Actionable Event definition

Actionable Event has the meaning assigned such term in the Collateral Agency Agreement.

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Actionable Event means any default in any of the obligations of, and/or breach of the representations and warranties made by the Pledgor under the Loan Agreement and/or the Guarantee Agreement dated as of September 5, 2002, entered into by and between the Pledgor and LoJack or an affiliate of LoJack (the "Guarantee Agreement"), including any event that causes the acceleration of the amounts due under the Loan Agreement;

Actionable Event as defined in the Collateral Agency Agreement.

Examples of Actionable Event in a sentence

• Neither the Note Collateral Agent nor any holder of the Note Obligations shall by any act (except as provided in paragraph 17 hereof) be deemed to have waived any right or remedy hereunder or to have acquiesced in any Actionable Event or Bankruptcy Event of Default or in any breach of any of the terms and conditions hereof.

• The Pledgor hereby authorizes and instructs any Issuer to comply with any instruction received by it from the Controlling Collateral Agent in writing that (a) states that a Notice of an Actionable Event has been given and is outstanding and (b) is otherwise in accordance with the terms of this Pledge Agreement and the Collateral Agency Agreement, without any other or further instructions from the Pledgor, and the Pledgor agrees that any Issuer shall be fully protected in so complying.

• The undersigned will comply with any instruction received by it from the Controlling Collateral Agent that (a) states that a Notice of an Actionable Event has been given and remains outstanding and (b) is otherwise in accordance with the terms of the applicable Pledge Agreement and the Collateral Agency Agreement, without any other or further instructions from the Pledgor of its capital stock.

• Upon such an Actionable Event of Default, the Collateral Agent will be entitled to foreclose upon and sell the Collateral or any part thereof as provided in the Security Documents.

• Unless it has been directed to the contrary by an Act of the Applicable Authorized Representative, the Collateral Agent may (but shall not be obligated to) take or refrain from taking such action with respect to such Actionable Event of Default as the Collateral Agent may deem advisable and in the best interest of the holders of Secured Obligations.

• The Pledgor hereby authorizes and instructs the Company to comply with any instruction received by it from LoJack in writing that (a) states that a notice of an Actionable Event has been given and is outstanding and (b) is otherwise in accordance with the terms of this Agreement, without any other or further instructions from the Pledgor, and the Pledgor agrees that the Company shall be fully protected in so complying.

• The proceeds from any sale (whether through a foreclosure proceeding or Mortgagee’s exercise of the power of sale or otherwise), the application of Rents collected during the continuation of any Actionable Event of Default, or any other enforcement action taken by Mortgagee hereunder shall be distributed and applied in accordance with the terms of the Collateral Agency and Intercreditor Agreement.

• No delay in the exercise or omission to exercise any remedy or right accruing hereunder shall impair any such remedy or right (so long as such Actionable Event of Default is continuing) or be construed to be a waiver of any such Actionable Event of Default or acquiescence therein, or rights with respect to such Actionable Event of Default, nor shall it affect any subsequent Actionable Event of Default of the same or different nature.

• All future Leases made after the effective date of this Mortgage shall include commercially reasonable provisions requiring the lessees thereunder, at Mortgagee’s option and without any further documentation, to attorn to Mortgagee as lessor if for any reason Mortgagee becomes lessor thereunder, and to pay rent to Mortgagee during the continuance of an Actionable Event of Default, upon and following notice thereof.

• If, at the time of receipt of proceeds in respect of the Key-Person Policy, an Actionable Event of Default shall exist and enforcement and/or foreclosure actions are being or will be undertaken in respect of the Collateral, the proceeds of the Key-Person Policy shall be paid and distributed by the Noteholder Agent as provided for in Section 3 hereof.

More Definitions of Actionable Event

Actionable Event means the failure by the Company or any other Borrower to pay the Principal Amount due on any Secured Obligations on the stated maturity thereof or on any other date when the Principal Amount of any Secured Obligations shall have been declared or become due and payable;

Actionable Event is defined in Article IX.

Actionable Event means each of a Bank Actionable Event, a Note Actionable Event and, with respect to any other First Lien Obligations, the occurrence of (1) an Event of Default (as defined in the document governing such First Lien Obligation) that consists of a default in payment of principal of or premium, if any, at maturity with respect to such First Lien Obligation or (2) an acceleration of payment of principal of and premium, if any, and interest with respect to such First Lien Obligation following an Event of Default under the document governing such First Lien Obligation.