Common use of Restrictions on Actions Clause in Contracts

Restrictions on Actions. Each Secured Party agrees that, so long as any Secured Obligations are outstanding or any Secured Party has any commitment to extend credit in respect thereof pursuant to the terms of any Secured Agreement, the provisions of this Agreement shall provide the exclusive method by which any Secured Party may exercise rights and remedies with respect to the Collateral under the Collateral Document and under applicable law relating to the rights and remedies of secured creditors. Therefore, each Secured Party shall, for the mutual benefit of all Secured Parties, except as permitted under this Agreement, refrain from exercising any rights or remedies with respect to the Collateral under the Collateral Document, or under applicable law relating to the rights and remedies of secured creditors, which have or may have arisen or which may arise as a result of a Default or Event of Default or otherwise, except for delivering notices hereunder, provided, however, that nothing contained in this (S)3.1 shall prevent any Secured Party from exercising or enforcing any other right or remedy available to any Secured Party under any Secured Agreement including, without limitation, accelerating the maturity of the Secured Obligations under such Secured Agreement, terminating any commitments to lend additional money to the Company under such Secured Agreement in accordance with the terms thereof, exercising its rights under any guarantees granted thereunder, imposing a default rate of interest as provided in such Secured Agreement, commencement of any legal proceedings, whether at law or in equity, to enforce any of the Secured Agreements, raising any defenses in any action in which it has been made a party defendant or has been joined as a third party, except that the Collateral Agent may, but shall not be obligated to, direct and control any defense directly relating to the Collateral or the Collateral Document, which shall be governed by the provisions of this Agreement.

Restrictions on Actions. Each Secured Party agrees that, unless and until this Agreement is terminated as provided herein, or unless the Collateral Agent fails to exercise its obligations hereunder, including to enforce the Security Documents in the case of delivery of a Notice of Enforcement if and when required to do so long as any in accordance with Section 4.2 (in which case the Majority Enforcing Secured Obligations are outstanding or any Secured Party has any commitment Parties shall be entitled to extend credit exercise the rights and remedies under the Security Documents for and on behalf of, and in respect thereof pursuant the name of, the Collateral Agent five (5) Business Days after having given notice to the terms Collateral Agent and the other Secured Parties of any Secured Agreementsuch failure and of their intention so to do), the provisions of this Agreement shall provide the exclusive method by which any Secured Party may exercise, or direct the exercise of, rights and remedies with respect to the Collateral under the Collateral Document and under applicable law relating to the rights and remedies of secured creditorsSecurity Documents. Therefore, each Secured Party shall, for the mutual benefit of all Secured Parties, except as permitted under this Agreement, Parties refrain from exercising taking or filing any action, judicial or otherwise, to enforce any rights or pursue any remedies with respect to the Collateral under the Collateral Document, or under applicable law relating to the rights and remedies of secured creditors, which have or may have arisen or which may arise as a result of a Default or Event of Default or otherwiseSecurity Documents, except for delivering notices hereunder, provided, however, hereunder and as provided for above; provided that nothing contained in this the foregoing shall not prevent (S)3.1 shall prevent a) any Secured Party from exercising or enforcing any other right or remedy available to any Secured Party under any Secured Agreement including, without limitation, accelerating the maturity of the Secured Obligations under such Secured Agreement, terminating any commitments to lend additional money to the Company under such Secured Agreement in accordance with the terms thereof, exercising its rights under any guarantees granted thereunder, imposing a default rate of interest in accordance with the applicable Credit Documents, or (b) a Secured Party from exercising its rights and remedies as provided an unsecured creditor in accordance with the applicable Credit Documents and applicable law, including the right to commence legal proceedings as an unsecured creditor to collect any Secured Obligations due and payable to such Secured AgreementParty and remaining unpaid, commencement of to demand payment of, or accelerate the maturity of, any Secured Obligations or to terminate any Commitment in accordance with the applicable Credit Documents, to commence legal proceedings, whether at law or in equity, proceedings to enforce any Credit Documents and obtain a judgment and to enforce such judgment, in each case to the same extent as if such Secured Party were an unsecured creditor. If the Majority Enforcing Secured Parties exercise or purport to exercise the rights and remedies under the Security Documents as contemplated by the first sentence of this Section 3.3, any Proceeds of Realization thereby realized shall be deposited in the Secured Agreements, raising any defenses in any action in which it has been made a party defendant or has been joined as a third party, except that Enforcement Collateral Account and the provisions of Article 4 applicable to the Collateral Agent mayshall apply, but shall not be obligated tomutatis mutandis, direct and control any defense directly relating to the Collateral or the Collateral Document, which shall be governed by the provisions of this Agreementsuch Enforcing Secured Parties.

Restrictions on Actions. Each Secured Party agrees that, so long as any Secured Obligations are outstanding or any Secured Party has any commitment to extend credit in respect thereof pursuant to the terms of any Secured Agreement, the provisions of this Agreement shall provide the exclusive method by which any Secured Party may exercise rights and remedies with respect to the Collateral under the Collateral Document and under applicable law relating to the rights and remedies of secured creditors. Therefore, each Secured Party shall, for the mutual benefit of all Secured Parties, except as permitted under this Agreement, refrain from exercising any rights or remedies with respect to the Collateral under the Collateral Document, or under applicable law relating to the rights and remedies of secured creditors, which have or may have arisen or which may arise as a result of a Default or Event of Default or otherwise, except for delivering notices hereunder, provided, however, that nothing contained in this (S)3.1 Section 3.1 shall prevent any Secured Party from exercising or enforcing any other right or remedy available to any Secured Party under any Secured Agreement including, without limitation, accelerating the maturity of the Secured Obligations under such Secured Agreement, terminating any commitments to lend additional money to the Company under such Secured Agreement in accordance with the terms thereof, exercising its rights under any guarantees granted thereunder, imposing a default rate of interest as provided in such Secured Agreement, commencement of any legal proceedings, whether at law or in equity, to enforce any of the Secured Agreements, raising any defenses in any action in which it has been made a party defendant or has been joined as a third party, except that the Collateral Agent may, but shall not be obligated to, direct and control any defense directly relating to the Collateral or the Collateral Document, which shall be governed by the provisions of this Agreement.

Restrictions on Actions. Each Secured Party agrees that, unless and until this Agreement is terminated as provided herein, and so long as any Secured Obligations are outstanding or any Secured Party has any commitment to extend credit Hedge Agreement is in respect thereof pursuant to the terms of any Secured Agreementeffect, the provisions of this Agreement shall provide the exclusive method by which any Secured Party may exercise, or direct the exercise of, rights and remedies with respect to the Collateral under the Collateral Document and under applicable law relating to the rights and remedies of secured creditorsSupport Documents. Therefore, each Secured Party shall, for the mutual benefit of all Secured Parties, except as permitted under this Agreement, refrain from exercising taking or filing any action, judicial or otherwise, to enforce any rights or pursue any remedies with respect to the Collateral under the Collateral Document, or under applicable law relating to the rights and remedies of secured creditors, which have or may have arisen or which may arise as a result of a Default or Event of Default or otherwiseSupport Documents, except for delivering notices hereunder, provided, however, ; provided that nothing contained in this the foregoing shall not prevent (S)3.1 shall prevent a) any Secured Party from exercising or enforcing any other right or remedy available to any Secured Party under any Secured Agreement including, without limitation, accelerating the maturity of the Secured Obligations under such Secured Agreement, terminating any commitments to lend additional money to the Company under such Secured Agreement in accordance with the terms thereof, exercising its rights under any guarantees granted thereunder, imposing a default rate of interest in accordance with the applicable Secured Instrument, (b) the Collateral Agent from exercising any right or remedy or taking any other action on behalf of the Secured Parties that it is permitted or authorized to exercise or take, (c) a Secured Party from exercising its rights and remedies as provided a general creditor in accordance with the applicable Secured Instrument and applicable law, including the right to commence legal proceedings to collect any Obligations due and payable to such Secured AgreementParty and remaining unpaid, commencement to accelerate the maturity of any Obligations, to commence legal proceedings, whether at law or in equity, proceedings to enforce any of the Secured AgreementsInstrument and obtain a judgment and to enforce such judgment, raising any defenses in any action in which it has been made a party defendant or has been joined as a third party, except that the Collateral Agent may, but shall not be obligated to, direct and control any defense directly relating each case to the Collateral or same extent as if such Secured Party were an unsecured creditor (but subject to the Collateral Document, which shall be governed by the applicable provisions of this Agreement) or (d) any Secured Hedging Party from exercising its rights and remedies as a general creditor in accordance with the Guaranty, insofar as the Guaranty guarantees the Obligations owing to such Secured Credit Party under its Secured Hedge Agreement, including exercising rights thereunder of the type described in (c) above (but any proceeds realized by any Secured Hedging Party from any such exercise of remedies under the Subsidiary Guaranty shall be applied in accordance with Section 8.03 of the Credit Agreement).

Restrictions on Actions. Each Secured Party agrees that, unless and until this Agreement is terminated as provided herein, and so long as any Secured Obligations are outstanding or any Secured Party has any commitment to extend credit Hedge Agreement is in respect thereof pursuant to the terms of any Secured Agreementeffect, the provisions of this Agreement shall provide the exclusive method by which any Secured Party may exercise, or direct the exercise of, rights and remedies with respect to the Collateral under the Collateral Document and under applicable law relating to the rights and remedies of secured creditorsSupport Documents. Therefore, each Secured Party shall, for the mutual benefit of all Secured Parties, except as permitted under this Agreement, refrain from exercising taking or filing any action, judicial or otherwise, to enforce any rights or pursue any remedies with respect to the Collateral under the Collateral Document, or under applicable law relating to the rights and remedies of secured creditors, which have or may have arisen or which may arise as a result of a Default or Event of Default or otherwiseSupport Documents, except for delivering notices hereunder, provided, however, ; provided that nothing contained in this the foregoing shall not prevent (S)3.1 shall prevent a) any Secured Party from exercising or enforcing any other right or remedy available to any Secured Party under any Secured Agreement including, without limitation, accelerating the maturity of the Secured Obligations under such Secured Agreement, terminating any commitments to lend additional money to the Company under such Secured Agreement in accordance with the terms thereof, exercising its rights under any guarantees granted thereunder, imposing a default rate of interest in accordance with the applicable Secured Instrument, (b) the Collateral Agent from exercising any right or remedy or taking any other action on behalf of the Secured Parties that it is permitted or authorized to exercise or take, (c) a Secured Party from exercising its rights and remedies as provided a general creditor in accordance with the applicable Secured Instrument and applicable law, including the right to commence legal proceedings to collect any Obligations due and payable to such Secured AgreementParty and remaining unpaid, commencement to accelerate the maturity of any Obligations, to commence legal proceedings, whether at law or in equity, proceedings to enforce any of the Secured AgreementsInstrument and obtain a judgment and to enforce such judgment, raising any defenses in any action in which it has been made a party defendant or has been joined as a third party, except that the Collateral Agent may, but shall not be obligated to, direct and control any defense directly relating each case to the Collateral or same extent as if such Secured Party were an unsecured creditor (but subject to the Collateral Document, which shall be governed by the applicable provisions of this Agreement) or (d) any Secured Hedging Party from exercising its rights and remedies as a general creditor in accordance with the Guaranty, insofar as the Guaranty guarantees the Obligations owing to such Secured Credit Party under its Secured Hedge Agreement, including exercising rights thereunder of the type described in (c) above (but any proceeds realized by any Secured Hedging Party from any such exercise of remedies under the Guaranty shall be applied in accordance with Section 8.04 of the Credit Agreement).