Restriction on Action by Junior Creditor Sample Clauses

Restriction on Action by Junior Creditor. (a) Until the Senior Debt is indefeasibly paid in full in cash, no Junior Creditor or Junior Trustee shall, without the prior written consent of the Required Holders, take any Collection Action with respect to the Junior Obligations, except as permitted below.
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Restriction on Action by Junior Creditor. (a) Until the Senior Debt is paid in full, Junior Creditor shall not, without the prior written consent of Lender, take any Collection Action with respect to the Junior Debt, except as permitted in this Section 2.4. Upon the earlier to occur of: (i) acceleration of the Senior Debt; or (ii) a Proceeding involving Borrower and/or Owner; Junior Creditor, may accelerate the Junior Debt or take any other Collection Action which is not inconsistent with or in contravention of the enforcement actions against Borrower, Owner and/or Guarantor taken by the holders of the Senior Debt and the provisions of this Agreement; provided, however, that Junior Creditor will not enforce, or attempt to enforce, any lien or security interest securing the Junior Debt until the Senior Debt is paid in full except as hereinafter set forth in this Section 2.4; provided, further, that if following the acceleration of the Senior Debt as described in clause (i) above, such acceleration is rescinded, then all Collection Actions taken by Junior Creditor shall likewise be rescinded if such Collection Action is based solely on clause (i) above. Notwithstanding the foregoing, subject to the other provisions of this Agreement, including but not limited to payment and lien priorities established here, Junior Creditor may (i) file proofs of claim against Owner in any Proceeding involving Owner; (ii) compute interest on all amounts due and payable under the Junior Loan at the default interest rate described in the Junior Loan Documents; and (iii) in the event of an uncured Event of Default under the Junior Loan Documents, at any time after the expiration of thirty (30) days following the date of the Junior Default Notice, institute a Collection Action against Owner, provided, however, that any recovery therefrom must be applied first to pay the Senior Debt in full before being applied to any of the Junior Debt, and (iv) take any action against Guarantor permitted by the Junior Loan Documents, and receive and retain payments made by Guarantor on account of the Junior Debt. Further nothing herein shall preclude the Junior Lender from brining an action against Owner to specifically enforce covenants in the Junior Loan Documents.
Sample 1
Restriction on Action by Junior Creditor. (a) Until the Senior Debt is Paid in Full, Junior Creditor shall not, without the prior written consent of Senior Creditor, take any Enforcement Action with respect to the Junior Debt. Notwithstanding anything herein to the contrary, on or after (but not before) the filing of a Proceeding with respect to the Borrower, Junior Creditor may (a) accelerate the Junior Debt and (b) file proofs of claim against the Borrower; provided that any distributions or other proceeds of any Enforcement Action obtained by Junior Creditor shall be held in trust by it for the benefit of Senior Creditor and be paid or delivered to Senior Creditor in the form received until all Senior Debt is indefeasibly Paid in Full.
Sample 1
Restriction on Action by Junior Creditor. (a) Until the Liabilities are paid in full and notwithstanding anything contained in the Junior Debt Documents or the Credit Agreement to the contrary, Junior Creditor shall not, without the prior written consent of Agent, agree to any amendment, modification or supplement to the Junior Debt Documents.
Sample 1
Restriction on Action by Junior Creditor. Until the Senior ---------------------------------------- Debt is Indefeasibly Paid, notwithstanding anything contained in the Junior Debt Documents or the Senior Debt Documents to the contrary, Junior Creditor shall not, without the prior written consent of Required Lenders, take any Collection Action with respect to the Junior Debt or agree to any amendment, modification or supplement to the Junior Debt Documents, unless such action is required to prevent the expiration of any applicable statute of limitation or similar provision and provided that in any such Collection Action, Junior Creditor shall not, without the consent of the Agent, realize upon any Collateral. Such consent shall not be unreasonably withheld in the case of any amendment, modification or supplement to the Junior Debt Documents that does not have an adverse effect upon the rights or interests of the Agent of the Lenders.
Sample 1
Restriction on Action by Junior Creditor. (a) Until the Senior Obligations are paid in full in cash, no Junior Creditor shall, without the prior written consent of Lessor, take any Collection Action with respect to the Junior Debt, except as permitted in the following sentence. Upon the earliest to occur of:
Sample 1
Restriction on Action by Junior Creditor. Until all Senior Debt is paid in full in cash and all financing arrangements between the Company and the Senior Creditor have been terminated, Junior Creditor shall not, without 5 days’ prior written notice to the Senior Creditor, take any Collection Action with respect to the Junior Debt, except upon the acceleration of the Senior Debt. Notwithstanding the foregoing, Junior Creditor may file proofs of claim against the Company in any Proceeding involving the Company.
Sample 1
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Related to Restriction on Action by Junior Creditor

  • Limitation on Actions 28.1 Except with respect to any indemnification obligations in Article 12, above, or as are otherwise set forth in the Contract, any arbitral proceedings in accordance with Article 23.2, above, arising out of the Contract must be commenced within three years after the cause of action has accrued.

  • Restriction on Liens Neither the Borrower nor any of the Subsidiaries is a party to any material agreement or arrangement (other than Capital Leases creating Liens permitted by Section 9.03(c), but then only on the Property subject of such Capital Lease), or subject to any order, judgment, writ or decree, which either restricts or purports to restrict its ability to grant Liens to the Administrative Agent and the Lenders on or in respect of their Properties to secure the Indebtedness and the Loan Documents.

  • Waiver of Right to Contest Liens (a) The New First Lien Collateral Agent, for and on behalf of itself and the New First Lien Secured Parties, agrees that it shall not (and hereby waives any right to) take any action to contest or challenge (or assist or support any other Person in contesting or challenging), directly or indirectly, whether or not in any proceeding (including in any Insolvency Proceeding), the validity, priority, enforceability, or perfection of the Liens of the ABL Collateral Agent and the ABL Secured Parties in respect of Receivables Collateral or the provisions of this Agreement. Except to the extent expressly set forth in this Agreement, the New First Lien Collateral Agent, for itself and on behalf of the New First Lien Secured Parties, agrees that it will not take any action that would interfere with any Exercise of Secured Creditor Remedies undertaken by the ABL Collateral Agent or any ABL Secured Party under the ABL Documents with respect to the Common Collateral. Except to the extent expressly set forth in this Agreement, the New First Lien Collateral Agent, for itself and on behalf of the New First Lien Secured Parties, hereby waives any and all rights it may have as a junior lien creditor or otherwise to contest, protest, object to, or interfere with the manner in which the ABL Collateral Agent or any ABL Secured Party seeks to enforce its Liens in any Common Collateral.

  • No Waivers of Rights of Senior Secured Parties Nothing contained herein shall, except as expressly provided herein, prohibit or in any way limit any Senior Representative or any other Senior Secured Party from objecting in any Insolvency or Liquidation Proceeding or otherwise to any action taken by any Second Priority Debt Party, including the seeking by any Second Priority Debt Party of adequate protection or the asserting by any Second Priority Debt Party of any of its rights and remedies under the Second Priority Debt Documents or otherwise.

  • Waiver of Trial by Jury Each party hereby irrevocably and unconditionally waives the right to a trial by jury in any action, suit, counterclaim or other proceeding (whether based on contract, tort or otherwise) arising out of, connected with or relating to this Agreement, the transactions contemplated hereby, or the actions of the Investor in the negotiation, administration, performance or enforcement hereof.

  • Governing Law; WAIVER OF TRIAL BY JURY This Lease shall be construed and enforced in accordance with the laws of the State of California. IN ANY ACTION OR PROCEEDING ARISING HEREFROM, LANDLORD AND TENANT HEREBY CONSENT TO (I) THE JURISDICTION OF ANY COMPETENT COURT WITHIN THE STATE OF CALIFORNIA, (II) SERVICE OF PROCESS BY ANY MEANS AUTHORIZED BY CALIFORNIA LAW, AND (III) IN THE INTEREST OF SAVING TIME AND EXPENSE, TRIAL WITHOUT A JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES HERETO AGAINST THE OTHER OR THEIR SUCCESSORS IN RESPECT OF ANY MATTER ARISING OUT OF OR IN CONNECTION WITH THIS LEASE, THE RELATIONSHIP OF LANDLORD AND TENANT, TENANT’S USE OR OCCUPANCY OF THE PREMISES, AND/OR ANY CLAIM FOR INJURY OR DAMAGE, OR ANY EMERGENCY OR STATUTORY REMEDY. IN THE EVENT LANDLORD COMMENCES ANY SUMMARY PROCEEDINGS OR ACTION FOR NONPAYMENT OF BASE RENT OR ADDITIONAL RENT, TENANT SHALL NOT INTERPOSE ANY COUNTERCLAIM OF ANY NATURE OR DESCRIPTION (UNLESS SUCH COUNTERCLAIM SHALL BE MANDATORY) IN ANY SUCH PROCEEDING OR ACTION, BUT SHALL BE RELEGATED TO AN INDEPENDENT ACTION AT LAW.

  • Prohibition on Liens Company shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, create, incur, assume or permit to exist any Lien on or with respect to any property or asset of any kind (including any document or instrument in respect of goods or accounts receivable) of Company or any of its Subsidiaries, whether now owned or hereafter acquired, or any income or profits therefrom, or file or permit the filing of, or permit to remain in effect, any financing statement or other similar notice of any Lien with respect to any such property, asset, income or profits under the UCC or under any similar recording or notice statute, except:

  • Governing Law; Jurisdiction; Waiver of Trial by Jury THIS AGREEMENT AND THE UNITS AND THE PURCHASE CONTRACTS SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAW PROVISIONS THEREOF TO THE EXTENT THAT A DIFFERENT LAW WOULD GOVERN AS A RESULT. Each of the parties hereto irrevocably consents and agrees, for the benefit of the Holders from time to time of the Units and the Purchase Contracts, and the other parties hereto, that any legal action, suit or proceeding against it with respect to obligations, liabilities or any other matter arising out of or in connection with this Agreement, the Units or the Purchase Contracts may be brought in the courts of the State of New York or the courts of the United States, in each case located in the Borough of Manhattan, New York City, New York and hereby irrevocably consents and submits to the non-exclusive jurisdiction of each such court in personam, generally and unconditionally with respect to any action, suit or proceeding for itself in respect of its properties, assets and revenues. Each of the parties hereto irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any of the aforesaid actions, suits or proceedings arising out of or in connection with this Agreement, the Units or the Purchase Contracts brought in the courts of the State of New York or the courts of the United States, in each case, located in the Borough of Manhattan, New York City, New York and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. EACH PARTY HERETO, AND EACH HOLDER OF A UNIT BY ACCEPTANCE THEREOF, HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF, RELATING TO OR IN CONNECTION WITH THIS AGREEMENT, THE UNITS, THE PURCHASE CONTRACTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

  • Limitation on Negative Pledges Each of the Loan Parties shall not, and shall not permit any Subsidiary, to enter into or suffer to exist or become effective any agreement that prohibits or limits the ability of such Loan Party or any of its Subsidiaries to create, incur, assume or suffer to exist any Lien upon any of its property or revenues, whether now owned or hereafter acquired, to secure the Obligations, other than (a) this Agreement and the other Loan Documents (b) with respect to a Subsidiary imposed pursuant to an agreement that has been entered into in connection with a disposition of assets permitted under this Agreement of all or substantially all of the equity interests or assets of such Subsidiary, (c) any agreements governing any purchase money Liens or capital lease obligations otherwise permitted hereby (in which case, any prohibition or limitation shall only be effective against the assets financed thereby), (d) customary provisions restricting assignment of any licensing agreement (in which a Loan Party or its Subsidiaries are the licensee) with respect to a contract entered into by a Loan Party or its Subsidiaries in the ordinary course of business and (e) customary provisions restricting subletting, sublicensing or assignment of any intellectual property license or any lease governing any leasehold interests of a Loan Party and its Subsidiaries.

  • Covenant to Guarantee Obligations and Give Security At the Borrower’s expense, take all action necessary or reasonably requested by the Administrative Agent to ensure that the Collateral and Guarantee Requirement continues to be satisfied, including:

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