Common use of No enforcement by Funding 1 Secured Creditors Clause in Contracts

No enforcement by Funding 1 Secured Creditors. (a) Except as provided below, each of Funding 1 Secured Creditors (other than, in the case of paragraph (iii) below, the Funding 1 Security Trustee) agrees with Funding 1 and the Funding 1 Security Trustee that: (i) only the Funding 1 Security Trustee may enforce the Funding 1 Security in accordance with the terms and conditions of this Deed; (ii) it will not take any steps or proceedings to procure the winding up, administration or liquidation of Funding 1; and (iii) it will not take any other steps or action against Funding 1 or the Funding 1 Charged Property for the purpose of recovering any of the Funding 1 Secured Obligations (including by exercising any rights of set-off) or enforcing any rights arising out of the Funding 1 Agreements against Funding 1. (b) If the Funding 1 Security Trustee has failed to enforce the Funding 1 Security within 30 days of becoming bound under the terms of this Deed so to do and that failure is continuing, then the Issuer Security Trustee or (if there is no outstanding Loan Tranche under the Intercompany Loan Agreement) each of the other Funding 1 Secured Creditors will be entitled to take any steps and proceedings against Funding 1 for the purpose of recovering any of the Funding 1 Secured Obligations or enforcing any rights arising out of the Funding 1 Agreements as it considers necessary other than any steps or proceedings: (i) in respect of procuring the winding up, administration or liquidation of Funding 1; and/or (ii) which would result in the breach by it of Clause 6 (Payments out of Funding 1 Accounts Prior to Acceleration) and/or Clause 7 (Payments out of Funding 1 Accounts Upon Acceleration) herein and/or any term of the other Funding 1 Agreements.