Second Lien Enforcement Date means the date which is 180 days after the occurrence of (i) an Event of Default (under and as defined in the Second Lien Credit Agreement) and (ii) the First Lien Administrative Agent’s receipt of written notice from the Second Lien Administrative Agent certifying that (x) an Event of Default (under and as defined in the Second Lien Credit Agreement) has occurred and is continuing and (y) the Second Lien Obligations are then due and payable in full under the terms of the Second Lien Credit Agreement; provided that the Second Lien Enforcement Date shall be stayed and thereby deemed not to have occurred (1) at any time that the First Lien Administrative Agent or the First Lien Secured Parties have commenced and are then diligently pursuing any Enforcement Action with respect to a material portion of the Collateral, (2) at any time any Grantor is then a debtor under or with respect to (or otherwise subject to) any Insolvency or Liquidation Proceeding or (3) if the acceleration of the Second Lien Obligations (if any) is rescinded in accordance with the terms of the Second Lien Credit Agreement or the Event of Default (under and as defined in the Second Lien Credit Agreement) has been cured or waived in accordance with the terms of the Second Lien Credit Agreement.
Second Lien Enforcement Date means the date which is 180 days after the occurrence of (i) an Event of Default (under and as defined in the Second Lien Credit Agreement) and (ii) the First Lien Collateral Agent’s receipt of written notice from the Second Lien Collateral Agent certifying that (x) an Event of Default (under and as defined in the Second Lien Credit Agreement) has occurred and is continuing and (y) the Second Lien Obligations are currently due and payable in full (whether as a result of acceleration thereof or otherwise) in accordance with the terms of the Second Lien Credit Agreement; provided that the Second Lien Enforcement Date shall be stayed and shall not occur and shall be deemed not to have occurred (1) at any time the First Lien Collateral Agent or the First Lien Secured Parties have commenced and are diligently pursuing any enforcement action with respect to all or a material portion of the Common Collateral, (2) at any time any Grantor is then a debtor under or with respect to (or otherwise subject to) any Insolvency or Liquidation Proceeding, or (3) if the acceleration of the Second Lien Obligations (if any) is rescinded in accordance with the terms of the Second Lien Credit Agreement.
Second Lien Enforcement Date means, at any time while an “Event of Default” exists under (and as defined in) the Second-Lien Note Documents, the date which is 180 days after the occurrence of (i) such “Event of Default” and (ii) the First-Lien Collateral Agent’s receipt of written notice from the Second-Lien Collateral Agent certifying that such “event of default” has occurred and is continuing (and requesting that enforcement action be taken with respect to the Collateral), so long as the respective “event of default” shall not have been cured or waived (or the respective acceleration rescinded).
Examples of Second Lien Enforcement Date in a sentence
Subject at all times to the provisions of Section 2.1 and Section 2.11 of this Agreement, on and after the Second Lien Enforcement Date, the Second Lien Lender Parties may take any Enforcement Action under the Second Lien Debt Documents, including, without limitation, any Enforcement Action with respect to all or any part of the Collateral.
The Second Lien Representative, on behalf of itself and the Second Lien Secured Parties, agrees that, prior to the Second Lien Enforcement Date, it will not take or receive any Collateral or any proceeds of Collateral in connection with the exercise of any right or remedy (including set-off or recoupment) with respect to any Collateral.
From and after the date upon which the Discharge of First Lien Obligations shall have occurred (or, with respect to the Second Lien Collateral Agent, acting on behalf of itself and the Second Lien Secured Parties, prior thereto upon the occurrence of the Second Lien Enforcement Date), the Subordinated Lien Collateral Agents or any Subordinated Lien Secured Party may Exercise Any Secured Creditor Remedies under the applicable Subordinated Lien Documents or applicable law as to any Common Collateral.
More Definitions of Second Lien Enforcement Date
Second Lien Enforcement Date means the date which is 180 days following the date upon which the First Lien Agent receives a notice from the Second Lien Agent certifying that (i) an Event of Default (under and as defined in the Second Lien Financing Agreement) has occurred and is continuing, and (ii) Second Lien Lenders holding the requisite amount of Second Lien Obligations (or the Second Lien Agent on their behalf) have declared the Second Lien Obligations to be due and payable prior to their stated maturity in accordance with the Second Lien Financing Agreement; provided, that the Second Lien Enforcement Date shall be stayed and shall not occur and shall be deemed not to have occurred (w) at any time the First Lien Agent or the First Lien Lenders have commenced, and are diligently pursuing, any enforcement action with respect to the Common Collateral, (x) the First Lien Agent (or the First Lien Lenders holding the requisite amount of First Lien Obligations) has declared the First Lien Obligations to be due and payable prior to their stated maturity, (y) at any time any Borrower or any Guarantor is then a debtor under or with respect to (or otherwise subject to) any Insolvency or Liquidation Proceeding or (z) if the acceleration of the Second Lien Obligations is rescinded in accordance with the terms of the Second Lien Financing Agreement.
Second Lien Enforcement Date means the date which is 180 days after the occurrence of (i) an Event of Default (under and as defined in the Second Lien Credit Agreement) and (ii) the First Lien Administrative Agent’s receipt of written notice (which notice shall reference this Agreement) from the Second Lien Administrative Agent certifying that an Event of Default (under and as defined in the Second Lien Credit Agreement) has occurred and is continuing; provided that the Second Lien Enforcement Date shall be stayed and thereby deemed not to have occurred (1) at any time that the First Lien Administrative Agent or the First Lien Claimholders have commenced and are then diligently pursuing any Enforcement Action with respect to all or a material portion of the Collateral, (2) at any time any Grantor is then a debtor under or with respect to (or otherwise subject to) any Insolvency or Liquidation Proceeding or CHARl\1175377v2 11
Second Lien Enforcement Date means, with respect to the Designated Second Lien Representative, prior to the Discharge of First Lien Obligations, the date which is 180 days after the occurrence of both (i) an Event of Default (under and as defined in the Second Lien Documents for which such Second Lien Representative has been named as Representative) and (ii) the First Lien Collateral Trustee’s receipt of written notice from such Second Lien Representative that (x) such Second Lien Representative is the Designated Second Lien Representative and that an Event of Default (under and as defined in the Second Lien Documents for which such Second Lien Representative has been named as a Representative) has occurred and is continuing and (y) the Second Lien Obligations of the series with respect to which such Second Lien Representative has been named as a Representative are currently due and payable in full (whether as a result of acceleration thereof or otherwise) in accordance with the terms of the applicable Second Lien Document; provided that the Second Lien Enforcement Date shall be stayed and shall not occur and shall be deemed not to have occurred (1) at any time the First Lien Collateral Trustee has commenced and is diligently pursuing any enforcement action with respect to all or any material portion of the Shared Collateral or (2) at any time the Company or applicable other Grantor which has granted a security interest in such Shared Collateral is then a debtor under or with respect to (or otherwise subject to) any Insolvency or Liquidation Proceeding.
Second Lien Enforcement Date means the date which is 120 days after the occurrence of (a) an Event of Default (under and as defined in the Indenture) and (b) the First Lien Collateral Agent’s receipt of written notice from the Second Lien Collateral Agent certifying that (i) an Event of Default (under and as defined in the Indenture) has occurred and is continuing and (ii) the Second Lien Obligations are currently due and payable in full (whether as a result of acceleration thereof or otherwise) in accordance with terms of the Indenture; provided that the Second Lien Enforcement Date shall be stayed and shall not occur and shall be deemed not to have occurred (1) at any time the First Lien Collateral Agent or the First Lien Claimholders have commenced and are diligently pursuing in good faith any enforcement action with respect to all or a material portion of the Collateral, (2) at any time any Grantor is then a debtor under or with respect to (or otherwise subject to) any Insolvency or Liquidation Proceeding or (3) if the acceleration of the Second Lien Obligations (if any) is rescinded in accordance with the terms of the Indenture or otherwise.
Second Lien Enforcement Date means the date which is 180 days after the occurrence of (i) an Event of Default (under and as defined in the Second Lien Credit Agreement) and (ii) the First Lien Administrative Agent’s receipt of written notice from the Second Lien Administrative Agent certifying that an Event of Default (under and as defined in the Second Lien Credit Agreement) has occurred and is continuing; provided that the Second Lien Enforcement Date shall be stayed and shall not occur and shall be deemed not to have occurred (1) at any time the First Lien Administrative Agent or the First Lien Claimholders have commenced and are diligently pursuing any Enforcement Action against all or a material portion of the Collateral, (2) at any time any Grantor is then a debtor under or with respect to (or otherwise subject to) any Insolvency or Liquidation Proceeding or (3) if the Event of Default described in such written notice is waived by the Second Lien Claimholders or such written notice is otherwise rescinded by the Second Lien Claimholders.
Second Lien Enforcement Date means the date which is 180 days after the occurrence of (a) an Event of Default (under and as defined in the Second Lien Indenture) and acceleration of the indebtedness incurred pursuant to the Second Lien Notes and (b) each First Lien Agent’s receipt of written notice from the Second Lien Agent certifying that an Event of Default (under and as defined in the Second Lien Indenture) has occurred and is continuing and that there has been an acceleration of the Indebtedness incurred pursuant to the Second Lien Notes; provided that the Second Lien Enforcement Date shall be stayed and shall not occur and shall be deemed not to have occurred (i) at any time any First Lien Agent or any First Lien Secured Party have commenced and are diligently pursuing in good faith any exercise of rights and remedies with respect to all or a material portion of the Collateral and (ii) at any time the Obligor which has granted a security interest in the applicable Collateral is then a debtor under or with respect to (or otherwise subject to) any Insolvency or Liquidation Proceeding.
Second Lien Enforcement Date means, with respect to any Second Lien Representative, the date which is 180 days after the occurrence of both (i) an Event of Default (under and as defined in the Second Lien Document for which such Second Lien Representative has been named as Representative) and (ii) the Designated First Lien Representative's and each other Representative's receipt of written notice from such Second Lien Representative that (x) such Second Lien Representative is the Designated Second Lien Representative and that an Event of Default (under and as defined in the Second Lien Document for which such Second Lien Representative has been named as Representative) has occurred and is continuing and (y) the Second Lien Obligations of the series with respect to which such Second Lien Representative is the Second Lien Representative are currently due and payable in full (whether as a result of acceleration thereof or otherwise) in accordance with the terms of the applicable Second Lien Document; provided that the Second Lien Enforcement Date shall be stayed and shall not occur and shall be deemed not to have occurred at any time the Designated First Lien Representative has commenced and is diligently pursuing any enforcement action with respect to all or any material portion of the Shared Collateral (with prompt written notice of the commencement of such action to be given to such Second Lien Representative) or at any time the Issuer or the Guarantor Table of Contentswhich has granted a security interest in such Shared Collateral is then a debtor under or with respect to (or otherwise subject to) any Insolvency or Liquidation Proceeding.