Common use of Amendments and Waivers: Transaction Security Documents Clause in Contracts

Amendments and Waivers: Transaction Security Documents. (a) Subject to paragraph (b) below and to Clause 23.6 (Exceptions) the Security Agent may, if authorised by the Instructing Group, and if the Parent consents, amend the terms of, waive any of the requirements of or grant consents under, any of the Transaction Security Documents which shall be binding on each Party. (b) Subject to paragraph (c) of Clause 23.6 (Exceptions), any amendment or waiver of the Transaction Security and any amendment or waiver of, or consent under, any Security Document which has the effect of changing or which relates to: (i) the nature or scope of the Charged Property; (ii) the manner in which the proceeds of enforcement of the Transaction Security are distributed; or (iii) the release of any Transaction Security, shall not be made without the prior consent of the Senior Creditors whose consent to that amendment, waiver or consent is required under the Senior Loan Agreement or any other New Financing Equivalent.

Amendments and Waivers: Transaction Security Documents. (a) Subject to paragraph (b) below and to Clause 23.6 20.4 (Exceptions) and unless the Security provisions of any Debt Document expressly provide otherwise, the Collateral Agent may, if authorised by the Instructing Group, and if the Parent consents, amend the terms of, waive any of the requirements of or grant consents under, any of the Transaction Security Documents which shall be binding on each Party. (b) Subject to paragraph (c) of Clause 23.6 20.4 (Exceptions), any amendment or waiver of the Transaction Security and any amendment or waiver of, or consent under, any Transaction Security Document which has the effect of changing or which relates to: (i) the nature or scope of the Charged Property; (ii) the manner in which the proceeds of enforcement of the Transaction Security are distributed; or (iii) the release of any Transaction Security, shall not be made without the prior consent of the Senior Pari Passu Creditors whose consent to that amendment, waiver or consent is required under the Senior Loan Agreement or any other New Financing Equivalentrelevant Debt Document.