Actionable 13% Default definition
Actionable 13% Default means the non-payment at scheduled final maturity of the 13% Notes (or the declaration prior to their stated final maturity that all of 13% Notes are due and payable pursuant to Section 10.02 of the 13% Indenture or the automatic acceleration of the 13% Notes pursuant to Section 10.02 of the 13% Indenture); provided that upon delivery of a Notice of Actionable 13% Default, the Collateral Agent may assume that an Actionable 13% Default shall be deemed to be continuing unless the Notice of Actionable 13% Default delivered with respect thereto shall have been withdrawn in a writing delivered to the Collateral Agent by the 13% Trustee or the Majority Holders prior to the first date on which the Collateral Agent commences the exercise of any remedy with respect to the Collateral following the receipt of such Notice of Actionable 13% Default.
Examples of Actionable 13% Default in a sentence
Upon receipt of a Notice of Actionable 13% Default given by the 13% Trustee, the Collateral Agent shall, within five days thereafter, notify the 7.5% Trustee that an Actionable 13% Default exists.