Creditor Action definition

Creditor Action means the taking of any action by a Creditor Party to enforce its rights under the relevant Creditor Settlement, including without limitation, the commencement of any action, suit or proceeding against any Borrower or the property of any Borrower, the obtaining of any judgment against any Borrower, the issuance of execution or any other attempt to enforce or perfect a lien or security interest in any property of any Borrower.
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Creditor Action shall have the meaning set forth in Section 6 hereof.
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Examples of Creditor Action in a sentence

  • The Noteholders’ obligations to forbear hereunder are expressly conditioned upon all other creditors of Issuer and the other Credit Parties (including, without limitation, trade creditors and subordinated secured and unsecured creditors) refraining from taking any Creditor Action during the Forbearance Period.

  • In the event that any such creditor or creditors takes a Material Creditor Action all of Lender’s obligations hereunder shall terminate without notice.

  • For purposes of this Section 6, a Material Creditor Action is an action by a creditor or creditors to accelerate a debt or to reduce, limit, alter the terms of or terminate credit made available to Borrower involving the economic equivalent value of $25,000 or more in the aggregate.

  • Neither this Settlement Agreement, nor anything contained herein, shall be interpreted as a concession or admission of wrongdoing or liability by the Released Parties, or as a concession or admission by the Released Parties of the truthfulness or merit of any claim or allegation asserted in the Class Actions, the Monitor Action, the KPMG Claim, the Underwriters Claim, or the Senior Secured Creditor Action.

  • To the extent practicable, such Required Action Initiation Notice shall be accompanied by drafts of any amendment, modification, supplement or waiver of provisions of any Security Document or any other Financing Document that is to be part of the Required Creditor Action.

  • In the event that any such creditor takes such action (including acceleration of indebtedness) (a "Creditor Action") all of Lender's obligations hereunder shall terminate without notice.

  • To the extent such drafts accompanied the Required Action Initiation Notice, such Required Action Notice shall be accompanied by drafts of any amendment, modification, supplement or waiver of provisions of any Security Document or any other Financing Document that is to be part of the Required Creditor Action.

  • Lender’s obligation to forbear hereunder is conditioned upon the creditor or creditors of Borrower refraining from taking any Material Creditor Action during the term of this Forbearance.