Common use of Enforcement of Liens Clause in Contracts

Enforcement of Liens. If the Collateral Agent at any time receives written notice stating that a Secured Debt Default has occurred, the Collateral Agent will promptly deliver written notice thereof to each Secured Debt Representative. Thereafter, the Collateral Agent shall await direction by an Act of Required Secured Parties and will act, or decline to act, as directed by an Act of Required Secured Parties, in the exercise and enforcement of the Collateral Agent’s interests, rights, powers and remedies in respect of the Collateral or under the Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Agent will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Required Secured Parties; provided, however, that upon expiration of the Standstill Period the Collateral Agent shall exercise or decline to exercise enforcement rights, powers and remedies as directed by the Required Junior Lien Debtholders as provided in Section 2.07 hereof unless the First Lien Secured Parties or a First Lien Debt Representative shall have caused the Collateral Agent to commence and diligently pursue the exercise of rights and remedies with respect to all or any material portion of the Collateral. Unless it has been directed to the contrary by an Act of Required Secured Parties, the Collateral Agent in any event may (but will not be obligated to) take or refrain from taking such action with respect to any default under any Secured Debt Document as it may deem advisable.

Enforcement of Liens. If the Collateral Agent at Following receipt of any time receives written notice stating that a Secured Debt an Event of Default has occurred, the Collateral Agent will promptly deliver written notice thereof to each Secured Debt Representative. Thereafter, the Collateral Agent shall await direction by an Act the Administrative Agent on behalf of Required the Secured Parties Beneficiaries and will act, or decline to act, as directed by an Act the Administrative Agent on behalf of Required the Secured PartiesBeneficiaries, in the exercise and enforcement of the Collateral Agent’s interests, rights, powers and remedies in respect of the Collateral or under the Security Collateral Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Agent will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Required Secured Parties; provided, however, that upon expiration the Administrative Agent on behalf of the Standstill Period the Collateral Agent shall exercise or decline to exercise enforcement rights, powers and remedies as directed by the Required Junior Lien Debtholders as provided in Section 2.07 hereof unless the First Lien Secured Parties or a First Lien Debt Representative shall have caused the Collateral Agent to commence and diligently pursue the exercise of rights and remedies with respect to all or any material portion of the CollateralBeneficiaries. Unless it has been directed to the contrary by an Act the Administrative Agent on behalf of Required the Secured PartiesBeneficiaries, the Collateral Agent in any event may (but will not be obligated to) take or refrain from taking such action with respect to any default all lawful and commercially reasonable actions permitted under any Secured Debt Document as the Collateral Documents that it may deem advisablenecessary or advisable to protect or preserve its interest in the Collateral as the Collateral Agent subject thereto, and the interests, rights, powers and remedies granted or available to it as the Collateral Agent for the Secured Beneficiaries under, pursuant to or in connection with the Collateral Documents.

Enforcement of Liens. If the Collateral Agent at Following receipt of any time receives written notice stating that a Secured Debt an Event of Default has occurred, the Collateral Agent will promptly deliver written notice thereof to each Secured Debt Representative. Thereafter, the Collateral Agent shall await direction by an Act the Administrative Agent on behalf of Required the Secured Parties Beneficiaries and will act, or decline to act, as directed by an Act the Administrative Agent on behalf of Required the Secured PartiesBeneficiaries, in the exercise and enforcement of the Collateral Agent’s interests, rights, powers and remedies in respect of the Collateral or under the Security Collateral Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Agent will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Required Secured Parties; provided, however, that upon expiration the Administrative Agent on behalf of the Standstill Period the Collateral Agent shall exercise or decline to exercise enforcement rights, powers and remedies as directed by the Required Junior Lien Debtholders as provided in Section 2.07 hereof unless the First Lien Secured Parties or a First Lien Debt Representative shall have caused the Collateral Agent to commence and diligently pursue the exercise of rights and remedies with respect to all or any material portion of the CollateralBeneficiaries. Unless it has been directed to the contrary by an Act the Administrative Agent on behalf of Required the Secured PartiesBeneficiaries, the Collateral Agent in any event may (but will not be obligated to) take or refrain from taking such action with respect to any default all lawful and commercially reasonable actions permitted under any Secured Debt Document as the Collateral Documents that it may deem advisable.necessary or advisable to protect or preserve its interest in the Collateral as the Collateral Agent subject thereto, and the interests, rights, powers and remedies granted or available to it as the Collateral Agent for the Secured Beneficiaries under, pursuant to or in connection with the Collateral Documents. *** Confidential treatment has been requested for the portions marked by “***”. The confidential redacted portions have been omitted and filed separately with the Commission

Enforcement of Liens. If the Collateral Agent at any time receives written notice stating that any event has occurred that constitutes a default under any Secured Debt Default has occurredDocument entitling the Collateral Agent to foreclose upon, collect or otherwise enforce its Liens under the Security Documents, the Collateral Agent will promptly deliver written notice thereof to each Secured Debt Representative. Thereafter, the Collateral Agent shall may await direction by an Act of Required Secured Parties and will act, or decline to act, as directed by an Act of Required Secured Parties, in the exercise and enforcement of the Collateral Agent’s interests, rights, powers and remedies in respect of the Collateral or under the Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Agent will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Required Secured Parties; provided, however, that upon expiration of the Standstill Period Period, the Collateral Agent shall exercise or decline to exercise enforcement rights, powers and remedies as directed by the Required Junior Lien Debtholders as provided in Section 2.07 2.4 hereof unless the First priority Lien Secured Parties or a First Priority Lien Debt Representative shall have caused the Collateral Agent to commence and diligently pursue the exercise of rights and remedies with respect to all or any material portion of the Collateral. Unless it has been directed to the contrary by an Act of Required Secured Parties, the Collateral Agent in any event may (but will not be obligated to) take or refrain from taking such action with respect to any default under any Secured Debt Document as it may deem advisableadvisable and in the best interest of the Secured Parties.