Common use of Actionable Default Clause in Contracts

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. 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 Agent, the Company and each other Secured Party (or, as to the Banks, to the Bank Agent, which will then distribute it to the Banks) 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. Such notice of Actionable Default may be included in a Default Notice given pursuant to Section 9(a) hereof. 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 if the Actionable Default no longer exists by delivering a written notice of withdrawal to the Collateral Agent, with copies sent simultaneously to the other Secured Parties (or, as to the Banks, to the Bank Agent, which will then distribute it to the Banks); provided, that no such withdrawal may be made (i) after the receipt by the Collateral Agent delivery of a Remedies Demand, unless such withdrawal is made Demand 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 AgreementRequired Secured Parties. Any notice of the occurrence or withdrawal of an Actionable Default given by any Secured Party, the Credit Agent Party or the Collateral Agent pursuant hereto may be included in a Default Notice or notice of the occurrence or withdrawal, as the case may be, a withdrawal of an Event of Default given pursuant to Section 4(a) or 4(b) hereof9(b).

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 Agent, the Company and each other Secured Party (or, as to the Banks, to the Bank Agent, which will then distribute it to the Banks) a notice in writing of an any 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. Such notice of Actionable Default may be included in a Default Notice given pursuant to Section 9(a) hereof. 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 if the Actionable Default no longer exists by delivering a written notice of withdrawal to the Collateral Agent, with copies sent simultaneously to the other Secured Parties (or, as to the Banks, to the Bank Agent, which will then distribute it to the Banks); provided, that no such withdrawal may be made (i) after the receipt by the Collateral Agent delivery of a Remedies Demand, unless such withdrawal is made Demand 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 AgreementRequired Secured Parties. Any notice of the occurrence or withdrawal of an Actionable Default given by any Secured Party, the Credit Agent Party or the Collateral Agent pursuant hereto may be included in a Default Notice or notice of the occurrence or withdrawal, as the case may be, a withdrawal of an Event of Default given pursuant to Section 4(a9(b). No Secured Party shall be held liable for any good faith failure to provide copies of any notice sent to the Collateral Agent to all other Secured Parties (or, as to the Banks, to the Bank Agent) or 4(b) hereofto the Company as provided in this Section 10.