Actions by Trustee. In the event any provision of this Security Agreement requires the approval, consent, or action by the Trustee, the Trustee shall have no obligation to act, approve or provide its consent absent the receipt of written direction and indemnity satisfactory to it from the Holders of a majority in aggregate principal amount of the Bonds Outstanding., and will be fully protected if it does so, and any action taken, suffered or omitted pursuant to hereto or thereto shall be binding on the Holders.
Appears in 5 contracts
Samples: Pledge and Security Agreement (MCI Income Fund VII, LLC), Pledge and Security Agreement (Red Oak Capital Intermediate Income Fund, LLC), Pledge and Security Agreement (Red Oak Capital Fund V, LLC)
Actions by Trustee. In the event any provision of this Security Agreement requires the approval, consent, or action by the Trustee, the Trustee shall have no obligation to act, approve or provide its consent absent the receipt of written direction and indemnity satisfactory to it from the Holders of a majority in aggregate principal amount of the Bonds Outstanding., and will be fully protected if it does so, and any action taken, suffered or omitted pursuant to hereto or thereto shall be binding on the Holders.
Appears in 2 contracts
Samples: Pledge and Security Agreement (Gladstone Companies, Inc.), Pledge and Security Agreement (Gladstone Companies, Inc.)
Actions by Trustee. In the event any provision of this Security Agreement requires the approval, consent, or action by the Trustee, the Trustee shall have no obligation to act, approve or provide its consent absent the receipt of written direction and indemnity satisfactory to it from the Holders of a majority in aggregate principal amount of the Bonds Outstanding., and will be fully protected if it does so, and any action taken, suffered or omitted pursuant to hereto or thereto shall be binding on the Holders.
Appears in 1 contract
Samples: Pledge and Security Agreement (Red Oak Capital Fund Series, LLC)
