Common use of Exercise of Remedies – Collateral Access Rights Clause in Contracts

Exercise of Remedies – Collateral Access Rights. (a) The ABL Agent agrees not to commence any initial Enforcement action until an Enforcement Notice has been given to the Collateral Trustee. Subject to the provisions of Section 3.1, the Collateral Trustee may, to the extent permitted by applicable law, join in any judicial proceedings commenced by the ABL Agent to enforce Liens on the ABL Collateral; provided that neither the Collateral Trustee nor the Priority Lien Claimholders shall interfere with the Enforcement actions of the ABL Agent with respect to the ABL Collateral.

Exercise of Remedies – Collateral Access Rights. (a) The ABL Agent agrees not to commence any initial Enforcement action until an Enforcement Notice has been given to the Collateral TrusteeAgent. Subject to the provisions of Section 3.1, the Collateral Trustee Agent may, to the extent permitted by applicable law, join in any judicial proceedings commenced by the ABL Agent to enforce Liens on the ABL First Lien Collateral; provided that neither the Collateral Trustee Agent nor the Priority Lien Note Claimholders shall interfere with the Enforcement actions of the ABL Agent with respect to the ABL First Lien Collateral.

Exercise of Remedies – Collateral Access Rights. (a) The ABL Agent agrees not to commence any initial Enforcement action until an Enforcement Notice has been given to the Collateral Trustee. Subject to the provisions of Section 3.1, the Collateral Trustee may, to the extent permitted by applicable law, join in any judicial proceedings commenced by the ABL Agent to enforce Liens on the ABL Collateral; provided that neither the Collateral Trustee nor the Priority Lien Secured Debt Claimholders shall interfere with the Enforcement actions of the ABL Agent with respect to the ABL Collateral.

Exercise of Remedies – Collateral Access Rights. (a) The ABL Collateral Agent agrees not to commence any initial Enforcement action until an Enforcement Notice has been given to the Term Loan Collateral TrusteeAgent. Subject to the provisions of Section 3.1, the Term Loan Collateral Trustee Agent may, to the extent permitted by applicable law, join in any judicial proceedings commenced by the ABL Collateral Agent to enforce Liens on the ABL First Lien Collateral; provided that neither the Term Loan Collateral Trustee Agent nor the Priority Lien Claimholders Term Loan Secured Parties shall interfere with the Enforcement actions of the ABL Collateral Agent with respect to the ABL First Lien Collateral.

Exercise of Remedies – Collateral Access Rights. (a) The ABL Agent agrees not to commence any initial Enforcement action until an Enforcement Notice has been given to the Priority Lien Debt Collateral TrusteeAgents. Subject to the provisions of Section 3.13.1 and the Senior-Junior Intercreditor Agreement (if any), the Priority Lien Debt Collateral Trustee Agents may, to the extent permitted by applicable law, join in any judicial proceedings commenced by the ABL Agent to enforce Liens on the ABL Collateral; provided that neither the Collateral Trustee nor the no Priority Lien Claimholders Claimholder shall interfere with the Enforcement actions of the ABL Agent with respect to the ABL Collateral.