Restriction on Payments and Exercise of Rights Sample Clauses

Restriction on Payments and Exercise of Rights. Notwithstanding anything to the contrary contained in any of the Subordinated Documents, (a) each Subordinated Party hereby agrees that it will not take any Enforcement Action or otherwise accept, receive or retain any proceeds from any Enforcement Action, until a Discharge of Senior Obligations, and (b) the Issuer hereby agrees that it will not make, and each Subordinated Party hereby agrees that it will not accept or otherwise receive or retain directly or indirectly from the Issuer or any subsidiary thereof, any Distribution on account of or with respect to the Subordinated Indebtedness (or any proceeds thereof), in each case, other than Permitted Subordinated Debt Payments. Notwithstanding the foregoing, the Subordinated Parties agree that immediately upon receipt by the Subordinated Agent of a Senior Agent Notice, and until such Senior Agent Notice has been terminated by the Senior Agent in writing as provided herein, the Subordinated Parties shall not be permitted to accept or otherwise receive or retain directly or indirectly from the Issuer or any subsidiary thereof any further Permitted Subordinated Debt Payments. If the Senior Agent has delivered to the Subordinated Agent a Senior Agent Notice then upon such Senior Agent obtaining actual knowledge that all then existing Senior Debt Defaults have been cured or waived in accordance with the terms of the applicable Senior Documents it shall deliver to the Subordinated Agent a notice terminating such Senior Agent Notice. Upon delivery of any such termination notice, and subject to Section 2.3 hereof and to the further rights of the Senior Agent to issue one or more Senior Agent Notices as contemplated hereby, this Agreement shall not prohibit the Issuer from resuming Permitted Subordinated Debt Payments. Notwithstanding anything to the contrary herein, nothing in this Agreement shall (1) impair, as between or among the Issuer and the Senior Agent (or any Senior Party represented by it), the covenants, undertakings and obligations under the Senior Documents, or (2) be construed to constitute, or be deemed to be, as between or among the Issuer and the Senior Agent (or any Senior Party represented by it), an amendment or modification, or a waiver by any such Senior Agent or any other Senior Party, of the covenants, undertakings and obligations under the Senior Documents. For the avoidance of doubt, nothing in this Agreement shall limit the right of any Subordinated Party that is also a Senior Holder fro...
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Related to Restriction on Payments and Exercise of Rights

  • Waiver and exercise of rights 15.5.1 A single or partial exercise or waiver of a right relating to this Agreement does not prevent any other exercise of that right or the exercise of any other right. 15.5.2 No Party will be liable for any loss or expenses incurred by the other Party caused or contributed to by the waiver, exercise, attempted exercise, failure to exercise or delay in the exercise of a right.

  • Limitation on Rights (a) This Agreement shall not be deemed to create a contract of employment between the Company and the Executive and shall create no right in the Executive to continue in the Company’s employment for any specific period of time, or to create any other rights in the Executive or obligations on the part of the Company, except as set forth herein. This Agreement shall not restrict the right of the Company to terminate the Executive, or restrict the right of the Executive to terminate employment. (b) Subject to the exception for cash severance payments under the Company’s documented severance policy referenced in Sections 3 and 4 above, this Agreement shall not be construed to exclude the Executive from participation in any other compensation or benefit programs in which the Executive is specifically eligible to participate either prior to or following the execution of this Agreement, or any such programs that generally are available to other executive personnel of the Company, nor shall it affect the kind and amount of other compensation to which the Executive is entitled. (c) The rights of the Executive under this Agreement shall be solely those of an unsecured general creditor of the Company.

  • Non-Exercise of Rights 31.1. Either Party’s failure to seek redress for violations, or to insist upon strict performance, of any condition or provision of this Agreement, or its failure to exercise any or part of any of right or remedy to which that Party is entitled under this Agreement, shall not constitute an implied waiver thereof.

  • Exercise of Rights No failure or delay on the part of any party to exercise any right, power or privilege under this Agreement and no course of dealing between the Seller and the Purchaser shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege under this Agreement preclude any other or further exercise thereof or the exercise of any other right, power or privilege. Except as set forth in Section 6(h) of this Agreement, the rights and remedies herein expressly provided are cumulative and not exclusive of any rights or remedies which any party would otherwise have pursuant to law or equity. No notice to or demand on any party in any case shall entitle such party to any other or further notice or demand in similar or other circumstances, or constitute a waiver of the right of either party to any other or further action in any circumstances without notice or demand.

  • Reservation of Stock Issuable on Exercise of Warrant The Company will at all times reserve and keep available, solely for issuance and delivery on the exercise of the Warrant, shares of Common Stock (or Other Securities) from time to time issuable on the exercise of the Warrant.