Enforcement Directions Sample Clauses
Enforcement Directions. (a) The Security Agent may refrain from enforcing the Transaction Security unless directed otherwise by the Majority Primary Creditors.
(b) Subject to the Transaction Security having become enforceable in accordance with its terms, the Majority Primary Creditors may give or refrain from giving directions to the Security Agent to enforce or refrain from enforcing the Transaction Security, in their discretion.
(c) The Security Agent is entitled to rely on and comply with directions given in accordance with this Section.
Enforcement Directions. So long as any of the Credit Facility Obligations are outstanding, and subject to clauses (1) and (2) of the concluding proviso of this Section 6.1, the Collateral Agent, the Trustee and the Administrative Agent agree, for the benefit of the others, as follows:
(i) for the initial period of 120 days following the occurrence of an Event of Default under the Credit Agreement (each such period, a “Designated Vessel Period”), the Administrative Agent shall be permitted to direct the activity of the Collateral Agent with respect to all aspects involving, and otherwise relating to, the enforcement of, and realization on, the Liens on or with respect to, (i) the Designated Vessels, or any of them, and (ii) the Pledge Shares (as defined in the Pledge Agreement) related to the related Subsidiary Guarantors and all other Collateral related to Designated Vessels (including, without limitation, the related Earnings and Insurances) which are covered by the Security Documents (collectively, such Vessels, Pledged Shares and other Collateral, the “Designated Collateral”), provided that the Collateral Agent shall promptly deliver to the Trustee copies of all such notices and directions given to the Collateral Agent by the Administrative Agent, in each case prepared by the Administrative Agent in reasonable detail; and during the Designated Vessel Period, the Trustee shall not have the power to direct the Collateral Agent to take any action with respect to the enforcement of, and realization on, the Liens on or with respect to, any Designated Collateral; and
(ii) as to Designated Collateral as to which the Administrative Agent has commenced making directions of enforcement to the Collateral Agent during the applicable Designated Vessel Period, so long as the Event of Default giving rise to that action continues unremedied or uncured, the Administrative Agent shall be permitted to continue to direct the activity of the Collateral Agent with respect to all aspects involving, or otherwise relating to, the enforcement of, and realization on, the Liens on and with respect to such property, provided that the Collateral Agent shall promptly provide to the Trustee copies of all such directions given to the Collateral Agent by the Administrative Agent, in each case prepared by the Administrative Agent in reasonable detail. provided, however, notwithstanding the foregoing, the Trustee may direct the Collateral Agent:
(1) as necessary to perfect or establish the priority of the Liens ...