Debt Action definition
Debt Action means (a) the filing of a lawsuit by any Secured Creditor solely to collect the Obligations owed to such Secured Creditor and not to exercise secured creditor remedies in respect of the Collateral, (b) the demand by any Secured Creditor for accelerated payment of any and all of the Obligations owed to such Secured Creditor, (c) the filing of any notice of claim and the voting of any such claim in any Insolvency Proceeding involving an Obligor in a manner not prohibited by, and not inconsistent with, the terms of Section 6, (d) the filing of any motion in any Insolvency Proceeding permitted by, and not inconsistent with, the terms of Section 6 or (e) the filing of any defensive pleading in any Insolvency Proceeding not inconsistent with the terms of this Agreement.
Debt Action means (a) the filing of a lawsuit by either Secured Creditor solely to collect the Obligations owed to such Secured Creditor and not to exercise secured creditor remedies in respect of the Collateral, (b) the demand by either Secured Creditor for accelerated payment of any and all of the Obligations owed to such Secured Creditor, (c) the filing of any notice of claim and the voting of any such claim in any Insolvency Proceeding involving an Obligor, (d) the filing of any motion in any Insolvency Proceeding permitted under Section 5 or (e) the filing of any defensive pleading in any Insolvency Proceeding consistent with the terms of this Agreement.
Debt Action means (a) the filing of a lawsuit by any Party solely to collect the Liabilities owed to such Party and not to exercise their secured creditor remedies in respect of any Collateral, (b) the demand by any Party for accelerated payment of any and all of the Liabilities owed to such Party, (c) the filing of any notice of claim or statement of interest and the voting of any such claim or interest in any Proceeding, (d) the filing of any motion in any Proceeding permitted under Section 6, or (e) the filing of any defensive pleading in any Proceeding consistent with the terms of this Agreement; provided, however, that any Lien obtained by a Party in respect of a Debt Action shall be subject to and governed by the terms of this Agreement.
Examples of Debt Action in a sentence
Notwithstanding the foregoing, neither the Senior Agent nor any other Senior Creditor shall have any right whatsoever to vote any claim that the Junior Creditor may have in such proceeding to accept or reject any plan or partial or complete liquidation, reorganization, arrangement, composition or extension; provided, that the Junior Creditor shall not propose, support or vote in favor of any plan of reorganization except to the extent constituting a permitted Debt Action.
Notwithstanding anything to the contrary set forth in this Agreement, (i) the First Lien Creditors may take any Debt Action without the consent of the Second Lien Creditors and (ii) the Second Lien Creditors may take any Debt Action without the consent of the First Lien Creditors.
More Definitions of Debt Action
Debt Action means (a) the filing of a lawsuit by any Secured Creditor solely to collect the Obligations owed to such Secured Creditor and not to exercise their secured creditor remedies in respect of the Collateral, (b) the demand by any Secured Creditor for accelerated payment of any and all of the Obligations owed to such Secured Creditor, (c) the filing of any notice or proof of claim or statement of interest and the voting of any such claim in any Insolvency Proceeding involving an Obligor, (d) the filing of any motion in any Insolvency Proceeding permitted under Section 6, (e) the filing of any defensive or responsive pleading to the extent not inconsistent with the terms of this Agreement, (f) the taking of any action to create, prove, preserve, perfect or protect the validity or enforceability of a Secured Creditor’s Liens to the extent not inconsistent with this Agreement, (g) the commencement or initiation by any Secured Creditor in respect of its Lien Deficiency of an Insolvency Proceeding against any Obligor or (h) the exercising of a Secured Creditor’s rights and remedies as an unsecured creditor to the extent not inconsistent with the terms of this Agreement.
Debt Action means: (i) the imposition of the “default rate” as defined in any Subordinated Debt Document, (ii) the receipt of any payment or distribution under or pursuant to any plan of reorganization which has been confirmed pursuant to a non-appealable order in a case under the Bankruptcy Code in a manner not inconsistent with the terms of this Agreement, (iii) voting on any plan of reorganization, (iii) the filing of any proof or notice of claim in any Insolvency Proceeding involving any Obligor or the filing of defensive pleadings in a manner not inconsistent with the terms of this Agreement, (iv) the acceleration of any Subordinated Debt obligations, (iv) the filing and pursuit of a lawsuit by Subordinated Creditor to collect any Subordinated Debt obligations so long as such lawsuit seeks only a money judgment and does not seek to enforce or impose any Lien on any Collateral or enjoin, limit, interfere with or otherwise affect any of the rights of the First Lien Agent or any First Lien Creditor under the First Lien Documents, or (v) the delivery of default notices, cease and desist letters and similar notices by Subordinated Creditor to any Obligor.
Debt Action means (a) the filing of a lawsuit by any Secured Creditor solely as an unsecured creditor to collect the Obligations owed to such Secured Creditor and not to exercise their secured creditor remedies in respect of the Collateral, (b) the demand by any Secured Creditor for accelerated payment of any and all of the Obligations owed to such Secured Creditor, (c) the filingof any notice of claim and the voting of any such claim in any Insolvency Proceeding involving an Obligor, (d) the filing of any motion in any Insolvency Proceeding to the extent permitted under Section 6 or (e) the filing of any defensive pleading in any Insolvency Proceeding consistent with the terms of this Agreement.
Debt Action has the meaning set forth in Section 5(ii).
Debt Action means (a) the filing of a lawsuit by any Secured Creditor solely to collect the Obligations owed to such Secured Creditor and not to exercise their secured creditor remedies in respect of the Collateral (it being understood and agreed that the taking of any action to enforce or execute a judgment on Collateral through attachment, levy, garnishment or similar action is an Enforcement Action and not a Debt Action), (b) the demand by any Secured Creditor for accelerated payment of any and all of the Obligations owed to such Secured Creditor, (c) the filing of any notice of claim and the voting of any such claim in any Insolvency Proceeding to the extent consistent with the terms of this Agreement involving an Obligor, (d) the filing of any motion in any Insolvency Proceeding permitted under Section 6 or (e) the filing of any defensive pleading in any Insolvency Proceeding consistent with the terms of this Agreement.
Debt Action means (a) the filing of a lawsuit by any Secured Creditor solely to collect the Obligations owed to such Secured Creditor and not to exercise their secured creditor remedies in respect of the collateral, (b) the demand by any Secured Creditor for accelerated payment of any and all of the Obligations owed to such Secured Creditor, (c) the filing of any notice of claim and the voting of any such claim in any Insolvency Proceeding involving an Obligor, (d) the filing of any motion in any Insolvency Proceeding consistent with the term of this Agreement, (e) the filing of any defensive pleading in any Insolvency Proceeding consistent with the terms of this Agreement or (f) the filing of any pleadings, objections, motions or agreements which assert rights or interests available to unsecured creditors of the Obligors arising under any Insolvency Proceeding or applicable non-bankruptcy law.
Debt Action means any liquidation, bankruptcy, bankruptcy protection, insolvency, conservatorship, distress, creditor compromises, schemes of arrangement or other debt claims, creditor process, assignment for the benefit of creditors, moratoriums, rearrangements, receiverships, reorganization or any other analogous and similar proceedings under debtor relief Laws of any applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.