Common use of Significant Event Notices Clause in Contracts

Significant Event Notices. (a) Upon receipt by the Subordinated Guarantee Agent of a Significant Event Notice from any Administrative Agent, the Subordinated Guarantee Agent shall promptly notify the Ultimate Parent, the Guarantors and the other Administrative Agents of the receipt and contents thereof, subject to the second sentence of Section 3.1(b). So long as such Significant Event Notice is in effect in accordance with Section 3.1(b), the Subordinated Guarantee 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 Agreement and permitted by applicable law to enforce the Guarantor Obligations, including taking any Enforcement Action, subject to the written direction of the Required Directing Credit Parties and, subject in all cases, to Section 5.