Common use of Prohibited Action Clause in Contracts

Prohibited Action. The term "PROHIBITED ACTION" means to (i) exercise or enforce any rights or remedies or assert any claims against the Senior Collateral or Subordinate Lenders' Collateral; (ii) make any claim or commence or initiate any action, lawsuit, case or proceeding against the Obligor or join together or with any creditor other than, with its consent, the Agent in any action, lawsuit, case or proceeding against the Obligor (including, but not being limited to, proceedings under the United States Federal Bankruptcy Code); (iii) contact any account of the Obligor or attach or take possession of any Senior Collateral or Subordinate Lenders' Collateral or exercise any right of foreclosure or any right or remedy with respect to the Obligor or the Senior Collateral or Subordinate Lenders' Collateral; or (iv) take any other action prejudicial to or inconsistent with the Lenders' and Agent's rights and first priority secured position with respect to the Obligor or the Senior Collateral, including, without limitation, any action that will impede, interfere with, restrict, or restrain the exercise by the Agent or any of the Lenders of their rights and remedies under the Senior Loan Documents or contest or support any other person or entity in contesting in any manner the perfection, priority, validity or enforceability of any security interest lien held by the Agent in any of the Senior Collateral or any claims made by the Senior Creditors pursuant to the terms of the Senior Loan Documents.

Prohibited Action. The term "PROHIBITED ACTION" “Prohibited Action” means to (i) exercise or enforce any rights or remedies or assert any claims against the Senior Collateral or Subordinate Lenders' ’ Collateral; (ii) make any claim or commence or initiate any action, lawsuit, case or proceeding against the Obligor or join together or with any creditor other than, with its consent, the Agent in any action, lawsuit, case or proceeding against the Obligor (including, but not being limited to, proceedings under the United States Federal Bankruptcy Code); (iii) contact any account of the Obligor or attach or take possession of any Senior Collateral or Subordinate Lenders' ’ Collateral or exercise any right of foreclosure or any right or remedy with respect to the Obligor or the Senior Collateral or Subordinate Lenders' ’ Collateral; or (iv) take any other action prejudicial to or inconsistent with the Lenders' and Agent's rights and first priority secured position with respect to the Obligor or the Senior Collateral, including, without limitation, any action that will impede, interfere with, restrict, or restrain the exercise by the Agent or any of the Lenders of their rights and remedies under the Senior Loan Documents or contest or support any other person or entity in contesting in any manner the perfection, priority, validity or enforceability of any security interest lien held by the Agent in any of the Senior Collateral or any claims made by the Senior Creditors pursuant to the terms of the Senior Loan Documents.