Lien Enforcement Action

Lien Enforcement Action. Shall mean any action, whether legal, equitable, judicial, non-judicial or otherwise, to enforce any Lien, security interest, restriction, encumbrance, charge, claim or other interest or arrangement now or in the future existing, including, without limitation, any repossession, foreclosure, public sale, private sale, obtaining of a receiver or retention of all or any part of the Collateral and/or declaring a default or event of default ... under the Subordinated Indebtedness or with respect to any of the Subordinated Indebtedness or taking any action with respect to or upon the occurrence of any such default or event of default. View More

Lien Enforcement Action. Shall mean any action, whether legal, equitable, judicial, non-judicial, or otherwise, to enforce any assignment, lien, security interest, or other encumbrance now or in the future securing all or any indebtedness or other obligations, including, without limitation, exercise of any assignments of production or the right to receive proceeds thereof, division orders or letters in lieu of division orders, any offset, repossession, foreclosure, public sale, private sale, or retention of all or any... part of an asset for any indebtedness or obligations. View More

Lien Enforcement Action. (a) Any action by Revolving Agent or any Revolving Lender or the Term Loan Agent or any Term Loan Lender to foreclose on the lien of such Person in any Collateral, (b) any action, as part of an exercise of rights or remedies, by either Revolving Agent or any Revolving Lender or the Term Loan Agent or any Term Loan Lender to take possession of, exercise exclusive or partial control over, sell or otherwise realize (judicially or non-judicially) upon any ... Collateral (including, without limitation, by setoff or notification of account debtors or other Persons obligated on Collateral), and/or (c) the commencement by Revolving Agent or any Revolving Lender or the Term Loan Agent or any Term Loan Lender of any legal proceedings against any Credit Party or with respect to any Collateral to facilitate the actions described in (a) and (b) above; PROVIDED that, for the avoidance of doubt but without limitation, none of the following shall constitute a Lien Enforcement Action: (i) declaring a default or event of default under the Revolving Credit Agreement or the Term Loan Agreement, or making demand for payment or accelerating the maturity of any Bank Debt or Term Loan Debt, (ii) the receipt of payments of principal of or interest on the Bank Debt or the Term Loan Debt, or payments of other obligations arising under the Loan Documents or the Term Loan Documents, except as otherwise expressly set forth in this Intercreditor Agreement, (iii) the implementation of reserves under the Revolving Credit Agreement, (iv) the reduction of advance rates under the Revolving Credit Agreement, (v) the termination of the Commitments or the cessation (whether temporary or permanent) of lending under the Revolving Credit Agreement due to the existence of a Default or Event of Default, (vi) sending by the Revolving Agent, any Revolving Lender or any of their Affiliates of any "activation" notice under a deposit control agreement to block access to any deposit account of a Credit Party, or (vii) the exercise by Revolving Agent, any Revolving Lender or any of their respective Affiliates of any right of offset with respect to Bank Debt not arising under the Revolving Credit Agreement. View More

Lien Enforcement Action. Means (a) any action by any Agent or Lender to foreclose on the Lien of such Person in all or a material portion of the applicable Collateral, (b) any action by any Agent or Lender to take possession of, sell or otherwise realize (judicially or non-judicially) upon all or any material portion of the applicable Collateral (including, without limitation, by setoff or notification of account debtors), and/or (c) the commencement by any 3 Agent or... Lender of any legal proceedings against or with respect to all or any material portion of the applicable Collateral to facilitate the actions described in (a) or (b) above. View More

Lien Enforcement Action. Means (a) any action by any Agent or any Noteholder to foreclose on the Lien of such Person in any Collateral, (b) any action by any Agent or any Noteholder to take possession of, sell or otherwise realize (judicially or non-judicially) upon any Collateral (including, without limitation, by setoff or notification of account debtors), and/or (c) the commencement by any Agent or any Noteholder of any legal proceedings against the Company or any Guarantor or with respect to any Collateral to... facilitate the actions described in (a) and (b) above. View More