Common use of Certain Rights of the Pledgee Clause in Contracts

Certain Rights of the Pledgee. (a) No Secured Creditor shall have the right to cause the Pledgee to take any action with respect to the Collateral, with only the Required Secured Creditors having the right to direct the Pledgee to take any such action. If the Pledgee shall request instructions from the Required Secured Creditors, with respect to any act or action (including failure to act) in connection with the Pledge Agreement, the Pledgee shall be entitled to refrain from such act or taking such action unless and until it shall have received instructions from the Required Secured Creditors and to the extent requested, appropriate indemnification in respect of actions to be taken, and the Pledgee shall not incur liability to any Person by reason of so refraining. Without limiting the foregoing, no Secured Creditor shall have any right of action whatsoever against the Pledgee as a result of the Pledgee acting or refraining from acting hereunder in accordance with the instructions of the Required Secured Creditors. As used herein, the term "Required Secured Creditors" shall mean the holders of at least a majority of the then outstanding Credit Document Obligations.

Certain Rights of the Pledgee. (a) No Secured Creditor shall have the right to cause the Pledgee to take any action with respect to the Collateral, with only the Required Secured Creditors (or all of the Secured Creditors in the case of the release of all or substantially all of the Collateral) having the right to direct the Pledgee to take any such action. If the Pledgee shall request instructions from the Required Secured Creditors, with respect to any act or action (including failure to act) in connection with the Pledge Agreement, the Pledgee shall be entitled to refrain from such act or taking such action unless and until it shall have received instructions from the Required Secured Creditors and to the extent requested, appropriate indemnification in respect of actions to be taken, and the Pledgee shall not incur liability to any Person by reason of so refraining. Without limiting the foregoing, no Secured Creditor shall have any right of action whatsoever against the Pledgee as a result of the Pledgee acting or refraining from acting hereunder in accordance with the instructions of the Required Secured Creditors. As used herein, the term "“Required Secured Creditors" ” shall mean mean, the holders of at least a majority of the then outstanding Credit Loan Document Obligations.

Certain Rights of the Pledgee. (a) No Secured Creditor shall have the right to cause the Pledgee to take any action with respect to the Collateral, with only the Required Secured Creditors (as hereinafter defined) having the right to direct the Pledgee to take any such action. If the Pledgee shall request instructions from the Required Secured Creditors, Creditors with respect to any act or action (including failure to act) in connection with the Pledge Agreement, the Pledgee shall be entitled to refrain from such act or taking such action unless and until it shall have received instructions from the Required Secured Creditors Creditors, and to the extent requested, appropriate indemnification in respect of actions to be taken, ; and the Pledgee shall not incur liability to any Person by reason of so refraining. Without limiting the foregoing, no Secured Creditor shall have any right of action whatsoever against the Pledgee as a result of the Pledgee acting or refraining from acting hereunder in accordance with the instructions of the Required Secured CreditorsCreditor. As used herein, the term "Required Secured CreditorsREQUIRED SECURED CREDITORS" shall mean (a) prior to the holders of at least a majority of Senior Lien Termination Date, the then outstanding Credit Document ObligationsSenior Creditor, and (b) thereafter, the Required Banks.

Certain Rights of the Pledgee. (a) No Secured Creditor shall have the right to cause the Pledgee to take any action with respect to the Collateral, with only the Required Secured Creditors (or all of the Secured Creditors in the case of the release of all or substantially all of the Collateral) having the right to direct the Pledgee to take any such action. If the Pledgee shall request instructions from the Required Secured Creditors, with respect to any act or action (including failure to act) in connection with the Pledge Agreement, the Pledgee shall be entitled to refrain from such act or taking such action unless and until it shall have received instructions from the Required Secured Creditors and to the extent requested, appropriate indemnification in respect of actions to be taken, and the Pledgee shall not incur liability to any Person by reason of so refraining. Without limiting the foregoing, no Secured Creditor shall have any right of action whatsoever against the Pledgee as a result of the Pledgee acting or refraining from acting hereunder in accordance with the instructions of the Required Secured Creditors. As used herein, the term "“Required Secured Creditors" ” shall mean mean, the holders of at least a majority of the then outstanding Credit Document Bank Facility Obligations.

Certain Rights of the Pledgee. (a) No Secured Creditor Holder shall have the right to cause the Pledgee to take any action with respect to the Collateral, with only the Required Secured Creditors Majority Holders having the right to direct the Pledgee to take any such action. If the Pledgee shall request instructions from the Required Secured Creditors, Majority Holders with respect to any act or action (including failure to act) in connection with the Pledge Security Agreement, the Pledgee shall be entitled to refrain from such act or taking such action unless and until it shall have received instructions from the Required Secured Creditors Majority Holders (which instruction shall state that the Holders who sign such instruction constitute the Majority Holders as defined in this Agreement), and to the extent requested, appropriate indemnification from the Holders who execute any such instruction in respect of actions to be taken, taken by the Pledgee; and the Pledgee shall not incur liability to any Person person by reason of so refraining. Without limiting the foregoing, no Secured Creditor Holder shall have any right of action whatsoever against the Pledgee as a result of the Pledgee acting or refraining from acting (x) hereunder in accordance with the instructions of the Required Secured Creditors. As used herein, the term "Required Secured Creditors" shall mean the holders of at least a majority of the then outstanding Credit Document ObligationsMajority Holders or (y) under any Note Purchase Agreement or Note as provided for therein.