Common use of Solicitation of Instructions Clause in Contracts

Solicitation of Instructions. (a) The Collateral Trustee may at any time solicit written confirmatory instructions, in the form of an Act of Required Secured Parties, an Officers’ Certificate, written instructions from the Authorized Representatives or an order of a court of competent jurisdiction, as to any action that it may be requested or required to take, or that it may propose to take, in the performance of any of its obligations under this Agreement or the other Security Documents and may refrain from taking action (and shall have no liability for refraining from taking action) until such instruction or court order are received by it. (b) No written direction given to the Collateral Trustee by an Act of Required Secured Parties that in the sole judgment of the Collateral Trustee imposes, purports to impose or might reasonably be expected to impose upon the Collateral Trustee any obligation or liability not set forth in or arising under this Agreement and the other Security Documents will be binding upon the Collateral Trustee unless the Collateral Trustee elects, at its sole option, to accept such direction.

Appears in 2 contracts

Samples: Collateral Trust Agreement, Collateral Trust Agreement (Toys R Us Inc)

AutoNDA by SimpleDocs

Solicitation of Instructions. (a) The Collateral Trustee may at any time solicit written confirmatory instructions, in the form of an Act of Required Secured PartiesFirst Lien Debtholders, an Officers’ Certificate, written instructions from the Authorized Representatives Officer’s Certificate or an order of a court of competent jurisdiction, as to any action that it may be requested or required to take, or that it may propose to take, in the performance of any of its obligations under this Agreement or the other First Lien Security Documents Documents, and the Collateral Trustee may refrain from await receipt of the respective confirmatory instructions before taking action (and shall have no liability for refraining from taking the respective such action) until such instruction or court order are received by it. (b) No written direction given to the Collateral Trustee by an Act of Required Secured Parties First Lien Debtholders that in the sole judgment of the Collateral Trustee imposes, purports to impose or might reasonably be expected to impose upon the Collateral Trustee any obligation or liability not set forth in or arising under this Agreement and the other First Lien Security Documents will be binding upon the Collateral Trustee unless the Collateral Trustee elects, at its sole option, to accept such direction.

Appears in 2 contracts

Samples: Collateral Trust and Intercreditor Agreement, Collateral Trust and Intercreditor Agreement (CVR Energy Inc)

Solicitation of Instructions. (a) The Collateral Trustee may at any time solicit written confirmatory instructions, in the form of an Act of Required Secured Parties, an Officers’ Certificate, written instructions from the Authorized Representatives Certificate or an order of a court of competent jurisdiction, as to any action that it may be requested or required to take, or that it may propose to take, in the performance of any of its obligations under this Agreement or the other Security Documents and may refrain from taking and, subject to Section 5.05, will not be deemed to have breached its obligations pursuant to this Agreement by failing to take such action (and shall have no liability for refraining from taking action) until if such instruction or court order written confirmatory instructions are received by itnot provided. (b) No written direction given to the Collateral Trustee by an Act of Required Secured Parties that in the sole judgment of the Collateral Trustee imposes, purports to impose or might reasonably be expected to impose upon the Collateral Trustee any obligation or liability not set forth in or arising under this Agreement and the other Security Documents will be binding upon the Collateral Trustee unless the Collateral Trustee elects, at its sole option, to accept such direction.

Appears in 1 contract

Samples: Collateral Trust Agreement (Valaris LTD)

Solicitation of Instructions. (a) The Collateral Trustee Agent may at any time solicit written confirmatory instructions, in the form of an Act of Required Secured Parties, an Officers’ Certificate, written instructions from the Authorized Representatives Certificate or an order of a court of competent jurisdiction, as to any action that it may be requested or required to take, or that it may propose to take, in the performance of any of its obligations under this Agreement or the other Security Documents and may refrain from taking and, without limiting Section 5.05, will not be deemed to have breached its obligations pursuant to this Agreement by failing to take such action (and shall have no liability for refraining from taking action) until if such instruction or court order written confirmatory instructions are received by itnot provided. (b) No written direction given to the Collateral Trustee Agent by an Act of Required Secured Parties that in the sole judgment of the Collateral Trustee Agent imposes, purports to impose or might reasonably be expected to impose upon the Collateral Trustee Agent any obligation or liability not set forth in or arising under this Agreement and the other Security Documents will be binding upon the Collateral Trustee Agent unless the Collateral Trustee Agent elects, at its sole option, to accept such direction.

Appears in 1 contract

Samples: Collateral Agency and Intercreditor Agreement (Diamond Offshore Drilling, Inc.)

AutoNDA by SimpleDocs

Solicitation of Instructions. (a) The Collateral Trustee may at any time solicit written confirmatory instructions, in the form of an Act of Required Secured PartiesDebtholders, an Officers’ Certificate, written instructions from the Authorized Representatives ' Certificate or an order of a court of competent jurisdiction, as to any action that it may be requested or required to take, or that it may propose to take, in the performance of any of its obligations under this Agreement or the other Security Documents and may Documents. The Collateral Trustee will be entitled to refrain from taking any action (and shall have will incur no liability for refraining from taking actiondoing so) until it receives such instruction or court order are received by itwritten confirmatory instructions. (b) No written direction given to the Collateral Trustee by an Act of Required Secured Parties Debtholders that in the sole judgment of the Collateral Trustee imposes, purports to impose or might reasonably be expected to impose upon the Collateral Trustee any obligation or liability not set forth in or arising under this Agreement and the other Security Documents will be binding upon the Collateral Trustee unless the Collateral Trustee elects, at its sole option, to accept such direction.

Appears in 1 contract

Samples: Collateral Trust Agreement (Builders FirstSource, Inc.)

Solicitation of Instructions. (a) The Except with respect to any action with respect to which an Officer's Certificate has been delivered to the Collateral Trustee in accordance with the express provisions of this Agreement, the Collateral Trustee may at any time solicit written confirmatory instructions, in the form of an Act of Required Secured PartiesCollateral Trust Holders, an Officers’ Certificate, written instructions from the Authorized Representatives Officer's Certificate or an order of a court of competent jurisdiction, as to any action that it may be requested or required to take, or that it may propose to take, in the performance of any of its obligations under this Agreement or the other Collateral Trust Security Documents and may refrain from taking action (and shall have no liability for refraining from taking action) until such instruction or court order are received by itDocuments. (b) No written direction given to the Collateral Trustee by an Act of Required Secured Parties Collateral Trust Holders that in the sole judgment of the Collateral Trustee imposes, purports to impose or might reasonably be expected to impose upon the Collateral Trustee any obligation or liability not set forth in or arising under this Agreement and the other Collateral Trust Security Documents will be binding upon the Collateral Trustee unless the Collateral Trustee elects, at its sole option, to accept such direction.

Appears in 1 contract

Samples: Collateral Trust Agreement (Harland Clarke Holdings Corp)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!