Permitted Secured Party

Permitted Secured Party. Means, with respect to the exercise of any remedy provided for under this Agreement, (A) any Secured Party that has delivered a Commencement Notice with respect to the exercise of such remedy to the other Secured Parties and has not received a Veto Notice with respect thereto within the Veto Period or (B) any Significant Secured Party that has in connection with a Commencement Notice delivered a Veto Notice to a Secured Party within the Veto Period; provided, however, there shall only be a... single Permitted Secured Party that may exercise any specific remedy at any one time (it being agreed that if a Commencement Notice is delivered by more than one Secured Party with respect to any remedy provided for under this Agreement, then the first Secured Party to deliver a Commencement Notice and not receive a Veto Notice within the Veto Period shall be the only Secured Party that may exercise such remedy) View More