Exercise of Remedies definition
Exercise of Remedies has the meaning set forth in Section 5.1.
Exercise of Remedies means the exercise of any enforcement rights or remedies that are available to the Administrative Agent, any Lender, any other Holder or other Person holding Obligations upon the occurrence of an Event of Default including, without limitation, any or all of the following:
Exercise of Remedies means with respect to any Indebtedness the exercise of any remedy (judicially or non-judicially) in respect of such Indebtedness including an acceleration of such Indebtedness (with or without the taking of any action), the commencement of any action, suit or proceeding in respect of such Indebtedness or the application of any collateral to such Indebtedness.
Examples of Exercise of Remedies in a sentence
The Administrative Agent shall promptly deliver each Exercise of Remedies instruction from the Required Class A Lenders to each other Lender.
More Definitions of Exercise of Remedies
Exercise of Remedies means the exercise of remedies by the Lender or other assignments, transfers or transactions with respect to the Pledged Convertible Notes or Pledged Common Stock (each as defined below) made in connection with an Event of Default or Market Value Cure Failure (each as defined in the Margin Loan Agreement) contemplated by the Margin Loan Agreement, and the “Transactions” shall mean the entry of the Borrower and the Lender into the Margin Loan Agreement and the transactions contemplated thereby, including the Exercise of Remedies. Pursuant to the Margin Loan Agreement, the Lender is acquiring a first priority security interest in, inter alia, (x) 1.00% Convertible Senior Notes due 2029 (the “Convertible Notes” and, upon crediting of such Convertible Notes to the Collateral Account, the “Pledged Convertible Notes”) of Global Payments, Inc. (the “Issuer”) issued pursuant to an indenture (the “Indenture”) between the Issuer and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”) and (y) certain shares of common stock of the Issuer that may be received upon conversion of the Convertible Notes from time to time (the “Common Stock” and, upon crediting of such shares of Common Stock to the Collateral Account, the “Pledged Common Stock”) to secure the Borrowers’ obligations under the Margin Loan Agreement. The Pledged Convertible Notes and any Pledged Common Stock will be credited or delivered to, and held in, one or more accounts of Borrower at a third-party custodian (the “Custodian”) in each case subject to the security interest granted under the Margin Loan Agreement (each, a “Collateral Account”, and collectively, the “Collateral Accounts”). In connection with the foregoing:
Exercise of Remedies means the exercise of any enforcement rights or remedies that are available to the Administrative Agent, any Lender, or other Person holding Borrower Obligations upon the occurrence of an Event of Default including, without limitation, any or all of the following:
(A) the acceleration of the Loans and the other Borrower Obligations;
(B) the taking of any action to foreclose on a Lien on, or any other right or remedy as a secured creditor to sell, assign, lease, license or otherwise dispose of, all or any portion of the Collateral, including the issuance to one or more Credit Parties of any notice in respect thereof required by applicable Law;
(C) the notification of Obligors to make payment to the Administrative Agent or any of its agents;
(D) the taking of any action to take possession of all or any portion of the Collateral;
(E) the commencement of any involuntary legal proceedings or actions with respect to all or any portion of the Collateral;
(F) any sale, assignment, lease, license or other disposition of all or any material portion of the Collateral by one or more Credit Parties with the consent of the Administrative Agent and the Required Lenders, which sale, assignment, lease, license or other disposition is conducted by or on behalf of such Credit Parties in connection with efforts to collect all or any portion of the Borrower Obligations through such sale, assignment, lease, license or other disposition;
(G) replacement of the Person then acting as Servicer; provided that none of the following shall constitute an Exercise of Remedies: (1) actions taken solely for purpose of perfecting a security interest in Collateral; (2) the imposition of any increase in the Interest Rate or any Fees; (3) delivery to any Credit Party of any notice of default; (4) the filing of any proof of claim; (5) the sweeping of cash or exercise of exclusive control under blocked account arrangements; (6) the giving of any notice expressly contemplated by this Agreement; (7) the solicitation by the Required Lenders of bids from third parties to conduct the sale, assignment, lease, license or other disposition of all or any portion of the Collateral or the business of the Borrower or to engage or retain sales brokers, marketing agents, investment bankers, accountants, appraisers, auctioneers, or other third Persons for the purposes of valuing, marketing, promoting and selling Collateral or (8) any actions in preparation for any of the actions described in clauses (A) throug...
Exercise of Remedies shall have the meaning assigned to such term in the AAL.
Exercise of Remedies means, with respect to each Lender, the taking of any action to enforce its rights or remedies against the Company Group following the occurrence of a Potential Default or Event of Default under its respective Financing Agreements, including, without limitation, the termination of a commitment to lend, the acceleration of all or a portion of the Obligations under such Financing Agreements, the filing or initiation of an Insolvency or Liquidation Proceeding against the Company or any other Person within the Company Group, the commencement of any foreclosure proceedings against any Collateral, the repossession of any Collateral, or the appointment or institution of a receiver, custodian or similar official to take custody of any assets of the Company or other members of the Company Group; provided, however, that the term "Exercise Remedies" shall specifically exclude (i) the issuance of any notice of default, (ii) any actions by a Credit Party to suspend (a) any disbursements from any accounts of the Company Group in which such Credit Party has a security interest or (b) Advances under the particular Facility and (iii) the recording of a Notice of Default in the County Recorder's Office of Xxxxx County, Nevada.
Exercise of Remedies means, subject to any Acceptable Intercreditor Agreement, the exercise of remedies hereunder or under any other Loan Document by any Agent (or after the Loans (or any portion thereof) or any other Obligations have automatically become due and payable in accordance with Section 8.01).
Exercise of Remedies shall have the meaning assigned to such term in Section 1.11.
Exercise of Remedies has the meaning specified in Section 9.2(c) (Blocking Lenders).