No Enforcement Action Clause Samples
The "No Enforcement Action" clause serves to protect a party from legal or regulatory penalties or actions under certain circumstances specified in the agreement. Typically, this clause applies when a party is in technical breach of a contract or regulation, but the breach does not result in any enforcement action by authorities or regulators. For example, if a company inadvertently violates a minor regulation but no government agency pursues enforcement, the clause may prevent the other party from claiming a default or seeking remedies. Its core function is to allocate risk and provide assurance that minor or unpunished breaches will not automatically trigger contractual penalties, thereby ensuring fairness and reducing unnecessary disputes.
No Enforcement Action. Subject to Clause 3.1 (Duration) no Finance Party shall take any Enforcement Action in respect of any default, event of default or termination event (howsoever described) under the Affected Facilities except in respect of a Default or an Event of Default under and in accordance with this Agreement as permitted under Clause 11.20 (Enforcement Action) and otherwise in accordance with the Security Sharing Agreement (when entered into).
No Enforcement Action. No Parent Subsidiary is required to file reports, forms or other documents with the SEC pursuant to the Exchange Act. As of the Execution Date, there are no outstanding comments from, or unresolved issues raised by, the staff of the SEC with respect to the Parent SEC Reports. No enforcement action has been initiated against Parent relating to disclosures contained or omitted from any Parent SEC Report.
No Enforcement Action. Notwithstanding the provisions of Sections 10.3 [Release of Security] and 10.4 [Retention of Security for Deficiency] of this Agreement or any other provision of this Agreement, during the period commencing on the date on which a Principal Contractor delivers to the Province a Default Notice as contemplated in Section 3.1 [Notice of Default by Principal Contractor] of the relevant Collateral Agreement and ending on the earlier of:
(a) the Total Completion Date; and
(b) the date on which the Province receives a Lenders’ Step-In Notice referred to in Section
10.1 [Priority of Step-In Rights under Principal Contracts] of this Agreement; the Secured Parties shall not exercise any rights or take any Enforcement Action falling within the scope of paragraph (ii) of the definition thereof in Section 1.1 [Definitions] of this Agreement in respect of any of the Principal Contracts, other than in respect of the Claims and Losses referred to in Section 10.4 [Retention of Security for Deficiency] of this Agreement (and then only in accordance with the provisions of that Section), if such action would materially prejudice the ability of the Province to exercise any of its rights under or in respect of any of the Principal Contracts, any Performance Securities or any Guarantee or would materially impair the on-going performance under any of the Principal Contracts.
No Enforcement Action. Neither Seller nor any of its subsidiaries is under, or threatened to be placed under, any type of written enforcement action by a supervisory authority, including a prompt corrective action directive, capital directive, cease and desist order, formal agreement, or memorandum of understanding;
No Enforcement Action. No (i) action by any Governmental Authority or (ii) formal recommendation of any action by any Governmental Authority shall be pending against the Company or any Senior Officer, under either case (i) or (ii), alleging bad faith conduct of any Senior Officer with respect to the Company or its shareholders, which conduct would reasonably be expected to cause such Senior Officer to be unsuitable to serve as a director or officer of a public company listed on any one internationally recognized stock exchange under applicable rules and regulations thereof.
No Enforcement Action. FCB hereby agrees that, so long as any Gemino Debt shall remain unpaid, or the Gemino Credit Agreement shall be in effect, FCB shall not commence (or cause the commencement of) an Enforcement Action or join with or support any other creditor of Company (other than Gemino) in commencing an Enforcement Action.
No Enforcement Action. Notwithstanding anything to the contrary contained in the Indenture, this Agreement or the other Collateral Documents, until the indefeasible payment in full in cash of all Parity Lien Debt as evidenced by written notice delivered by the Collateral Trustee to the Trustee, neither the Trustee nor any holder of Indenture Debt will take any Enforcement Action. Upon the occurrence and during the continuance of an event of default under any Parity Lien Documents or Parity Lien Collateral Documents, the Collateral Trustee may take and continue any enforcement action with respect to the Common Collateral in such order and manner as it may determine in its sole discretion.".
No Enforcement Action. Notwithstanding the provisions of Sections 10.3 [Release of Security] and 10.4 [Retention of Security for Deficiency] of this Agreement or any other provision of this Agreement, during the period commencing on the date on which a Principal Contractor delivers to the Province a Default Notice as contemplated in Section 3.1 [Notice of Default by Principal Contractor] of the relevant Collateral Agreement and ending on the earlier of:
(a) the Total Completion Date; and
(b) the date on which the Province receives an Indicative Notice referred to in Section 10.1 [Priority of Step-In Rights under Principal Contracts] of this Agreement;