Actions Under the Security Documents Sample Clauses

Actions Under the Security Documents. (a) The Collateral Agent shall not amend or waive any provisions of any Security Document or release any Lien or any pledgor or guarantor, except in each case at the written direction of the Required Holders pursuant to such consents as may have been required under Section 17.1 of the Note Agreement or as otherwise expressly provided in the Security Documents. (b) At any time when a notice of an Event of Default has been delivered to the Collateral Agent by a holder or the Issuer, the Collateral Agent shall exercise or refrain from exercising all rights, powers and remedies as shall be available to it under the Security Documents in accordance with any written instructions received from the Required Holders, subject to Section 2.1. Absent such written instructions (a) at a time when a notice of an Event of Default has been delivered to the Collateral Agent and has not been terminated by a written notice delivered to the Collateral Agent by the Required Holders or a holder, or (b) in the case of an emergency in order to protect any of the Collateral, the Collateral Agent may take, but shall have no obligation to take, any and all actions under the Security Documents or otherwise (other than Enforcement actions) as it shall deem to be in the best interests of the Depositary and the holders.