Common use of Permissible Actions Clause in Contracts

Permissible Actions. Subject in all cases to the right of the holder of Guarantor Senior Debt (the "Guarantor Senior Debt Holder") to receive prior payment pursuant to Section 6.2 hereof: (a) the Payee may institute legal proceedings against Guarantor to enforce and collect upon any amount due hereunder (including any payments which become due after the expiration of a Standstill Period) if: (i) Guarantor is liable for payment pursuant to Section 5 above, and (ii) such payment is not prohibited hereunder; (b) in the event legal proceedings have been instituted by the Guarantor Senior Debt Holder to enforce and collect upon the amounts outstanding under the Guarantor Senior Debt, the Payee may institute legal proceedings (consistent with such legal proceedings of the Guarantor Senior Debt Holder) to the extent such proceedings by the Payee are necessary to preserve the claims of the Payee; and (c) the Payee may, subject to the Guarantor Senior Debt Holder's rights set forth in Section 6.5 hereof, file a proof of claim in respect of the amounts due under the Note in connection with any bankruptcy or similar proceedings of the Guarantor.

Permissible Actions. Subject in all cases to the right of the holder holders of Guarantor Senior Debt (the "Guarantor Senior Debt HolderHolders") to receive prior payment pursuant to Section 6.2 hereof: (a) the Payee may institute legal proceedings against Guarantor to enforce and collect upon any amount due hereunder (including any payments which become due after the expiration of a Standstill Period) if: (i) Guarantor is liable for payment pursuant to Section 5 above, and (ii) such payment is not prohibited hereunder; (b) in the event legal proceedings have been instituted by the any Guarantor Senior Debt Holder to enforce and collect upon the amounts outstanding under the Guarantor Senior Debt, the Payee may institute legal proceedings (consistent with such legal proceedings of the Guarantor Senior Debt Holder) to the extent such proceedings by the Payee are necessary to preserve the claims of the Payee; and (c) the Payee may, subject to the Guarantor Senior Debt Holder's Holders' rights set forth in Section 6.5 hereof, file a proof of claim in respect of the amounts due under the Note Subordinated Notes in connection with any bankruptcy or similar proceedings of the Guarantor.