Until the Senior Debt is Paid in Full, Subordinated Creditor shall not, without the prior written consent of Senior Lender, take any Collection Action with respect to the Subordinated Debt until the earliest to occur of the following and in any event no earlier than ten (10) days after Senior Lender’s receipt of written notice of Subordinated Creditor’s intention to take any such Collection Action:
Notwithstanding anything to the contrary contained in this Agreement or in any of the Subordinated Debt Documents, until the Senior Debt ishas been Paid in Full, Subordinated Creditor shall not, without the prior written consent of Senior Lender, take any Collection Action with respect to the Collateral or any property or assets of any Obligor securing the Subordinated Debt untilor take any Collection Action with respect to the earliest to occurCollateral if the Senior Lender has commenced and is diligently pursuing the collection of the followingSenior Debt and the enforcement or liquidation of the Collateral securing the Senior Debt; provided, that this sentence shall not be construed to limit or impair in any event no earlierway the right of Subordinated Creditor to: # bid for, or purchase Collateral at any private or judicial foreclosure upon such Collateral initiated by any Person other than ten (10) days afterthe Subordinated Creditor, so long as the Senior Lender’s receiptDebt is Paid in Full with the proceeds of written noticesuch bid or a higher competing bid at such foreclosure, # join (but not control) any foreclosure or other judicial lien enforcement Proceeding with respect to the Collateral initiated by Senior Lender for the sole purpose of creating, perfecting, preserving or protecting such Subordinated Creditor’s intentionsecurity interest in the Collateral, # receive any remaining proceeds of Collateral after the Senior Debt has been Paid in Full, # file a claim, proof of claim or statement of interest with respect to takeall or any such Collection Action:of the Subordinated Debt in any Proceeding, # file any responsive or defensive pleadings in opposition to any motion, claim, adversary Proceeding or other pleading made by any Person objecting to or otherwise seeking the disallowance of the claims of the Subordinated Creditor relating to the Subordinated Debt, in each case in accordance with the terms of this Agreement, # file any financing statement or amendment necessary to perfect or continue the perfection of the subordinated security interests of Subordinated Creditor, and # vote on any plan of reorganization, make other filings and make any arguments and motions in any Proceeding as authorized by [Section 4] above.
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