Common use of Permitted Senior Parent enforcement Clause in Contracts

Permitted Senior Parent enforcement. (a) Subject to Clause 6.12 (Enforcement on behalf of Senior Parent Creditors), the restrictions in Clause 6.8 (Restrictions on enforcement by Senior Parent Creditors) will not apply if: (i) a Senior Parent Event of Default (the "Relevant Senior Parent Default") is continuing; (ii) each Senior Agent has received a notice of the Relevant Senior Parent Default specifying the event or circumstance in relation to the Relevant Senior Parent Default from the relevant Senior Parent Agent; (iii) a Senior Parent Standstill Period (as defined below) has elapsed; and (iv) the Relevant Senior Parent Default is continuing at the end of the relevant Senior Parent Standstill Period. (b) Promptly upon becoming aware of a Senior Parent Event of Default, the relevant Senior Parent Agent may by notice (a "Senior Parent Enforcement Notice") in writing notify the Senior Agents of the existence of such Senior Parent Event of Default.

Appears in 2 contracts

Samples: Intercreditor Agreement (Paysafe LTD), Intercreditor Agreement (Paysafe LTD)

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Permitted Senior Parent enforcement. (a) Subject to Clause 6.12 (Enforcement on behalf of Senior Parent Creditors), the restrictions in Clause 6.8 (Restrictions on enforcement by Senior Parent Creditors) will not apply if: (i) a Senior Parent Event of Default (the "Relevant Senior Parent Default") is continuing; (ii) each Senior Agent has received a notice of the Relevant Senior Parent Default specifying the event or circumstance in relation to the Relevant Senior Parent Default from the relevant Senior Parent Agent; (iii) a Senior Parent Standstill Period (as defined below) has elapsed; and (iv) the Relevant Senior Parent Default is continuing at the end of the relevant Senior Parent Standstill Period. (b) Promptly upon becoming aware of a Senior Parent Event of Default, the relevant Senior Parent Agent may by notice (a "Senior Parent Enforcement Notice") in writing notify the Senior Agents of the existence of such Senior Parent Event of Default.

Appears in 1 contract

Samples: Intercreditor Agreement (Paysafe LTD)

Permitted Senior Parent enforcement. (a) Subject to Clause 6.12 (Enforcement on behalf of Senior Parent Creditors), the restrictions in Clause 6.8 (Restrictions on enforcement by Senior Parent Creditors) will not apply if: (i) a Senior Parent Event of Default (the "Relevant Senior Parent Default") is continuing; (ii) each Senior Agent has received a notice of the Relevant Senior Parent Default specifying the event or circumstance in relation to the Relevant Senior Parent Default from the relevant Senior Parent Agent; (iii) a Senior Parent Standstill Period (as defined below) has elapsed; and (iv) the Relevant Senior Parent Default is continuing at the end of the relevant Senior Parent Standstill Period. (b) Promptly upon becoming aware of a Senior Parent Event of Default, the relevant Senior Parent Agent may by notice (a "Senior Parent Enforcement Notice") in writing notify the Senior Agents and the Security Agent of the existence of such Senior Parent Event of Default.

Appears in 1 contract

Samples: Intercreditor Agreement

Permitted Senior Parent enforcement. (a) Subject to Clause 6.12 (Enforcement on behalf of Senior Parent Creditors), the restrictions in Clause 6.8 (Restrictions on enforcement by Senior Parent Creditors) will not apply if: (i) a Senior Parent Event of Default (the "Relevant Senior Parent Default") is continuing; (ii) the Revolving Agent and each Senior Agent has received a notice of the Relevant Senior Parent Default specifying the event or circumstance in relation to the Relevant Senior Parent Default from the relevant Senior Parent Agent; (iii) a Senior Parent Standstill Period (as defined below) has elapsed; and (iv) the Relevant Senior Parent Default is continuing at the end of the relevant Senior Parent Standstill Period. (b) Promptly upon becoming aware of a Senior Parent Event of Default, the relevant Senior Parent Agent may by notice (a "Senior Parent Enforcement Notice") in writing notify the Revolving Agent and each Senior Agents Agent of the existence of such Senior Parent Event of Default.

Appears in 1 contract

Samples: Commitment Letter

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Permitted Senior Parent enforcement. (a) Subject to Clause 6.12 (Enforcement on behalf of Senior Parent Creditors), the restrictions in Clause 6.8 (Restrictions on enforcement by Senior Parent Creditors) will not apply if: (i) a Senior Parent Event of Default (the "Relevant Senior Parent Default") is continuing; (ii) each Senior Agent has received a notice of the Relevant Senior Parent Default specifying the event or circumstance in relation to the Relevant Senior Parent Default from the relevant Senior Parent Agent; (iii) a Senior Parent Standstill Period (as defined below) has elapsed; and (iv) the Relevant Senior Parent Default is continuing at the end of the relevant Senior Parent Standstill Period. (b) Promptly upon becoming aware of a Senior Parent Event of Default, the relevant Senior Parent Agent may by notice (a "Senior Parent Enforcement Notice") in writing notify the each Senior Agents Agent of the existence of such Senior Parent Event of Default.

Appears in 1 contract

Samples: Intercreditor Agreement

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