Common use of Events of Default; Trigger Events Clause in Contracts

Events of Default; Trigger Events. (a) On and after any date on which the Depositary Agent receives written notice from the Administrative Agent that an Event of Default has occurred and is continuing and that the Administrative Agent has been instructed by the requisite Lenders under the Credit Agreement to exercise any right or remedy in respect of the Debt Service Reserve Account (such action and application, a “Trigger Event,” and the date of receipt of such notice, the “Trigger Event Date”), notwithstanding anything to the contrary contained herein, the Depositary Agent shall thereafter accept all notices and instructions required or permitted to be given to the Depositary Agent pursuant to the terms of this Agreement only from the Administrative Agent and not from the Borrower, any other Loan Party or any other Person and the Depositary Agent shall not withdraw, transfer, pay or otherwise distribute any monies in any of the Debt Service Reserve Account except pursuant to such notices and instructions from the Administrative Agent unless the Depositary Agent shall have received written notice from the Administrative Agent that such Event of Default has been waived, cured or no longer exists in accordance with the terms of the applicable Loan Documents, in which event the terms of this Section 3.9 shall thereafter be inapplicable to such Event of Default. (b) Within three Business Days of a Trigger Event Date, the Depositary Agent shall, upon the receipt of a written request the Administrative Agent or the Borrower, provide a statement of all monies in the Debt Service Reserve Account as of such Trigger Event Date to the Administrative Agent and the Borrower. (c) From and after a Trigger Event Date, and notwithstanding anything herein to the contrary (but without limiting any of the Secured Parties’ rights or remedies under the Security Documents), the Administrative Agent (or the Depositary Agent at the Administrative Agent’s direction) shall have the right to control the Debt Service Reserve Account, use the Account Collateral to repay the Obligations and sell, dispose or realize on the Account Collateral and be permitted to (i) liquidate and invest in Cash Equivalents and (ii) direct the disposition of the funds in the Debt Service Reserve Account.

Events of Default; Trigger Events. (a) On and after any date on which the Depositary Agent receives written notice from the Collateral Agent or the Administrative Agent that an Event of Default has occurred and is continuing and that the Administrative Collateral Agent has been instructed by the requisite Lenders under Administrative Agent (as instructed by the Credit Agreement Required Lenders) to exercise any right or remedy in respect of the Debt Service Reserve Account Accounts (such action and application, a “Trigger Event,” and the date of receipt of such notice, the “Trigger Event Date”), notwithstanding anything to the contrary contained herein, the Depositary Agent shall thereafter accept all notices and instructions required or permitted to be given to the Depositary Agent pursuant to the terms of this Agreement only from the Collateral Agent (acting at the direction of the Administrative Agent) or the Administrative Agent and not from the Borrower, any other Loan Party or any other Person and the Depositary Agent shall not withdraw, transfer, pay or otherwise distribute any monies in any of the Debt Service Reserve Account Accounts except pursuant to such notices and instructions from the Collateral Agent or the Administrative Agent unless the Depositary Agent shall have received written notice from the Collateral Agent or the Administrative Agent that such Event of Default has been waived, cured or no longer exists in accordance with the terms of the applicable Loan Financing Documents, in which event the terms of this Section 3.9 3.10 shall thereafter be inapplicable to such Event of Default. Depositary Agent may rely on written notice given under this Section without further inquiry. (b) Within three Business Days of a Trigger Event Date, the Depositary Agent shall, upon the after receipt of a written request from the Administrative Collateral Agent or the Borrower, provide a statement of all monies in the Debt Service Reserve Account Accounts as of such Trigger Event Date to the Administrative Collateral Agent and the Borrower. (c) All of the Collateral Agent’s rights and remedies with respect to the Accounts and the other Account Collateral following an Event of Default shall be subject to the instructions of the Administrative Agent (acting in accordance in all respects with the Financing Agreement) and the provisions of this Agreement and the other Security Documents. Accordingly, from and after a Trigger Event Date, the Collateral Agent (at the written direction of the Administrative Agent) shall have the right to control the Accounts, use the Account Collateral to repay the Obligations and sell, dispose or realize on the Account Collateral. The Collateral Agent will not commence any exercise of remedies or any foreclosure actions or otherwise take any action or proceeding against any of the Account Collateral unless and until it shall have been directed in writing by the Administrative Agent and then only in accordance with the provisions of this Agreement and the other Security Documents. (d) From and after a Trigger Event Date, and notwithstanding anything herein to the contrary (but without limiting any of the Secured Parties’ rights or remedies under the Security Documents), the Administrative Collateral Agent (at the written direction of the Administrative Agent) or the Depositary Agent at the Collateral Agent’s direction (at the written direction of the Administrative Agent’s direction) ), shall have the right to control the Debt Service Reserve Account, use the Account Collateral to repay the Obligations and sell, dispose or realize on the Account Collateral and be permitted to (i) liquidate and invest in Cash Equivalents Equivalents, and (ii) direct the disposition of the funds in each of the Debt Service Reserve AccountAccounts for application in accordance with Section 3.2(b) of this Agreement or Section 6 of the Security Agreement.

Events of Default; Trigger Events. (a) On Notwithstanding anything in this Agreement to the contrary, on and after any date on which the Depositary Agent Bank receives written notice from the Collateral Agent, the Revolving Administrative Agent Agent, the Term Loan Administrative Agent, the Convertible Trustee (which notice shall only be given in accordance with the terms of the Convertible Indenture) or the Subordinated Trustee (which notice shall only be given in accordance with the terms of the Subordinated Indenture) or any holder of any of the Revolving Secured Obligations, Term Loan Secured Obligations, Convertible Secured Obligations, Subordinated Secured Obligations or Other Secured Obligations that an a Trigger Event of Default has occurred and is continuing and that the Administrative Agent has been instructed by the requisite Lenders under the Credit Agreement to exercise any right or remedy in respect of the Debt Service Reserve Account (such action and application, a “Trigger Event,” and the date of receipt of such notice, the “Trigger Event Date”), notwithstanding anything to the contrary contained hereincontinuing, the Depositary Agent Bank shall thereafter accept all notices and instructions required or permitted to be given to the Depositary Agent Bank pursuant to the terms of this Agreement (and notwithstanding the provisions of Section 3.1, 3.2, 3.3, 3.4 and 3.5) only from the Administrative Collateral Agent and not from the Borrower, any other Loan Party Company or any other Person and the Depositary Agent Bank shall not withdraw, transfer, pay or otherwise distribute any monies Monies in any of the Debt Service Reserve Accounts, including the US Disbursement Account and the Canadian Disbursement Account except pursuant to such notices and instructions from the Administrative Agent unless the Depositary Agent shall have received written notice from the Administrative Agent that such Event of Default has been waived, cured or no longer exists in accordance with the terms of the applicable Loan Documents, in which event the terms of this Section 3.9 shall thereafter be inapplicable to such Event of DefaultCollateral Agent. (b) Within Promptly, but no later than three (3) Business Days after the date the Depositary Bank receives notice of a Trigger Event Dateas described in Section 3.15(a), the Depositary Agent shall, upon the receipt of a written request the Administrative Agent or the Borrower, Bank shall provide a statement of all monies Monies in the Debt Service Reserve Account Accounts as of such Trigger Event Date date to the Administrative Collateral Agent and the BorrowerCompany. (c) From On and after the Depositary Bank receives notice of a Trigger Event, as described in Section 3.15(a), until the Depositary Bank has received notice from the Collateral Agent that such Trigger Event Datehas been cured or waived, the Depositary Bank shall distribute all Monies then held in any Account, including the US Disbursement Account and notwithstanding anything herein to the contrary (but without limiting any Canadian Disbursement Account in accordance with the directions of the Secured Parties’ rights or remedies under the Security Documents), the Administrative Collateral Agent (or the Depositary Agent at the Administrative Agent’s direction) shall have the right to control the Debt Service Reserve Account, use the Account Collateral to repay the Obligations and sell, dispose or realize on the Account Collateral and be permitted to (i) liquidate and invest in Cash Equivalents and (ii) direct the disposition of the funds in the Debt Service Reserve AccountSection 3.6 hereof.