Instructing Creditors definition

Instructing Creditors. The Majority Facility A Creditors (as defined in Intercreditor Agreement) and the Majority Facility B Creditors (as defined in Intercreditor Agreement) acting jointly.

Instructing Creditors has the meaning set forth in the Intercreditor Agreement.

Instructing Creditors has the meaning set out in Clause 2.6.4;

Examples of Instructing Creditors in a sentence

• In the case of such a substitution the Trustee may agree subject to the consent of any Instructing Creditor but without the consent of the Noteholders (to the extent that they are not Instructing Creditors), to a change of the law governing the Notes and/or the Trust Deed provided that such change would not, in the opinion of the Trustee, be materially prejudicial to the interests of the Noteholders.

• The Trustee may agree, subject to the consent of each Instructing Creditor but without the consent of the Noteholders (to the extent that they are not Instructing Creditors), to any modification (subject to certain exceptions) of any of these Conditions or any of the provisions of the Trust Deed or any other Transaction Document which is not, in the opinion of the Trustee, materially prejudicial to the interests of the Noteholders.

• The Security Assignment, the Supplemental Security Assignment and/or the Pricing Supplement in respect of the relevant Series will specify the Secured Creditor(s) that shall be the Instructing Creditor(s) in relation to that Series of Notes.

• The Trustee will, where the interests of the Instructing Creditor (as evidenced by the Instructing Creditor's instructions) conflict with those of the other Secured Creditors (as defined in Condition 4(b)), prefer the interests of such Instructing Creditor over the interests of the other Secured Creditors (and shall not take into account the interests of such other Secured Creditors).

• Instructing Creditors For the purposes of the Conditions and this Securities Note, the Instructing Creditor in respect of each applicable Condition and each applicable paragraph of this Securities Note shall be the Noteholders.

• Each Intra-Group Lender and Subordinated Creditor will cast its vote in any proposal put to the vote by or under the supervision of any judicial or supervisory authority in respect of any insolvency, pre-insolvency or rehabilitation or similar proceedings relating to any member of the Group as instructed by the Security Agent, and the Security Agent shall give instructions for these purposes in accordance with any instructions given to it by the Majority Instructing Creditors.

• The Intercreditor Agent shall have no liability as a result of the late receipt (or failure of receipt) of any Voting Certificates from an Instructing Representative on behalf of itself and, if any, its applicable Instructing Creditors.

• In the event that the proposed Decision is not approved by the Instructing Creditors (acting through their applicable Instructing Representatives) prior to the expiration of the Decision Period, then such Decision Request shall be deemed cancelled and the Intercreditor Agent shall take no further action in respect to such proposed Decision.

• Promptly after receipt of such Decision Request, the Intercreditor Agent shall provide each Representative (on behalf its applicable Instructing Creditors) with a copy of such Decision Request, and shall request the vote of the Instructing Representatives on such proposed Decision, by delivering an Intercreditor Vote Notice accompanied by a Voting Certificate, to the Instructing Representatives in accordance with the procedures set forth in Section 7.09.

• Subject to paragraph 73 below, insofar as both the Noteholder and Counterparty are specified as Instructing Creditors, the consent of both the Counterparty and the Noteholder (as described in sub-paragraphs (i) and (ii) above) shall be required.

More Definitions of Instructing Creditors

Instructing Creditors has the meaning set forth in the New 2026 First Lien Notes Indenture.

Instructing Creditors means the Administrative Agent or the Inventory Party, acting independently; provided that until the Discharge of First Lien Obligations occurs (a) unless the relevant Collateral Agent believes in good faith that a delay would adversely affect the rights of each of the Secured Parties, such Collateral Agent will be required to refrain from acting on the instructions of the initial Instructing Creditors for a period of five (5) Business Days after its receipt of such instructions; (b) if the Administrative Agent or the Inventory Party give or make conflicting instructions regarding such initial instructions within such five (5) Business Days period, the relevant Collateral Agent will organize a conference call with the Collateral Agents, the Inventory Party and the Administrative Agent to be held within five (5) Business Days thereafter (or any other time as agreed between the Administrative Agent and the Inventory Party); and (c) (i) if during such conference call the Administrative Agent and the Inventory Party agree on a plan that resolves the conflicting instructions, such Collateral Agent will be required to act on the revised instructions reflecting such resolution or (ii) if during such conference call or otherwise the Administrative Agent and the Inventory Party fail to agree on a plan that resolves the conflicting instructions within such five (5) Business Day period, the instructions delivered with respect to any Collateral by the First Lien Agent or the First Lien Secured Parties for such Collateral will prevail and the relevant Collateral Agent will be required to act on such instructions.

Instructing Creditors has the meaning set forth in the Tranche 1 Intercreditor Agreement. “Insurance Proceeds” means, with respect to any Event of Loss, any proceeds received from insurance policies, any condemnation awards or other compensation, awards, damages and other payments or relief (including any compensation payable in connection with a taking) by the Company, any Drilling Rig Owner, any party to a Charter Agreement or any collateral agent under a Security Document with respect to such Event of Loss, in each case, relating to any Drilling Rig.

Instructing Creditors means: with respect to any Intercreditor Action relating to Real Estate Collateral, until the Discharge of NFL Deferral Obligations under the NFL Deferral Agreement, the First Priority Creditors holding NFL Deferral Obligations; following the Discharge of NFL Deferral Obligations under the NFL Deferral Agreement and until the Discharge of all other First Priority Obligations, the First Priority Creditors; after the Discharge of First Priority Obligations under the First Priority Debt Documents, but prior to the Discharge of Third Priority Obligations, the Third Priority Creditors; and after the Discharge of Third Priority Obligations under the Third Priority Debt Documents, Fourth Priority Creditors; and with respect to any Intercreditor Action relating to any Collateral (other than Real Estate Collateral), until the Discharge of First Priority Obligations (other than the NFL Deferral Obligations) under the First Priority Debt Documents, the First Priority Creditors; following the Discharge of First Priority Obligations (other than the NFL Deferral Obligations) and until the Discharge of NFL Deferral Obligations under the NFL Deferral Agreement, the First Priority Creditors holding NFL Deferral Obligations; after the Discharge of First Priority Obligations under the First Priority Debt Documents, but prior to the Discharge of Third Priority Obligations, the Third Priority Creditors; and after the Discharge of Third Priority Obligations under the Third Priority Debt Documents, Fourth Priority Creditors.