Collateral Administrator May Request Direction Clause Samples
The 'Collateral Administrator May Request Direction' clause allows the collateral administrator to seek instructions or guidance from a designated party, such as a trustee or noteholders, when faced with uncertainty or ambiguity in performing their duties. In practice, this means that if the administrator encounters a situation not clearly addressed by the governing documents, they can formally request direction before taking action. This clause ensures that the administrator acts in accordance with the intentions of the parties involved and helps prevent errors or disputes by clarifying responsibilities in complex or unforeseen circumstances.
Collateral Administrator May Request Direction. If, in performing its duties under this Agreement, the Collateral Administrator is required to decide between alternative courses of action, the Collateral Administrator may request written instructions from the Administrative Agent as to the course of action desired by it. If the Collateral Administrator does not receive such instructions within two Business Days after it has requested them, the Collateral Administrator may, but shall be under no duty to, take or refrain from taking any such courses of action. The Collateral Administrator shall act in accordance with instructions received after such two-Business Day period except to the extent it has already taken, or committed itself to take, action inconsistent with such instructions.