Common use of Enforcement of Liens Clause in Contracts

Enforcement of Liens. (a) If the Collateral Trustee at any time receives written notice stating that any event has occurred that constitutes a default under any Secured Debt Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens thereunder, the Collateral Trustee will promptly deliver written notice thereof to each Secured Debt Representative. Thereafter, the Collateral Trustee will await direction by an Act of Required Debtholders and will act, or decline to act, as directed by an Act of Required Debtholders, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Required Debtholders. Unless it has been directed to the contrary by an Act of Required Debtholders, the Collateral Trustee in any event may (but will not be obligated to) take or refrain from taking such action with respect to any default under any Secured Debt Document as it may deem advisable to preserve and protect the value of the Collateral.

Enforcement of Liens. (a) If the Collateral Trustee at any time receives written notice stating that any event Secured Debt Default has occurred that constitutes a default under any Secured Debt Document entitling that entitles the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens thereunderunder the Security Documents, the Collateral Trustee will promptly deliver written notice thereof to each Secured Debt Representative. Thereafter, the Collateral Trustee will may await direction by an Act of Required Debtholders Secured Parties and will act, or decline to act, as directed by an Act of Required DebtholdersSecured Parties, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Required DebtholdersSecured Parties. Unless it has been directed to the contrary by an Act of Required DebtholdersSecured Parties, the Collateral Trustee in any event may (but will not be obligated to) take or refrain from taking such action with respect to any default under any Secured Debt Document Default as it may deem advisable to preserve and protect in the value interest of the CollateralSecured Parties.

Enforcement of Liens. (a) If the Collateral Trustee Agent at any time receives written notice stating that any event has of default shall have occurred that constitutes a default and be continuing under the Indenture or any Secured Debt other Parity Lien Document entitling the Collateral Trustee Agent to foreclose upon, collect or otherwise enforce its Liens thereunderunder the Security Documents, the Collateral Trustee Agent will promptly deliver written notice thereof to each Secured Debt Authorized Representative. Thereafter, the Collateral Trustee will Agent shall await direction by an Act of Required Debtholders Secured Parties and will act, or decline to act, as directed by an Act of Required DebtholdersSecured Parties, in the exercise and enforcement of the Collateral TrusteeAgent’s interests, rights, powers and remedies in respect of the Collateral or under the Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee Agent will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Required DebtholdersSecured Parties, subject in all cases to the limitations set forth in the Intercreditor Agreements. Unless it has been directed to the contrary by an Act of Required DebtholdersSecured Parties, the Collateral Trustee Agent in any event may (but will not be obligated to) take or refrain from taking such action with respect to any default under any Secured Debt Parity Lien Document as it may deem advisable to preserve and protect in the value best interest of the CollateralSecured Parties, subject in all cases to the limitations set forth in the Intercreditor Agreements.

Enforcement of Liens. (a) If the Collateral Trustee at any time receives written notice stating that any event has occurred that constitutes a default or event of default under any Secured Debt Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens thereunderhereunder, the Collateral Trustee will promptly deliver written notice thereof to each Secured Debt Representative. Thereafter, the Collateral Trustee will may await direction by an Act of Required Debtholders and will act, or decline to act, as directed by an Act of Required Debtholders, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Required Debtholders. Unless it has been directed to the contrary by an Act of Required Debtholders, the Collateral Trustee in any event may (but will not be obligated to) take or refrain from taking such action with respect to any default under any Secured Debt Document as it may deem advisable to preserve and protect in the value best interest of the Collateralholders of Secured Obligations.

Enforcement of Liens. (a) If the Collateral Trustee at any time receives written notice stating that any event has occurred that constitutes a default under any Secured Debt Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens thereunder, the Collateral Trustee will promptly deliver written notice thereof to each Secured Debt Representative. Thereafter, the Collateral Trustee will await direction by an Act of Required Debtholders and will act, or decline to act, as directed by an Act of Required Debtholders, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Required Debtholders. Unless it has been directed to the contrary by an Act of Required Debtholders, the Collateral Trustee in any event may (but will not be obligated to) take or refrain from taking such action with respect to any default under any Secured Debt Document as it may deem advisable to preserve and protect the value of the Collateral.. Terremark — Collateral Trust Agreement

Enforcement of Liens. (a) If the Collateral Trustee at any time receives written notice stating that any event has occurred that constitutes a default under any Secured Debt First Lien Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens thereunderhereunder, the Collateral Trustee will promptly deliver written notice thereof to each Secured Debt First Lien Representative. Thereafter, the Collateral Trustee will may await direction by an Act of Required Debtholders and will act, or decline to act, as directed by an Act of Required Debtholders, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Required Debtholders. Unless it has been directed to the contrary by an Act of Required Debtholders, the Collateral Trustee in any event may (but will not be obligated to) take or refrain from taking such action with respect to any default under any Secured Debt First Lien Document as it may deem advisable to preserve and protect in the value best interest of the Collateralholders of First Lien Obligations.

Enforcement of Liens. (a) If the Collateral Trustee at any time receives written notice stating that any event has occurred that constitutes a default under any Secured Debt Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens thereunder, the Collateral Trustee will promptly deliver written notice thereof to each Secured Debt Representative. Thereafter, the Collateral Trustee will may await direction by an Act of Required Debtholders and will act, or decline to act, as directed by an Act of Required Debtholders, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Required Debtholders, subject to the limitations set forth in the Intercreditor Agreement with respect to the rights of the Collateral Trustee in the ABL Collateral. Unless it has been directed to the contrary by an Act of Required Debtholders, the Collateral Trustee in any event may (but will not be obligated to) take or refrain from taking such action with respect to any default under any Secured Debt Document as it may deem advisable to preserve and protect in the value best interest of the Collateralholders of Secured Obligations, subject in all cases to the limitations in the Intercreditor Agreement.

Enforcement of Liens. (a) If the Collateral Trustee at any time receives written notice stating that any event has occurred that constitutes a default under any Secured Debt Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens thereunder, the Collateral Trustee will promptly deliver written notice thereof to each Secured Debt Representative. Thereafter, the Collateral Trustee will may await direction by an Act of Required Debtholders and will act, or decline to act, as directed by an Act of Required Debtholders, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Required Debtholders. Unless it has been directed to the contrary by an Act of Required Debtholders, the Collateral Trustee in any event may (but will not be obligated to) take or refrain from taking such action with respect to any default under any Secured Debt Document as it may deem advisable to preserve and protect in the value best interest of the Collateralholders of Secured Obligations.

Enforcement of Liens. (a) If the Collateral Trustee at any time receives written notice stating that any event has occurred that constitutes a default under any Secured Debt Document Default entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens thereunderhereunder, the Collateral Trustee will promptly deliver written notice thereof to the Trustee and each other Secured Debt Representative. Thereafter, the Collateral Trustee will may await direction by an Act of Required Debtholders and will act, or decline to act, as directed by an Act of Required Debtholders, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Required Debtholders. Unless it has been directed to the contrary by an Act of Required Debtholders, the Collateral Trustee in any event may (but will not be obligated to) take or refrain from taking such action with respect to any default under any Secured Debt Document as it may deem advisable to preserve and protect in the value best interest of the Collateralholders of Secured Debt Obligations.

Enforcement of Liens. (a) If the Collateral Trustee at any time receives written notice stating that any event has occurred that constitutes a default under any Secured Debt Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens thereunderhereunder, the Collateral Trustee will promptly deliver written notice thereof to each Secured Debt Representative. Thereafter, the Collateral Trustee will may await direction by an Act of Required Debtholders Creditors and will act, or decline to act, as directed by an Act of Required DebtholdersCreditors, in the exercise and enforcement of the Collateral Trustee’s 's interests, rights, powers and remedies in respect of the Collateral or under the Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Required DebtholdersCreditors. Unless Once notice has been delivered to each Secured Debt Representative pursuant to the provisions of this paragraph, the Collateral Trustee may (but will not be obligated to), unless it has been directed to the contrary by an Act of Required DebtholdersCreditors, the Collateral Trustee in any event may (but will not be obligated to) take or refrain from taking such action with respect to any default under any Secured Debt Document as it may deem advisable to preserve and protect in the value best interest of the Collateralholders of Secured Obligations.

Enforcement of Liens. (a) If the Collateral Trustee at any time receives written notice stating that any event has occurred that constitutes a default under any Stock Secured Debt Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens thereunderon the Stock Collateral hereunder, the Collateral Trustee will promptly deliver written notice thereof to each Stock Secured Debt Representative. Thereafter, the Collateral Trustee will may await direction by an Act of Required Stock Secured Debtholders and will act, or decline to act, as directed by an Act of Required Stock Secured Debtholders, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Stock Collateral or under the Stock Lien Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Required Stock Secured Debtholders. Unless it has been directed to the contrary by an Act of Required Stock Secured Debtholders, the Collateral Trustee in any event may (but will not be obligated to) take or refrain from taking such action with respect to any default under any Stock Secured Debt Document as it may deem advisable to preserve and protect in the value best interest of the Collateralholders of Stock Secured Obligations.

Enforcement of Liens. (a) If the Collateral Trustee at any time receives written notice stating that any event has occurred that constitutes a default under any Secured Debt Document Default entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens thereunderhereunder, the Collateral Trustee will promptly deliver written notice thereof to each Secured Debt Representative. Thereafter, the Collateral Trustee will may await direction by an Act of Required Debtholders and will act, or decline to act, as directed by an Act of Required Debtholders, in the exercise and enforcement of the Collateral Trustee’s 's interests, rights, powers and remedies in respect of the Collateral or under the Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Required Debtholders. Unless it has been directed to the contrary by an Act of Required Debtholders, the Collateral Trustee in any event may (but will not be obligated to) take or refrain from taking such action with respect to any default under any Secured Debt Document as it may deem advisable to preserve and protect in the value interest of the Collateralholders of Secured Obligations.

Enforcement of Liens. (a) If the Collateral Trustee at any time receives written notice stating that any event has occurred that constitutes a an event of default under any Secured Debt Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce any of its Liens thereunderhereunder, the Collateral Trustee will promptly deliver written notice thereof to each Secured Debt Representative. ., in the form attached hereto as Exhibit D. Thereafter, subject to clause (ii) of the final paragraph of Section 2.4(b), the Collateral Trustee will may await written direction by an Act of Required Debtholders and will act, or decline to act, as directed by an Act of Required Debtholders, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Required Debtholders. Unless it has been directed to the contrary by an Act No holder of Required Debtholders, Priority Lien Debt other than the Collateral Trustee in any event may (but will not be obligated to) take able to exercise rights or refrain from taking such action remedies with respect to any default under any Secured Debt Document as it may deem advisable to preserve and protect the value of the Collateral.

Enforcement of Liens. (a) If the Collateral Trustee at any time receives written notice stating that any event Secured Debt Default has occurred that constitutes a default under any Secured Debt Document entitling that entitles the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens thereunderunder the Security Documents, the Collateral Trustee will promptly deliver written notice thereof to each Secured Debt Representative. Thereafter, the Collateral Trustee will may await direction by an Act of Required Debtholders Secured Parties and will act, or decline to act, as directed by an Act of Required DebtholdersSecured Parties, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to not act, with respect to the manner of such exercise of remedies as directed by an Act of Required DebtholdersSecured Parties, subject to the First Lien/Second Lien Intercreditor Agreement. Unless it has been directed to the contrary by an Act of Required DebtholdersSecured Parties, the Collateral Trustee in any event may (but will not be obligated to) take or refrain from taking such action with respect to any default under any Secured Debt Document Default as it may deem advisable to preserve and protect in the value interest of the CollateralSecured Parties.

Enforcement of Liens. (a) If the Collateral Trustee at any time receives written notice stating that any event has occurred that constitutes a default under any Secured Debt Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens thereunderunder any Security Document, the Collateral Trustee will promptly deliver written notice thereof to each Secured Debt Representative. Thereafter, the Collateral Trustee will shall await direction by an Act of Required Debtholders Secured Parties and will act, or decline to act, as directed by an Act of Required DebtholdersSecured Parties, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Required DebtholdersSecured Parties. Unless it has been directed to the contrary by an Act of Required DebtholdersSecured Parties, the Collateral Trustee in any event may (but will not be obligated to) take or refrain from taking such action with respect to any default under any Secured Debt Document as it may deem advisable to preserve and protect in the value best interest of the CollateralSecured Parties.

Enforcement of Liens. (a) If the Collateral Trustee at any time receives written notice stating that any event has occurred that constitutes a default under any Secured Debt Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce any of its Liens thereunderunder the Security Documents, the Collateral Trustee will promptly deliver written notice thereof to each Secured Debt Representative. Thereafter, the Collateral Trustee will may await direction by an Act of Required Debtholders and will act, or decline to act, as directed by an Act of Required Debtholders, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Required Debtholders. Unless it has been directed to the contrary by an Act of Required Debtholders, the Collateral Trustee in any event may (but will not be obligated to) take or refrain from taking such action with respect to any default under any Secured Debt Document as it may deem advisable to preserve and protect in the value best interest of the Collateralholders of Secured Debt Obligations.

Enforcement of Liens. (a) If the Collateral Trustee at any time receives written notice stating that any event has occurred that constitutes a default under any Secured Debt Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens thereunder, the Collateral Trustee will promptly deliver written notice thereof to each Secured Debt RepresentativeRepresentative and to the administrative agent under the ABL Facility. Thereafter, the Collateral Trustee will may await direction by an Act of Required Debtholders and will act, or decline to act, as directed by an Act of Required Debtholders, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Required Debtholders. Unless it has been directed to the contrary by an Act of Required Debtholders, the Collateral Trustee in any event may (but will not be obligated to) take or refrain from taking such action with respect to any default under any Secured Debt Document as it may deem advisable to preserve and protect in the value best interest of the Collateralholders of Secured Obligations, subject in all cases to the terms of the Intercreditor Agreement.

Enforcement of Liens. (a) If the Collateral Trustee at any time receives written notice stating that any event has occurred that constitutes a default or an event of default under any Secured Debt Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce any of its Liens thereunderunder the Security Documents, the Collateral Trustee will promptly deliver written notice thereof to each Secured Debt Representative. Thereafter, the Collateral Trustee will may await direction by an Act of Required Debtholders and will act, or decline to act, as directed by an Act of Required Debtholders, in the exercise and enforcement of the Collateral Trustee’s 's interests, rights, powers and remedies in respect of the Collateral or under the Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Required Debtholders. Unless it has been directed to the contrary by an Act of Required Debtholders, the Collateral Trustee in any event may (but will not be obligated to) take or refrain from taking such action with respect to any default under any Secured Debt Document as it may deem advisable to preserve and protect in the value best interest of the Collateralholders of Secured Debt Obligations.

Enforcement of Liens. (a) If the Collateral Trustee at any time receives written notice stating that any event has occurred that constitutes a default under any Secured Debt Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens thereunderhereunder, the Collateral Trustee will promptly deliver written notice thereof to each Secured Debt Representative. Thereafter, the Collateral Trustee will may await direction by an Act of Required Debtholders and will act, or decline to act, as directed by an Act of Required Debtholders, in the exercise and enforcement of the Collateral Trustee’s 's interests, rights, powers and remedies in respect of the Collateral or under the Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Required Debtholders. Unless it has been directed to the contrary by an Act of Required Debtholders, the Collateral Trustee in any event may (but will not be obligated to) take or refrain from taking such action with respect to any default under any Secured Debt Document as it may deem advisable to preserve and protect in the value best interest of the Collateralholders of Secured Obligations.

Enforcement of Liens. (a) If the Collateral Trustee at any time receives written notice stating from the Issuer or any Secured Debt Representative that any event has occurred that constitutes a default under any Secured Debt Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens thereunderunder any Security Document, the Collateral Trustee will promptly deliver written notice thereof to each Secured Debt Representative. Thereafter, the Collateral Trustee will shall await direction by an Act of Required Debtholders Secured Parties and will act, or decline to act, as directed by an Act of Required DebtholdersSecured Parties, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Required DebtholdersSecured Parties. Unless it has been directed to the contrary by an Act of Required DebtholdersSecured Parties, the Collateral Trustee in any event may (but will not be obligated to) take or refrain from taking such action with respect to any default under any Secured Debt Document as it may deem advisable to preserve and protect in the value best interest of the Collateral.Secured Parties. Section 4.4

Enforcement of Liens. (a) If the Collateral Trustee at any time receives written notice stating that any event has occurred that constitutes a default under any Secured Debt Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens thereunder, the Collateral Trustee will promptly deliver written notice thereof to each Secured Debt Representative. Thereafter, the Collateral Trustee will may await direction by an Act of Required Debtholders and will act, or decline to act, as directed by an Act of Required Debtholders, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Required Debtholders, subject to the limitations set forth in the Intercreditor Agreement with respect to the rights of the Collateral Trustee in the ABL Collateral. Unless it has been directed to the contrary by an Act of Required Debtholders, the Collateral Trustee in any event may (but will not be obligated to) take or refrain from taking such action with respect to any default under any Secured Debt Document as it may deem advisable to preserve and protect in the value best interest of the Collateralholders of Secured Debt Obligations, subject in all cases to the limitations in the Intercreditor Agreement.

Enforcement of Liens. (a) If the Collateral Trustee at any time receives written notice stating that any event has occurred that constitutes a default under any Secured Debt Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens thereunderunder the Security Documents, the Collateral Trustee will promptly deliver written notice thereof to each Secured Debt Representative. Thereafter, the Collateral Trustee will may await direction by an Act of Required Debtholders Secured Parties and will act, or decline to act, as directed by an Act of Required DebtholdersSecured Parties, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Required DebtholdersSecured Parties. Unless it has been directed to the contrary by an Act of Required DebtholdersSecured Parties, the Collateral Trustee in any event may (but will not be obligated to) take or refrain from taking such action with respect to any default under any Secured Debt Document as it may deem advisable to preserve and protect in the value best interest of the Collateralholders of Secured Obligations.

Enforcement of Liens. (a) If the Collateral Trustee at any time receives written notice stating that any event has occurred that constitutes a default under any Secured Debt Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens thereunderhereunder, the Collateral Trustee will promptly deliver written notice thereof to each Secured Debt Representative. Thereafter, the Collateral Trustee will may await direction by an Act of Required Debtholders and will act, or decline to act, as directed by an Act of Required Debtholders, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Required Debtholders. Unless it has been directed to the contrary by an Act of Required Debtholders, the Collateral Trustee in any event may (but will not be obligated to) take or refrain from taking such action with respect to any default under any Secured Debt Document as it may deem advisable to preserve and protect in the value best interest of the Collateralholders of Secured Obligations.