Election to Pursue Remedies. Except as provided in Section 3.02(a)(i) hereof following the expiration of a Standstill Period, the First Lien Secured Parties shall have the exclusive right (and under any Security Document shall have the exclusive right to instruct the Collateral Agent) to take and continue any Enforcement Action with respect to the Collateral, without any consultation with or consent of any Second Lien Secured Party, but subject to the proviso set forth in Section 5.01. Upon the occurrence and during the continuance of a First Lien Obligation Triggering Event, subject to the provisions of this Agreement, the First Lien Agent and the other First Lien Secured Parties may (and under any Security Document may instruct the Collateral Agent on their behalf to) take and continue any Enforcement Action in such order and manner as they may determine in their sole discretion.
Election to Pursue Remedies. 6 Section 2.02 Duty of the Collateral Agent.................................7 Section 2.03 Application of Proceeds......................................8 Section 2.04 Payments by Collateral Agent.................................9 Section 2.05 Notices under Related Documents..............................9 Section 2.06
Election to Pursue Remedies. (a) The amounts payable by the Borrower to each Secured Party at any time under any of the Secured Credit Documents to which such Secured Party is a party shall be separate and independent debts. Each Agent agrees that each Secured Party shall be entitled to enforce any right arising out of the applicable Secured Credit Documents to which it is a party, subject to the terms hereof and thereof. For the avoidance of doubt and subject to the terms of the applicable Secured Credit Documents, any Secured Party may cancel its commitment, if applicable, under any applicable Secured Credit Document or accelerate any obligations or any portion thereof owed to such Secured Party. Notwithstanding anything to the contrary in the Secured Credit Documents or Collateral Documents, no Secured Party other than the Collateral Agent or its sub-agent shall have the right individually to realize upon any liens granted under the Collateral Documents or to otherwise enforce or exercise any remedy against the Collateral in respect of the Secured Credit Documents, it being understood and agreed that such remedies may be exercised only by the Collateral Agent for the benefit of Secured Parties.
Election to Pursue Remedies. (a) Upon the occurrence and during the continuance of any Triggering Event, the Paying Agent shall, subject to Section 2.02 and Article IV, take or, as appropriate, direct the appropriate trustee or agent to take any and all actions provided for in the Loan Documents relating to the pursuit of remedies, including the foreclosure or disposition of collateral, if any, only if such actions are authorized as provided in this Section 2.01.
Election to Pursue Remedies. (a) No Lender shall be entitled to enforce any right arising out of any of the Loan Documents except as set forth herein. Each of the Lenders agrees that no Lender will accelerate any obligations owed to it under the Loan Documents (collectively, “Obligations”) unless all other Lenders have agreed to do the same. Each Lender agrees that no Lender shall have any right individually to realize upon any liens granted under such Lender’s Security Agreement or to otherwise enforce or exercise any remedy in respect thereof, it being understood and agreed that such remedies may be exercised only upon the consent of all Lenders. Each Lender further agrees that it shall not individually institute any judicial action pertaining to the Loan Documents or the Collateral or exercise any other remedy pertaining to the Loan Documents or the Collateral, except with the consent of the other Lenders.
Election to Pursue Remedies. (a) Upon the occurrence and during the continuance of any Triggering Event, the Collateral Agent shall, subject to Section 2.02 and Article IV, take or, as appropriate, direct the appropriate trustee or agent to take any and all actions provided for in the Security Instruments relating to the pursuit of remedies, including the foreclosure or disposition of collateral only if such actions are authorized as provided in this Section 2.01.
Election to Pursue Remedies. 3 --------------------------- Section 2.02 Duty of the Paying Agent....................................4 ------------------------ Section 2.03 Application of Proceeds.....................................4 ----------------------- Section 2.04 Payments by Paying Agent....................................5 ------------------------ Section 2.05 Notices under Related Documents.............................5 ------------------------------- Section 2.06 Amendments..................................................5 ---------- Section 2.07 Pro Rata Treatment..........................................5 ------------------ Section 2.08
Election to Pursue Remedies. (a) At any time after the occurrence and during the continuance of an Event of Default, any Designated Voting Party (in the case of a CTA Event of Default) or the relevant Designated Voting Party (in the case of an Event of Default under such Designated Voting Party’s Senior Secured Debt Instrument) may deliver notice (such notice, a “Remedies Initiation Notice”) to the P1 Intercreditor Agent that (i) describes the Event of Default with respect to which such Designated Voting Party is seeking to pursue remedies, (ii) specifies the various remedies (the “Proposed Remedies”) that such Designated Voting Party wishes the P1 Intercreditor Agent to direct the P1 Collateral Agent to exercise, and (iii) specifies the date on which such Designated Voting Party wishes the P1 Collateral Agent to commence such Proposed Remedies. Upon receipt of any Remedies Initiation Notice, the P1 Intercreditor Agent shall promptly provide a copy of such Remedies Initiation Notice to the P1 Collateral Agent, each Designated Voting Party and each Senior Secured Creditor Representative (each of which shall promptly provide copies of any such Remedies Initiation Notice to its Senior Secured Creditors) and specify a date (the “Remedies Commencement Date”) on which the P1 Intercreditor Agent will direct the P1 Collateral Agent to commence the exercise of the Proposed Remedies if the P1 Intercreditor Agent is so directed by Designated Voting Parties constituting the Initiating Percentage. Such Remedies Commencement Date shall be the later of (x) thirty days (or, with respect to Events of Default which have a cure period of sixty days or more, fifteen days) after the date of issuance of the Remedies Initiation Notice and (y) the date specified in the Remedies Initiation Notice; provided, that such Remedies Commencement Date shall be the date specified in the Remedies Initiation Notice if (1) only a single class of Senior Secured Debt is outstanding or (2) the Designated Voting Party who issued the Remedies Initiation Notice represents 100% of the Total Votes. The provisions of this Section 7.3(a) are solely for the benefit of the Senior Secured Parties and neither the Borrower nor any other Person shall have any right nor interest as a beneficiary of this Section 7.3(a).
Election to Pursue Remedies. (a) The amounts payable by the Obligors at any time under any of the Credit Documents to each Creditor shall be separate and independent debts, and, prior to the occurrence and continuance of a Triggering Event, each Creditor shall be entitled to enforce any right arising out of the applicable Principal Agreement, subject to the terms thereof and of this Agreement. Each Creditor hereby agrees that no Creditor other than the Collateral Agent (in its capacity as such) shall have any right individually to realize upon any Liens granted under the Security Documents, it being understood and agreed that such remedies may be exercised only by the Collateral Agent for the ratable benefit of the Creditors. After the occurrence and during the continuance of a Triggering Event, each of the Banks, the Lenders, the Administrative Agent and the Trustee further agrees that it shall not individually institute any judicial action pertaining to the Credit Documents, vote or represent or file any claims or proof of claims for any other Person in respect of the Obligations in connection with any bankruptcy, reorganization, insolvency proceedings or any similar proceedings, or exercise any other remedy (other than the right of set-off existing under the Credit Agreement), pertaining to the Credit Documents, except with the consent of the Required Creditors in accordance with the terms of this Agreement.
Election to Pursue Remedies. (a) The amounts payable by the Obligors to each Creditor at any time under any of the Principal Agreements to which such Creditor is a party shall be separate and independent debts, and each Creditor shall be entitled to enforce any right arising out of the applicable Principal Agreement to which it is a party, including the Guaranty Agreement, subject to the terms thereof and of this Agreement. Each Creditor hereby agrees that no Creditor other than the Collateral Agent (in its capacity as such) shall have any right individually to realize upon any Liens granted under the Security Documents, it being understood and agreed that such remedies may be exercised only by the Collateral Agent for the ratable benefit of the Creditors.
