Enforcement Direction definition
Examples of Enforcement Direction in a sentence
The Collateral Agent shall give each Secured Party prompt notice of its receipt of any Enforcement Direction.
Upon receipt of an Enforcement Direction, the Collateral Trustee shall, as promptly as practicable, if so instructed by the Secured Party or Secured Parties giving such Enforcement Direction, subject to applicable law, take Enforcement Action.
During the period of ten (10) Business Days following delivery of an Enforcement Direction, any Required Enforcement Secured Parties that do not agree with the means of enforcement set out in such Enforcement Direction may give the Collateral Agent written notice of such disagreement indicating the specific directions to which such disagreement pertains (an “Enforcement Disagreement”).
If a notice of an Enforcement Disagreement is duly given within such 10 Business Day period, the Collateral Agent shall not take any enforcement action with respect to the specific directions that are the subject of such Enforcement Disagreement until the earlier of (i) the date the Required Secured Parties direct the Collateral Agent to take specific enforcement action, or (ii) the date that is sixty days after the date the Enforcement Direction was first delivered.
If no notice of an Enforcement Disagreement is duly given within such 10 Business Day period (or if the Required Secured Parties so direct), the Collateral Agent shall proceed promptly to take the action set out in the Enforcement Direction, provided that all actions directed by the Directing Required Enforcement Secured Parties are subject at all times to being overruled by the directions given by the Required Secured Parties.
Guarantor acknowledges that the Offshore Collateral Agent has notice of and is relying on this Guarantee and, accordingly, that Guarantor's obligations hereunder are directly enforceable against it by the Offshore Collateral Agent, acting on behalf of the Senior Lenders pursuant to a Borrower Enforcement Direction, as third party beneficiary of and assignee under this Guarantee.
To the extent permitted by applicable law and except as otherwise provided in an Enforcement Direction, proceeds of insurance or reinsurance shall be applied as set forth in this Section 5.05.
After receipt by the Administrative Agent of a Borrower Enforcement Direction that requires funds standing to the credit of the Accounts to be applied as contemplated in this Section 4.18, the Trustee shall operate the Proceeds Account and its Sub-Accounts as set forth in this Section 4.18 and the Onshore Collateral Agent shall have the exclusive right to direct transfers of funds on deposit in the Onshore Accounts.
Following receipt of a Borrower Enforcement Direction, the Administrative Agent shall have the right to request the Trustee and the Collateral Agents to apply all funds standing to the credit of the Accounts in Section 4.18.
The Collateral Agent shall give each Secured Party prompt notice of its receipt of any Enforcement Direction from the Required Secured Parties.