Common use of Restrictions on Remedies Clause in Contracts

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.