Restrictions on Remedies. Subject to this Clause 33 (Intercreditor Arrangements), no Senior Secured Creditor may, at any time:
33.4.1 set off, or purport to set off, at any time, any amount owing to it under the Senior Finance Documents against any amount payable by it to an Obligor (except that any Hedging Counterparty may net off between transactions under a single Hedging Agreement);
33.4.2 take any action or commence any legal proceedings of whatsoever nature against an Obligor under or in respect of a Senior Finance Document to which that Obligor is a party including taking any steps or legal proceedings for the winding-up, dissolution or administration of any of the Obligors or for the appointment of a receiver, administrator, administrative receiver, conservator, custodian, trustee or similar officer of any of the Obligors or of any or all of its assets or revenues; or
33.4.3 foreclose on, or enforce or seek an order of the court to enforce all or any of the Security.
Restrictions on Remedies. Notwithstanding any provision to the contrary contained in any Subordinated Indebtedness or in any agreement or instrument relating thereto, and notwithstanding the occurrence and continuance of any Event of Default, the Noteholder shall not, without the prior written consent of the Agent, institute proceedings to enforce any Subordinated Indebtedness or exercise any other remedies in respect of the Subordinated Indebtedness, until the Credit Termination Date shall have occurred, other than an acceleration of any Subordinated Indebtedness in accordance with the term of Section 7.6.
Restrictions on Remedies. No Holder of Subordinated Indebtedness shall, without the Managing Agents' prior written consent (at the direction of the Required Majority Lenders), accelerate the maturity of, or institute proceedings to enforce, any Subordinated Indebtedness notwithstanding any provision to the contrary contained in any Subordinated Indebtedness or in any agreement or instrument relating thereto. Without limiting the generality of the foregoing sentence, no Holder of Subordinated Indebtedness shall, without the Managing Agents' prior written consent (at the direction of the Required Majority Lenders), commence or join with any other creditor or creditors of the Obligor in commencing any proceeding against the Obligor seeking to effect a Reorganization of the Obligor or any of its property.
Restrictions on Remedies. Notwithstanding any provision in this Agreement, including in Article IX hereof, the rights of the Lender hereunder shall be subject in all cases to the limitations imposed by the Intercreditor Agreement.
Restrictions on Remedies i. The City shall not be liable for restoring pay and fringe benefits for any period(s) of time the grievant was reduced or removed from duty which results from the appealing party's request for written briefs and/or a transcript of the arbitration proceedings or from any unreasonable delay in the issuance of the arbitrator's award.
ii. Restoration of pay and benefits shall be subject to deduction of all unemployment insurance payments received. Outside earnings received since the date of discharge which grievant would not likely have earned but for the discharge shall also be deducted.
Restrictions on Remedies. (a) Notwithstanding anything to the contrary contained in this Agreement or in any of the BC Hydro Security Documents or the Teck Security Documents, but subject to Section 24.5 hereof, following the occurrence of an Event of Default, a Non-Defaulting Party shall not exercise any right to sell, lease or otherwise dispose, or to become the legal and beneficial owner through foreclosure or other remedy, of any property charged by the BC Hydro Security Documents or the Teck Security Documents, as the case may be, for a period of two years after such Event of Default (the “Standstill Period”) except in the circumstances (the “Sale Circumstances”) where:
(i) the Non-Defaulting Party, acting reasonably, determines that the proceeds of operating such property as a going concern, to the extent that such operation is reasonably possible (whether directly or through a receiver or receiver-manager appointed under or in respect of its Security Documents), net of all costs of operation of such property and the amounts required to pay out:
A. any prior-ranking claims created by or resulting from any separate act or omission of the Defaulting Party; and
B. the Defaulting Party’s share of any prior-ranking claims created by or resulting from any act or omission taken by or on behalf of the Co-Owners pursuant to this Agreement. (collectively referred to as the “Projected Net Operating Proceeds”), will be insufficient to repay to such Non-Defaulting Party, within the Standstill Period the amount secured by the BC Hydro Security Documents or the Teck Security Documents, as the case may be, which is due and payable or which will become due and payable during the Standstill Period (and the amount of such deficiency (which will be the amount by which the aggregate of: (Y) the amount so due and payable; and (Z) the amount which will become due and payable during the Standstill Period), exceeds the Projected Net Operating Proceeds, as determined by the Non-Defaulting Party, acting reasonably, is hereinafter referred to as the “Projected Deficiency”); and
(ii) the Defaulting Party has not, within 30 days of receipt of notice from the Non-Defaulting Party of the Projected Deficiency, provided the Non-Defaulting Party with an irrevocable letter of credit, in an amount equal to the amount of the Projected Deficiency, that secures payment of the Projected Deficiency on terms that are acceptable to the Non-Defaulting Party, acting reasonably, and issued by a financial institution that ...
Restrictions on Remedies. Notwithstanding the foregoing or anything to the contrary contained in this Agreement, the Subordinated Note, in any agreement or instrument relating hereto, or any applicable law, the Subordinated Creditor shall not, without the Bank’s prior written consent, exercise any right or remedy otherwise available to such Subordinated Creditor (including, without limitation, to accelerate the maturity of, or institute proceedings or take any other action to enforce, any Subordinated Debt). Without limiting the generality of the foregoing sentence, the Subordinated Creditor shall not, without the Bank’s prior written consent, commence or join with any other creditor of the Obligor in commencing any Borrower Insolvency.
Restrictions on Remedies. 6 2.8 Restrictions on Acceleration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 2.9
Restrictions on Remedies. No Holder of Subordinated Indebtedness shall, without the Purchasers' prior written consent, accelerate the maturity of, or institute proceedings to enforce, any Subordinated Indebtedness notwithstanding any provision to the contrary contained in any Subordinated Indebtedness or in any agreement or instrument relating thereto. Without limiting the generality of the foregoing sentence, no Holder of Subordinated Indebtedness shall, without the Purchasers' prior written consent commence or join with any other creditor or creditors of the Obligors in commencing any proceeding against any of the Obligors
Restrictions on Remedies. The Junior Creditor shall not, without the Agent's prior written consent, institute proceedings to enforce any Subordinated Indebtedness, notwithstanding any provision to the contrary contained in any Subordinated Indebtedness or in any agreement or instrument relating thereto. Without limiting the generality of the foregoing sentence, the Junior Creditor shall not, without the Agent's prior written consent, commence or join with any other creditor of the Company and its Subsidiaries in commencing any proceeding against the Company and its Subsidiaries seeking to effect a Reorganization.
