Actionable Default Remedies Administration of Trust Property Clause Samples
The "Actionable Default; Remedies; Administration of Trust Property" clause defines what constitutes a default by a party in relation to the trust and outlines the remedies available to address such defaults. Typically, this clause specifies the actions that can be taken if a trustee or beneficiary fails to fulfill their obligations, such as the right to remove a trustee, seek damages, or take other corrective measures. It also clarifies how the trust property should be managed or administered in the event of a default. The core function of this clause is to provide a clear process for addressing breaches of duty or other defaults, thereby protecting the interests of the trust and its beneficiaries.
Actionable Default Remedies Administration of Trust Property. 14 SECTION 4. Collateral Account; Application of Moneys 20 SECTION 5. Agreements with the Collateral Agent 23 SECTION 6. The Collateral Agent 25
Actionable Default Remedies Administration of Trust Property. (a) Notice of Default; Written Instructions.
(i) Upon receipt of a Notice of Actionable Default, the Collateral Agent shall, within five Business Days thereafter, notify the Company, the First Lien Collateral Agent, the Senior Indenture Trustee and each Additional Authorized Representative (if any) of such receipt.
(ii) Upon receipt of any written directions pursuant to Section 3(h)(i), the Collateral Agent shall, within five Business Days thereafter, send a copy thereof to the Company, the First Lien Collateral Agent, the Senior Indenture Trustee and each Additional Authorized Representative (if any).
Actionable Default Remedies Administration of Trust Property