Common use of Refusal to Act Clause in Contracts

Refusal to Act. The Collateral Agent may refuse to act on any notice, consent, direction or instruction from any Secured Creditor or any agent, trustee or similar representative thereof that, in the Collateral Agent’s opinion, (i) is contrary to law or the provisions of any Secured Debt Agreement, (ii) may expose the Collateral Agent to liability (unless the Collateral Agent shall have been indemnified, to its reasonable satisfaction, for such liability by the Secured Creditors that gave such notice, consent, direction or instruction) or (iii) is unduly prejudicial to Secured Creditors not joining in such notice, consent, direction or instruction.

Refusal to Act. The Collateral Agent Trustee may refuse to act on any notice, consent, direction or instruction from any Secured Creditor Parties or any agent, trustee or similar representative thereof that, in the Collateral AgentTrustee’s opinion, (i) is contrary to law or the provisions of any Secured Debt AgreementSecurity Document, (ii) may expose the Collateral Agent Trustee to liability (unless the Collateral Agent Trustee shall have been indemnified, to its reasonable satisfaction, for such liability by the Secured Creditors Parties that gave such notice, consent, direction or instruction) or (iii) is unduly prejudicial to Secured Creditors Parties not joining in such notice, consent, direction or instruction.

Refusal to Act. The Collateral Agent may refuse to act on any notice, consent, direction or instruction from any Secured Creditor Parties or any agent, trustee or similar representative thereof that, in the Collateral Agent’s reasonable opinion, (i) is contrary to law or the provisions of any Secured Debt AgreementSecurity Document, (ii) may expose the Collateral Agent to liability (unless the Collateral Agent shall have been indemnified, to its reasonable satisfaction, for such liability by the Secured Creditors Parties that gave such notice, consent, direction or instruction) or (iii) is unduly prejudicial to Secured Creditors Parties not joining in such notice, consent, direction or instruction.

Refusal to Act. The Collateral Agent may refuse to act on any notice, consent, direction or instruction from any Secured Creditor Parties or any agent, trustee or similar representative thereof that, in the Collateral Agent’s good faith opinion, (i) is contrary to law or the provisions of any Secured Debt AgreementSecurity Document, (ii) may expose the Collateral Agent to liability (unless the Collateral Agent shall have been indemnified, to its reasonable satisfaction, for such liability by the Secured Creditors Parties that gave such notice, consent, direction or instruction) or (iii) is unduly prejudicial to Secured Creditors Parties not joining in such notice, consent, direction or instruction.

Refusal to Act. The Collateral Agent may refuse to act on any notice, consent, direction or instruction from any Secured Creditor Parties or any agent, trustee or similar representative thereof that, in the Collateral Agent’s 's opinion, (iiv) is contrary to law or the provisions of any Secured Debt AgreementCollateral Document, (iiv) may expose the Collateral Agent to liability (unless the Collateral Agent shall have been indemnified, to its reasonable satisfaction, for such liability by the Secured Creditors Parties that gave such notice, consent, direction or instruction) or (iiivi) is unduly prejudicial to Secured Creditors Parties not joining in such notice, consent, direction or instruction.