Limitation on Certain Actions. Subject to Section 2.02, so long as any of the Senior Liabilities are not Fully Paid, the Subordinated Creditor will not, without the consent of the Lender, take any of the following actions: (a) commence receivership or foreclosure proceedings against or otherwise sell, collect or dispose of any Collateral; or (b) notify third party account debtors to make payment directly to it or any of its agents or other Persons acting on its behalf.
Appears in 2 contracts
Sources: Intercreditor Agreement (Discovery Zone Nevada Licensing Inc), Intercreditor Agreement (Discovery Zone Inc)