Common use of Control by Administrative Agent and Indenture Trustees Clause in Contracts

Control by Administrative Agent and Indenture Trustees. (a) Subject to Section 4.2(b), if the Collateral Agent shall have received a (i) Notice of Acceleration Default and so long as such Notice of Acceleration Default has not been withdrawn in accordance with the provisions of Section 4.1(b), the Applicable Representative, and (ii) Notice of Actionable Default and so long as such Notice of Actionable Default has not been withdrawn in accordance with the provisions of Section 4.1(b), Majority Creditors, shall have the right, by an instrument in writing executed and delivered to the Collateral Agent, to direct the Collateral Agent to exercise, or to refrain from exercising, any right, remedy, trust or power available to or conferred upon the Collateral Agent hereunder or under any other Security Document and in connection therewith, to direct the time, method and place of conducting any proceeding for any right or remedy available to the Collateral Agent, or of exercising any trust or power conferred on the Collateral Agent, or for the appointment of a receiver, or for the taking of any other action authorized by this Collateral Agent Agreement or any other Security Document; provided, however, that the Collateral Agent shall have received adequate security or indemnity as provided in Section 7.3(d) of this Collateral Agent Agreement.