Common use of Notice from ABL Agent Prior to Enforcement Action Clause in Contracts

Notice from ABL Agent Prior to Enforcement Action. In the absence of Exigent Circumstances, ABL Agent, for itself and on behalf of the ABL Secured Parties, agrees that it will give Term Loan Agent five (5) Business Days’ prior written notice of its intention to commence any foreclosure or other action to sell or otherwise realize upon the ABL Priority Collateral. In the event that during such five (5) Business Day period, Term Loan Agent shall send to ABL Agent the irrevocable notice of the Term Loan Secured Parties’ intention to exercise the purchase option given by the ABL Secured Parties to the Term Loan Secured Parties under this Section 7, the ABL Secured Parties shall not commence any foreclosure or other action to sell or otherwise realize upon the Collateral, provided, that, the purchase and sale with respect to the ABL Debt provided for herein shall have closed within five (5) Business Days after the receipt by ABL Agent of the irrevocable notice from Term Loan Agent.

Notice from ABL Agent Prior to Enforcement Action. In the absence of Exigent Circumstances, ABL Term Loan Agent, for itself and on behalf of the ABL Term Loan Secured Parties, agrees that it will give Term Loan ABL Agent five (5) Business Days’ prior written notice of its intention to commence any foreclosure or other action to sell or otherwise realize upon the ABL Term Loan Priority Collateral. In the event that during such five (5) Business Day period, Term Loan ABL Agent shall send to ABL Term Loan Agent the irrevocable notice of the Term Loan ABL Secured Parties’ intention to exercise the purchase option given by the ABL Term Loan Secured Parties to the Term Loan ABL Secured Parties under this Section 78, the ABL Term Loan Secured Parties shall not commence any foreclosure or other action to sell or otherwise realize upon the Collateral, provided, that, the purchase and sale with respect to the ABL Term Loan Debt provided for herein shall have closed within five (5) Business Days after the receipt by ABL Term Loan Agent of the irrevocable notice from Term Loan ABL Agent.