Second Lien Enforcement Date means the date which is 150 calendar days after the occurrence of (i) an “Event of Default” that arises pursuant to the Second Lien Credit Agreement and (ii) the First Lien Agent’s receipt of written notice from the Second Lien Agent certifying that (x) such “Event of Default” has occurred and is continuing and, (y) the Second Lien Debt is currently due and payable in full (whether as a result of acceleration thereof or otherwise) in accordance with the terms of the Second Lien Credit Agreement; provided that the Second Lien Enforcement Date shall be stayed and shall not occur and shall be deemed not to have occurred at any time when (1) the First Lien Agent or the First Lien Lender Parties have commenced and are diligently pursuing any enforcement action with respect to the Collateral, (2) the First Lien Debt is due and payable in full (whether as a result of acceleration thereof or otherwise) but has been due and payable in full for less than 90 days, (3) any Credit Party is a debtor under or with respect to (or otherwise subject to) any Proceeding, or (4) the acceleration of the Second Lien Debt (if any) has been rescinded in accordance with the terms of the Second Lien Credit Agreement.
Second Lien Enforcement Date means the date which is 180 days following the date upon which the First Lien Agent receives a notice from the Second Lien Agent certifying that (i) an Event of Default (under and as defined in the Second Lien Financing Agreement) has occurred and is continuing, and (ii) Second Lien Lenders holding the requisite amount of Second Lien Obligations (or the Second Lien Agent on their behalf) have declared the Second Lien Obligations to be due and payable prior to their stated maturity in accordance with the Second Lien Financing Agreement; provided, that the Second Lien Enforcement Date shall be stayed and shall not occur and shall be deemed not to have occurred (w) at any time the First Lien Agent or the First Lien Lenders have commenced, and are diligently pursuing, any enforcement action with respect to the Common Collateral, (x) the First Lien Agent (or the First Lien Lenders holding the requisite amount of First Lien Obligations) has declared the First Lien Obligations to be due and payable prior to their stated maturity, (y) at any time any Borrower or any Guarantor is then a debtor under or with respect to (or otherwise subject to) any Insolvency or Liquidation Proceeding or (z) if the acceleration of the Second Lien Obligations is rescinded in accordance with the terms of the Second Lien Financing Agreement.
Second Lien Enforcement Date means the date, after the occurrence of an Event of Default (under and as defined in the Second Lien Credit Agreement), that is 180 days after the First Lien Representative's receipt of written notice from the Second Lien Representative certifying that (a) an Event of Default (under and as defined in the Second Lien Credit Agreement) has occurred and is continuing and (b) the Second Lien Obligations are currently due and payable in full (whether as a result of acceleration thereof or otherwise) in accordance with terms of the Second Lien Credit Agreement; provided that the Second Lien Enforcement Date shall be stayed and shall not occur and shall be deemed not to have occurred (i) at any time the First Lien Representative or the First Lien Secured Parties have commenced any Enforcement Action with respect to the Collateral, (ii) at any time the First Lien Obligations are then due and payable in full (whether as a result of acceleration thereof or otherwise) in accordance with the terms of the First Lien Credit Agreement (iii) at any time any Loan Party is then a debtor under or with respect to (or otherwise subject to) any Insolvency Proceeding or (iv) if the acceleration of the Second Lien Obligations (if any) is rescinded in accordance with the terms of the Second Lien Credit Agreement or otherwise.
Examples of Second Lien Enforcement Date in a sentence
Subject at all times to the provisions of Section 2.1 and Section 2.11 of this Agreement, on and after the Second Lien Enforcement Date, the Second Lien Lender Parties may take any Enforcement Action under the Second Lien Debt Documents, including, without limitation, any Enforcement Action with respect to all or any part of the Collateral.
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More Definitions of Second Lien Enforcement Date
Second Lien Enforcement Date means, at any time while an “Event of Default” exists under (and as defined in) the Second-Lien Note Documents, the date which is 180 days after the occurrence of (i) such “Event of Default” and (ii) the First-Lien Collateral Agent’s receipt of written notice from the Second-Lien Collateral Agent certifying that such “event of default” has occurred and is continuing (and requesting that enforcement action be taken with respect to the Collateral), so long as the respective “event of default” shall not have been cured or waived (or the respective acceleration rescinded).
Second Lien Enforcement Date means, with respect to the Designated Second Lien Representative, prior to the Discharge of First Lien Obligations, the date which is 180 days after the occurrence of both (i) an Event of Default (under and as defined in the Second Lien Documents for which such Second Lien Representative has been named as Representative) and (ii) the First Lien Collateral Trustee’s receipt of written notice from such Second Lien Representative that (x) such Second Lien Representative is the Designated Second Lien Representative and that an Event of Default (under and as defined in the Second Lien Documents for which such Second Lien Representative has been named as a Representative) has occurred and is continuing and (y) the Second Lien Obligations of the series with respect to which such Second Lien Representative has been named as a Representative are currently due and payable in full (whether as a result of acceleration thereof or otherwise) in accordance with the terms of the applicable Second Lien Document; provided that the Second Lien Enforcement Date shall be stayed and shall not occur and shall be deemed not to have occurred (1) at any time the First Lien Collateral Trustee has commenced and is diligently pursuing any enforcement action with respect to all or any material portion of the Shared Collateral or (2) at any time the Company or applicable other Grantor which has granted a security interest in such Shared Collateral is then a debtor under or with respect to (or otherwise subject to) any Insolvency or Liquidation Proceeding.
Second Lien Enforcement Date means the date on which the Second Lien Agent issues a notice under clause 23.23 (Acceleration) of the Second Lien Credit Agreement and provides a copy of the same to the First Lien Agent.
Second Lien Enforcement Date means the date which is 180 days after the occurrence of (i) an Event of Default (under and as defined in the Second Lien Credit Agreement) and (ii) the First Lien Administrative Agent’s receipt of written notice from the Second Lien Administrative Agent certifying that an Event of Default (under and as defined in the Second Lien Credit Agreement) has occurred and is continuing; provided that the Second Lien Enforcement Date shall be stayed and shall not occur and shall be deemed not to have occurred (1) at any time the First Lien Administrative Agent or the First Lien Claimholders have commenced and are diligently pursuing any Enforcement Action against all or a material portion of the Collateral, (2) at any time any Grantor is then a debtor under or with respect to (or otherwise subject to) any Insolvency or Liquidation Proceeding or (3) if the Event of Default described in such written notice is waived by the Second Lien Claimholders or such written notice is otherwise rescinded by the Second Lien Claimholders.
Second Lien Enforcement Date means the date, after the occurrence of an Event of Default (under and as defined in the Existing Second Lien Note Agreement), that is 120 days after the First Lien Representative’s receipt of written notice from the Second Lien Representative certifying that (a) an Event of Default (under and as defined in the Existing Second Lien Note Agreement) has occurred and is continuing and (b) the Second Lien Obligations are currently due and payable in full (whether as a result of acceleration thereof or otherwise) in accordance with terms of the Existing Second Lien Note Agreement; provided that the Second Lien Enforcement Date shall be stayed and shall not occur and shall be deemed not to have occurred (i) at any time any Loan Party is then a debtor under or with respect to (or otherwise subject to) any Insolvency Proceeding or (ii) if the acceleration of the Second Lien Obligations (if any) is rescinded in accordance with the terms of the Existing Second Lien Note Agreement or otherwise.
Second Lien Enforcement Date means the 180th day following the later of (i) the date on which a Second Lien Priority Representative has declared the existence of any Event of Default (or similar term) under (and as defined in) any Second Lien Priority Document and demanded the repayment of all the principal amount of obligations thereunder and (ii) the date on which all First Lien Priority Representatives have received written notice from any Second Lien Priority Representative of such declarations of such Event of Default and demand for payment; provided, the Second Lien Enforcement Date shall be stayed and shall not occur at any time with respect to any Loan Party which is a debtor under or with respect to (or otherwise subject to) any Insolvency Proceeding.
Second Lien Enforcement Date means the date which is 180 days after the occurrence of (i) an Event of Default (under and as defined in the Second Lien Credit Agreement) and (ii) the First Lien Administrative Agent’s receipt of written notice (which notice shall reference this Agreement) from the Second Lien Administrative Agent certifying that an Event of Default (under and as defined in the Second Lien Credit Agreement) has occurred and is continuing; provided that the Second Lien Enforcement Date shall be stayed and thereby deemed not to have occurred (1) at any time that the First Lien Administrative Agent or the First Lien Claimholders have commenced and are then diligently pursuing any Enforcement Action with respect to all or a material portion of the Collateral, (2) at any time any Grantor is then a debtor under or with respect to (or otherwise subject to) any Insolvency or Liquidation Proceeding or CHARl\1175377v2 11