Common use of Significant Event Notices Clause in Contracts

Significant Event Notices. (a) Upon receipt by the Shared Collateral Agent of a Significant Event Notice, the Shared Collateral Agent shall promptly notify the Ultimate Parent, the Grantors and the Administrative Agents of the receipt and contents thereof, subject to the second sentence of subsection 2.1(b). So long as such Significant Event Notice is in effect in accordance with subsection 2.1(b) hereof, the Shared Collateral Agent shall exercise the rights and remedies available during the continuance of the applicable Event(s) of Default or Acceleration Event, as the case may be, provided in this Intercreditor Agreement and in the Shared Collateral Security Documents and permitted by applicable law to enforce the Secured Obligations, including taking any Shared Collateral Enforcement Action, subject to the written direction of the Required Shared Collateral Secured Parties, as provided herein.