Enforcement by the Collateral Agent Sample Clauses
The 'Enforcement by the Collateral Agent' clause defines the authority and procedures by which the collateral agent may act to enforce security interests on behalf of the secured parties. Typically, this clause outlines the agent's rights to take possession of, sell, or otherwise realize on the collateral if a default occurs, and may specify the steps required before enforcement actions can be taken, such as providing notice to the debtor. Its core practical function is to centralize and streamline the enforcement process, ensuring that the interests of all secured parties are protected and that remedies are exercised efficiently in the event of a default.
Enforcement by the Collateral Agent. (a) If any Event of Default under any First Lien Document shall have occurred and be continuing, the Collateral Agent shall act in relation to the Collateral in accordance with the instructions of (i) on or prior to the Discharge of Credit Agreement Obligations, the Administrative Agent (acting with the consent of the requisite number of Lenders specified in the Credit Agreement), the Trustee (acting with the consent required in accordance the terms of the Indenture) and the Designated Representative (acting pursuant to the terms of the applicable Additional Agreement) and (ii) after the Discharge of Credit Agreement Obligations, the Trustee (acting, if applicable, with the consent required in accordance with the terms of the Indenture) and the Designated Representative (acting pursuant to the terms of the applicable Additional Agreement).
(b) The Collateral Agent may disregard any instructions from any other person to exercise any right or remedy hereunder with respect to the Collateral and if those instructions are inconsistent with this Agreement.
(c) Any person entitled to instruct the Collateral Agent to exercise any right or remedy hereunder with respect to the Collateral may give or refrain from giving instructions to the Collateral Agent to exercise or refrain from exercising the Collateral as it sees fit in accordance with the other provisions of this Agreement; provided that the consent of the Trustee and the Designated Representative, and if such instruction is delivered to the Collateral Agent on or prior to the occurrence of the Discharge of Credit Agreement Obligations, the Administrative Agent, shall be required before the Collateral Agent is entitled to rely on or follow such instruction.
(d) Subject to paragraph (e) below, before giving any instructions to the Collateral Agent to exercise any right or remedy hereunder with respect to the Collateral, the Administrative Agent, the Trustee and the Designated Representative shall consult with one another and with the Collateral Agent in good faith, with a view to coordinating those instructions, for a period of up to 45 days or such shorter period as the Administrative Agent, the Trustee and the Designated Representative may agree.
(e) The Administrative Agent, the Trustee and the Designated Representative shall not be obliged to consult in accordance with paragraph (d) above if the Administrative Agent, the Trustee and the Designated Representative determine in good faith (and give the Collat...
Enforcement by the Collateral Agent. 10 13 Further assurance and power of attorney ....................................................................... 11 14 Security continuing and independent .............................................................................. 12 15
Enforcement by the Collateral Agent. (a) If any “Event of Default” under and as defined in any Finance Document shall have occurred and be continuing, the Collateral Agent shall act, subject to the provisions of Sections 6.6 and 6.9, in relation to the Collateral in accordance with the instructions of (i) on or prior to the Priority Lien Obligations Discharge Date, the Applicable Priority Lien Representative and the Applicable Authorized Representative and (ii) after the Priority Lien Obligations Discharge Date, the Applicable Authorized Representative.
(b) The Collateral Agent shall disregard any instructions from any other Person to exercise any right or remedy hereunder with respect to the Collateral if those instructions are inconsistent with this Agreement.
(c) Any Person entitled to instruct the Collateral Agent to exercise any right or remedy hereunder with respect to the Collateral may give or refrain from giving instructions to the Collateral Agent to exercise or refrain from exercising the Collateral as it sees fit in accordance with the other provisions of this Agreement.
(d) The Collateral Agent shall inform each other Agent on receiving any instructions under this Section 6.5 to exercise remedies with respect to the Collateral.
Enforcement by the Collateral Agent. If (a) any Event of Default under the Indenture (or any event of default under the Pari-Passu Lien Credit Document for which the Applicable Authorized Representative is the Authorized Representative) or an Event of Default under the LC Facility Agreement shall have occurred and be continuing, (b) an Insolvency or Liquidation Proceeding with respect to either of the Issuers or any Guarantor is occurring or (c) the LC Facility Obligations have been accelerated pursuant to applicable law, the Collateral Agent shall act in relation to the Collateral in accordance with the instructions of (i) on or prior to the date of the Discharge of LC Facility Obligations, the LC Facility Authorized Representative and the Applicable Authorized Representative and (ii) after the date of the Discharge of LC Facility Obligations, the Applicable Authorized Representative.
Enforcement by the Collateral Agent. 12.1 The power of enforcement in respect of the security interest created by this agreement shall become exercisable when:
(a) an Event of Default has occurred and is continuing; and
(b) the Collateral Agent has served on the Grantor written notice specifying the Event of Default, provided that any required notices to the Borrower have been received by the Borrower in accordance with Section 8.01 (Events of Default) of the Credit Agreement.
12.2 The Collateral Agent may exercise the power of enforcement in respect of the security interest created by this agreement by doing any one or more of the following (to the extent that they are not in conflict) in relation to the Collateral:
(a) appropriating the Collateral;
(b) selling the Collateral;
(c) taking any of the following ancillary actions:
(i) taking control or possession of the Collateral;
(ii) exercising any rights of the Grantor in relation to the Collateral;
(iii) instructing any person who has an obligation in relation to the Collateral to carry out the obligation for the benefit of the Collateral Agent;
(d) applying any other remedy that this agreement provides for as a remedy that is exercisable pursuant to the power of enforcement, to the extent that such remedy is not in conflict with the Law.
12.3 Subject to Part 7 of the Law:
(a) the power of enforcement may be exercised as determined by the Collateral Agent in its absolute discretion;
(b) the power of enforcement may be exercised by the Collateral Agent in respect of all or any part of the Collateral; and
(c) the exercise or non-exercise of the power of enforcement by the Collateral Agent shall not constitute a waiver of any rights or remedies, and all rights and remedies of the Collateral Agent are reserved and may be exercised without notice.
12.4 Subject to Article 44(3) and (4) of the Law, not less than 14 days before appropriating or selling the Collateral, the Collateral Agent shall give written notice to the following persons (if any):
(a) any person who, 21 days before the appropriation or sale, has a registered security interest in the Collateral; and
(b) any person other than the Grantor who has an interest in the Collateral and has, not less than 21 days before the appropriation or sale, given the Collateral Agent notice of that interest, and where no person is entitled to receive such notice, the Collateral Agent may appropriate or sell the Collateral immediately.
12.5 The Grantor acknowledges and agrees that no notice of appropri...