Common use of Required GIEK Lenders’ instructions Clause in Contracts

Required GIEK Lenders’ instructions. (a) Unless a contrary indication appears in a Finance Document, the GIEK Facility Agent shall (i) exercise any right, power, authority or discretion vested in it as GIEK Facility Agent in accordance with any instructions given to it by the Required GIEK Lenders (or, if so instructed by the Required GIEK Lenders and/or the GIEK agent, as the case may be, refrain from exercising any right, power, authority or discretion vested in it as GIEK Facility Agent) and (ii) not be liable for any act (or omission) if it acts in accordance with an instruction of the Required GIEK Lenders. (b) Unless a contrary indication appears in a Finance Document, any instructions given by the Required GIEK Lenders will be binding on all the Finance Parties. (c) The GIEK Facility Agent may refrain from acting in accordance with the instructions of the Required GIEK Lenders (or, if appropriate, the GIEK Lenders) until it has received such security as it may require for any cost, loss or liability (together with any associated VAT) which it may incur in complying with the instructions. (d) In the absence of instructions from the Required GIEK Lenders (or, if appropriate, the GIEK Lenders) the GIEK Facility Agent may act (or refrain from acting) as it considers to be in the best interest of the GIEK Lenders. (e) The GIEK Facility Agent is not authorised to act on behalf of a GIEK Lender (without first obtaining that GIEK Lender’s consent) in any legal or arbitration proceedings relating to any Finance Document.