Common Security Agent’s Actions Clause Samples
Common Security Agent’s Actions. For the purposes of Clause 10.1 (Facilitation of Distressed Disposals) and Clause 10.3 (Fair Value), the Common Security Agent shall act:
(a) if the relevant Distressed Disposal is being effected by way of enforcement of the Transaction Security, in accordance with Clause 8.3 (Manner of Enforcement); and
(b) in any other case on the instructions of the Instructing Group.
Common Security Agent’s Actions. For the purposes of Clause 20.1 (Facilitation of Distressed Disposals and Appropriation) and Clause 20.4 (Fair Value) and Clause 20.6 (Senior Subordinated Creditor Protections), the Common Security Agent shall:
(a) act in the case of an Appropriation or if the relevant Distressed Disposal is being effected by way of enforcement of the Transaction Security, in accordance with Clause 17.2 (Enforcement Instructions: Priority Creditor Only Transaction Security and Common Transaction Security and Blocking of Unsecured Creditor and Independent Security Creditor Rights) or Clause 17.4 (Manner of Enforcement: Priority Creditor Only Transaction Security and Common Transaction Security); and
(b) in any other case:
(i) act on the instructions of the Instructing Group; or
(ii) in the absence of any such instructions, be entitled, but not obliged, to act as it sees fit.
Common Security Agent’s Actions. For the purposes of Clause 12.1 (Facilitation of Distressed Disposals and Appropriation) and Clause 12.3 (Fair Value), the Common Security Agent shall:
(a) act in the case of an Appropriation or if the relevant Distressed Disposal is being effected by way of enforcement of the Transaction Security, in accordance with Clause 10.1 (Enforcement Instructions: Transaction Security) or Clause 10.3 (Manner of Enforcement: Transaction Security); and
(b) in any other case:
(i) act on the instructions of the Instructing Group; or
(ii) in the absence of any such instructions, be entitled, but not obliged, to act as it sees fit.