Common use of Actionable Default Clause in Contracts

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 rights and remedies, and such prohibitions, shall be reinstated upon the giving of any later Notice of Actionable Default.

Actionable Default. (a) Upon actual receipt by an officer of The Bank of New York's Corporate Trust Division of a Notice of Actionable DefaultDefault from the Required Lender Representative, the Collateral Trustee Agent shall, within five (5) Business Days thereafter, send a copy thereof to each Lender Representative and shall notify each Secured Party and each Grantor Lender Representative, in the manner provided in Section 8.2 of this Agreement 9.2, that a Notice of Actionable Default has been receivedreceived by the Collateral Agent. Upon receipt of any written directions pursuant to Section 3.2(a) of this Agreement2.3(a), the Collateral Trustee Agent 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 AgreementLender Representative. (b) The party (or successors in interest thereto) Required Lender Representative giving a Notice of Actionable Default shall be entitled, or required if the Actionable Default shall no longer be continuing, entitled to withdraw it by delivering written notice of withdrawal to the Collateral Trustee Agent (i) before the Collateral Trustee Agent takes any action to exercise any remedy with respect to the Collateral or (ii) thereafter thereafter, if the Grantors BMCA otherwise indemnify indemnifies the Collateral Trustee Agent and the Secured Parties Beneficiaries (in a manner satisfactory to the Collateral Trustee Agent and the Secured Parties Lender Representatives in their sole discretion) with respect to all costs and expenses incurred by the Collateral Trustee Agent and the Secured Parties Beneficiaries in connection with reversing all actions the Collateral Trustee or any Secured Party Agent has taken to exercise any remedy or remedies with respect to the Collateral. The Collateral Trustee Agent shall immediately notify each Grantor BMCA as to the receipt and contents of any such notice of withdrawal and shall promptly notify each Secured PartyLender Representative, in the manner provided in Section 8.2 of this Agreement9.2, of the withdrawal of any Notice of Actionable Default. The failure of the Collateral Trustee to Default and shall promptly send a copy or notice required pursuant to this Section 3.1 shall not impair of 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 rights and remedies, and such prohibitions, shall be reinstated upon the giving of any later Notice of Actionable Defaulteach Lender Representative.

Actionable Default. (a) Upon actual receipt by an officer of Citibank, N.A.'s corporate trust department of a Notice of Actionable DefaultDefault from the Required Lender Representative, the Collateral Trustee Agent shall, within five (5) Business Days thereafter, send a copy thereof to each Lender Representative and shall notify each Secured Party and each Grantor Lender Representative, in the manner provided in Section 8.2 of this Agreement 9.2, that a Notice of Actionable Default has been receivedreceived by the Collateral Agent. Upon receipt of any written directions pursuant to Section 3.2(a) of this Agreement2.3(a), the Collateral Trustee Agent 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 AgreementLender Representative. (b) The party (or successors in interest thereto) Required Lender Representative giving a Notice of Actionable Default shall be entitled, or required if the Actionable Default shall no longer be continuing, entitled to withdraw it by delivering written notice of withdrawal to the Collateral Trustee Agent (i) before the Collateral Trustee Agent takes any action to exercise any remedy with respect to the Collateral or (ii) thereafter thereafter, if the Grantors BMCA otherwise indemnify indemnifies the Collateral Trustee Agent and the Secured Parties Beneficiaries (in a manner satisfactory to the Collateral Trustee Agent and the Secured Parties Lender Representatives in their sole discretion) with respect to all costs and expenses incurred by the Collateral Trustee Agent and the Secured Parties Beneficiaries in connection with reversing all actions the Collateral Trustee or any Secured Party Agent has taken to exercise any remedy or remedies with respect to the Collateral. The Collateral Trustee Agent shall immediately notify each Grantor BMCA as to the receipt and contents of any such notice of withdrawal and shall promptly notify each Secured PartyLender Representative, in the manner provided in Section 8.2 of this Agreement9.2, of the withdrawal of any Notice of Actionable Default. The failure of the Collateral Trustee to Default and shall promptly send a copy or notice required pursuant to this Section 3.1 shall not impair of 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 rights and remedies, and such prohibitions, shall be reinstated upon the giving of any later Notice of Actionable Defaulteach Lender Representative.

Actionable Default. (a) Upon receipt of a Notice of Actionable Default, the Collateral Trustee Agent shall, within five one (51) Business Days Day thereafter, notify each Secured Party Holder and each Grantor the Grantors in the manner provided in Section 8.2 of this Agreement that a Notice of an ----------- Actionable Default has been receivedexists. Upon receipt of any written directions pursuant to Section 3.2(a3.6(a) of this Agreement, the Collateral Trustee Agent shall, within five one (51) -------------- Business Days Day thereafter, send a copy thereof to each Secured Party Holder and each Grantor in the manner provided in Section 8.2 of this AgreementGrantor. (b) The party or parties giving a Notice of Actionable Default (or successors in interest thereto) giving a Notice of Actionable Default or the Majority Holders shall be entitled, or required if the Actionable Default shall no longer be continuing, entitled to withdraw it by delivering written notice of withdrawal to the Collateral Trustee Agent with a copy to each Grantor (i) before the Collateral Trustee Agent takes any action to exercise any remedy with respect to the Collateral Collateral, or (ii) thereafter thereafter, if (A) the Grantors otherwise indemnify the Collateral Trustee and Company indemnifies the Secured Parties (in a manner reasonably satisfactory to the Collateral Trustee Agent and the Secured Parties Majority Holders in their sole discretion) with respect to all reasonable costs and expenses incurred by the Collateral Trustee and the Secured Parties in connection with reversing withdrawing all actions the Collateral Trustee or any Secured Party Agent has taken to exercise any remedy or remedies with respect to the Collateral. The Collateral Trustee , and (B) the Majority Holders shall immediately notify each Grantor as have consented in writing 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 Documentwithdrawal. (c) To Upon 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 a Notice of Actionable Default pursuant to the terms and provisions of Section 3.1(b); provided) of this Agreement, howeverto the extent that -------------- such Notice of Actionable Default shall have resulted in the exercise of the rights and remedies provided in this Section 3 or any rights and remedies --------- provided in any of the Collateral Documents or shall prohibit the Company or any Grantor from taking certain actions as specified herein, that such rights and remediesremedies shall be suspended, and any exercise thereof by the Collateral Agent shall cease, and such prohibitions, prohibitions on the Company or Grantor shall be reinstated upon the giving of any later Notice of Actionable Default.not remain in effect provided that such -------- ----

Actionable Default. (a) Upon receipt of a Notice of Actionable Default, the Collateral Trustee shall, within five (5) Business Days days thereafter, notify each Secured Party and each Grantor in the manner provided in Section 8.2 11.2 of this Agreement that a Notice of an Actionable Default has been receivedexists. Upon receipt of any written directions pursuant to Section 3.2(a6.8(a) of this Agreement, the Collateral Trustee shall, within five (5) Business Days days thereafter, send a copy thereof to each Secured Party and each Grantor in the manner provided in Section 8.2 11.2 of this Agreement; provided, however, that the failure of the Trustee to send such copy shall not impair any of the rights, powers and remedies of the Trustee under any Collateral Document. (b) The party or parties (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, entitled to withdraw it (i) 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 Collateral, or (ii) thereafter thereafter, if (A) 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, and (B) the Required Banks or the Required Secured Parties or, if the Administrative Agent gave the Notice of Actionable Default without directions from the Required Banks, the Administrative Agent shall have consented by notice in writing delivered to the Trustee to such withdrawal. 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 11.2 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, therein such rights and remedies shall be suspended, and 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)6.1(b) of this Agreement; provided, however, provided that such rights and remedies, and such prohibitions, shall be reinstated upon the giving of any later Notice of Actionable Default.

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 Beneficiary and shall notify each Grantor Beneficiary, in the manner provided in Section 8.2 9.2 of this Agreement, that an Actionable Default ----------- exists and that Notice of Actionable Default has been received. Upon receipt of any written directions pursuant to Section 2.3(a) of this Agreement, the Trustee -------------- shall, within five (5) Business Days thereafter, send a copy thereof to each Beneficiary. (b) The party or parties (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, entitled 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 thereafter, if the Grantors Debtor otherwise indemnify indemnifies the Collateral Trustee and the Secured Parties Beneficiaries (in a manner satisfactory to the Collateral Trustee and the Secured Parties Beneficiaries in their sole discretion) with respect to all costs and expenses incurred by the Collateral Trustee and the Secured Parties Beneficiaries 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 the Debtor as to the receipt and contents of any such notice of withdrawal and shall promptly notify each Secured PartyBeneficiary, in the manner provided in Section 8.2 9.2 of this Agreement, of the withdrawal of any Notice of ----------- Actionable Default. The failure of the Collateral Trustee to Default and shall promptly send a copy or notice required pursuant to this Section 3.1 shall not impair of 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 rights and remedies, and such prohibitions, shall be reinstated upon the giving of any later Notice of Actionable Defaulteach Beneficiary.