Common use of Standstill Period Clause in Contracts

Standstill Period. If an Enforcement Event has occurred and is continuing, the Trustee, on behalf of the holders of the Notes, may give the Credit Facility Lender written notice thereof (an "Enforcement Event Notice"). If (a) such Enforcement Event is continuing for more than 180 consecutive days after the delivery of such Enforcement Event Notice (the "Expiry Date"), (b) the Credit Facility Lender has not, on or before the Expiry Date, commenced (and notified the Trustee that the Credit Facility Lender has commenced) one or more Enforcement Actions, and (c) Borrower or the Guarantor against which the Trustee's proposed Enforcement Action is to be taken is not the subject of an Insolvency Proceeding, then the Trustee may, subject to the Lien Priority and the application of all proceeds of the Collateral in accordance with Section 3.4, take one or more Enforcement Actions. If (i) the Credit Facility Lender has commenced any Enforcement Action on or prior to the Expiry Date and, at any time after the Expiry Date, is no longer pursuing one or more Enforcement Actions, (ii) no Insolvency Proceeding is pending against Borrower or the Guarantor against which the Trustee's proposed Enforcement Action is to be taken, and (iii) the Enforcement Event that was the subject of, or existing on the date of, the Enforcement Event Notice is then continuing, then the Trustee may, subject to the Lien Priority and the prior application of all proceeds of the Collateral in accordance with Section 3.4, take one or more Enforcement Actions. Except as expressly provided for in this Agreement, nothing in this Agreement shall prevent the Parties hereto from exercising any other remedy, or taking any other action, under any of the Financing Documents.

Standstill Period. If an Enforcement Event has occurred and is continuing, the Trustee, on behalf of the holders of the Notes, may give the Credit Facility Lender Senior Lien Creditor Representative written notice thereof (an "Enforcement Event NoticeENFORCEMENT EVENT NOTICE"), which notice shall constitute notice to each Senior Lien Creditor. If (a) such Enforcement Event is continuing for more than 180 consecutive days after the delivery of such Enforcement Event Notice (the "Expiry DateEXPIRY DATE"), (b) the Credit Facility Lender has notno Senior Lien Creditor Representative has, on or before the Expiry Date, commenced (and notified the Trustee that the Credit Facility Lender such Senior Lien Creditor Representative has commenced) one or more Enforcement Actions, and (c) Borrower the Issuer or the Guarantor against which the Trustee's proposed Enforcement Action is to be taken is not the subject of an Insolvency Proceeding, then the Trustee may, subject to the Lien Priority and the application of all proceeds of the Collateral in accordance with Section 3.4, take one or more Enforcement Actions. If (i) the Credit Facility Lender any Senior Lien Creditor Representative has commenced any Enforcement Action on or prior to the Expiry Date and, at any time after the Expiry Date, is no longer pursuing one or more Enforcement Actions, (ii) no Insolvency Proceeding is pending against Borrower the Issuers or the Guarantor against which the Trustee's proposed Enforcement Action is to be taken, and (iii) the Enforcement Event that was the subject of, or existing on the date of, the Enforcement Event Notice is then continuing, then the Trustee may, subject to the Lien Priority and the prior application of all proceeds of the Collateral in accordance with Section 3.4, take one or more Enforcement Actions. Except as expressly provided for in this Agreement, nothing in this Agreement shall prevent the Parties hereto from exercising any other remedy, or taking any other action, under any of the Financing Documents.

Standstill Period. If an Enforcement Event has occurred and is continuing, the TrusteeSubordinated Lien Creditor Representative, on behalf of the holders of the NotesSubordinated Lien Creditors, may give the Credit Facility Lender Senior Lien Administrative Agent written notice thereof (an "“Enforcement Event Notice"”), which notice shall constitute notice to each Senior Lien Creditor. If (a) such Enforcement Event is continuing for more than 180 consecutive days after the delivery of such Enforcement Event Notice (the "“Expiry Date"”), (b) the Credit Facility Lender Senior Lien Administrative Agent has not, on or before the Expiry Date, commenced (and notified the Trustee Subordinated Lien Creditor Representative that the Credit Facility Lender Senior Lien Administrative Agent has commenced) one or more Enforcement Actions, and (c) Borrower or the Guarantor Grantor against which the Trustee's Subordinated Lien Creditor Representative’s proposed Enforcement Action is to be taken is not the subject of an Insolvency Proceeding, then the Trustee Subordinated Lien Creditor Representative may, subject to the Lien Priority and the application of all proceeds of the Collateral in accordance with Section 3.4, take one or more Enforcement Actions. If (i) the Credit Facility Lender Senior Lien Administrative Agent has commenced any Enforcement Action on or prior to the Expiry Date and, at any time after the Expiry Date, is no longer pursuing one or more Enforcement Actions, (ii) no Insolvency Proceeding is pending against Borrower or the Guarantor Grantors against which the Trustee's Subordinated Lien Creditor Representative’s proposed Enforcement Action is to be taken, and (iii) the Enforcement Event that was the subject of, or existing on the date of, the Enforcement Event Notice is then continuing, then the Trustee Subordinated Lien Creditor Representative may, subject to the Lien Priority and the prior application of all proceeds of the Collateral in accordance with Section 3.4, take one or more Enforcement Actions. Except as expressly provided for in this Agreement, nothing in this Agreement shall prevent the Parties hereto from exercising any other remedy, or taking any other action, under any of the applicable Financing Documents.

Standstill Period. If an Enforcement Event has occurred and is continuing, the Trustee, on behalf of the holders of the Notes, may give the Credit Facility Lender written notice thereof (an "“Enforcement Event Notice"”). If (a) such Enforcement Event is continuing for more than 180 consecutive days after the delivery of such Enforcement Event Notice (the "“Expiry Date"”), (b) the Credit Facility Lender has not, on or before the Expiry Date, commenced (and notified the Trustee that the Credit Facility Lender has commenced) one or more Enforcement Actions, and (c) Borrower any Issuer or the Guarantor against which the Trustee's ’s proposed Enforcement Action is to be taken is not the subject of an Insolvency Proceeding, then the Trustee may, subject to the Lien Priority and the application of all proceeds of the Collateral in accordance with Section 3.4, take one or more Enforcement Actions. If (i) the Credit Facility Lender has commenced any Enforcement Action on or prior to the Expiry Date and, at any time after the Expiry Date, is no longer pursuing one or more Enforcement Actions, (ii) no Insolvency Proceeding is pending against Borrower any Issuer or the Guarantor against which the Trustee's ’s proposed Enforcement Action is to be taken, and (iii) the Enforcement Event that was the subject of, or existing on the date of, the Enforcement Event Notice is then continuing, then the Trustee may, subject to the Lien Priority and the prior application of all proceeds of the Collateral in accordance with Section 3.4, take one or more Enforcement Actions. Except as expressly provided for in this Agreement, nothing in this Agreement shall prevent the Parties hereto from exercising any other remedy, or taking any other action, under any of the Financing Documents.