Actionable Default. (a) Upon receipt of a Notice of Actionable Default, the Collateral Trustee shall, within five (5) Business Days thereafter, notify each Secured Party and each Grantor in the manner provided in Section 8.2 of this Agreement that a Notice of Actionable Default has been received. Upon receipt of any written directions pursuant to Section 3.2(a) of this Agreement, the Collateral Trustee shall, within five (5) Business Days thereafter, send a copy thereof to each Secured Party and each Grantor in the manner provided in Section 8.2 of this Agreement.
(b) The party (or successors in interest thereto) giving a Notice of Actionable Default shall be entitled, or required if the Actionable Default shall no longer be continuing, to withdraw it by delivering written notice of withdrawal to the Collateral Trustee (i) before the Collateral Trustee takes any action to exercise any remedy with respect to the Collateral or (ii) thereafter if the Grantors otherwise indemnify the Collateral Trustee and the Secured Parties (in a manner satisfactory to the Collateral Trustee and the Secured Parties in their sole discretion) with respect to all costs and expenses incurred by the Collateral Trustee and the Secured Parties in connection with reversing all actions the Collateral Trustee or any Secured Party has taken to exercise any remedy or remedies with respect to the Collateral. The Collateral Trustee shall immediately notify each Grantor as to the receipt and contents of any such notice of withdrawal and shall promptly notify each Secured Party, in the manner provided in Section 8.2 of this Agreement, of the withdrawal of any Notice of Actionable Default. The failure of the Collateral Trustee to send a copy or notice required pursuant to this Section 3.1 shall not impair any of the rights, powers and remedies of the Collateral Trustee under any Collateral Document.
(c) To the extent that any Notice of Actionable Default shall give rise to any of the rights and remedies provided in this Agreement or any other Collateral Document or shall prohibit any Grantor from taking certain actions as specified herein or therein, such rights and remedies shall be suspended, any exercise thereof by the Collateral Trustee shall cease, and such prohibition on the Grantors shall not remain in effect upon receipt by the Collateral Trustee of written notice of withdrawal of such Notice of Actionable Default pursuant to the terms and provisions of Section 3.1(b); provided, however, that such right...
Actionable Default. (a) Upon receipt of a Notice of Actionable Default, the Collateral Trustees shall, within five (5) Business Days thereafter, notify each Agent that it has received a Notice of Actionable Default. Upon receipt of any written directions pursuant to Section 2.2, 2.6(a) or 2.6(b) the Collateral Trustees shall, within five (5) Business Days thereafter, send a copy thereof to each Agent.
(b) Each Agent that delivered a Notice of Actionable Default (or successors in interest thereto) shall be entitled (but not obligated) to withdraw a Notice of Actionable Default sent by such Agent by delivering written notice of withdrawal to the Collateral Trustees. The Collateral Trustees shall promptly notify the Borrower as to the receipt of, and provide a copy of, any such notice of withdrawal and shall promptly notify each other Agent of the withdrawal of any Notice of Actionable Default.
Actionable Default. Each Secured Party shall (or, in the case of the Lenders, at their option, shall cause the Credit Agent to) deliver to the Collateral Agent a notice in writing of an Actionable Default and the nature thereof promptly (and in any event within 1 Business Day) after it learns of the occurrence of an Actionable Default. Any Secured Party (or the Credit Agent, as the case may be) which has given a notice of an Actionable Default shall be entitled to withdraw it in accordance with the terms of the applicable Transaction Documents by delivering a written notice of withdrawal to the Collateral Agent; provided, that no such withdrawal may be made (i) after the receipt by the Collateral Agent of a Remedies Demand, unless such withdrawal is made by the sender of the Remedies Demand, or (ii) after the Collateral Agent takes any action to exercise any right, power or remedy with respect to the Collateral pursuant to this Agreement. Any notice of the occurrence or withdrawal of an Actionable Default given by any Secured Party, the Credit Agent or the Collateral Agent pursuant hereto may be included in a notice of the occurrence or withdrawal, as the case may be, of an Event of Default given pursuant to Section 4(a) or 4(b) hereof.
Actionable Default. Any Event of Default under and as defined in the Credit Agreement or Event of Default under and as defined in either of the Indentures.
Actionable Default. 10 Section 3.2 Control by Lender and Indenture Trustee......................... 10 Section 3.3 Remedies........................................................ 11 Section 3.4 Right to Initiate Judicial Proceedings, etc..................... 13 Section 3.5 Appointment of a Receiver....................................... 13 Section 3.6
Actionable Default. The Collateral Agent will not be required to inquire as to the occurrence or absence of any Actionable Default and will not be affected by or required to act upon any notice or knowledge as to the occurrence of any Actionable Default unless and until it receives a Notice of Actionable Default and instructions pursuant to an Act of Instructing Secured Parties.
Actionable Default. 2 Section 3.2 Remedies...........................................................................................2 Section 3.3 Right to Initiate Judicial Proceedings, etc........................................................2 Section 3.4 Appointment of a Receiver..........................................................................2 Section 3.5
Actionable Default. Any failure of the Company or any Guarantor to ------------------ pay any of the Secured Obligations as and when due and payable in accordance with the terms of any Bank Credit Document, Note Credit Document, Reimbursement Agreement, Equipment Lease or Security Document, whether by acceleration (including automatic acceleration upon the commencement of a bankruptcy case) or otherwise (collectively, a "Payment Default"), or the commencement of any bankruptcy, insolvency, reorganization or other similar case or proceeding by or against the Company or any Guarantor, or the making by the Company or any Guarantor of an assignment for the benefit of its creditors. Additional Advance Amount. The principal amount of any additional ------------------------- loans made or letters of credit issued under the Credit Agreement such that, after giving effect to all of such additional loans and letters of credit, the sum of the Loan and Reimbursement Principal Obligations and Outstanding Bank LC Exposure at the time of reference thereto do not exceed in the aggregate the Maximum Bank Commitment.
Actionable Default. If the Collateral Agent at any time receives a Notice of Actionable Default or has actual knowledge that an Actionable Default has occurred and is continuing, it shall promptly deliver written notice thereof to the Administrative Agent and the Trustee. Thereafter, subject to Article 4, the Collateral Agent shall act, or decline to act, as directed by Act of the Secured Debtholders, in the exercise and enforcement the Collateral Agent's interests, rights, powers and remedies in respect of the Collateral or under the Security Documents or applicable law. Unless it has been directed to the contrary by Act of the Secured Debtholders, the Collateral Agent in any event may (but shall not be obligated to) take or refrain from taking such action with respect to such Actionable Default as it may deem advisable and in the best interest of the holders of Secured Obligations.
Actionable Default. Any Event of Default under and as defined in any Exchange Agreement.
