Common use of Actionable Default Clause in Contracts

Actionable Default. ‌ The Collateral Agent will not be required to inquire as to the occurrence or absence of any Actionable Default and will not be affected by or required to act upon any notice or knowledge as to the occurrence of any Actionable Default unless and until it receives a Notice of Actionable Default and instructions pursuant to an Act of Instructing Secured Parties.

Actionable Default. ‌ The Collateral Agent will not be required to inquire as to the occurrence or absence of any Actionable Default and will not be affected by or required to act upon any notice or knowledge as to the occurrence of any Actionable Default unless and until it receives a Notice of Actionable Default and instructions pursuant to an Act of Instructing Secured Parties.