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

Restrictions on Exercise of Certain Rights. (a) Each of the parties hereto and each Holder hereby agrees that it will not take any steps against the Borrower or the Guarantor seeking the liquidation, winding up, examination, insolvent reorganisation or bankruptcy of the Borrower or the Guarantor or seek an order for the appointment of a trustee, liquidator, Irish law examiner or other similar official in respect of all or part of their assets save that nothing in this Section 8.04 shall prevent or limit (x) the Collateral Agent, on behalf of the Secured Parties from (i) appointing a receiver or taking any action to appoint a receiver under any Security Document or at law or from exercising any rights ancillary thereto; or (ii) exercising its power of sale under any Security Document or at law; or (iii) making a claim, proving or otherwise participating in any examinership, liquidation or other bankruptcy or insolvency proceedings instituted by any Person (other than a Secured Party) against the Borrower or the Guarantor; or (y) subject to the limited recourse provision in (b) below, the Facility Agent or the Collateral Agent from making a claim and/or suing for the recovery of, or taking any other steps or proceedings for the purposes of recovering any of the obligations hereunder or any other debts or liabilities whatsoever owing to it by the Borrower or the Guarantor hereunder or under any other Related Documents.

Restrictions on Exercise of Certain Rights. (a) Each of the parties hereto and each Holder hereby agrees that it will not take any steps against the Borrower or the Guarantor seeking the liquidation, winding up, examination, insolvent reorganisation or bankruptcy of the Borrower or the Guarantor or seek an order for the appointment of a trustee, liquidator, Irish law examiner or other similar official in respect of all or part of their assets save that nothing in this Section 8.04 shall prevent or limit (x) the Collateral Agent, on behalf of the Secured Parties from (i) appointing a receiver or taking any action to appoint a receiver under any Security Document or at law or from exercising any rights ancillary thereto; or (ii) exercising its power of sale under any Security Document or at law; or (iii) making a claim, proving or otherwise participating in any examinership, liquidation or other bankruptcy or insolvency proceedings instituted by any Person (other than a Secured Party) against the Borrower or the Guarantor; or (y) subject to the limited recourse provision in (b) below, the Facility Agent or the Collateral Agent from making a claim and/or suing for the recovery of, or taking any other steps or proceedings for the purposes of recovering any of the obligations hereunder or any other debts or liabilities whatsoever owing to it by the Borrower or the Guarantor hereunder or under any other Related Documents. After the occurrence and continuance of an Event of Default, the obligations of the Borrower in respect of the Loans and the Class E 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 Collateral Agent pursuant to the provisions of the Intercreditor Agreement and the Security Documents and thereafter to the extent that the net proceeds of such disposal and/or realizations are insufficient to pay in full the claims of the Secured Parties then the Secured Parties shall have no further claims against the Borrower or the Guarantor in respect of such unpaid amount and any such claims shall be extinguished.