Definition of Shared Collateral Enforcement Date

Shared Collateral Enforcement Date means the date which is 180 days after the occurrence of (i) an Event of Default (under and as defined in either the Term Credit Agreement, the Indenture or any Additional Pari Passu Agreement) and (ii) the ABL Agent's receipt of an Enforcement Notice from the applicable Authorized Shared Collateral Agent, provided that the Shared Collateral Enforcement Date shall be stayed and shall not occur (or be deemed to have occurred) (A) at any time the ABL Agent or the ABL Secured Parties have commenced and are diligently pursuing enforcement action against the ABL Collateral, (B) at any time that any Loan Party is then a debtor under or with respect to (or otherwise subject to) any Insolvency Proceeding, or (C) if the Event of Default under the applicable Shared Collateral Agreement is waived in accordance with the terms of such Shared Collateral Agreement.
Sample 1