Common use of Enforcement of Collateral Clause in Contracts

Enforcement of Collateral. (a) The Collateral shall be enforced by the Collateral Agent in the name and for the account of the Pledgees. (b) The Collateral Agent shall enforce the Collateral and exercise any of the remedies with respect thereto upon receipt of an Enforcement Notice directing it to do so (for the avoidance of doubt, subject to its right to enforce or exercise any remedy having arisen under the terms of this Agreement). (c) Upon receipt of an Enforcement Notice, the Collateral Agent shall commence with and initiate such measures as the Collateral Agent may deem appropriate, necessary or advisable for the enforcement of all or part of the Collateral or exercise any other remedies with respect thereto (for the avoidance of doubt, subject to its right to enforce or exercise any remedy having arisen under the terms of this Agreement). (d) The Pledgees and the Collateral Agent hereby acknowledge and agree that: (i) no Pledgee shall exercise any independent power to enforce any of the Collateral or to exercise any rights, remedies, discretions or powers or to grant any consents or releases or otherwise have direct recourse to any of the Collateral; (ii) no Pledgee shall be entitled to act individually to require the Collateral Agent to take any action or proceedings under or in relation to this Agreement or to exercise any of the rights, powers or discretions conferred on it by this Agreement, other than in their capacity as Required Pledgees; (iii) notwithstanding anything to the contrary herein, to the extent that this Agreement requires any notice, consent, direction or instruction to be given by the Pledgees, such notice, consent, direction or instruction may be given by the Required Pledgees and, if given by the Required Pledgees, shall be binding on all the Pledgees; and (iv) the pledges created hereunder shall be treated as ranking pari passu. (e) From time to time after the occurrence of events entitling the Pledgees to enforce the Share Pledge pursuant of Clause 8.1 hereof, where time and circumstances do not permit the Collateral Agent to consult or obtain the consent of the Pledgees, it may, in accordance with the provisions of the Loan Agreement, proceed (but shall not be obliged to do so) in its absolute discretion to protect and enforce the rights vested in it pursuant to this Agreement, provided always that it shall advise the Pledgees of any action it has taken as soon as possible thereafter.

Enforcement of Collateral. (a) The Collateral shall be enforced by the Collateral Agent in the name and for the account of the Pledgees. (b) The Collateral Agent shall enforce the Collateral and exercise any of the remedies with respect thereto upon receipt of an Enforcement Notice directing it to do so (for the avoidance of doubt, subject to its right to enforce or exercise any remedy having arisen under the terms of this Agreement). (c) Upon receipt of an Enforcement Notice, the Collateral Agent shall commence with and initiate such measures as the Collateral Agent may deem appropriate, necessary or advisable for the enforcement of all or part of the Collateral or exercise any other remedies with respect thereto (for the avoidance of doubt, subject to its right to enforce or exercise any remedy having arisen under the terms of this Agreement). (d) The Pledgees and the Collateral Agent hereby acknowledge and agree that: (i) no Pledgee shall exercise any independent power to enforce any of the Collateral or to exercise any rights, remedies, discretions or powers or to grant any consents or releases or otherwise have direct recourse to any of the Collateral; (ii) no Pledgee shall be entitled to act individually to require the Collateral Agent to take any action or proceedings under or in relation to this Agreement or to exercise any of the rights, powers or discretions conferred on it by this Agreement, other than in their capacity as Required Pledgees; (iii) notwithstanding anything to the contrary herein, to the extent that this Agreement requires any notice, consent, direction or instruction to be given by the Pledgees, such notice, consent, direction or instruction may be given by the Required Pledgees and, if given by the Required Pledgees, shall be binding on all the Pledgees; and (iv) the pledges created hereunder shall be treated as ranking pari passu. (e) From time to time after the occurrence of events entitling the Pledgees to enforce the Share Pledge pursuant of Clause 8.1 7.1 hereof, where time and circumstances do not permit the Collateral Agent to consult or obtain the consent of the Pledgees, it may, in accordance with the provisions of the Loan Agreement, Agreement proceed (but shall not be obliged to do so) in its absolute discretion to protect and enforce the rights vested in it pursuant to this Agreement, provided always that it shall advise the Pledgees of any action it has taken as soon as possible thereafter.

Enforcement of Collateral. (a) The Collateral Trustee shall not be enforced deemed to have knowledge of the existence of any condition or event which constitutes an Event of Default, unless notified in writing by any holder of Secured Obligations. The Collateral Trustee shall not be under any obligation, as a result of knowledge of an Event of Default, to take any action under the provisions of any Security Document unless so directed by the Collateral Agent in the name and for the account holders of the PledgeesSecured Obligations in accordance with this Agreement. (b) The Collateral Agent At any time if an Event of Default exists, the holders of any Class of Master Debt so in default shall enforce be entitled to give the Collateral Trustee and exercise any the Company a Notice of Event of Default but the failure of the Company to receive any such notice shall not affect the validity of requests to the Collateral Trustee or the ability of the Collateral Trustee to exercise the rights and remedies with respect thereto provided in the Security Documents upon receipt by the Collateral Trustee of an Enforcement Notice directing it to do so (for any such notice. Upon receipt of any such notice, the avoidance Collateral Trustee shall promptly notify each holder of doubt, subject to its right to enforce or exercise any remedy having arisen under Secured Obligations and the terms Company of this Agreement)such notice. (c) Upon receipt The holders of an Enforcement Notice, any Class of Master Debt giving a Notice of Event of Default shall be entitled to withdraw it by delivering a written notice of the withdrawal to the Collateral Agent shall commence with and initiate such measures as Trustee (i) before the Collateral Agent may deem appropriate, necessary or advisable for the enforcement of all or part of Trustee takes any action to exercise any remedy with respect to the Collateral or (ii) at any time thereafter, if the Company certifies to the Collateral Trustee that the Company believes that all actions the Collateral Trustee has taken to exercise any other remedy or remedies with respect thereto to the Collateral can be reversed, terminated, or withdrawn without prejudice to the Collateral Trustee or the other holders of the Secured Obligations (for other than, with respect to the avoidance other holders of doubtthe Secured Obligations, subject prejudice in the form of delay), in which event (A) the Company must indemnify the Collateral Trustee and the holders of the Secured Obligations with respect to its right all properly documented and reasonable costs and expenses incurred by the Collateral Trustee and the holders of the Secured Obligations in connection with all actions the Collateral Trustee has taken to enforce or exercise any remedy having arisen under or remedies with respect to the Collateral and in connection with the reversing thereof, and (B) the Required Decision Group shall have consented in writing to such reversal. The Collateral Trustee shall immediately notify the Company and the holders of the Secured Obligations as to the receipt and contents of any such notice of withdrawal. To the extent that such Notice of Event of Default shall give rise to any such rights and remedies or shall prohibit the Debtors from taking any actions, such rights and remedies shall be suspended, and any exercise thereof by the Collateral Trustee shall cease, and such prohibitions on the Debtors shall not remain in effect, upon the withdrawal of such Notice of Event of Default pursuant to the terms and provisions of this Agreement)paragraph, but such rights and remedies and such prohibitions shall be reinstated upon the giving of any later Notice of Event of Default. (d) The Pledgees and If a Notice of Event of Default shall have been received by the Collateral Agent hereby acknowledge Trustee and agree that: (i) no Pledgee shall exercise any independent power to enforce any of the Collateral or to exercise any rights, remedies, discretions or powers or to grant any consents or releases or otherwise not have direct recourse to any of the Collateral; (ii) no Pledgee shall be entitled to act individually to require the Collateral Agent to take any action or proceedings under or in relation to this Agreement or to exercise any of the rights, powers or discretions conferred on it by this Agreement, other than in their capacity as Required Pledgees; (iii) notwithstanding anything to the contrary herein, to the extent that this Agreement requires any notice, consent, direction or instruction to be given by the Pledgees, such notice, consent, direction or instruction may be given by the Required Pledgees and, if given by the Required Pledgees, shall be binding on all the Pledgees; and (iv) the pledges created hereunder shall be treated as ranking pari passu. (e) From time to time after the occurrence of events entitling the Pledgees to enforce the Share Pledge pursuant of Clause 8.1 hereof, where time and circumstances do not permit the Collateral Agent to consult or obtain the consent of the Pledgees, it may, been withdrawn in accordance with the provisions of paragraph (c) above, the Loan AgreementCollateral Trustee shall, proceed (but shall not be obliged to do so) in its absolute discretion to protect and enforce promptly after receipt of the written instructions of the Required Decision Group, exercise the rights vested and remedies of the Collateral Trustee under the Security Documents and institute and maintain suits and proceedings and take such other actions in it connection therewith, in each case as permitted under the Security Documents during the existence of an Event of Default. Upon receipt of any written directions pursuant to this Agreementparagraph (d), provided always that it the Collateral Trustee shall advise the Pledgees promptly send a copy thereof to each holder of any action it has taken as soon as possible thereafterSecured Obligations.