Examples of Liquidation Direction in a sentence
A Liquidation Direction may be revoked by the Controlling Class Representative as evidenced by a written notice (which notice may be made by facsimile transmission) thereof to the Secured Parties Representative.
Where no Liquidation Direction shall have been given and be in effect, the Borrower shall appoint any successor Secured Parties Representative with the consent of the Controlling Class, with such consent not to be unreasonably withheld.
The security constituted under the Security Documents over the Collateral shall become enforceable upon an acceleration of the maturity of any of the Notes pursuant to Condition 10(b) (Acceleration and Curing Default) or, in the event that the same has not precipitated an acceleration under Condition 10(b) (Acceleration and Curing Default), upon the service of a Liquidation Direction pursuant to the Intercreditor Arrangements.
After the Secured Parties Representative shall have received a Liquidation Direction and so long as such Liquidation Direction is in effect, the Secured Parties Representative may, either after entry or without entry, proceed by suit or suits at law or in equity to enforce such rights and to foreclose upon the Collateral and to sell all, or from time to time any, of the Collateral under the judgment or decree of a court of competent jurisdiction.
The Secured Parties Representative shall promptly take such actions upon receipt of a Liquidation Direction.
Such Liquidation Direction shall contain a certification to the effect that the Liquidation Direction has been given by the Controlling Class Representative on behalf of the Controlling Class and shall bind all other Secured Parties thereunder and hereunder.
If such agents or attorneys-in-fact are not officers or employees of the Secured Parties Representative (or an Affiliate thereof) or the Custodian, then the Borrower (provided that no Liquidation Direction shall then be in effect) and the Representatives shall have the right to consent to such appointment, which consent shall not be unreasonably withheld.
Furthermore, any sale of the Collateral by the Secured Parties Representative or the Custodian at the direction of the Secured Parties Representative shall be on such terms and in such manner as directed in a Liquidation Direction by the Controlling Class pursuant to Section 3.5(c)(iv).
After a Liquidation Direction, and notwithstanding any other provision in this Indenture, all amounts, if any, in the Payment Account or the Collection Account shall be delivered by the Trustee to the Collateral Agent to be disbursed by the Collateral Agent in accordance with the terms of the Pledge Agreement.
Furthermore, any sale of the Collateral by the Secured Parties Representative or the Custodian at the direction of the Secured Parties Representative shall be on such terms and in such manner as directed in a Liquidation Direction by the Controlling Class pursuant to subsection 3.5(c)(iv).