Default Disposition definition
Default Disposition has the meaning set forth in Section 5.1(d).
Default Disposition means any private or public sale or disposition of all or any material portion of the Senior Secured Obligations Collateral (including Foreign Collateral) by one or more Grantors with the consent of Senior Collateral Agent or Foreign Collateral Agent (as instructed by the Controlling Party), as applicable, after the occurrence and during the continuation of an Event of Default under the Senior Secured Obligations Security Documents or the ABL Credit Agreement or LC Credit Agreement, as applicable (and prior to the Discharge of the Senior Secured Obligations), including any disposition contemplated by Section 9-620 of the UCC, which disposition is conducted by such Grantors with the consent of Senior Collateral Agent or Foreign Collateral Agent (as instructed by the Controlling Party) in connection with good faith efforts by Senior Collateral Agent or Foreign Collateral Agent (as instructed by the Controlling Party) to collect the Senior Secured Obligations through the disposition of Senior Secured Obligations Collateral (including any Foreign Collateral).
Default Disposition has the meaning set forth in Section 5.1(g).
Examples of Default Disposition in a sentence
The following terms shall have the meanings assigned to them in the Credit Agreement as it is in effect on the Closing Date (without reference to any subsequent amendment, restatement, modification or Refinance): Business Day, Closing Date, indebtedness, Default, Disposition, GAAP, Governmental Authority, Hedging Agreements, Hedging Counterparty, Loan, Obligations, Permitted Liens, Person, Responsible Officer, Secured Hedging Counterparty, Subsidiary and Unrestricted Subsidiary.
Prior to the Payment in Full of ABL Priority Debt, the Term Claimholders will not receive or retain any proceeds of ABL Priority Collateral in connection with any Enforcement Action or ABL Default Disposition, and any such proceeds received or retained in any other circumstance will be subject to Section 4.2.
On each Business Day, the Bank will provide to Customer, through the Business Online Banking Service, a listing of all Exception Entries that are otherwise scheduled for Return Default Disposition.
The Bank shall not be obligated to comply with any Pay Decision or Return Decision received in a format or medium, after a Pre-established Deadline, or at a place not permitted under this Appendix or the Services Setup Form(s), and may instead treat any such Pay Decision as a Return Decision or otherwise apply the Return Default Disposition to such Pay Decision.
Bank shall not be obligated to comply with any Pay Decision or Return Decision received in a format or medium, after a pre-established deadline, or at a place not permitted under this Appendix or the Service's Set-Up Form(s), and may instead treat any such Pay Decision as a Return Decision or otherwise apply the Return Default Disposition to such Pay Decision.
More Definitions of Default Disposition
Default Disposition means any private or public Disposition of (i) all or any material portion of the ABL Priority Collateral by one or more Grantors with the consent of ABL Agent after the occurrence and during the continuance of an ABL Default (and prior to the Discharge of ABL Obligations) or (ii) all or any material portion of the Notes Priority Collateral by one or more Grantors with the consent of Notes Agent after the occurrence and during the continuance of a Notes Default (and prior to the Discharge of Notes Obligations), which Disposition is conducted by such Grantors with the consent of ABL Agent in the case of the former, or Notes Agent in the case of the latter, in connection with good faith efforts by ABL Agent or Notes Agent, as the case may be, to collect the ABL Obligations through the Disposition of ABL Priority Collateral or the Notes Obligations through the Disposition of Notes Priority Collateral.
Default Disposition means any private or public sale or other disposition of all or any portion of the Collateral by one or more Obligors with the consent of the Senior Agent after the occurrence and during the continuance of an Event of Default, which sale or other disposition is conducted by such Obligors with the consent of the Senior Agent in connection with good faith efforts by the Senior Agent to collect the Senior Indebtedness through the sale or other disposition of Collateral, and in connection with a sale or disposition of any Collateral that is subject to Article 9 of the UCC, the Obligors consummating such sale or disposition have (a) provided the Noteholder Collateral Agent with the prior written notice that would have been required if such sale or disposition were a disposition of collateral by a secured creditor under Article 9 of the UCC, and (b) conducted such sale or disposition in a commercially reasonable manner as if such sale or disposition were a disposition of collateral by a secured creditor in accordance with Article 9 of the UCC.
Default Disposition means any private or public Disposition of (i) all or any material portion of the Revolving Priority Collateral by one or more Grantors with the consent of Revolving Collateral Agent after the occurrence and during the continuance of a Revolving Default (and prior to the Discharge of Revolving Obligations) or (ii) all or any material portion of the Notes Priority Collateral by one or more Grantors with the consent of Notes Collateral Agent after the occurrence and during the continuance of a Notes Default (and prior to the Discharge of Notes Obligations), which Disposition is conducted by such Grantors with the consent of Revolving Collateral Agent in the case of the former, or Notes Collateral Agent in the case of the latter, in connection with good faith efforts by Revolving Collateral Agent or Notes Collateral Agent, as the case may be, to collect the Revolving Obligations through the Disposition of Revolving Priority Collateral or the Notes Obligations through the Disposition of Notes Priority Collateral.
Default Disposition means, any private or public Disposition of (i) all or any material portion of the ABL Revolving Priority Collateral by one or more Grantors with the consent of the ABL Revolving Collateral Agent after the occurrence and during the continuance of an ABL Revolving Default (and prior to the Discharge of ABL Revolving Obligations) or (ii) all or any material portion of the Notes Priority Collateral by one or more Grantors with the consent of the Term Agents after the occurrence and during the continuance of a Term Default (and prior to the Discharge of Term Obligations), in connection with good faith efforts by the ABL Revolving Collateral Agent or any Term Agent, as the case may be, to col- lect the ABL Revolving Obligations through the Disposition of ABL Revolving Priority Collateral or the Term Obligations through the Disposition of Notes Priority Collateral.
Default Disposition means, any private or public Disposition of all or any material portion of the Collateral by one or more Grantors with the consent of the First Lien Credit Facility Collateral Agent or the Notes Collateral Agent after the occurrence and during the continuance of an First Lien Credit Fa- cility Default or Notes Default (and prior to the Discharge of First Lien Obligations), in connection with good faith efforts by the applicable Agent to collect the applicable Obligations through the Disposition of Collateral.
Default Disposition means a Disposition of all or any portion of (i) the ABL Priority Collateral by one or more Grantors with the consent of ABL Agent after the occurrence and during the continuance of an ABL Default, which Disposition is conducted by such Grantors with the consent of ABL Agent in connection with good faith efforts by ABL Agent to collect the ABL Obligations through the Disposition of ABL Priority Collateral or (ii) the Term Priority Collateral by one or more Grantors with the consent of a Term Agent after the occurrence and during the continuance of a Term Loan Default, which Disposition is conducted by such Grantors with the consent of a Term Agent in connection with good faith efforts by such Term Agent to collect the Term Obligations through the Disposition of Term Priority Collateral.
Default Disposition means any private or public disposition of all or any material portion of the Collateral by one or more Grantors with the consent of Super Senior Representative after the occurrence and during the continuance of an Event of Default (under and as defined in the Super Senior Debt Document for which such Super Senior Representative has been named as Representative), and prior to the Discharge of Super Senior Obligations, which disposition is conducted by such Grantors with the consent of Super Senior Representative in connection with good faith efforts by Super Senior Representative to collect the Super Senior Obligations through the disposition of Collateral.