Common use of Remedies Upon Actionable Default Clause in Contracts

Remedies Upon Actionable Default. If the Collateral Trustee at any time receives a Notice of Actionable Default, the Collateral Trustee will promptly deliver written notice thereof to each Secured Debt Representative. Thereafter, the Collateral Trustee may await direction by an Act of Instructing Debtholders and will act, or decline to act, as directed by an Act of Instructing Debtholders, in the exercise and enforcement of the Collateral Trustee'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 Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Instructing Debtholders. Unless it has been directed to the contrary by an Act of Instructing Debtholders, the Collateral Trustee in any event may (but will not be obligated to) take or refrain from taking such action with respect to any Actionable Default as it may deem advisable and in the best interest of the holders of Secured Obligations.

Remedies Upon Actionable Default. If the Collateral Trustee at any time receives a Notice of Actionable DefaultDefault or other notice that an Actionable Default has occurred and is continuing, the Collateral Trustee it will promptly deliver written notice thereof to each Secured Debt RepresentativeRepresentative and the Company. Thereafter, the Collateral Trustee may await direction by an Act of Instructing Debtholders and will act, or decline to act, as directed by an Act of Instructing Debtholders, in the exercise and enforcement of the Collateral Trustee'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 Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Instructing Debtholders. Unless it has been directed to the contrary by an Act of Instructing Debtholders, the Collateral Trustee in any event may (but will shall not be obligated to) take or refrain from taking such action with respect to any Actionable Default as it may deem advisable and in the best interest of the holders of Secured Obligations.

Remedies Upon Actionable Default. If the Collateral Trustee Agent at any time receives a Notice of Actionable Default, the Collateral Trustee Agent will promptly deliver written notice thereof to each Secured Debt Representative. Thereafter, the Collateral Trustee Agent may await direction by an Act of Instructing Required Debtholders and will act, or decline to act, as directed by an Act of Instructing Required Debtholders, in the exercise and enforcement of the Collateral TrusteeAgent'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 Trustee Agent will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Instructing Required Debtholders. Unless it has been directed to the contrary by an Act of Instructing Required Debtholders, the Collateral Trustee Agent in any event may (but will not be obligated to) take or refrain from taking such action with respect to any Actionable Default as it may deem advisable and in the best interest of the holders of Secured Obligations.

Remedies Upon Actionable Default. If the Collateral Trustee at any time receives a Notice of Actionable Default, the Collateral Trustee will promptly deliver written notice thereof to each Secured Priority Debt Representative. Thereafter, the Collateral Trustee may shall await direction by an Act of Instructing Debtholders and will act, or decline to act, as directed by an Act of Instructing Debtholders, in the exercise and enforcement of the Collateral Trustee'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 Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Instructing Debtholders. Unless it has been directed to the contrary by an Act of Instructing Debtholders, the Collateral Trustee in any event may (but will not be obligated to) take or refrain from taking such action with respect to any Actionable Default as it may deem advisable and in the best interest of the holders of Secured Priority Lien Obligations.

Remedies Upon Actionable Default. If the Collateral Trustee Agent at any time receives a Notice of Actionable Default, the Collateral Trustee Agent will promptly deliver written notice thereof to each Secured Debt Representative. Thereafter, the Collateral Trustee Agent may await direction by an Act of Instructing Required Debtholders and will act, or decline to act, as directed by an Act of Instructing Required Debtholders, in the exercise and enforcement of the Collateral Trustee's Agent’s interests, rights, powers and remedies in respect of the Pledged Collateral or under the Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee Agent will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Instructing Required Debtholders. Unless it has been directed to the contrary by an Act of Instructing Required Debtholders, the Collateral Trustee Agent in any event may (but will not be obligated to) take or refrain from taking such action with respect to any Actionable Default as it may deem advisable and in the best interest of the holders of Secured Obligations.

Remedies Upon Actionable Default. If the Collateral Trustee at any time receives a Notice of Actionable Default, the Collateral Trustee will promptly deliver written notice thereof to each Secured Priority Debt Representative. Thereafter, the Collateral Trustee may shall await direction by an Act of Instructing Debtholders and will act, or decline to act, as directed by an Act of Instructing Debtholders, in the exercise and enforcement of the Collateral Trustee'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 Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Instructing Debtholders. Unless it has been directed to the contrary by an Act of Instructing Debtholders, the Collateral Trustee in any event may (but will not be obligated to) take or refrain from taking such action with respect to any Actionable Default as it may deem advisable and in the best interest of the holders of Secured Priority Lien Obligations.

Remedies Upon Actionable Default. If the Collateral Trustee Agent at any time receives a Notice of Actionable Default, the Collateral Trustee will promptly Agent will, as soon as reasonably practicable, deliver written notice thereof to each Secured Debt Representative. Thereafter, the Collateral Trustee Agent may await direction by an Act of Instructing Debtholders and will act, or decline to act, as directed by an Act of Instructing Debtholders, in the exercise and enforcement of the Collateral Trustee's Agent’s interests, rights, powers and remedies in respect of the Collateral or under the Security Collateral Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee Agent will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Instructing Debtholders. Unless it has been directed to the contrary by an Act of Instructing Debtholders, the Collateral Trustee Agent in any event may (but will not under any circumstances be obligated to) take or refrain from taking such action with respect to any Actionable Default as it may deem advisable and in the best interest of the holders of Secured Obligations.

Remedies Upon Actionable Default. If the Collateral Trustee at any time receives a Notice of Actionable DefaultDefault or other notice that an Actionable Default has occurred and is continuing, the Collateral Trustee it will promptly deliver written notice thereof to each Secured Debt Representative. Thereafter, the Collateral Trustee may await direction by an Act of Instructing Debtholders and will act, or decline to act, as directed by an Act of Instructing Debtholders, in the exercise and enforcement of the Collateral Trustee'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 Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Instructing Debtholders. Unless it has been directed to the contrary by an Act of Instructing Debtholders, the Collateral Trustee in any event may (but will shall not be obligated to) take or refrain from taking such action with respect to any Actionable Default as it may deem advisable and in the best interest of the holders of Secured Obligations.