Common use of Standstill Period Clause in Contracts

Standstill Period. If a Subordinated Creditor Enforcement Event has occurred and is continuing, the Subordinated Creditor may give the Lender written notice thereof, specifying the nature of the Subordinated Creditor Enforcement Event in reasonable detail. If such Subordinated Creditor Enforcement Event is continuing for more than 120 days after the delivery of such notice, and if the Lender has not by the expiration of such 120-day period notified the Subordinated Creditor that the Lender has commenced one or more types of enforcement actions described in Section 3.01 or an Insolvency Proceeding, then the Subordinated Creditor may, subject to the Lien Priority and prior application of proceeds of the Collateral to the Senior Liabilities, as provided herein, take one or more types of enforcement actions described in Section 3.01 or otherwise available to the Subordinated Creditor under the Subordinated Creditor Indenture and the other Subordinated Creditor Loan Documents. If Lender has taken or commenced such action within such period and thereafter discontinues such enforcement action or actions, and no Insolvency Proceeding or other action described in Section 3.01 is then being taken by the Lender, and such Subordinated Creditor Enforcement Event is then continuing, then the Subordinated Creditor may, subject to the Lien Priority and prior application of proceeds of the Collateral to the Senior Liabilities, as provided herein, take one or more types of enforcement actions described in Section 3.01 or otherwise available to the Subordinated Creditor under the Subordinated Creditor Indenture and the other Subordinated Creditor Loan Documents.

Standstill Period. If a Subordinated Creditor Enforcement Event has occurred and is continuing, the Subordinated Creditor may give the Lender Senior Creditor written notice thereof, specifying the nature of the Subordinated Creditor Enforcement Event in reasonable detail. If such Subordinated Creditor Enforcement Event is continuing for more than 120 240 days after the delivery of such notice, and if the Lender Senior Creditor has not by the expiration of such 120240-day period notified the Subordinated Creditor that the Lender Senior Creditor has commenced one or more types of enforcement actions described in Section 3.01 or that the Borrower is the subject of an Insolvency Proceeding, then the Subordinated Creditor may, subject to the Lien Priority and prior application of proceeds of the Collateral to the Senior Liabilities, as provided herein, take one or more types of enforcement actions described in Section 3.01 or otherwise available to the Subordinated Creditor under the Subordinated Creditor Indenture and the other Subordinated Creditor Loan Documents. If Lender the Senior Creditor has taken or commenced any such enforcement action within such 240-day period and thereafter discontinues such enforcement action or actions, and no Insolvency Proceeding or other is pending against the Borrower and no action described in Section 3.01 is then being taken by the LenderSenior Creditor, and if, following the expiration of such 240-day period, such Subordinated Creditor Enforcement Event is then continuing, then the Subordinated Creditor may, subject to the Lien Priority and prior application of proceeds of the Collateral to the Senior Liabilities, as provided herein, take one or more types of enforcement actions described in Section 3.01 or otherwise available to the Subordinated Creditor under the Subordinated Creditor Indenture and the other Subordinated Creditor Loan Documents. Notwithstanding anything to the contrary in this Section 2.02, if the Senior Creditor Intercreditor Agreement is at any time terminated or expires in accordance with its terms, and the Senior Creditor is no longer subject to a subordination or similar agreement with a lender under an Eligible Credit Facility (as defined in the Subordinated Creditor Indenture), the 240-day period referred to in this Section 2.02 shall be 180 days.

Standstill Period. If a Subordinated Creditor Enforcement Event has occurred and is continuing, the Subordinated Creditor may give the Lender written notice thereof, specifying the nature of the Subordinated Creditor Enforcement Event in reasonable detail. If such Subordinated Creditor Enforcement Event is continuing for more than 120 180 days after the delivery of such notice, and if the Lender has not by the expiration of such 120180-day period notified the Subordinated Creditor that the Lender has commenced one or more types of enforcement actions described in Section 3.01 or that the Borrower is the subject of an Insolvency Proceeding, then the Subordinated Creditor may, subject to the Lien Priority and prior application of proceeds of the Collateral to the Senior Liabilities, as provided herein, take one or more types of enforcement actions described in Section 3.01 or otherwise available to the Subordinated Creditor under the Subordinated Creditor New Notes Indenture and the other Subordinated Creditor Loan Documents. If the Lender has taken or commenced any such enforcement action within such 180-day period and thereafter discontinues such enforcement action or actions, and no Insolvency Proceeding or other is pending against the Borrower and no action described in Section 3.01 is then being taken by the Lender, and if, following the expiration of such 180-day period, such Subordinated Creditor Enforcement Event is then continuing, then the Subordinated Creditor may, subject to the Lien Priority and prior application of proceeds of the Collateral to the Senior Liabilities, as provided herein, take one or more types of enforcement actions described in Section 3.01 or otherwise available to the Subordinated Creditor under the Subordinated Creditor New Notes Indenture and the other Subordinated Creditor Loan Documents.

Standstill Period. If a Subordinated Creditor an Enforcement Event has occurred and is continuing, the Subordinated Creditor Trustee, on behalf of the holders of the Notes, may give the Eligible Credit Facility Lender written notice thereof, specifying the nature of the Subordinated Creditor Enforcement Event in reasonable detail. If such Subordinated Creditor Enforcement Event is continuing for more than 120 180 consecutive days after the delivery of such notice, and if the Eligible Credit Facility Lender has not by on or before the expiration of such 120180-day period notified the Subordinated Creditor Trustee that the Eligible Credit Facility Lender has commenced one or more types of enforcement actions described in Section 3.01 3.1 or that Borrower or one or more of the Guarantors is the subject of an Insolvency Proceeding, then the Subordinated Creditor Trustee may, subject to the Lien Priority and prior the application of all proceeds of the Collateral to in accordance with the Senior Liabilities, as provided hereinSection 3.4, take one or more types of enforcement actions described in Section 3.01 3.1 or otherwise available to the Subordinated Creditor Trustee under the Subordinated Creditor Indenture and the other Subordinated Creditor Loan Documents. If the Eligible Credit Facility Lender has taken or commenced any such enforcement action within such 180-day period and thereafter discontinues such enforcement action or actions, and no Insolvency Proceeding is pending against Borrower or one or more of the Guarantor and no other action described in Section 3.01 3.1 is then being taken by the Eligible Credit Facility Lender, and if, following the expiration of such Subordinated Creditor 180-day period, such Enforcement Event is then continuing, then the Subordinated Creditor Trustee may, subject to the Lien Priority and prior the application of all proceeds of the Collateral to the Senior Liabilities, as provided hereinin accordance with Section 3.4, take one or more types of enforcement actions described in Section 3.01 3.1 or otherwise available to the Subordinated Creditor Trustee under the Subordinated Creditor Indenture and Documents. Nothing in this Agreement shall prevent the Parties hereto from exercising any other Subordinated Creditor Loan remedy, or taking any other action, under any of the Financing Documents.

Standstill Period. If a Subordinated Creditor Enforcement Event has occurred and is continuing, the Subordinated Creditor may give the Lender written notice thereof, specifying the nature of the Subordinated Creditor Enforcement Event in reasonable detail. If such Subordinated Creditor Enforcement Event is continuing for more than 120 180 days after the delivery of such notice, and if the Lender has not by on or before the expiration of such 120180-day period notified the Subordinated Creditor that the Lender has commenced one or more types of enforcement actions described in Section 3.01 or that the Borrower is the subject of an Insolvency Proceeding, then the Subordinated Creditor may, subject to the Lien Priority and prior application of proceeds of the Collateral to the Senior Liabilities, as provided herein, take one or more types of enforcement actions described in Section 3.01 or otherwise available to the Subordinated Creditor under the Subordinated Creditor Indenture and the other Subordinated Creditor Loan Documents. If Lender has taken or commenced any such enforcement action within such 180-day period and thereafter discontinues such enforcement action or actions, and no Insolvency Proceeding or other is pending against the Borrower and no action described in Section 3.01 2.01 is then being taken by the Lender, and if, following the expiration of such 180-day period, such Subordinated Creditor Enforcement Event is then continuing, then the Subordinated Creditor may, subject to the Lien Priority and prior application of proceeds of the Collateral to the Senior Liabilities, as provided herein, take one or more types of enforcement actions described in Section 3.01 or otherwise available to the Subordinated Creditor under the Subordinated Creditor Indenture and the other Subordinated Creditor Loan Documents.

Standstill Period. If a Subordinated Creditor Enforcement Event has occurred and is continuingcontinuing and the Subordinated Creditor has accelerated or demanded payment of the Subordinated Indenture Indebtedness in accordance with the terms of the Subordinated Creditor Indenture, the Subordinated Creditor may give the Lender and Lender Collateral Agent written notice thereof, specifying the nature of the Subordinated Creditor Enforcement Event in reasonable detail. If such Subordinated Creditor Enforcement Event is continuing for more than 120 30 days after the delivery of such notice, and if the Lender or Lender Collateral Agent has not by prior to the expiration of such 12030-day period notified the Subordinated Creditor that the Lender or Lender Collateral Agent has commenced one or more types of enforcement actions described in Section 3.01 or an Insolvency ProceedingEnforcement Actions, then (and only then) the Subordinated Creditor and Subordinated Creditor Collateral Agent may, subject to the Lien Priority and prior application of proceeds of the Lender Collateral to the Senior LiabilitiesLiabilities (except to the extent expressly provided otherwise in the last sentence of Section 2.01), as provided herein, take one or more types of enforcement actions described in Section 3.01 or otherwise available to the Subordinated Creditor under the Subordinated Creditor Indenture and the other Subordinated Creditor Loan DocumentsEnforcement Actions. If Lender or Lender Collateral Agent has taken or commenced any such action Enforcement Action within such period and thereafter discontinues such enforcement action or actions, Enforcement Action and no Insolvency Proceeding or other action described in Section 3.01 Enforcement Action is then being taken by the LenderLender or Lender Collateral Agent, and such Subordinated Creditor Enforcement Event is then continuing, then the Subordinated Creditor and Subordinated Creditor Collateral Agent may, subject to the Lien Priority and prior application of proceeds of the Lender Collateral to the Senior LiabilitiesLiabilities (except to the extent expressly provided otherwise in the last sentence of Section 2.01), as provided herein, take one or more types of enforcement actions described in Section 3.01 or otherwise available to the Subordinated Creditor under the Subordinated Creditor Indenture and the other Subordinated Creditor Loan DocumentsEnforcement Actions.