Control by Control Party Sample Clauses
The 'Control by Control Party' clause establishes that a designated party, known as the Control Party, has the authority to direct or manage certain actions or decisions under the agreement. In practice, this means that the Control Party may have the exclusive right to make choices regarding the handling of collateral, enforcement of rights, or management of assets, depending on the context of the contract. This clause is essential for clarifying which party has decision-making power in specific situations, thereby reducing disputes and ensuring efficient administration of the relevant matters.
Control by Control Party. The Control Party shall have the right to direct in writing the time, method and place of conducting any Proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee; provided that:
(a) such direction shall not be in conflict with any rule of law or with this Indenture including any provision hereof which expressly provides for approval by a percentage of Outstanding Note Balance of all Notes or of all Notes within a Class;
(b) if the Trustee has reasonable grounds for believing that repayment of any funds expended or risked by it is not assured to it without an indemnity reasonably satisfactory to it against such risk or liability, such indemnity shall have been provided.
Control by Control Party. The Control Party shall have the right to direct in writing the time, method and place of conducting any Proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee; provided that:
(a) such direction shall not be in conflict with any rule of law or with this Indenture including any provision hereof which expressly provides for approval by a percentage of Outstanding Note Balance of all Notes or of all Notes within a Class;
(b) if the Trustee has reasonable grounds for believing that repayment of any funds expended or risked by it is not assured to it without an indemnity reasonably satisfactory to it against such risk or liability (the unsecured indemnity of a Noteholder or the Note Insurer being deemed satisfactory for such purposes, so long as such Person’s long-term debt is rated at least BBB/Baa2), such indemnity shall have been provided.
Control by Control Party. Control Party shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee; provided that such direction shall not be in conflict with any applicable rule of law or with this Indenture; provided further, however, that, subject to Section 7.01, the Trustee need not take any action that it determines might involve it in liability for which it has not been indemnified.