Common use of Enforcement of Liens Clause in Contracts

Enforcement of Liens. If the Collateral Trustee at any time receives written notice from a Parity Lien Representative stating that any event has occurred that constitutes a default under any Parity Lien Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens under the Parity Lien Security Documents, the Collateral Trustee will promptly deliver written notice thereof to each Parity Lien Representative. Thereafter, the Collateral Trustee will await direction by an Act of Parity Lien Debtholders and, subject to the terms of the Intercreditor Agreement, will act, or decline to act, as directed by an Act of Parity Lien Debtholders, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Parity Lien Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Parity Lien Debtholders. The Collateral Trustee shall in no way be liable or obligated to take any action in the absence of (i) express provisions in the Parity Lien Security Documents to the contrary or (ii) any Act of Parity Lien Debtholders, and shall not be liable or responsible for any action taken upon an Act of Parity Lien Debtholders.

Enforcement of Liens. If the Collateral Trustee at any time receives written notice from a Parity Lien Representative stating that any event has occurred that constitutes a default under any Parity Lien Secured Debt Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens under the Parity Lien Security Documentsthereunder, the Collateral Trustee will promptly deliver written notice thereof to each Parity Lien Secured Debt Representative. Thereafter, the Collateral Trustee will may await direction by an Act of Parity Lien Required Debtholders and, subject to the terms of the Intercreditor Agreement, and will act, or decline to act, as directed by an Act of Parity Lien Required Debtholders, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Parity Lien Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Parity Lien Required Debtholders. The , subject to the limitations set forth in the Intercreditor Agreement with respect to the rights of the Collateral Trustee shall in no way be liable or obligated to take any action in the absence of (i) express provisions in the Parity Lien Security Documents ABL Priority Collateral. Unless it has been directed to the contrary or (ii) any Act of Parity Lien Debtholders, and shall not be liable or responsible for any action taken upon by an Act of Parity Lien Required Debtholders, the Collateral Trustee in any event may (but will not be obligated to) take or refrain from taking such action with respect to any default under any Secured Debt Document as it may deem advisable and in the best interest of the holders of Secured Obligations, subject in all cases to the limitations in the Intercreditor Agreement.

Enforcement of Liens. If the Collateral Trustee at any time receives written notice from a Parity Lien Representative stating that any event has occurred that constitutes a default under any Parity Lien Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens under the Parity Lien Security Documents, the Collateral Trustee will promptly deliver written notice thereof to each other Parity Lien Representative. Thereafter, the Collateral Trustee will may await direction by an Act of Parity Lien Debtholders and, subject to the terms of the Intercreditor Agreement, will act, or decline to act, as directed in writing by an Act of Parity Lien Debtholders, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Parity Lien Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed in writing by an Act of Parity Lien Debtholders. The Collateral Trustee shall Unless it has been directed in no way be liable or obligated to take any action in the absence of (i) express provisions in the Parity Lien Security Documents writing to the contrary or (ii) any by an Act of Parity Lien Debtholders, and shall the Collateral Trustee in any event may (but will not be liable obligated to) take or responsible for refrain from taking such action with respect to any action taken upon an Act default under any Parity Lien Document as it may deem advisable and in the interest of the holders of Parity Lien DebtholdersObligations.

Enforcement of Liens. If the Collateral Trustee at any time receives written notice from a Parity Lien Representative stating that any event has occurred that constitutes a default under any Parity Lien Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens under the Parity Lien Security Documents, the Collateral Trustee will promptly deliver written notice thereof to each Parity Lien Representative. Thereafter, the Collateral Trustee will may await direction by an Act of Parity Lien Debtholders and, subject to the terms of the Intercreditor Agreement, will act, or decline to act, as directed by an Act of Parity Lien Debtholders, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Parity Lien Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Parity Lien Debtholders. The Collateral Trustee shall in no way be liable or obligated to take any action in the absence of (i) express provisions in the Parity Lien Security Documents Unless it has been directed to the contrary or (ii) any by an Act of Parity Lien Debtholders, and shall the Collateral Trustee in any event may (but will not be liable obligated to) take or responsible for refrain from taking such action with respect to any action taken upon an Act default under any Parity Lien Document as it may deem advisable and in the best interest of the holders of Parity Lien DebtholdersObligations, all in the Collateral Trustee’s sole discretion.

Enforcement of Liens. If the Collateral Trustee at any time receives written notice from a Parity Lien Representative stating that any event has occurred that constitutes a default under any Parity Lien Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens under the Parity Lien Security Documents, the Collateral Trustee will promptly deliver written notice thereof to each Parity Lien Representative. Thereafter, the Collateral Trustee will may await direction by an Act of Parity Lien Debtholders and, subject to the terms of the Intercreditor Agreement, will act, or decline to act, as directed by an Act of Parity Lien Debtholders, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Parity Lien Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Parity Lien Debtholders. The Collateral Trustee shall in no way be liable or obligated to take any action in the absence of (i) express provisions in the Parity Lien Security Documents Unless it has been directed to the contrary or (ii) any by an Act of Parity Lien Debtholders, and shall the Collateral Trustee in any event may (but will not be liable obligated to) take or responsible for refrain from taking such action with respect to any action taken upon an Act default under any Parity Lien Document as it may deem advisable and in the best interest of the holders of Parity Lien DebtholdersObligations.

Enforcement of Liens. If the Collateral Trustee at any time receives written notice from a Parity Lien Representative stating that any event has occurred that constitutes a default under any Parity Lien Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens under the Parity Lien Security Documents, the Collateral Trustee will promptly deliver written notice thereof to each Parity Lien Representative. Thereafter, the Collateral Trustee will may await direction by an Act of Parity Lien Debtholders and, subject to the terms of the Intercreditor Agreement, will act, or decline to act, as directed by an Act of Parity Lien Debtholders, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Parity Lien Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Parity Lien Debtholders. The Collateral Trustee shall in no way be liable or obligated to take any action in the absence of (i) express provisions in the Parity Lien Security Documents Unless it has been directed to the contrary or (ii) any by an Act of Parity Lien Debtholders, and shall the Collateral Trustee in any event may (but will not be liable obligated to) take or responsible for refrain from taking such action with respect to any action taken upon an Act default under any Parity Lien Document as it may deem advisable and in the interest of the holders of Parity Lien DebtholdersObligations, all in the Collateral Trustee’s sole discretion.

Enforcement of Liens. If the Collateral Trustee at any time receives written notice from a Parity Lien Representative stating that any event has occurred that constitutes a default under any Parity Lien Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens under the Parity Lien Security Documents, the Collateral Trustee will promptly deliver written notice thereof to each other Parity Lien Representative. Thereafter, the Collateral Trustee will may await direction by an Act of Parity Lien Debtholders and, subject to the terms of the Intercreditor Agreement, will act, or decline to act, as directed by an Act of Parity Lien Debtholders, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Parity Lien Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Parity Lien Debtholders. The Collateral Trustee shall in no way be liable or obligated to take any action in the absence of (i) express provisions in the Parity Lien Security Documents Unless it has been directed to the contrary or (ii) any by an Act of Parity Lien Debtholders, and shall the Collateral Trustee in any event may (but will not be liable obligated to) take or responsible for refrain from taking such action with respect to any action taken upon an Act default under any Parity Lien Document as it may deem advisable and in the interest of the holders of Parity Lien DebtholdersObligations.

Enforcement of Liens. If the Collateral Trustee at any time receives written notice from a Parity Lien Representative stating that any event has of default shall have occurred that constitutes a default and be continuing under the Indenture or any other Parity Lien Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens under the Parity Lien Security Documents, the Collateral Trustee will promptly deliver written notice thereof to each Parity Lien Authorized Representative. Thereafter, the Collateral Trustee will shall await direction by an Act of Parity Lien Debtholders and, subject to the terms of the Intercreditor Agreement, Required Secured Parties and will act, or decline to act, as directed by an Act of Parity Lien DebtholdersRequired Secured Parties, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Parity Lien Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Parity Lien Debtholders. The Collateral Trustee shall Required Secured Parties, subject in no way be liable or obligated all cases to take any action the limitations set forth in the absence of (i) express provisions in Intercreditor Agreements. Notwithstanding the Parity Lien Security Documents foregoing, unless it has been directed to the contrary or (ii) any Act of Parity Lien Debtholders, and shall not be liable or responsible for any action taken upon by an Act of Required Secured Parties, the Collateral Trustee in any event may (but will not be obligated to) take or refrain from taking such action with respect to any default under any Parity Lien DebtholdersDocument as it may deem advisable and in the best interest of the Secured Parties, subject in all cases to the limitations set forth in the Intercreditor Agreements.

Enforcement of Liens. If the Collateral Trustee at any time receives written notice from a Parity Lien Representative or the Company stating that any event has occurred that constitutes a default under any Parity Lien Document Debt Default entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens under the a Parity Lien Security DocumentsDocument has occurred and is continuing, the Collateral Trustee will promptly deliver written notice thereof to each Parity Lien Representative. Thereafter, subject to the provisions of the Intercreditor Agreement, the Collateral Trustee will may await direction by an Act of Parity Lien Required Debtholders and, subject to the terms of the Intercreditor Agreement, and will act, or decline to act, as directed by an Act of Parity Lien Required Debtholders, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Parity Lien Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Parity Lien Required Debtholders. The Collateral Trustee shall in no way be liable or obligated to take any action in the absence of (i) express provisions in the Parity Lien Security Documents Unless it has been directed to the contrary by an Act of Required Debtholders, the Collateral Trustee in any event may (but will not be obligated to) take or (ii) refrain from taking such action with respect to any Act default under any applicable Parity Lien Document as it may deem advisable and in the best interest of the holders of Parity Lien Debtholders, and shall not be liable or responsible for any action taken upon an Act of Parity Lien DebtholdersObligations.

Enforcement of Liens. If the Collateral Trustee at any time receives written notice from a Parity Lien Representative stating that any event has occurred that constitutes a default under any Parity Lien Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens under the Parity Lien Security Documents, the Collateral Trustee will promptly deliver written notice thereof to each other Parity Lien Representative. Thereafter, the Collateral Trustee will may await direction by an Act of Parity Lien Debtholders and, subject to the terms of the Intercreditor Agreement, will act, or decline to act, as directed by an Act of Parity Lien Debtholders, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Parity Lien Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Parity Lien Debtholders. The Collateral Trustee shall in no way be liable or obligated to take any action in the absence of (i) express provisions in the Parity Lien Security Documents Unless it has been directed to the contrary or (ii) any by an Act of Parity Lien Debtholders, and shall the Collateral Trustee in any event may (but will not be liable obligated to) take or responsible for refrain from taking such action with respect to any action taken upon an Act default under any Parity Lien Document as it may deem advisable and in the interest of the holders of Parity Lien DebtholdersObligations, all in the Collateral Trustee’s sole discretion (but subject to the terms of the Intercreditor Agreement).

Enforcement of Liens. If the Collateral Trustee at any time receives written notice from Stream, a Parity Guarantor or the Priority Lien Representative stating that any event has occurred that constitutes a default under any Parity Lien Secured Debt Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens under the Parity Lien Security Documentsthereunder, the Collateral Trustee will promptly deliver written notice thereof to each Parity Lien Secured Debt Representative. Thereafter, the Collateral Trustee will may await direction by an Act of Parity Lien Required Debtholders and, subject to the terms of the Intercreditor Agreement, and will act, or decline to act, as directed by an Act of Parity Lien Required Debtholders, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the COLLATERAL TRUST AGREEMENT Collateral or under the Parity Lien Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Parity Lien Required Debtholders. The Collateral Trustee shall , in no way be liable or obligated each case subject to take any action the limitations set forth in the absence of (i) express provisions in the Parity Lien Security Documents Intercreditor Agreement. Unless it has been directed to the contrary or (ii) any Act of Parity Lien Debtholders, and shall not be liable or responsible for any action taken upon by an Act of Parity Lien Required Debtholders, the Collateral Trustee in any event may (but will not be obligated to) take or refrain from taking such action with respect to any default under any Secured Debt Document as it may deem advisable and in the best interest of the holders of Secured Obligations, subject in all cases to the limitations in the Intercreditor Agreement.

Enforcement of Liens. If the Collateral Trustee at any time receives written notice from a Parity Lien Representative stating that any event has occurred that constitutes a default under any Parity Lien Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens under the Parity Lien Security Documents, the Collateral Trustee will promptly deliver written notice thereof to each Parity Lien Representative. Thereafter, the Collateral Trustee will may await direction by an Act of Parity Lien Debtholders and, subject to the terms of the Intercreditor Agreement, will act, or decline to act, as directed by an Act of Parity Lien Debtholders, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Parity Lien Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Parity Lien Debtholders. The Collateral Trustee shall in no way be liable or obligated to take any action in the absence of (i) express provisions in the Parity Lien Security Documents to the contrary or (ii) any Act of Parity Lien Debtholders, and shall not be liable or responsible for any action taken upon an Act of Parity Lien Debtholders.

Enforcement of Liens. If the Collateral Trustee at any time receives written notice from a Parity Third Lien Representative stating that any event has occurred that constitutes a default under any Parity Third Lien Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens under the Parity Third Lien Security Documents, the Collateral Trustee will promptly deliver written notice thereof to each Parity Third Lien Representative. Thereafter, the Collateral Trustee will may await direction by an Act of Parity Third Lien Debtholders and, subject to the terms of the Intercreditor Agreement, will act, or decline to act, as directed by an Act of Parity Third Lien Debtholders, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Parity Third Lien Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Parity Third Lien Debtholders. The Collateral Trustee shall in no way be liable or obligated to take any action in the absence of (i) express provisions in the Parity Lien Security Documents Unless it has been directed to the contrary or (ii) any by an Act of Parity Third Lien Debtholders, and shall the Collateral Trustee in any event may (but will not be liable obligated to) take or responsible for refrain from taking such action with respect to any action taken upon an Act default under any Third Lien Document as it may deem advisable and in the best interest of Parity the holders of Third Lien DebtholdersObligations.

Enforcement of Liens. If the Collateral Trustee at any time receives written notice from a Parity Lien Representative stating that any event has occurred that constitutes a default under any Parity Lien Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens under the Parity Lien Security Documents, the Collateral Trustee will promptly deliver written notice thereof to each Parity Lien Representative. Thereafter, the Collateral Trustee will may await direction by an Act of Parity Lien Debtholders and, subject to the terms of the Intercreditor Agreement, will act, or decline to act, as directed by an Act of Parity Lien Debtholders, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Parity Lien Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Parity Lien Debtholders. The Collateral Trustee shall in no way be liable or obligated to take any action in the absence of (i) express provisions in the Parity Lien Security Documents Unless it has been directed to the contrary or (ii) any by an Act of Parity Lien Debtholders, and shall the Collateral Trustee in any event may (but will not be liable obligated to) take or responsible for refrain from taking such action with respect to any action taken upon an Act default under any Parity Lien Document as it may deem advisable and in the interest of the holders of Parity Lien DebtholdersObligations; provided, however, nothing in this Section 3.3 shall require Collateral Agent to take any action, or refrain to take any action which, in its judgment or the judgment of its counsel, may expose Collateral Agent to liability or that is contrary to any Parity Lien Documents or applicable Governmental Requirement.

Enforcement of Liens. If the Collateral Trustee at any time receives written notice from a Parity Lien Representative stating that any event has occurred that constitutes a default under any Parity Lien Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens under the Parity Lien Security Documents, the Collateral Trustee will promptly deliver written notice thereof to each Parity Lien Representative. Thereafter, the Collateral Trustee will may await direction by an Act of Parity Lien Debtholders and, subject to the terms of the Intercreditor Agreement, will act, or decline to act, as directed by an Act of Parity Lien Debtholders, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Parity Lien Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Parity Lien Debtholders. The Prior to the occurrence of a Springing Event, the Collateral Trustee shall in no way be liable or obligated entitled to take any action in foreclose on the absence Collateral Account and the Trust Estate at the direction of (i) express provisions in the Trustee, notwithstanding the fact that the Parity Lien Security Documents to the contrary or (ii) any Act of Parity Lien Debtholders, and shall may not be liable or responsible for any action taken upon an Act of Parity Lien Debtholdersyet have been executed.

Enforcement of Liens. (a) If the Collateral Trustee at any time receives written notice from a Parity Lien Representative stating that any event has occurred that constitutes a default or event of default under any Parity Lien Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens under the Parity Lien Security Documents, the Collateral Trustee will promptly deliver written notice thereof to each Parity Lien Representative. Thereafter, the Collateral Trustee will may await direction by an Act of Parity Lien Debtholders and, subject to the terms of the Intercreditor Agreement, will act, or decline to act, as directed by an Act of Parity Lien Debtholders, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Parity Lien Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Parity Lien Debtholders. The Collateral Trustee shall in no way be liable or obligated to take any action in the absence of (i) express provisions in the Parity Lien Security Documents Unless it has been directed to the contrary or (ii) any by an Act of Parity Lien Debtholders, and shall the Collateral Trustee in any event may (but will not be liable obligated to), subject to the terms of the Intercreditor Agreement, take or responsible for refrain from taking such action with respect to any action taken upon an Act default or event of default under any Parity Lien Document as it may deem advisable and in the interest of the holders of Parity Lien Debtholders.Obligations; provided, however, nothing in this

Enforcement of Liens. If the Collateral Trustee at any time receives written notice from a Parity Lien Debt Representative stating that any event has occurred that constitutes a default under any Parity Lien Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens under the Parity Lien Security Documents, the Collateral Trustee it will promptly deliver written notice thereof to each Parity Lien Debt Representative. Thereafter, the Collateral Trustee will may await direction by an Act of Required Parity Lien Debtholders and, subject to the terms of the Intercreditor Agreement, and will act, or decline to act, as directed by an Act of Required Parity Lien Debtholders, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Parity Lien Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Parity Lien Debtholders. The Collateral Trustee shall in no way be liable or obligated to take any action in the absence of (i) express provisions in the Parity Lien Security Documents to the contrary or (ii) any Act of Required Parity Lien Debtholders, and shall not be liable or responsible for any action taken upon subject to the limitations set forth in the Intercreditor Agreement with respect to the rights of the Collateral Trustee in the ABL Priority Collateral. Unless it has been directed to the contrary by an Act of Required Parity Lien Debtholders, the Collateral Trustee in any event may (but will not be obligated to) take or refrain from taking such action with respect to any default under any Parity Lien Document as it may deem advisable and in the best interest of the holders of Parity Lien Obligations, subject in all cases to the limitations in the Intercreditor Agreement.

Enforcement of Liens. If the Collateral Trustee at any time receives written notice from a Parity Lien Representative stating that any event has occurred that constitutes a default under any Parity Pari Passu Lien Document Debt Default entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens under the Parity Pari Passu Lien Security Documents, the Collateral Trustee will promptly deliver written notice thereof to each Parity Pari Passu Lien Representative. Thereafter, the Collateral Trustee will may await direction by an Act of Parity Required Pari Passu Lien Debtholders and, subject to the terms of the Intercreditor Agreement, Secured Parties and will act, or decline to act, as directed by an Act of Parity Required Pari Passu Lien DebtholdersSecured Parties, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Parity Pari Passu Lien Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Parity Required Pari Passu Lien DebtholdersSecured Parties. The Collateral Trustee shall in no way be liable or obligated to take any action in the absence of (i) express provisions in the Parity Lien Security Documents Unless it has been directed to the contrary or (ii) any Act of Parity Lien Debtholders, and shall not be liable or responsible for any action taken upon by an Act of Parity Required Pari Passu Lien DebtholdersSecured Parties, the Collateral Trustee in any event may (but will not be obligated to) take or refrain from taking such action with respect to any default under any Pari Passu Lien Document as it may deem advisable and in the interest of the Pari Passu Lien Secured Parties, subject, at all times, to the terms of the Intercreditor Agreement.