Common use of No Enforcement by Current Issuer Secured Creditors Clause in Contracts

No Enforcement by Current Issuer Secured Creditors. Each of the Current Issuer Secured Creditors (other than the Note Trustee acting on behalf of the Noteholders and any Receiver) hereby agrees with the Current Issuer and the Note Trustee that: (a) only the Note Trustee may enforce the security created in favour of the Note Trustee by this Current Issuer Deed of Charge in accordance with the provisions hereof; (b) notwithstanding any other provision of this Current Issuer Deed of Charge or any other Current Issuer Transaction Document no sum due or owing to any Current Issuer Secured Creditor or to the Note Trustee (whether for itself or on behalf of the Current Issuer Secured Creditors) from or by the Current Issuer under this Current Issuer Deed of Charge or any other Current Issuer Transaction Document shall be payable by the Current Issuer except to the extent that the Current Issuer or (following enforcement of the Current Issuer Security) the Note Trustee has sufficient funds available to it (and, in the case of the Note Trustee, as a result of the realisation of that security) to pay such sum subject to and in accordance with the relevant Current Issuer Priority of Payments and provided that all liabilities of the Current Issuer required to be paid in priority thereto or pari passu therewith pursuant to such Current Issuer Priority of Payments have been paid, discharged and/or otherwise provided for in full PROVIDED THAT this paragraph (b) shall not apply to and shall not limit the obligations of the Current Issuer to the Noteholders under the Current Issuer Notes and this Current Issuer Deed of Charge; and (c) it shall not take any steps for the purpose of recovering any of the Current Issuer Secured Obligations (including, without limitation, by exercising any rights of set-off) or enforcing any rights arising out of the Current Issuer Transaction Documents against the Current Issuer and it shall not take any steps or legal proceedings for the winding-up, dissolution or reorganisation of, or the institution of insolvency proceedings against, the Current Issuer or for the appointment of a receiver, administrator, liquidator or similar officer of the Current Issuer in respect of any or all of its revenues and assets, PROVIDED THAT (i) in the case of any Noteholder, this provision shall be subject to Clause 7.2 (Only Note Trustee to Enforce) of the Current Issuer Trust Deed; and (ii) in the case of any other Current Issuer Secured Creditor and subject to there being no Current Issuer Note then outstanding, if the Note Trustee having become bound to do so subject to and in accordance with the terms of this Current Issuer Deed of Charge and the Current Issuer Transaction Documents, fails to serve a Current Issuer Note Enforcement Notice and/or, to take any steps or proceedings to enforce the security created hereunder within 30 days of becoming so bound and such failure is continuing, each such other Current Issuer Secured Creditor shall be entitled to take such steps and proceedings to enforce its rights arising out of the relevant Current Issuer Transaction Document as it shall deem necessary other than the presentation of a petition for the winding up, dissolution or reorganisation of, or the institution of insolvency proceedings against, the Current Issuer or the appointment of an administrator or liquidator of the Current Issuer.

No Enforcement by Current Issuer Secured Creditors. Each of the Current Issuer Secured Creditors (other than the Note Trustee acting on behalf of the Noteholders and any Receiver) hereby agrees with the Current Issuer and the Note Trustee that: (a) only the Note Trustee may enforce the security created in favour of the Note Trustee by this Current Issuer Deed of Charge in accordance with the provisions hereof; (b) notwithstanding any other provision of this Current Issuer Deed of Charge or any other Current Issuer Transaction Document no sum due or owing to any Current Issuer Secured Creditor or to the Note Trustee (whether for itself or on behalf of the Current Issuer Secured Creditors) from or by the Current Issuer under this Current Issuer Deed of Charge or any other Current Issuer Transaction Document shall be payable by the Current Issuer except to the extent that the Current Issuer or (following enforcement of the Current Issuer Security) the Note Trustee has sufficient funds available to it (and, in the case of the Note Trustee, as a result of the realisation of that security) to pay such sum subject to and in accordance with the relevant Current Issuer Priority of Payments and provided that all liabilities of the Current Issuer required to be paid in priority thereto or pari passu therewith pursuant to such Current Issuer Priority of Payments have been paid, discharged and/or otherwise provided for in full PROVIDED THAT this paragraph (b) shall not apply to and shall not limit the obligations of the Current Issuer to the Noteholders under the Current Issuer Notes and this Current Issuer Deed of Charge; and (c) it shall not take any steps for the purpose of recovering any of the Current Issuer Secured Obligations (including, without limitation, by exercising any rights of set-off) or enforcing any rights arising out of the Current Issuer Transaction Documents against the Current Issuer and it shall not take any steps or legal proceedings for the winding-up, dissolution or reorganisation of, or the institution of insolvency proceedings against, the Current Issuer or for the appointment of a receiver, administrator, administrative receiver, liquidator or similar officer of the Current Issuer in respect of any or all of its revenues and assets, PROVIDED THAT (i) in the case of any Noteholder, this provision shall be subject to Clause 7.2 (Only Note Trustee to Enforce) of the Current Issuer Trust Deed; and (ii) in the case of any other Current Issuer Secured Creditor and subject to there being no Current Issuer Note then outstanding, if the Note Trustee having become bound to do so subject to and in accordance with the terms of this Current Issuer Deed of Charge and the Current Issuer Transaction Documents, fails to serve a Current Issuer Note Enforcement Notice and/or, to take any steps or proceedings to enforce the security created hereunder within 30 days of becoming so bound and such failure is continuing, each such other Current Issuer Secured Creditor shall be entitled to take such steps and proceedings to enforce its rights arising out of the relevant Current Issuer Transaction Document as it shall deem necessary other than the presentation of a petition or making an application for the winding up, dissolution or reorganisation of, or the institution of insolvency proceedings against, the Current Issuer or the appointment of an administrator or liquidator of the Current Issuer.

No Enforcement by Current Issuer Secured Creditors. Each of the Current Issuer Secured Creditors (other than the Note Trustee acting on behalf of the Noteholders and any Receiver) hereby agrees with the Current Issuer and the Note Trustee that: (a) only the Note Trustee may enforce the security created in favour of the Note Trustee by this Current Issuer Deed of Charge in accordance with the provisions hereof; (b) notwithstanding any other provision of this Current Issuer Deed of Charge or any other Current Issuer Transaction Document no sum due or owing to any Current Issuer Secured Creditor or to the Note Trustee (whether for itself or on behalf of the Current Issuer Secured Creditors) from or by the Current Issuer under this Current Issuer Deed of Charge or any other Current Issuer Transaction Document shall be payable by the Current Issuer except to the extent that the Current Issuer or (following enforcement of the Current Issuer Security) the Note Trustee has sufficient funds available to it (and, in the case of the Note Trustee, as a result of the realisation of that security) to pay such sum subject to and in accordance with the relevant Current Issuer Priority of Payments and provided that all liabilities of the Current Issuer required to be paid in priority thereto or pari passu therewith pursuant to such Current Issuer Priority of Payments have been paid, discharged and/or otherwise provided for in full PROVIDED THAT this paragraph (b) shall not apply to and shall not limit the obligations of the Current Issuer to the Noteholders under the Current Issuer Notes and this Current Issuer Deed of Charge; and (c) it shall not take any steps for the purpose of recovering any of the Current Issuer Secured Obligations (including, without limitation, by exercising any rights of set-off) or enforcing any rights arising out of the Current Issuer Transaction Documents against the Current Issuer and it shall not take any steps or legal proceedings for the winding-up, dissolution or reorganisation of, or the institution of insolvency proceedings against, the Current Issuer or for the appointment of a receiver, administrator, administrative receiver, liquidator or similar officer of the Current Issuer in respect of any or all of its revenues and assets, PROVIDED THAT (i) in the case of any Noteholder, this provision shall be subject to Clause 7.2 (Only Note Trustee to Enforce) of the Current Issuer Trust Deed; and (ii) in the case of any other Current Issuer Secured Creditor and subject to there being no Current Issuer Note then outstanding, if the Note Trustee having become bound to do so subject to and in accordance with the terms of this Current Issuer Deed of Charge and the Current Issuer Transaction Documents, fails to serve a Current Issuer Note Enforcement Notice and/or, to take any steps or proceedings to enforce the security created hereunder within 30 days of becoming so bound and such failure is continuing, each such other Current Issuer Secured Creditor shall be entitled to take such steps and proceedings to enforce its rights arising out of the relevant Current Issuer Transaction Document as it shall deem necessary other than the presentation of a petition for the winding up, dissolution or reorganisation of, or the institution of insolvency proceedings against, the Current Issuer or the appointment of an administrator or liquidator of the Current Issuer.

No Enforcement by Current Issuer Secured Creditors. Each of the Current Issuer Secured Creditors (other than the Note Trustee acting on behalf of the Noteholders and any Receiver) hereby agrees with the Current Issuer and the Note Trustee that: (a) only the Note Trustee may enforce the security created in favour of the Note Trustee by this Current Issuer Deed of Charge in accordance with the provisions hereof; (b) notwithstanding any other provision of this Current Issuer Deed of Charge or any other Current Issuer Transaction Document no sum due or owing to any Current Issuer Secured Creditor or to the Note Trustee (whether for itself or on behalf of the Current Issuer Secured Creditors) from or by the Current Issuer under this Current Issuer Deed of Charge or any other Current Issuer Transaction Document shall be payable by the Current Issuer except to the extent that the Current Issuer or (following enforcement of the Current Issuer Security) the Note Trustee has sufficient funds available to it (and, in the case of the Note Trustee, as a result of the realisation of that security) to pay such sum subject to and in accordance with the relevant Current Issuer Priority of Payments and provided that all liabilities of the Current Issuer required to be paid in priority thereto or pari passu therewith pursuant to such Current Issuer Priority of Payments have been paid, discharged and/or otherwise provided for in full PROVIDED THAT this paragraph (b) shall not apply to and shall not limit the obligations of the Current Issuer to the Noteholders under the Current Issuer Notes and this Current Issuer Deed of Charge; and (c) it shall not take any steps for the purpose of recovering any of the Current Issuer Secured Obligations (including, without limitation, by exercising any rights of set-off) or enforcing any rights arising out of the Current Issuer Transaction Documents against the Current Issuer and it shall not take any steps or legal proceedings for the winding-up, dissolution or reorganisation of, or the institution of insolvency proceedings against, the Current Issuer or for the appointment of a receiver, administrator, liquidator or similar officer of the Current Issuer in respect of any or all of its revenues and assets, PROVIDED THAT (i) in the case of any Noteholder, this provision shall be subject to Clause 7.2 (Only Note Trustee to Enforce) of the Current Issuer Trust Deed; and (ii) in the case of any other Current Issuer Secured Creditor and subject to there being no Current Issuer Note then outstanding, if the Note Trustee having become bound to do so subject to and in accordance with the terms of this Current Issuer Deed of Charge and the Current Issuer Transaction Documents, fails to serve a Current Issuer Note Enforcement Notice and/or, to take any steps or proceedings to enforce the security created hereunder within 30 days of becoming so bound and such failure is continuing, each such other Current Issuer Secured Creditor shall be entitled to take such steps and proceedings to enforce its rights arising out of the relevant Current Issuer Transaction Document as it shall deem necessary other than the presentation of a petition for the winding up, dissolution or reorganisation of, or the institution of insolvency proceedings against, the Current Issuer or the appointment of an administrator or liquidator of the Current Issuer.,

No Enforcement by Current Issuer Secured Creditors. Each of the Current Issuer Secured Creditors (other than the Note Trustee acting on behalf of the Noteholders and any Receiver) hereby agrees with the Current Issuer and the Note Trustee that: (a) only the Note Trustee may enforce the security created in favour of the Note Trustee by this Current Issuer Deed of Charge in accordance with the provisions hereof; (b) notwithstanding any other provision of this Current Issuer Deed of Charge or any other Current Issuer Transaction Document no sum due or owing to any Current Issuer Secured Creditor or to the Note Trustee (whether for itself or on behalf of the Current Issuer Secured Creditors) from or by the Current Issuer under this Current Issuer Deed of Charge or any other Current Issuer Transaction Document shall be payable by the Current Issuer except to the extent that the Current Issuer or (following enforcement of the Current Issuer Security) the Note Trustee has sufficient funds available to it (and, in the case of the Note Trustee, as a result of the realisation of that security) to pay such sum subject to and in accordance with the relevant Current Issuer Priority of Payments and provided that all liabilities of the Current Issuer required to be paid in priority thereto or pari passu therewith pursuant to such Current Issuer Priority of Payments have been paid, discharged and/or otherwise provided for in full PROVIDED THAT this paragraph (b) shall not apply to and shall not limit the obligations of the Current Issuer to the Noteholders under the Current Issuer Notes and this Current Issuer Deed of Charge; and (c) it shall not take any steps for the purpose of recovering any of the Current Issuer Secured Obligations (including, without limitation, by exercising any rights of set-off) or enforcing any rights arising out of the Current Issuer Transaction Documents against the Current Issuer and it shall not take any steps or legal proceedings for the winding-up, dissolution or reorganisation of, or the institution of insolvency proceedings against, the Current Issuer or for the appointment of a receiver, administrator, liquidator or similar officer of the Current Issuer in respect of any or all of its revenues and assets, PROVIDED THAT (i) in the case of any Noteholder, this provision shall be subject to Clause 7.2 (Only Note Trustee to Enforce) of the Current Issuer Trust Deed; and (ii) in the case of any other Current Issuer Secured Creditor and subject to there being no Current Issuer Note then outstanding, if the Note Trustee having become bound to do so subject to and in accordance with the terms of this Current Issuer Deed of Charge and the Current Issuer Transaction Documents, fails to serve a Current Issuer Note Enforcement Notice and/or, to take any steps or proceedings to enforce the security created hereunder within 30 days of becoming so bound and such failure is continuing, each such other Current Issuer Secured Creditor shall be entitled to take such steps and and proceedings to enforce its rights arising out of the relevant Current Issuer Transaction Document as it shall deem necessary other than the presentation of a petition for the winding up, dissolution or reorganisation of, or the institution of insolvency proceedings against, the Current Issuer or the appointment of an administrator or liquidator of the Current Issuer.

No Enforcement by Current Issuer Secured Creditors. Each of the Current Issuer Secured Creditors (other than the Note Trustee acting on behalf of the Noteholders and any Receiver) hereby agrees with the Current Issuer and the Note Trustee that: (a) only the Note Trustee may enforce the security created in favour of the Note Trustee by this Current Issuer Deed of Charge in accordance with the provisions hereof; (b) notwithstanding any other provision of this Current Issuer Deed of Charge or any other Current Issuer Transaction Document no sum due or owing to any Current Issuer Secured Creditor or to the Note Trustee (whether for itself or on behalf of the Current Issuer Secured Creditors) from or by the Current Issuer under this Current Issuer Deed of Charge or any other Current Issuer Transaction Document shall be payable by the Current Issuer except to the extent that the Current Issuer or (following enforcement of the Current Issuer Security) the Note Trustee has sufficient funds available to it (and, in the case of the Note Trustee, as a result of the realisation of that security) to pay such sum subject to and in accordance with the relevant Current Issuer Priority of Payments and provided that all liabilities of the Current Issuer required to be paid in priority thereto or pari passu therewith pursuant to such Current Issuer Priority of Payments have been paid, discharged and/or otherwise provided for in full PROVIDED THAT this paragraph (b) shall not apply to and shall not limit the obligations of the Current Issuer to the Noteholders under the Current Issuer Notes and this Current Issuer Deed of Charge; and (c) it shall not take any steps for the purpose of recovering any of the Current Issuer Secured Obligations (including, without limitation, by exercising any rights of set-off) or enforcing any rights arising out of the Current Issuer Transaction Documents against the Current Issuer and it shall not take any steps or legal proceedings for the winding-up, dissolution or reorganisation of, or the institution of insolvency proceedings against, the Current Issuer or for the appointment of a receiver, administrator, administrative receiver, liquidator or similar officer of the Current Issuer in respect of any or all of its revenues and assets, PROVIDED THAT (i) in the case of any Noteholder, this provision shall be subject to Clause 7.2 (Only Note Trustee to Enforce) of the Current Issuer Trust Deed; and (ii) in the case of any other Current Issuer Secured Creditor and subject to there being no Current Issuer Note then outstanding, if the Note Trustee having become bound to do so subject to and in accordance with the terms of this Current Issuer Deed of Charge and the Current Issuer Transaction Documents, fails to serve a Current Issuer Note Enforcement Notice and/or, to take any steps or proceedings to enforce the security created hereunder within 30 days of becoming so bound and such failure is continuing, each such other Current Issuer Secured Creditor shall be entitled to take such steps and proceedings to enforce its rights arising out of the relevant Current Issuer Transaction Document as it shall deem necessary other than the presentation of a petition for the winding up, dissolution or reorganisation of, or the institution of insolvency proceedings against, the Current Issuer or the appointment of an administrator or liquidator of the Current Issuer.,

No Enforcement by Current Issuer Secured Creditors. Each of the Current Issuer Secured Creditors (other than the Note Trustee acting on behalf of the Noteholders and any Receiver) hereby agrees with the Current Issuer and the Note Trustee that: (a) only the Note Trustee may enforce the security created in favour of the Note Trustee by this Current Issuer Deed of Charge in accordance with the provisions hereof; (b) notwithstanding any other provision of this Current Issuer Deed of Charge or any other Current Issuer Transaction Document no sum due or owing to any Current Issuer Secured Creditor or to the Note Trustee (whether for itself or on behalf of the Current Issuer Secured Creditors) from or by the Current Issuer under this Current Issuer Deed of Charge or any other Current Issuer Transaction Document shall be payable by the Current Issuer except to the extent that the Current Issuer or (following enforcement of the Current Issuer Security) the Note Trustee has sufficient funds available to it (and, in the case of the Note Trustee, as a result of the realisation of that security) to pay such sum subject to and in accordance with the relevant Current Issuer Priority of Payments and provided that all liabilities of the Current Issuer required to be paid in priority thereto or pari passu therewith pursuant to such Current Issuer Priority of Payments have been paid, discharged and/or otherwise provided for in full PROVIDED THAT this paragraph (b) shall not apply to and shall not limit the obligations of the Current Issuer to the Noteholders under the Current Issuer Notes and this Current Issuer Deed of Charge; and (c) it shall not take any steps for the purpose of recovering any of the Current Issuer Secured Obligations (including, without limitation, by exercising any rights of set-off) or enforcing any rights arising out of the Current Issuer Transaction Documents against the Current Issuer and it shall not take any steps or legal proceedings for the winding-up, dissolution or reorganisation of, or the institution of insolvency proceedings against, the Current Issuer or for the appointment of a receiver, administrator, liquidator or similar officer of the Current Issuer in respect of any or all of its revenues and assets, PROVIDED THAT (i) in the case of any Noteholder, this provision shall be subject to Clause 7.2 (Only Note Trustee to Enforce) of the Current Issuer Trust Deed; and (ii) in the case of any other Current Issuer Secured Creditor and subject to there being no Current Issuer Note then outstanding, if the Note Trustee having become bound to do so subject to and in accordance with the terms of this Current Issuer Deed of Charge and the Current Issuer Transaction Documents, fails to serve a Current Issuer Note Enforcement Notice and/or, to take any steps or proceedings to enforce the security created hereunder within 30 days of becoming so bound and such failure is continuing, each such other Current Issuer Secured Creditor shall be entitled to take such steps and proceedings to enforce its rights arising out of the relevant Current Issuer Transaction Document as it shall deem necessary other than the presentation of a petition for the winding up, dissolution or reorganisation of, or the institution of insolvency proceedings against, the Current Issuer or the appointment of an administrator or liquidator of the Current Issuer.,