Common use of Account Withdrawal Documents Clause in Contracts

Account Withdrawal Documents. A set of Account Withdrawal Documents shall be deemed properly delivered by the Company to Collateral Agent and each Holder if such Account Withdrawal Documents have been properly completed and delivered to the Collateral Agent and the Required Holders in accordance with the applicable time requirements set forth herein and not objected by the Required Holders as provided in Section 3.1.1 (b) above. To the extent that any directions to Depositary or any requested actions by Depositary under this Article 3 require actions to be taken by the Company and the Company fails to perform such actions, or if any Account Withdrawal Documents submitted by the Company are incorrect or if an Event of Default has occurred and is continuing or would occur based on the Company’s failure to submit, or to submit accurate and necessary, Account Withdrawal Documents, Collateral Agent may, but is not obligated to, perform such actions by completing and executing an Account Withdrawal Instruction at the direction of the Required Holders and delivering such Account Withdrawal Instruction to Depositary.