, or (v) take any other action prejudicial to or inconsistent with the BankAgent's and Lenders' rights and first priority secured position with respect to the ObligorsObligor, the Bank Senior Collateral and collateral for the Senior Liabilities. (b) Notwithstanding the provisions of paragraph B.9(AB.9(a), if any default has occurred under any of the Subordinated Loan Documents and such default has continued in existence for a period of one hundred eighty (180) consecutive days after the Subordinated Lenders Subordinate Creditors have provided written notice of the existence of such default to the Bank Agent (the "STANDSTILL PERIOD"), the Subordinated Lender Subordinate Creditors may proceed to take legal action against the Obligors Holdings for the sole purpose of obtaining a judgment against the ObligorsHoldings; provided, however, at no time either before or after the expiration of the Standstill Period, Period may any Subordinated Lender either Subordinate Creditor take any action or Collection Prohibited Action to commence any Insolvency Proceeding or to enforce a security interest in, liquidate or otherwise receive payment from any collateral for the Senior Liabilities, including the Bank Collateral or Subordinated Lenders' Collateral, unless and until the Bank has Senior Liabilities have been indefeasibly paid in full for all Senior Liabilitiesfull.