Trustee's Notices Sample Clauses

Trustee's Notices. If either Trustee has notice of a Default or Event of Default, such Trustee shall give notice to the other Trustee and to the Collateral Agent within three Business Days after such notice of Default or Event of Default. If a Trustee or the Requisite Holders by notice to the Issuer declare all unpaid principal and accrued interest to the date of acceleration on the New Note or the TransTexas Notes then outstanding to be due and payable, or if such principal and interest ipso facto becomes due and payable pursuant to Section 8.1(e) or Section 8.1(f) of the New Note Loan Agreement or Section 6.2 of the TransTexas Note Indenture, the New Note Holder, if the New Note becomes due and payable, or the TransTexas Note Trustee, if the TransTexas Notes become due and payable, shall give notice to the Collateral Agent and the other Trustee of such acceleration (an "Acceleration Notice") within three Business Days after such acceleration. Upon receipt by the Collateral Agent of an Acceleration Notice or upon receipt by the Collateral Agent of notice of an Event of Default under the TransTexas Note Indenture or the New Note Loan Agreement, together with instructions from the Required Secured Creditors as to the actions to be taken by the Collateral Agent, the Collateral Agent shall, within three Business Days after receipt of such notice and instructions, commence the taking of such actions toward collection or enforcement of any Collateral Document and the New Note Collateral (or any portion thereof), including, without limitation, action toward foreclosure upon any New Note Collateral, as instructed by the Required Secured Creditors. If any Default or Event of Default which was the basis for the giving of a notice to the Collateral Agent shall be cured or waived, and, in the case where there has been an acceleration, rescission of such acceleration has occurred, in accordance with the terms of the TransTexas Note Indenture or the New Note Loan Agreement, any direction to the Collateral Agent to take any action in connection with such notice shall be deemed rescinded upon notification by the TransTexas Note Trustee or the New Note Holder given to the Collateral Agent of such cure or waiver and rescission of acceleration, if applicable.