Common use of Limited remedies for breach of obligations Clause in Contracts

Limited remedies for breach of obligations. If default is made by the Issuer in the payment of any principal or interest due in respect of the Notes or any of them and the default continues for a period of 14 days in either case, the Trustee may, subject to Applicable Law, upon giving prior written notice as required under Applicable Law and in any event of at least seven Business Days to the Issuer, institute proceedings against the Issuer under Applicable Law for the Issuer’s winding-up, dissolution or liquidation but may take no other action in respect of such default. Without prejudice to the foregoing, the Trustee may, upon giving prior written notice as required under Applicable Law and in any event of at least seven Business Days to the Issuer, institute such proceedings against the Issuer under Applicable Law as it sees fit to enforce any term, obligation or condition binding on the Issuer under the Notes or this Indenture (other than any payment obligations of the Issuer arising from the Notes or this Indenture) provided that the Issuer shall not as a consequence of such steps, actions and/or proceedings be obliged to pay any sum or sums sooner than the same would otherwise have been payable by it, except for (a) under a final dissolution, winding-up or liquidation order, or (b) with the prior approval of the Relevant Regulator.

Limited remedies for breach of obligations. If default is made by the Issuer defaults in the payment of any principal or interest due in respect of the Notes or any of them and the such default continues for a period of 14 days in either case, the Trustee may, subject to Applicable Law, upon giving prior written notice as required under Applicable Law (and in any event of at least event, not less than seven Business Days Days’ notice) to the Issuer, institute proceedings against the Issuer under Applicable Law for the Issuer’s winding-up, dissolution or liquidation but may take no other action in respect of such default. Without prejudice to the foregoing, the Trustee may, upon giving prior written notice as required under Applicable Law (and in any event of at least event, not less than seven Business Days Days’ notice) to the Issuer, institute such proceedings against the Issuer under Applicable Law as it sees fit to enforce any term, obligation or condition binding on the Issuer under the Notes or this Indenture (other than any payment obligations of the Issuer arising from the Notes or this Indenture) provided that the Issuer shall not as a consequence of such steps, actions and/or proceedings be obliged to pay any sum or sums sooner than the same would otherwise have been payable by it, except for for (a) under a final dissolution, winding-up or liquidation order, or (b) with the prior approval of the Relevant Regulator.

Limited remedies for breach of obligations. If default is made by the Issuer defaults in the payment of any principal or interest due in respect of the Notes or any of them and the such default continues for a period of 14 days in either case, the Trustee may, subject to Applicable Law, upon giving such prior written notice as is required under Applicable Law (and in any event of at least event, not less than seven (7) Business Days Days’ notice) to the Issuer, institute proceedings against the Issuer under Applicable Law for the Issuer’s winding-up, dissolution or liquidation but may take no other action in respect of such default. Without prejudice to the foregoing, the Trustee may, upon giving such prior written notice as is required under Applicable Law (and in any event of at least event, not less than seven (7) Business Days Days’ notice) to the Issuer, institute such proceedings against the Issuer under Applicable Law as it sees fit to enforce any term, obligation or condition binding on the Issuer under the Notes or this Indenture (other than any payment obligations of the Issuer arising from the Notes or this Indenture) provided that the Issuer shall not as a consequence of such steps, actions and/or proceedings be obliged to pay any sum or sums sooner than the same would otherwise have been payable by it, except for for (a) under a final dissolution, winding-up or liquidation order, or (b) with the prior approval of the Relevant Regulator.