Action Upon Sample Clauses
The "Action Upon" clause defines the specific steps or procedures that must be taken when a particular event or condition occurs under the agreement. Typically, this clause outlines who is responsible for initiating action, what actions are required, and any relevant timelines or methods for carrying out those actions. For example, it may specify that upon delivery of goods, the recipient must inspect and notify the sender of any defects within a set period. The core function of this clause is to ensure that all parties understand their obligations and the sequence of actions required, thereby reducing confusion and disputes about what should happen when certain events arise.
Action Upon. Instruction Section 4.04. No Duties Except as Specified under Specified Documents or in Instructions Section 4.05. Restrictions Section 4.06. Prior Notice to Certificateholders with Respect to Certain Matters Section 4.07. Action by Certificateholders with Respect to Certain Matters Section 4.08. Action by Certificateholders with Respect to Bankruptcy Section 4.09. Restrictions on Certificateholders' Power Section 4.10. Majority Control ARTICLE V
Action Upon. Certain Failures of the Master Servicer and upon Master Servicer Event of Termination ................. Section 7.05 Trustee to Act; Appointment of Successor ...................... Section 7.06
Action Upon. Certain Failures of the Master Servicer and Upon Event of Default. Section 6.20. Preparation of Tax Returns and Other Reports.
Action Upon a Trigger Event --------------------------- Upon the occurrence of any Trigger Event described in sections 7.1(c), (d), (e), (f), (j), (k) and (m) the Concurrent Lessee or its authorized agent may, by notice to the Lessor, declare the Lease Termination Date to have occurred on the date specified in such notice, which date shall be not less than two Business Days subsequent to the date such notice is given to the Lessor. If a Portfolio Report discloses that any Trigger Event described in sections 7.1(n) through (p), inclusive, has occurred or if the Lessor gives notice to the Concurrent Lessee that any such Trigger Event has occurred, or if the Concurrent Lessee gives notice to the Lessor that the Concurrent Lessee has determined that any such Trigger Event has occurred, the Lease Termination Date shall occur automatically upon the delivery of such Portfolio Report or the giving of such notice by the Lessor to the Concurrent Lessee or by the Concurrent Lessee to the Lessor, as the case may be, without the necessity of any further notice. Upon the occurrence of any other Trigger Event described in section 7.1, the Lease Termination Date will occur automatically, without the necessity of any notice. Upon any such declaration or automatic occurrence, the Concurrent Lessee will have, in addition to its rights and remedies hereunder and under any documents related hereto, all other rights and remedies under applicable laws and otherwise, which rights and remedies will be cumulative; provided that, notwithstanding the foregoing, the Concurrent Lessee shall not have the right to sell, transfer, lease, encumber or otherwise dispose of all or any of its rights under the Concurrent Leases other than to the Credit Enhancer in accordance with the Credit Enhancement Agreement, it being the intention of the Lessor and the Concurrent Lessee that the Designated Eligible Leases will continue to be administered and serviced in accordance with the provisions of Article 6 hereof and that the Concurrent Leases will be liquidated in accordance with section 2.5. Notwithstanding the above, the Concurrent Lessee, with the consent of the Rating Agency and the Credit Enhancer, may waive any Trigger Event in its sole discretion.
Action Upon. Certain Failures of the Master Servicer and Upon Master Servicer Event of Default............151 ARTICLE IX TERMINATION 151 Section 9.01. Termination............................................151 Section 9.02. Termination Prior to Maturity Date; Optional Redemption...........................................151 Section 9.03. Certain Notices upon Final Payment.....................152 ARTICLE X MISCELLANEOUS PROVISIONS 153
Action Upon. Certain Failures of the Master Servicer and Upon Event of Default...