Common use of Action following Termination Event Clause in Contracts

Action following Termination Event. Subject always to clause 8, if at any time before the Secured Loan Obligations have been fully repaid and discharged any party hereto becomes aware that a Termination Event has occurred and is continuing, that party shall as soon as practicable after becoming aware thereof give written notice to the relevant Borrower, the ECA Agent and the Security Trustee and the ECA Agent shall thereupon give notice (a Notice of Applicable Event) of the same to the National Agents and if: 11.5.1 within a period of thirty (30) days following the giving of the Notice of Applicable Event by the ECA Agent or the expiry of any period specified in any Notice of Reservation of Rights issued by the Security Trustee pursuant to clause 11.6, the National Agents shall not have given either (i) notice (a Notice for Inaction) to the ECA Agent requiring that action not to be taken, or (ii) notice to the ECA Agent and the Security Trustee requiring the issue of a Notice of Reservation of Rights, or a further Notice of Reservation of Rights, pursuant to clause 11.6; or 11.5.2 any National Agent gives notice (a Notice for Action) in writing to the ECA Agent requiring that action to be taken, then, upon the expiry of the relevant period referred to in clause 11.5.1 or upon the giving of notice by any National Agent pursuant to clause 11.5.2 (or, if any Notice(s) of Reservation of Rights have been delivered by the Security Trustee pursuant to clause 11.6, upon the expiry of the period specified in the last Notice of Reservation of Rights so delivered by the Security Trustee), to the extent permitted by the Transaction Documents and Applicable Law (and provided that, at the relevant time, that Termination Event is continuing and subject always to clause 8): (a) an ECA Acceleration Notice shall be deemed to have been given pursuant to and for all purposes of each ECA Loan Agreement and the Loans shall become due and payable pursuant to and in accordance with the terms of the Loan Agreements; and/or (b) the Security Trustee shall ensure that such steps as may be available and as may be prudent are taken to enforce the security constituted, and/or the rights contained, in the relevant Trust Documents, provided that, for the avoidance of doubt, if any National Agent shall have given a Notice for Action pursuant to this clause 11.5 and any other National Agent shall have given or, as the case may be, shall give a Notice(s) for Inaction pursuant to this clause 11.5 or a Notice of Reservation of Rights pursuant to clause 11.6, the ECA Agent shall disregard the Notice(s) for Inaction and/or Notice of Reservation of Rights and shall act in accordance with the Notice for Action.

Action following Termination Event. Subject always to clause 8, if at any time before the Secured Loan Obligations have been fully repaid and discharged any party hereto becomes aware that a Termination Event has occurred and is continuing, that party shall as soon as practicable after becoming aware thereof give written notice (a Notice of Applicable Event) to the relevant Borrower, the ECA Agent and the Security Trustee and the ECA Agent shall thereupon give notice (a Notice of Applicable Event) of the same to the National Agents and if: 11.5.1 within a period of thirty (30) days following the giving of the Notice of Applicable Event by the ECA Agent or the expiry of any period specified in any Notice of Reservation of Rights issued by the Security Trustee pursuant to clause 11.6, the National Agents ECA Agent (acting on the instructions of all of the ECA Lenders) shall not have given either (i) notice (a Notice for Inaction) to the ECA Agent Security Trustee requiring that action not to be taken, or (ii) notice to the ECA Agent and the Security Trustee requiring the issue of a Notice of Reservation of Rights, or a further Notice of Reservation of Rights, pursuant to clause 11.6; or 11.5.2 any National the ECA Agent (acting on the instructions of all of the ECA Lenders) gives notice (a Notice for Action) in writing to the ECA Agent Security Trustee requiring that action to be taken, then, upon the expiry of the relevant thirty (30) period referred to in clause 11.5.1 or upon the giving of notice by any National the ECA Agent (acting on the instructions of all of the ECA Lenders) pursuant to clause 11.5.2 (or, if any Notice(s) of Reservation of Rights have been delivered by the Security Trustee pursuant to clause 11.6, upon the expiry of the period specified in the last Notice of Reservation of Rights so delivered by the Security Trustee), to the extent permitted by the Transaction Documents and Applicable Law (and provided that, at the relevant time, that Termination Event is continuing and subject always to clause 8): (a) an ECA Acceleration Notice shall be deemed to have been given pursuant to and for all purposes of each ECA Loan Agreement and the Loans shall become due and payable pursuant to and in accordance with the terms of the Loan Agreements; and/or (b) the Security Trustee shall ensure that such steps as may be available and as may be prudent are taken to enforce the security constituted, and/or the rights contained, in the relevant Trust Documents, provided that, for the avoidance of doubt, if any National Agent shall have given a Notice for Action pursuant to this clause 11.5 and any other National Agent shall have given or, as the case may be, shall give a Notice(s) for Inaction pursuant to this clause 11.5 or a Notice of Reservation of Rights pursuant to clause 11.6, the ECA Agent shall disregard the Notice(s) for Inaction and/or Notice of Reservation of Rights and shall act in accordance with the Notice for Action.

Action following Termination Event. Subject always to clause 810, if at any time before the Secured Loan Obligations have been fully repaid and discharged any party hereto becomes aware that a Termination Event has occurred and is continuing, that party shall as soon as practicable after becoming aware thereof give written notice to the relevant Borrower, the ECA Agent, the Mismatch Agent and the Security Trustee and the ECA Agent shall thereupon give notice (a “Notice of Applicable Event”) of the same to the National Agents and if: 11.5.1 13.5.1 within a period of thirty (30) days following the giving of the Notice of Applicable Event by the ECA Agent or the expiry of any period specified in any Notice of Reservation of Rights issued by the Security Trustee pursuant to clause 11.613.6, the National Agents shall not have given either (i) notice (a “Notice for Inaction”) to the ECA Agent requiring that action not to be taken, or (ii) notice to the ECA Agent and the Security Trustee requiring the issue of a Notice of Reservation of Rights, or a further Notice of Reservation of Rights, pursuant to clause 11.613.6; or 11.5.2 13.5.2 any National Agent gives notice (a “Notice for Action”) in writing to the ECA Agent requiring that action to be taken, then, upon the expiry of the relevant period referred to in clause 11.5.1 13.5.1 or upon the giving of notice by any National Agent pursuant to clause 11.5.2 13.5.2 (or, if any Notice(s) of Reservation of Rights have been delivered by the Security Trustee pursuant to clause 11.613.6, upon the expiry of the period specified in the last Notice of Reservation of Rights so delivered by the Security Trustee), to the extent permitted by the Transaction Documents and Applicable Law (and provided that, at the relevant time, that Termination Event is continuing and subject always to clause 8):10): (a) an ECA Acceleration Notice shall be deemed to have been given pursuant to and for all purposes of each ECA Loan Agreement and a Mismatch Acceleration Notice shall be deemed to have been given pursuant to and for all purposes of each Mismatch Loan Agreement and the Loans shall become due and payable pursuant to and in accordance with the terms of the Loan Agreements; and/or (b) the Security Trustee shall ensure that such steps as may be available and as may be prudent are taken to enforce the security constituted, and/or the rights contained, in the relevant Trust Documents, provided that, for the avoidance of doubt, if any National Agent shall have given a Notice for Action pursuant to this clause 11.5 13.5 and any other National Agent shall have given or, as the case may be, shall give a Notice(s) for Inaction pursuant to this clause 11.5 13.5 or a Notice of Reservation of Rights pursuant to clause 11.613.6, the ECA Agent shall disregard the Notice(s) for Inaction and/or Notice of Reservation of Rights and shall act in accordance with the Notice for Action.

Action following Termination Event. Subject always to clause 8, if If at any time before the Secured Loan Obligations have been fully repaid and discharged discharged, any party hereto becomes aware that a Termination Event has occurred and is continuing, that such party shall as soon as practicable after becoming aware thereof give written notice to the relevant Borrower, the ECA Agent and the Security Trustee and the ECA Agent who shall thereupon give notice (a Notice of Applicable Event"NOTICE OF EVENT") of the same to the National Agents and if:Agents; 11.5.1 (A) within a period of thirty (30) days following the giving of the Notice of Applicable Event by the ECA Agent Security Trustee or the expiry of any period specified in any Notice of Event issued by the Security Trustee or any period specified in any Notice of Reservation of Rights issued by the Security Trustee pursuant to clause 11.6in accordance with Paragraph 10.5, the National Agents shall not have given either either: (ia) notice (a Notice for Inaction"NOTICE FOR INACTION") to the ECA Agent requiring that such action not to be taken, or ; or (iib) notice to the ECA Agent and the Security Trustee requiring requesting the issue of a Notice of Reservation of Rights, or a further Notice of Reservation of Rights, pursuant to clause 11.6Paragraph 10.5; or 11.5.2 (B) any National Agent gives notice (a Notice for Action"NOTICE FOR ACTION") in writing to the ECA Agent requiring that such action to be taken, then, upon the expiry of the relevant period referred to in clause 11.5.1 Paragraph 10.4(A) or upon the giving of notice a Notice of Action by any National the Agent pursuant to clause 11.5.2 (or, if any Notice(s) one or more Notices of Reservation of Rights have been delivered by the Security Trustee pursuant to clause 11.6in accordance with Paragraph 10.5, upon the expiry of the period specified referred to in the last Notice of Reservation of Rights so delivered by the Security TrusteeRights), to the extent permitted by the Transaction Documents and Applicable Law applicable law (and provided always that, at the relevant time, that Termination such Event of Default is continuing and subject always to clause 8):continuing): (aC) the Agent shall give an ECA Acceleration Notice shall be deemed to have been given pursuant to or, as directed a Loan Acceleration Notice declaring the Advance(s) immediately due and for all purposes of each ECA Loan Agreement payable and the Loans such Advance(s) shall become due and payable pursuant to to, and in accordance with with, the terms of the Loan Agreementsthis Agreement; and/orand (bD) the Security Trustee shall ensure that such steps as may be available and as may be prudent are taken to enforce the security constituted, and/or the rights contained, in constituted by the relevant Trust Aircraft Security Documents, provided PROVIDED ALWAYS that, for the avoidance of doubt, if any National Agent shall have given a Notice for Action pursuant to this clause 11.5 Paragraph 10.4(B) and any other National Agent shall have given or, as the case may be, shall give a Notice(s) Notice for Inaction pursuant to this clause 11.5 Paragraph 10.4(A) or a Notice of Reservation of Rights pursuant to clause 11.6Paragraph 10.5, the ECA Agent shall disregard the Notice(s) for Inaction and/or Notice Notice(s) of Reservation of Rights and shall act in accordance with the Notice for Action.