DEMANDS AGAINST Clause Samples

DEMANDS AGAINST. GUARANTORS The Mezzanine Beneficiaries may not make any demand on or take any other action against any Intercreditor Obligor in relation to the Mezzanine Liabilities in circumstances which would otherwise be permitted by this Clause 17 (PERMITTED ENFORCEMENT) where the Security Trustee (or any receiver appointed pursuant to any of the Security Documents), acting on the instructions of the Majority Senior Lenders and in accordance with the terms hereof: 17.4.1 confirms to the Mezzanine Agent in writing that it is enforcing, taking steps to enforce or has enforced any Transaction Security over the shares of such Guarantor or Intercreditor Obligor or over the shares of any holding company of such Guarantor or Intercreditor Obligor by selling or procuring the sale of all such shares which are subject to such Transaction Security; and 17.4.2 has not subsequently notified the Mezzanine Agent to the contrary in writing (and, if applicable, the Security Trustee undertakes to notify or procure that any such receiver (or similar Officer in any jurisdiction) notifies the Mezzanine Agent promptly upon such enforcement being discontinued).