Common use of Default Procedure Clause in Contracts

Default Procedure. The Charge shall become immediately enforceable: (A) automatically upon the occurrence of any Event of Default described in sections 8.1(f) or 8.1(g) of the Facility Agreement (except with respect to Excluded Subsidiaries); and (B) at the request of (or with the consent of) the Requisite Lenders and upon notice to the Borrower by the Administrative Agent, upon the occurrence of any other Event of Default (including those described in sections 8.1(f) or 8.1(g) of the Facility Agreement with respect to Excluded Subsidiaries).

Appears in 2 contracts

Sources: Share Charge (3com Corp), Share Charge (3com Corp)