Limitation on Separate Suit Sample Clauses
The Limitation on Separate Suit clause restricts parties from initiating independent legal actions over issues that are already subject to dispute resolution procedures outlined in the agreement, such as arbitration or mediation. In practice, this means that if a disagreement arises, the parties must resolve it through the agreed-upon process rather than filing a separate lawsuit in court. This clause helps prevent duplicative litigation, reduces legal costs, and ensures that disputes are handled efficiently and consistently according to the contract's terms.
Limitation on Separate Suit. No suit shall be brought against any Loan Party on account of the Loan Obligations except by the Administrative Agent, acting upon the written instructions of the Required Lenders.
Limitation on Separate Suit. No suit shall be brought against any Loan Party on account of the Loan Obligations except by the Administrative Agent, acting upon the written instructions of the Required Lenders provided that the foregoing shall not prohibit any Lender from (a) exercising setoff rights in accordance with Section 10.08 or (b) filing proofs of claim with respect to Obligations owing to such Lender during the pendency of a proceeding relative to any Loan Party under any bankruptcy or other debtor relief law if the Administrative Agent has failed to file a proof of claim with respect to the Obligations promptly after the commencement of any such proceeding.