Common use of Permitted Enforcement: Subordinated Creditors Clause in Contracts

Permitted Enforcement: Subordinated Creditors. After the occurrence of an Insolvency Event in relation to any member of the Group, each Subordinated Creditor may (unless otherwise directed by the Security Agent or unless the Security Agent has taken, or has given notice that it intends to take, action on behalf of the relevant Subordinated Creditor in accordance with Clause 9.5 (Filing of claims)), exercise any right it may otherwise have against that member of the Group to: (a) accelerate any of that member of the Group’s Subordinated Liabilities or declare them prematurely due and payable or payable on demand; (b) make a demand under any guarantee, indemnity or other assurance against loss given by that member of the Group in respect of any Subordinated Liabilities; (c) exercise any right of set-off or take or receive any Payment in respect of any Subordinated Liabilities of that member of the Group; or (d) claim and prove in any insolvency process of that member of the Group for the Subordinated Liabilities owing to it.

Permitted Enforcement: Subordinated Creditors. ‌ After the occurrence of an Insolvency Event in relation to any member of the Group, each the Subordinated Creditor Creditors may (unless otherwise directed by the Security Agent or unless the Security Agent has taken, or has given notice that it intends to take, action on behalf of the relevant Subordinated Creditor Creditors in accordance with Clause 9.5 7.5 (Filing of claims)), ) exercise any right it may otherwise have against in respect of that member of the Group to: (a) accelerate any of that member of the Group’s Subordinated Liabilities or declare them prematurely due and payable or payable on demand; (b) make a demand under any guarantee, indemnity or other assurance against loss given by that member of the Group in respect of any Subordinated Liabilities; (c) exercise any right of set-off or take or receive any Payment in respect of any Subordinated Liabilities of that member of the Group; or (d) claim and prove in any insolvency process the liquidation or administration of that member of the Group for the Subordinated Liabilities owing to it.

Permitted Enforcement: Subordinated Creditors. After the occurrence of an Insolvency Event in relation to any member of the Group, each Subordinated Creditor may (unless otherwise directed by the Security Agent or unless the Security Agent has taken, or has given notice that it intends to take, action on behalf of the relevant that Subordinated Creditor in accordance with Clause 9.5 (Filing of claims)), ) exercise any right it may otherwise have against in respect of that member of the Group to: (a) accelerate any of that member of the Group’s 's Subordinated Liabilities or declare them prematurely due and payable or payable on demand; (b) make a demand under any guarantee, indemnity or other assurance against loss given by that member of the Group in respect of any Subordinated Liabilities; (c) exercise any right of set-off or take or receive any Payment in respect of any Subordinated Liabilities of that member of the Group; or (or d) claim and prove in any insolvency process of that member of the Group for the Subordinated Liabilities owing to it.

Permitted Enforcement: Subordinated Creditors. After the occurrence of an Insolvency Event in relation to any member of the Group, each Subordinated Creditor may (unless otherwise directed by the Security Agent or unless the Security Agent has taken, or has given notice that it intends to take, action on behalf of the relevant that Subordinated Creditor in accordance with Clause 9.5 9.4 (Filing of claims)), ) exercise any right it may otherwise have against in respect of that member of the Group to: (a) accelerate any of that member of the Group’s 's Subordinated Liabilities or declare them prematurely due and payable or payable on demand; (b) make a demand under any guarantee, indemnity or other assurance against loss given by that member of the Group in respect of any Subordinated Liabilities; (c) exercise any right of set-off or take or receive any Payment in respect of any Subordinated Liabilities of that member of the Group; or (d) claim and prove in any insolvency process of that member of the Group for the Subordinated Liabilities owing to it.

Permitted Enforcement: Subordinated Creditors. After the occurrence of an Insolvency Event in relation to any member of the Group, each Subordinated Creditor may (unless otherwise directed by the Security Agent or unless the Security Agent has taken, or has given notice that it intends to take, action on behalf of the relevant that Subordinated Creditor in accordance with Clause 9.5 10.5 (Filing of claims)), ) exercise any right it may otherwise have against in respect of that member of the Group to: (a) accelerate any of that member of the Group’s Subordinated Liabilities or declare them prematurely due and payable or payable on demand; (b) make a demand under any guarantee, indemnity or other assurance against loss given by that member of the Group in respect of any Subordinated Liabilities; (c) exercise any right of set-off or take or receive any Payment in respect of any Subordinated Liabilities of that member of the Group; or (d) claim and prove in any insolvency process the liquidation of that member of the Group for the Subordinated Liabilities owing to it.