Common use of Payments of Notes on Default; Suit Therefor Clause in Contracts

Payments of Notes on Default; Suit Therefor. (a) If an Event of Default occurs and is continuing, the Collateral Agent and/or the Holders of the Minimum Principal Amount, may pursue any available remedy to collect the payment of all Agreement Obligations (including, principal, premium, if any, and interest on the Notes), or to enforce the performance of any provision of the Notes, the Guarantees or this Agreement. A delay or omission by any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law. (b) Subject to Section 6.03(c), unless consented to by the Holders of not less than a Minimum Principal Amount, no Holder may pursue any remedy with respect to this Agreement or the Notes unless: (i) such Holder has previously given the Collateral Agent and Holders of a Minimum Principal Amount written notice that an Event of Default is continuing; (ii) such Holder has requested the Collateral Agent and/or Holders of a Minimum Principal Amount to pursue a remedy; (iii) such Holder has offered and, if requested, provided to the Collateral Agent and/or Holders of a Minimum Principal Amount indemnity or security satisfactory to the Holders of a Minimum Principal Amount against any loss, liability or expense; (iv) the Holders of a Minimum Principal Amount have not complied with such request within 90 calendar days after the receipt thereof and the offer of security or indemnity; and (v) the Holders of a Minimum Principal Amount have not otherwise commenced exercising any rights or remedies within such 90 day period. (c) If an Event of Default specified in Section 6.01(a) or (b) occurs and is continuing, the Collateral Agent and/or Holders of a Minimum Principal Amount (or its designee) are authorized to recover judgment in their own name and as trustee of an express trust against the Company or the Guarantors for the whole amount of the outstanding Agreement Obligations (including principal of, premium (including the Prepayment Premium), if any, and interest remaining unpaid on the Notes and interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements of the Holders of a Minimum Principal Amount, its agents and counsel). (d) If any Holder has instituted any proceeding to enforce any right or remedy under this Agreement and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to such Holder, then and in every such case, subject to any determination in such proceedings, the Company and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Holders shall continue as though no such proceeding has been instituted. (e) Notwithstanding the foregoing, the Holders of a Minimum Principal Amount may assign any of their rights under Article 6 to the Representative or any other agent (the “Administrative Agent”).