Common use of Decisions Relating to Exercise of Remedies Clause in Contracts

Decisions Relating to Exercise of Remedies. Notwithstanding anything in this Agreement to the contrary, as provided in the Intercreditor Agreement, the Collateral Agent shall exercise, or shall refrain from exercising, any remedy provided for in Section 11A in accordance with the instructions of Requisite Obligees (as defined in the Intercreditor Agreement) and the Credit Agents, the Interest Rate Exchangers, the Currency Exchangers, the Foreign Lenders, the holders of the Senior Debentures and the Senior Debenture Trustee, the Commercial Paper Holders and the Commercial Paper Representatives, and the holders of the Subordinated Debt Securities and the Subordinated Debt Trustee shall be bound by such instructions; and the sole rights of the Credit Agents, the Interest Rate Exchangers, the Currency Exchangers, the Foreign Lenders, the holders of the Senior Debentures and the Senior Debenture Trustee, the Commercial Paper Holders and the Commercial Paper Representatives, and the holders of the Subordinated Debt Securities and the Subordinated Debt Trustee under this Agreement shall be to be secured by the Pledged Collateral and to receive the payments provided for in Section 12 hereof; provided, however, that if the Collateral Agent has requested instructions from any Commercial Paper Representative as to the exercise of any such remedies and such Commercial Paper Representative has not promptly responded to such request, in determining the instructions given by Requisite Obligees (as defined in the Intercreditor Agreement), the Collateral Agent shall disregard such Commercial Paper Representative and the outstanding amount of Commercial Paper in respect of which such Commercial Paper Representative is the Commercial Paper Representative.

Decisions Relating to Exercise of Remedies. (a) Notwithstanding anything to the contrary contained in this Agreement to the contrary, as provided in the Intercreditor Agreement, the Collateral Agent shall Credit Agreement and the other Loan Documents, any Interest Rate Protection Agreement, the Management Loan Guaranty or the Bastet/Mission Guaranty, the Pledgee may exercise, and at the request of the Majority Banks shall exercise or shall refrain from exercising, any remedy all rights and remedies hereunder and provided for in Section 11A in accordance with by law, which remedies are cumulative and not exclusive. (b) By acceptance of the instructions benefit of Requisite Obligees (as defined the security interests granted pursuant to this Agreement in the Intercreditor Agreement) and the Credit AgentsPledged Collateral, the Interest Rate ExchangersProtection Creditors, the Currency ExchangersManagement Loan Creditor and the Bastet/Mission Creditors hereby acknowledge that they have no rights to direct the Pledgee to act or refrain from acting with respect to the Pledged Collateral, and hereby acknowledge that the Foreign LendersPledgee shall hold the Pledged Collateral (to the extent such Pledged Collateral is evidenced by certificates, notes or other instruments delivered to it) for itself and the holders pro rata benefit of the Senior Debentures Secured Creditors, subject to the terms and conditions hereof, solely for the Senior Debenture Trusteepurpose of providing them with a pari passu security interest in the Pledged Collateral (subject to the terms and conditions set forth herein). In any proceeding under the Bankruptcy Code or any other Federal or state bankruptcy, the Commercial Paper Holders insolvency, receivership or similar law and the Commercial Paper Representatives, and the holders of the Subordinated Debt Securities and the Subordinated Debt Trustee shall be bound by prior to any vote in any such instructions; and the sole rights of the Credit Agentsproceeding, the Interest Rate ExchangersProtection Creditors, the Currency Exchangers, Management Loan Creditor and the Foreign Lenders, Bastet/Mission Creditors shall abstain from any such vote which is taken on a committee of secured creditors or otherwise affects the holders disposition of the Senior Debentures and the Senior Debenture Trustee, the Commercial Paper Holders and the Commercial Paper Representatives, and the holders of the Subordinated Debt Securities and the Subordinated Debt Trustee under this Agreement shall be to be secured by the Pledged Collateral and to receive the payments provided for in Section 12 hereof; provided, however, that if the Collateral Agent has requested instructions from any Commercial Paper Representative as to the exercise of any such remedies and such Commercial Paper Representative has not promptly responded to such request, in determining the instructions given by Requisite Obligees (as defined in the Intercreditor Agreement), the Collateral Agent shall disregard such Commercial Paper Representative and the outstanding amount of Commercial Paper in respect of which such Commercial Paper Representative is the Commercial Paper RepresentativeCollateral.

Decisions Relating to Exercise of Remedies. (a) Notwithstanding anything to the contrary contained in this Agreement, the Credit Agreement to and the contraryother Loan Documents, as provided in or any Interest Rate Protection Agreement, or the Intercreditor AgreementManagement Loan Guaranty or the Bastet/Mission Guaranty, the Collateral Agent shall exercisemay, and at the request of the Majority Banks shall, exercise or shall refrain from exercising, any remedy all rights and remedies hereunder and provided for in Section 11A in accordance with by law, which remedies are cumulative and not exclusive. (b) By acceptance of the instructions benefit of Requisite Obligees (as defined the security interests granted pursuant to this Agreement in the Intercreditor Agreement) and the Credit AgentsSecurity Agreement Collateral, the Interest Rate ExchangersProtection Creditors, the Currency ExchangersManagement Loan Creditor and the Bastet/Mission Creditors hereby acknowledge that they have no rights to direct the Collateral Agent to act or refrain from acting with respect to the Security Agreement Collateral, and hereby acknowledge that the Foreign LendersCollateral Agent shall hold the Security Agreement Collateral (to the extent such Security Agreement Collateral is evidenced by certificates, notes or other instruments delivered to it) for itself and the holders pro rata benefit of the Senior Debentures Secured Creditors, subject to the terms and conditions hereof, solely for the Senior Debenture Trusteepurpose of providing them with a pari passu security interest in the ---- ----- Security Agreement Collateral (subject to the terms and conditions set forth herein). In any proceeding under the Bankruptcy Code or any other federal or state bankruptcy, the Commercial Paper Holders insolvency, receivership or similar law and the Commercial Paper Representatives, and the holders of the Subordinated Debt Securities and the Subordinated Debt Trustee shall be bound by prior to any vote in any such instructions; and the sole rights of the Credit Agentsproceeding, the Interest Rate ExchangersProtection Creditors, the Currency Exchangers, Management Loan Creditor and the Foreign Lenders, Bastet/Mission Creditors shall abstain from any such vote which is taken on a committee of secured creditors or otherwise affects the holders disposition of the Senior Debentures and the Senior Debenture Trustee, the Commercial Paper Holders and the Commercial Paper Representatives, and the holders of the Subordinated Debt Securities and the Subordinated Debt Trustee under this Security Agreement shall be to be secured by the Pledged Collateral and to receive the payments provided for in Section 12 hereof; provided, however, that if the Collateral Agent has requested instructions from any Commercial Paper Representative as to the exercise of any such remedies and such Commercial Paper Representative has not promptly responded to such request, in determining the instructions given by Requisite Obligees (as defined in the Intercreditor Agreement), the Collateral Agent shall disregard such Commercial Paper Representative and the outstanding amount of Commercial Paper in respect of which such Commercial Paper Representative is the Commercial Paper RepresentativeCollateral.

Decisions Relating to Exercise of Remedies. (a) Notwithstanding anything to the contrary contained in this Agreement to the contrary, as provided in the Intercreditor Agreement, the Collateral Agent shall Credit Agreement and the other Loan Documents, any Interest Rate Protection Agreement, or the Nexstar Guaranty, the Pledgee may exercise, and at the request of the Majority Banks shall exercise or shall refrain from exercising, any remedy all rights and remedies hereunder and provided for in Section 11A in accordance with by law, which remedies are cumulative and not exclusive. (b) By acceptance of the instructions benefit of Requisite Obligees (as defined the security interests granted pursuant to this Agreement in the Intercreditor Agreement) and the Credit AgentsPledged Collateral, the Interest Rate Exchangers, the Currency Exchangers, the Foreign Lenders, the holders of the Senior Debentures and the Senior Debenture Trustee, the Commercial Paper Holders and the Commercial Paper RepresentativesProtection Creditors, and the holders Nexstar Creditors hereby acknowledge that they have no rights to direct the Pledgee to act or refrain from acting with respect to the Pledged Collateral, and hereby acknowledge that the Pledgee shall hold the Pledged Collateral (to the extent such Pledged Collateral is evidenced by certificates, notes or other instruments delivered to it) for itself and the pro rata benefit of the Subordinated Debt Securities Secured Creditors, subject to the terms and conditions hereof, solely for the Subordinated Debt Trustee shall be bound by purpose of providing them with a pari passu security interest in the Pledged Collateral (subject to the terms and conditions set forth herein). In any proceeding under the Bankruptcy Code or any other Federal or state bankruptcy, insolvency, receivership or similar law and prior to any vote in any such instructions; and the sole rights of the Credit Agentsproceeding, the Interest Rate Exchangers, the Currency Exchangers, the Foreign Lenders, the holders of the Senior Debentures and the Senior Debenture Trustee, the Commercial Paper Holders and the Commercial Paper RepresentativesProtection Creditors, and the holders Nexstar Creditors shall abstain from any such vote which is taken on a committee of secured creditors or otherwise affects the disposition of the Subordinated Debt Securities and the Subordinated Debt Trustee under this Agreement shall be to be secured by the Pledged Collateral and to receive the payments provided for in Section 12 hereof; provided, however, that if the Collateral Agent has requested instructions from any Commercial Paper Representative as to the exercise of any such remedies and such Commercial Paper Representative has not promptly responded to such request, in determining the instructions given by Requisite Obligees (as defined in the Intercreditor Agreement), the Collateral Agent shall disregard such Commercial Paper Representative and the outstanding amount of Commercial Paper in respect of which such Commercial Paper Representative is the Commercial Paper RepresentativeCollateral.