Action by Collateral Agents Clause Samples

Action by Collateral Agents. Whenever in this Article VII either Collateral Agent is authorized or empowered to take any action or refrain from taking any action, such Collateral Agent shall so act or refrain from acting on the basis of a direction from the Intercreditor Agent, upon which it may rely conclusively. In the absence of such direction, the Collateral Agents shall not be required to take any action and neither Collateral Agent shall in any way be liable to any Secured Party for the failure to take any action in the absence of such direction or for taking any action in accordance therewith.