Common use of Restrictions on Exercise of Certain Rights Clause in Contracts

Restrictions on Exercise of Certain Rights. (a) The Trustee and, during the continuance of a payment Default with respect to the Senior Class, the Senior Trustee, in its capacity as trustee of such class and except as otherwise provided in Section 4.04 hereof, may xxx for recovery or take any other steps for the purpose of recovering any of the obligations hereunder or any other debts or liabilities whatsoever owing to it by the Issuer. Each of the parties hereto and each Holder by virtue of its acceptance of the Securities (other than the Trustee) hereby agrees that it shall not take any steps for the purpose of procuring the appointment of an administrative receiver, Irish law examiner, receiver or similar officer or the making of an administration order or for instituting any bankruptcy, reorganization, arrangement, insolvency, winding up, liquidation, composition, Irish law examinership or any like proceedings under the laws of Ireland. (b) If after the occurrence and continuance of an Event of Default, the obligations of the Issuer in respect of the Securities and any other claims of any Secured Party will be limited to the net proceeds of the disposal and/or realization of the Collateral by the Security Trustee pursuant to the provisions of the Indentures and the Security Trust Agreement, the Secured Parties shall have no further claim against the Issuer in respect of such unpaid amounts and will accordingly not have any right hereunder to be able to petition for the winding up of the Issuer or to take any steps for the purpose of procuring the appointment of an administrative receiver, Irish law examiner, receiver or similar officer or the making of an administration order or for instituting any bankruptcy, reorganization, arrangement, insolvency, winding up, liquidation, composition, Irish law examinership or any like proceedings under the laws of Ireland as a consequence of such shortfall.

Restrictions on Exercise of Certain Rights. (a) The Trustee and, during the continuance of a payment Default with respect to the Senior Class, the Senior Trustee, in its 148 capacity as trustee of such class and except as otherwise provided in Section 4.04 hereof, may xxx for recovery or take any other steps for the purpose of recovering any of the obligations hereunder or any other debts or liabilities whatsoever owing to it by the Issuer. Each of the parties hereto and each Holder by virtue of its acceptance of the Securities (other than the Trustee) hereby agrees that it shall not take any steps for the purpose of procuring the appointment of an administrative receiver, Irish law examiner, receiver or similar officer or the making of an administration order or for instituting any bankruptcy, reorganization, arrangement, insolvency, winding up, liquidation, composition, Irish law examinership or any like proceedings under the laws of IrelandBermuda. (b) If after the occurrence and continuance of an Event of Default, the obligations of the Issuer in respect of the Securities and any other claims of any Secured Party will be limited to the net proceeds of the disposal and/or realization of the Collateral by the Security Trustee pursuant to the provisions of the Indentures and the Security Trust Agreement, the Secured Parties shall have no further claim against the Issuer in respect of such unpaid amounts and will accordingly not have any right hereunder to be able to petition for the winding up of the Issuer or to take any steps for the purpose of procuring the appointment of an administrative receiver, Irish law examiner, receiver or similar officer or the making of an administration order or for instituting any bankruptcy, reorganization, arrangement, insolvency, winding up, liquidation, composition, Irish law examinership or any like proceedings under the laws of Ireland Bermuda as a consequence of such shortfall.

Restrictions on Exercise of Certain Rights. (a) The Trustee and, during the continuance of a payment Default with respect to the Senior Class, the Senior Trustee, in its capacity as trustee of such class and except as otherwise provided in Section 4.04 hereof, may xxx for recovery or take any other steps for the purpose of recovering any of the obligations hereunder or any other debts or liabilities whatsoever owing to it by the Issuer. Each of the parties hereto and each Holder by virtue of its acceptance of the Securities (other than the Trustee) hereby agrees that it shall not take any steps for the purpose of procuring the appointment of an administrative receiver, Irish law examiner, receiver or similar officer or the making of an administration order or for instituting any bankruptcy, reorganization, arrangement, insolvency, winding up, liquidation, composition, Irish law examinership or any like proceedings under the laws of IrelandBermuda. (b) If after the occurrence and continuance of an Event of Default, the obligations of the Issuer in respect of the Securities and any other claims of any Secured Party will be limited to the net proceeds of the disposal and/or realization of the Collateral by the Security Trustee pursuant to the provisions of the Indentures and the Security Trust Agreement, the Secured Parties shall have no further claim against the Issuer in respect of such unpaid amounts and will accordingly not have any right hereunder to be able to petition for the winding up of the Issuer or to take any steps for the purpose of procuring the appointment of an administrative receiver, Irish law examiner, receiver or similar officer or the making of an administration order or for instituting any bankruptcy, reorganization, arrangement, insolvency, winding up, liquidation, composition, Irish law examinership or any like proceedings under the laws of Ireland Bermuda as a consequence of such shortfall.