Common use of Lenders’ instructions Clause in Contracts

Lenders’ instructions. 20.7.1 Unless a contrary indication appears in a Security Document, the Agent shall: (a) exercise any right, power, authority or discretion vested in it as Agent in accordance with any instructions given to it by the Lenders (or, if so instructed by the Lenders, refrain from exercising any right, power, authority or discretion vested in it as the Agent); and (b) not be liable for any act (or omission) if it acts (or refrains from taking any action) in accordance with an instruction of the Lenders. 20.7.2 Unless a contrary indication appears in a Security Document, any instructions given by the Lenders will be binding on all the Finance Parties. 20.7.3 The Agent may refrain from acting in accordance with the instructions of the Lenders until it has received such security as it may require for any cost, loss or liability (together with any associated value added tax) which it may incur in complying with the instructions. 20.7.4 In the absence of instructions from the Lenders the Agent may act (or refrain from taking action) as it considers to be in the best interest of the Lenders. 20.7.5 The Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’s consent) in any legal or arbitration proceedings relating to any Security Document.