Common use of Emergency Actions Clause in Contracts

Emergency Actions. The Collateral Agent is authorized, but not obligated, to take any action reasonably required to perfect or continue the perfection or effectiveness of the Liens in the Collateral for the benefit of the Secured Parties and following the occurrence of a Default or Event of Default and before the Required Lenders have given the Collateral Agent directions, to take any action (subject to the restrictions in Section 5.02) which the Collateral Agent, in its sole discretion and good faith, believes to be reasonably required to protect the interests of the Lenders and to maximize both the value of the Collateral and the present value of the recovery by the Lenders on the Obligations; provided, however, that once such directions have been received, the actions of the Collateral Agent shall be governed thereby and the Collateral Agent shall not take any further action which would be contrary thereto. The Collateral Agent shall give written notice of any such action to the Lenders within one Business Day and shall cease any such action upon its receipt of written instructions from the Required Lenders.

Emergency Actions. The Collateral Agent Agent, is authorized, but not obligated, to take any action reasonably required to perfect or continue the perfection or effectiveness of the Liens security interests in the Collateral for the benefit of the Secured Parties Creditors and following the occurrence of a Default or an Event of Default and before the Required Lenders have given the Collateral Agent directions, to take any action (subject to the restrictions in Section 5.02) which the Collateral Agent, in its sole discretion and good faith, believes to be reasonably required to promote and protect the interests of the Lenders and to maximize both the value of the Collateral and the present value of the recovery by the Lenders on the Obligations; provided, however, that once such directions have been received, the actions of the Collateral Agent shall be governed thereby and the Collateral Agent shall not take any further action which would be contrary thereto. The Collateral Agent shall give written notice of any such action to the Lenders within one Business Day and shall cease any such action upon its receipt of written instructions from the Required Lenders.

Emergency Actions. The Collateral Agent Agent, is authorized, but not obligated, to take any action reasonably required to perfect or continue the perfection or effectiveness of the Liens security interests in the Collateral for the benefit of the Secured Parties Creditors and following the occurrence of a Default or an Event of Default and before the Required Lenders have given the Collateral Agent directions, to take any action (subject to the restrictions in Section 5.025.2) which the Collateral Agent, in its sole discretion and good faith, believes to be reasonably required to promote and protect the interests of the Lenders and to maximize both the value of the Collateral and the present value of the recovery by the Lenders on the Obligations; provided, however, that once such directions have been received, the actions of the Collateral Agent shall be governed thereby and the Collateral Agent shall not take any further action which would be contrary thereto. The Collateral Agent shall give written notice of any such action to the Lenders within one Business Day and shall cease any such action upon its receipt of written instructions from the Required Lenders.

Emergency Actions. The Collateral Agent is authorized, but not obligated, to take any action reasonably required to perfect or continue the perfection or effectiveness of the Liens in the Collateral for the benefit of the Joined Secured Parties and following the occurrence of a Default or an Event of Default and before the Required Lenders Holders have given the Collateral Agent directions, to take any action (subject to the restrictions in Section 5.025.2) which the Collateral Agent, in its sole discretion and good faith, believes to be reasonably required to protect the interests of the Lenders Joined Secured Parties and to maximize both the value of the Collateral and the present value of the recovery by the Lenders on the Obligations; provided, however, that once such directions from the Required Holders have been received, the actions of the Collateral Agent shall be governed thereby and the Collateral Agent shall not take any further action which would be contrary thereto. The Collateral Agent shall give written notice of any such action to the Lenders Representatives within one Business Day and shall cease any such action upon its receipt of written instructions from the Required LendersHolders.

Emergency Actions. The Collateral Agent Agent, is authorized, but not obligated, (a) to take any action reasonably required to perfect or continue the perfection or effectiveness of the Liens in security interests and liens on the Collateral for the benefit of the Secured Parties Banks and (b) following the occurrence of a Default or an Event of Default and before the Required Lenders Banks have given the Collateral Agent directionsdirections as contemplated in Section 5.B, to take any action (subject to the restrictions in Section 5.02) which the Collateral Agent, in its sole reasonable discretion and good faith, believes to be reasonably required to promote and protect the interests of the Lenders Banks and to maximize both the value of the Collateral and the present value of the recovery by the Lenders Banks on the Obligations; provided, however, that once such directions have been received, the actions of the Collateral Agent shall be governed thereby and the Collateral Agent shall not take any further action which would be contrary thereto. The Collateral Agent shall give written notice of any such action to the Lenders Chase within one Business Day business day and shall cease any such action upon its receipt of written instructions from the Required LendersChase.