Permitted Enforcement Action definition

Permitted Enforcement Action means any action of any kind:
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Permitted Enforcement Action means (a) the acceptance by any Subordinated Creditor of cash payments of interest to the extent that the same is permitted by subsection 2.3(a)(ii) hereof, (b) the filing of a lawsuit for payment of, or initiating or participating with others in any suit, action or proceeding against any Debtor to (i) enforce payment of or to collect the whole or any part of the Subordinated Debt or (ii) commence judicial enforcement of any of the rights and remedies under the Subordinated Debt Documents or applicable law with respect to the Subordinated Debt or (c) the acceleration of the Subordinated Debt.
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Permitted Enforcement Action means the cancellation of any commitments by a Subordinated Creditor following the occurrence of an Event of Default and/or the giving of any notice by a Subordinated Creditor to the Note Parties of a failure to pay any amount due and payable at final maturity or that any Subordinated Debt is prematurely due and payable or payable on demand.
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Examples of Permitted Enforcement Action in a sentence

  • The taking of Permitted Enforcement Action by the Note Trustee shall trigger an automatic acceleration of the Secured Liabilities.

  • Whilst the Note Trustee’s rights to take any action to enforce its rights against the Issuer and/or the Guarantor following an Event of Default are partially restricted under the Intercreditor Agreement, the taking of Permitted Enforcement Action by the Note Trustee is not restricted.

  • No Credit Facility Creditor or Notes Creditor may take any Enforcement Action (other than a Permitted Enforcement Action) without the prior written consent of the Relevant Secured Creditor Groups other than in accordance with Clause 8 (Enforcement of Transaction Security).

  • Whilst the Note Trustee’s rights to take any action to enforce its rights against the Issuer and/or the Guarantors following an Event of Default are partially restricted under the Existing Intercreditor Agreement, the taking of ICA Permitted Enforcement Action by the Note Trustee is not restricted.

  • The taking of ICA Permitted Enforcement Action by the Note Trustee shall trigger an automatic acceleration of the Secured Liabilities (as defined in the Existing Intercreditor Agreement).

  • As a result, if there is an event of default under the terms of the Existing Notes, the Existing Noteholders may take ICA Permitted Enforcement Action under the Existing Intercreditor Agreement.

  • If the Existing Noteholders instructed the Note Trustee to take ICA Permitted Enforcement Action, this may result in the insolvency of the Issuer and MidCo. Pursuant to the terms of the STID, Secured Creditors who are also ICA Secured Creditors agree not to take any ICA Permitted Enforcement Action during the Transition Period, however not all ICA Secured Creditors are parties to the STID and therefore are not bound by its terms.

  • The taking of Permitted Enforcement Action by the Note Trustee or a U.S. PP Noteholder shall trigger an automatic acceleration of the Secured Liabilities.

  • Subject to Clause 3.5 (Permitted Enforcement Action), prior to the Discharge Date, the Intra-Group Creditor may not take Enforcement Action without the prior consent of the Facility Agent.

  • Subject to Clauses 5.3 (Permitted Enforcement Action by the Hedging Banks) and save as provided in Clause 7 (Enforcement of Security) in relation to the Majority Banks, no Hedging Bank may take Enforcement Action in relation to Hedging Indebtedness owed to them.


More Definitions of Permitted Enforcement Action

Permitted Enforcement Action means (a) any enforcement, collection or similar proceeding with respect to Borrower or any other Company or the exercise of any remedy (including, without limitation, the institution of suit and the enforcement of any judgment) undertaken by a Subordinated Lender to enforce the Subordinated Lender Obligations owing to it, other than any enforcement, collection or similar proceeding with respect to the Subordinated Lender Collateral, or (b) the commencement by the Collateral Agent, acting at the direction of the Required Existing Banks or the Majority Noteholders to enforce the Subordinated Lender Liens.
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Permitted Enforcement Action means any Remedial Action taken by the BH Senior Lenders with respect to the BH Collateral only.
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Permitted Enforcement Action means any Remedial Action taken by the BH Senior Agent and/or any BH Senior Lenders solely with respect to BH First Priority Collateral or any BH Guarantor that then owns any interest in any BH First Priority Collateral.
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Permitted Enforcement Action means, with respect to actions of each Subordinated Indebtedness Secured Party, (i) filing of a claim or statement of interest with respect to the Subordinated Indebtedness; provided that an Insolvency Proceeding has been commenced by or against the Issuer or any Subsidiary Guarantor; (ii) taking any action in order to create, perfect, preserve or protect its Lien on the Collateral; provided, that no such action is, or could reasonably be expected to be, inconsistent with the terms of this Agreement, including, without limitation, the automatic release of the Liens of the Subordinated Lien Collateral Agent provided for in Section 5.3(a); (iii) filing any necessary responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading made by any person objecting to or otherwise seeking the disallowance of the claims of the Subordinated Indebtedness Secured Parties, including any claims secured by the Collateral, if any, in each case, to the extent not inconsistent with the terms of this Agreement; (iv) voting on any plan of reorganization, filing any proof of claim, making other filings and making any arguments and motions with respect to the Subordinated Indebtedness and the Collateral, in each case, to the extent not inconsistent with the terms of this Agreement; (v) filing any pleadings, objections, motions or agreements which assert rights or interests available to unsecured creditors of any Subsidiary Guarantor arising under either any Insolvency Proceeding or applicable non-bankruptcy law, in each case, to the extent consistent with the terms of this Agreement; and (vi) exercising any of its rights or remedies with respect to the Collateral after the termination of the Standstill Period to the extent permitted by Section 4.2(b).
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Related to Permitted Enforcement Action

  • Enforcement Action means any action of any kind to:

  • Post-Enforcement Priority of Payments means the order of priority pursuant to which the Guarantor Available Funds shall be applied on each Guarantor Payment Date, following the delivery of a Guarantor Default Notice, in accordance with the Intercreditor Agreement.

  • Law enforcement agency means an agency of the state, or of a county, municipality, or other political subdivision of the state, that employs peace officers who make traffic stops in the routine performance of the officers' official duties.

  • Second Priority Obligations means (a) with respect to the Existing Second Priority Agreement, all “Secured Obligations” of each Loan Party as defined in the “Security Agreement” referred to in the Existing Second Priority Agreement and (b) with respect to each other Second Priority Agreement, (i) all principal of and interest (including without limitation any Post-Petition Interest) and premium (if any) on all indebtedness under such Second Priority Agreement, and (ii) all guarantee obligations, fees, expenses and other amounts payable from time to time pursuant to the applicable Second Priority Documents, in each case whether or not allowed or allowable in an Insolvency Proceeding. To the extent any payment with respect to any Second Priority Obligation (whether by or on behalf of any Loan Party, as proceeds of security, enforcement of any right of setoff or otherwise) is declared to be a fraudulent conveyance or a preference in any respect, set aside or required to be paid to a debtor in possession, any First Priority Secured Party, receiver or similar Person, then the obligation or part thereof originally intended to be satisfied shall, for the purposes of this Agreement and the rights and obligations of the First Priority Secured Parties and the Second Priority Secured Parties hereunder, be deemed to be reinstated and outstanding as if such payment had not occurred.

  • Senior Collateral Agent means Citicorp USA, Inc., in its capacity as Senior Collateral Agent under the Senior Collateral Documents, and its successors.

  • First Priority Obligations means (a) with respect to the Existing First Priority Agreement, all “Obligations” of each Loan Party as defined in the Existing First Priority Agreement and (b) with respect to each other First Priority Agreement, all “Obligations” of each Loan Party as defined in such First Priority Agreement, and shall in any event include (i) all principal of and interest (including without limitation any Post-Petition Interest) and premium (if any) on all loans made or other indebtedness issued or incurred pursuant to such First Priority Agreement, (ii) all reimbursement obligations (if any) and interest thereon (including without limitation any Post-Petition Interest) with respect to any letter of credit or similar instruments issued pursuant to such First Priority Agreement, (iii) all Specified Swap Agreements, (iv) all Specified Cash Management Agreements and (v) all guarantee obligations, fees, expenses and other amounts payable from time to time pursuant to the applicable First Priority Documents, in each case whether or not allowed or allowable in an Insolvency Proceeding. To the extent any payment with respect to any First Priority Obligation (whether by or on behalf of any Loan Party, as proceeds of security, enforcement of any right of setoff or otherwise) is declared to be a fraudulent conveyance or a preference in any respect, set aside or required to be paid to a debtor in possession, any Second Priority Secured Party, receiver or similar Person, then the obligation or part thereof originally intended to be satisfied shall, for the purposes of this Agreement and the rights and obligations of the First Priority Secured Parties and the Second Priority Secured Parties, be deemed to be reinstated and outstanding as if such payment had not occurred.

  • Trust Enforcement Event in respect of the Securities means an Indenture Event of Default has occurred and is continuing in respect of the Debentures.

  • ABL Priority Collateral has the meaning set forth in the Intercreditor Agreement.

  • Term Obligations shall include all interest accrued or accruing (or which would, absent commencement of an Insolvency or Liquidation Proceeding, accrue) after commencement of an Insolvency or Liquidation Proceeding in accordance with the rate specified in the relevant Term Document whether or not the claim for such interest is allowed as a claim in such Insolvency or Liquidation Proceeding.

  • Senior Collateral Documents means the Guarantee and Pledge Agreement and the other Security Documents, the First Lien Intercreditor Agreement (upon and after the initial execution and delivery thereof by the initial parties thereto) and each of the security agreements and other instruments and documents executed and delivered by Holdings or any Borrower or other Grantor for purposes of providing collateral security for any Senior Obligation.

  • Second Priority Collateral Documents means the Noteholder Collateral Documents and any other agreement, document or instrument pursuant to which a Lien is now or hereafter granted securing any Second Priority Claims or under which rights or remedies with respect to such Liens are at any time governed.

  • Second Priority Collateral means any “Collateral” as defined in any Second Priority Debt Document or any other assets of the Borrower or any other Grantor with respect to which a Lien is granted or purported to be granted pursuant to a Second Priority Collateral Document as security for any Second Priority Debt Obligation.

  • Senior Collateral means any “Collateral” as defined in any Credit Agreement Loan Document or any other Senior Debt Document or any other assets of the Borrower or any other Grantor with respect to which a Lien is granted or purported to be granted pursuant to a Senior Collateral Document as security for any Senior Obligations.

  • Term Priority Collateral has the meaning set forth in the Intercreditor Agreement.

  • Discharge of Priority Lien Obligations means the occurrence of all of the following:

  • Drug enforcement administration means the drug enforcement