Common use of Enforcement of Liens Clause in Contracts

Enforcement of Liens. If the Collateral Agent at any time receives written notice that any event has occurred that constitutes an Event of Default under this Indenture entitling the Collateral Agent to foreclose upon, collect or otherwise enforce its Liens under the Security Documents, it shall promptly deliver written notice thereof to the Trustees. Thereafter, the Collateral Agent may await direction by an Act of Required Holders and shall act, or decline to act, as directed by an Act of Required Holders, in the exercise and enforcement of the Collateral Agent’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 Agent shall act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Required Holders. Unless it has been directed to the contrary by an Act of Required Holders, the Collateral Agent in any event may (but is not obligated to) take or refrain from taking such action with respect to any default under any Note Document as it may deem advisable and in the best interest of the Holders of Notes, subject in all cases to the terms of any Intercreditor Agreement.

Enforcement of Liens. If the Collateral Agent at any time receives a written notice of the occurrence and continuance (as of the date of such notice) of any Event of Default or a Responsible Officer of the Collateral Agent has actual knowledge that any event has occurred that constitutes an Event of Default under this Indenture entitling the Collateral Agent to foreclose upon, collect or otherwise enforce its Liens under the Security Documentshas occurred and is continuing, it shall will promptly deliver written notice thereof to the TrusteesAdministrative Agent and the Trustee. Thereafter, subject to Article 4 and Article 6, the Collateral Agent may await direction by an Act of Required Holders and shall act, or decline to act, as directed by an Act of Required Holdersthe Secured Debtholders or Act of the Administrative Agent, as the case may be, in the exercise and enforcement of the Collateral Agent’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 Agent shall will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Required Holdersthe Secured Debtholders or Act of the Administrative Agent, as the case may be. Unless it has been directed to the contrary by an Act of Required Holdersthe Secured Debtholders or Act of the Administrative Agent, as the case may be, the Collateral Agent in any event may (but is shall not be obligated to) take or refrain from taking such action with respect to any default under any Note Document such Event of Default as it may deem advisable and in the best interest of the Holders holders of Notes, subject in all cases to the terms of any Intercreditor AgreementSecured Obligations.

Enforcement of Liens. If the Collateral Agent at any time receives written notice that any event has occurred that constitutes an Event of Default under this the Indenture entitling the Collateral Agent to foreclose upon, collect or otherwise enforce its Liens under the Security Documents, it shall will promptly deliver written notice thereof to the TrusteesTrustee. Thereafter, the Collateral Agent may await direction by an Act of Required Holders and shall will act, or decline to act, as directed by an Act of Required Holders, in the exercise and enforcement of the Collateral Agent’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 Agent shall will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Required Holders. Unless it has been directed to the contrary by an Act of Required Holders, the Collateral Agent in any event may (but is not obligated to) take or refrain from taking such action with respect to any default under any Note Document as it may deem advisable and in the best interest of the Holders holders of Notes, subject in all cases to the terms of any Intercreditor Agreement.