Common use of Action Upon Instructions Clause in Contracts

Action Upon Instructions. (a) The Indenture Trustee ------------------------ shall, upon the written instruction at any time and from time to time of a Majority in Interest of Holders of Notes, give such notice, consent or direction or exercise such right, remedy or power hereunder or under the Charter or any other agreement constituting part of the Indenture Estate as shall be specified in such instruction; provided, however, that nothing set forth in this Section 6.02 (a) shall entitle the Holders to cause the Indenture Trustee to give any notice or exercise any right, power or remedy that is not elsewhere authorized by, or is otherwise restricted or prohibited by, this Indenture. If the Indenture Trustee shall not have received instructions as above provided within 20 days after mailing of the notice pursuant to Section 6.01 to the Holders, the Indenture Trustee may take such action, or refrain from taking such action, but shall be under no duty to take or refrain from taking any action, with respect to such Indenture Event of Default, Event of Loss or fact as it shall determine to be advisable and in the best interest of the Holders. If the Indenture Trustee receives any instructions after the expiration of the aforementioned 20- day period, the Indenture Trustee shall use its best efforts to conform any action being taken to comply with those instructions. (b) The Indenture Trustee shall not consent to the assignment by the Charterer of all or any material portion of its right, title and interest in, to and under the Charter, except (i) with respect to an assignment permitted under Section 20(c) of the Charter or (ii) upon the written instruction at any time and from time to time of a Majority in Interest of Holders of Notes. Nothing set forth herein shall be construed to permit such assignment without the consent of the Owner Trust or to adversely affect any right of the Owner Trust.

Action Upon Instructions. (a) The Indenture Trustee ------------------------ shall, upon the written instruction at any time and from time to time of a Majority in Interest of Holders of Notes, give such notice, consent or direction or exercise such right, remedy or power hereunder or under the Charter or any other agreement constituting part of the Indenture Estate as shall be specified in such instruction; provided, however, that nothing set forth in this Section 6.02 (a) shall entitle the Holders to cause the Indenture Trustee to give any notice or exercise any right, power or remedy that is not elsewhere authorized by, or is otherwise restricted or prohibited by, this Indenture. If the Indenture Trustee shall not have received instructions as above provided within 20 days after mailing of the notice pursuant to Section 6.01 to the Holders, the Indenture Trustee may take such action, or refrain from taking such action, but shall be under no duty to take or refrain from taking any action, with respect to such Indenture Event of Default, Event of Loss or fact as it shall determine to be advisable and in the best interest of the Holders. If the Indenture Trustee receives any instructions after the expiration of the aforementioned 20- 20-day period, the Indenture Trustee shall use its best efforts to conform any action being taken to comply with those instructions. (b) The Indenture Trustee shall not consent to the assignment by the Charterer of all or any material portion of its right, title and interest in, to and under the Charter, except (i) with respect to an assignment permitted under Section 20(c) of the Charter or (ii) upon the written instruction at any time and from time to time of a Majority in Interest of Holders of Notes. Nothing set forth herein shall be construed to permit such assignment without the consent of the Owner Trust or to adversely affect any right of the Owner Trust.

Action Upon Instructions. (a) The Indenture Trustee ------------------------ shall, upon the written instruction at any time and from time to time of a Majority in Interest of Holders of Notes, give such notice, consent or direction or exercise such right, remedy or power hereunder or under the Charter or any other agreement constituting part of the Indenture Estate as shall be specified in such instruction; provided, however, that nothing set forth in this Section 6.02 (a) shall entitle the Holders to cause the Indenture Trustee to give any notice or exercise any right, power or remedy that is not elsewhere authorized by, or is otherwise restricted or prohibited by, this IndentureIndenture or any other Operative Document. If the Indenture Trustee shall not have received instructions as above provided within 20 days after mailing of the notice pursuant to Section 6.01 to the Holders, the Indenture Trustee may take such action, or refrain from taking such action, but shall be under no duty to take or refrain from taking any action, with respect to such Indenture Event of Default, Event of Loss or material fact as it shall determine to be advisable and in the best interest of the Holders. If the Indenture Trustee receives any instructions after the expiration of the aforementioned 20- 20-day period, the Indenture Trustee shall use its best efforts to conform any action being taken to comply with those instructions. (b) The Indenture Trustee shall not consent to the assignment by the Charterer of all or any material portion of its right, title and interest in, to and under the Charter, except (i) with respect to an assignment permitted under Section 20(c) of the Charter or (ii) upon the written instruction at any time and from time to time of a Majority in Interest of Holders of Notes. Nothing set forth herein shall be construed to permit such assignment without the consent of the Owner Trust or to adversely affect any right of the Owner Trust.

Action Upon Instructions. (a) The Indenture Trustee ------------------------ shall, ------------------------ upon the written instruction at any time and from time to time of a Majority in Interest of Holders of Notes, give such notice, consent or direction or exercise such right, remedy or power hereunder or under the Charter or any other agreement constituting part of the Indenture Estate as shall be specified in such instruction; provided, -------- however, that nothing set forth in this Section 6.02 (a) 6.02 shall entitle the Holders ------- to cause the Indenture Trustee to give any notice or exercise any right, power or remedy that is not elsewhere authorized by, or is otherwise restricted or prohibited by, this IndentureIndenture or any other Operative Document. If the Indenture Trustee shall not have received instructions as above provided within 20 twenty (20) calendar days after mailing of the notice pursuant to Section 6.01 to the Holders, the Indenture Trustee may take such action, or refrain from taking such action, but shall be under no duty to take or refrain from taking any action, with respect to such Indenture Event of Default, Event of Loss Default or fact as it shall determine to be advisable and in the best interest of the Holders. If the Indenture Trustee receives any instructions after the expiration of the aforementioned 20- twenty day period, the Indenture Trustee shall use its best efforts to conform any action being taken to comply with those instructions. (b) The Indenture Trustee shall not consent to the assignment by the Charterer of all or any material portion of its right, title and interest in, to and under the Charter, except (i) with respect to an assignment permitted under Section 20(c) of the Charter or (ii) upon the written instruction at any time and from time to time of a Majority in Interest of Holders of Notes. Nothing set forth herein shall be construed to permit such assignment without the consent of the Owner Trust or to adversely affect any right of the Owner Trust.

Action Upon Instructions. (a) The Indenture Trustee ------------------------ shall, upon the written instruction at any time and from time to time of a Majority in Interest of Holders of Notes, give such notice, consent or direction or exercise such right, remedy or power hereunder or under the Charter or any other agreement constituting part of the Indenture Estate as shall be specified in such instruction; provided, however, that nothing set forth in this Section 6.02 (a) 6.02 shall entitle the Holders to cause the Indenture Trustee to give any notice or exercise any right, power or remedy that is not elsewhere authorized by, or is otherwise restricted or prohibited by, this Indenture. If the Indenture Trustee shall not have received instructions as above provided within 20 twenty (20) calendar days after mailing of the notice pursuant to Section 6.01 to the Holders, the Indenture Trustee may take such action, or refrain from taking such action, but shall be under no duty to take or refrain from taking any action, with respect to such Indenture Event of Default, Event of Loss Default or fact as it shall determine to be advisable and in the best interest of the Holders. If the Indenture Trustee receives any instructions after the expiration of the aforementioned 20- twenty day period, the Indenture Trustee shall use its best efforts to conform any action being taken to comply with those instructions. (b) The Indenture Trustee shall not consent to the assignment by the Charterer of all or any material portion of its right, title and interest in, to and under the Charter, except (i) with respect to an assignment permitted under Section 20(c) of the Charter or (ii) upon the written instruction at any time and from time to time of a Majority in Interest of Holders of Notes. Nothing set forth herein shall be construed to permit such assignment without the consent of the Owner Trust or to adversely affect any right of the Owner Trust.

Action Upon Instructions. (a) The Indenture Trustee ------------------------ shall, ------------------------ upon the written instruction at any time and from time to time of a Majority in Interest of Holders of Notes, give such notice, consent or direction or exercise such right, remedy or power hereunder or under the Charter or any other agreement constituting part of the Indenture Estate as shall be specified in such instruction; provided, -------- however, that nothing set forth in this Section 6.02 (a) 6.02 shall entitle the Holders ------- to cause the Indenture Trustee to give any notice or exercise any right, power or remedy that is not elsewhere authorized by, or is otherwise restricted or prohibited by, this IndentureIndenture or any other Operative Document. If the Indenture Trustee shall not have received instructions as above provided within 20 twenty (20) calendar days after mailing of the notice pursuant to Section 6.01 to the Holders, the Indenture Trustee may take such action, or refrain from taking such action, but shall be under no duty to take or refrain from taking any action, with respect to such Indenture Event of Default, Event of Loss Default or fact as it shall determine to be advisable and in the best interest of the Holders. If the Indenture Trustee receives any instructions after the expiration of the aforementioned 20- 20 day period, the Indenture Trustee shall use its best efforts to conform any action being taken to comply with those instructions. (b) The Indenture Trustee shall not consent to the assignment by the Charterer of all or any material portion of its right, title and interest in, to and under the Charter, except (i) with respect to an assignment permitted under Section 20(c) of the Charter or (ii) upon the written instruction at any time and from time to time of a Majority in Interest of Holders of Notes. Nothing set forth herein shall be construed to permit such assignment without the consent of the Owner Trust or to adversely affect any right of the Owner Trust.

Action Upon Instructions. (a) The Indenture Trustee ------------------------ shall, upon the written instruction at any time and from time to time of a Majority in Interest of Holders of Notes, give such notice, consent or direction or exercise such right, remedy or power hereunder or under the Charter or any other agreement constituting part of the Indenture Estate as shall be specified in such instruction; provided, however, that nothing set forth in this Section -------- ------- 6.02 (a) shall entitle the Holders to cause the Indenture Trustee to give any notice or exercise any right, power or remedy that is not elsewhere authorized by, or is otherwise restricted or prohibited by, this IndentureIndenture or any other Operative Document. If the Indenture Trustee shall not have received instructions as above provided within 20 twenty (20) calendar days after mailing of the notice pursuant to Section 6.01 to the Holders, the Indenture Trustee may take such action, or refrain from taking such action, but shall be under no duty to take or refrain from taking any action, with respect to such Indenture Event of Default, Event of Loss or fact Default as it shall determine to be advisable and in the best interest of the Holders. If the Indenture Trustee receives any instructions after the expiration of the aforementioned 20- 20-day period, the Indenture Trustee shall use its best efforts to conform any action being taken to comply with those instructions. (b) The Indenture Trustee shall not consent to the assignment by the Charterer of all or any material portion of its right, title and interest in, to and under the Charter, except (i) with respect to an assignment permitted under Section 20(c16(b) of the Charter or (ii) upon the written instruction at any time and from time to time of a Majority in Interest of Holders of Notes. Nothing set forth herein shall be construed to permit such assignment without the consent of the Owner Trust Trustee or to adversely affect any right of the Owner TrustTrustee.

Action Upon Instructions. (a) The Indenture Trustee ------------------------ shall, upon the written instruction at any time and from time to time of a Majority in Interest of Holders of Notes, give such notice, consent or direction or exercise such right, remedy or power hereunder or under the Charter Lease or any other agreement constituting part of the Indenture Estate as shall be specified in such instruction; provided, however, that nothing set forth in this Section -------- ------- 6.02 (a) shall entitle the Holders to cause the Indenture Trustee to give any notice or exercise any right, power or remedy that is not elsewhere authorized by, or is otherwise restricted or prohibited by, this IndentureIndenture or any other Operative Document. If the Indenture Trustee shall not have received instructions as above provided within 20 twenty (20) calendar days after mailing of the notice pursuant to Section 6.01 to the Holders, the Indenture Trustee may take such action, or refrain from taking such action, but shall be under no duty to take or refrain from taking any action, with respect to such Indenture Event of Default, Event of Loss or fact as it shall determine to be advisable and in the best interest of the Holders. If the Indenture Trustee receives any instructions after the expiration of the aforementioned 20- twenty day period, the Indenture Trustee shall use its best efforts to conform any action being taken to comply with those instructions. (b) The Indenture Trustee shall not consent to the assignment by the Charterer Lessee of all or any material portion of its right, title and interest in, to and under the CharterLease, except (i) with respect to an assignment permitted under Section 20(c) 14.2 of the Charter Lease or (ii) upon the written instruction at any time and from time to time of a Majority in Interest of Holders of Notes. Nothing set forth herein shall be construed to permit such assignment without the consent of the Owner Trust Trustee or to adversely affect any right of the Owner TrustTrustee.

Action Upon Instructions. (a) The Indenture Trustee ------------------------ shall, upon the written instruction at any time and from time to time of a Majority in Interest of Holders of Notes, give such notice, consent or direction or exercise such right, remedy or power hereunder or under the Charter Lease or any other agreement constituting part of the Indenture Estate as shall be specified in such instruction; provided, however, that nothing set forth in this Section 6.02 (a) shall entitle the Holders to cause the Indenture Trustee to give any notice or exercise any right, power or remedy that is not elsewhere authorized by, or is otherwise restricted or prohibited by, this Indenture. If the Indenture Trustee shall not have received instructions as above provided within 20 twenty (20) calendar days after mailing of the notice pursuant to Section 6.01 to the Holders, the Indenture Trustee may take such action, or refrain from taking such action, but shall be under no duty to take or refrain from taking any action, with respect to such Indenture Default, Indenture Event of Default, Event of Loss or fact as it shall determine to be advisable and in the best interest of the Holders. If the Indenture Trustee receives any instructions after the expiration of the aforementioned 20- twenty day period, the Indenture Trustee shall use its best efforts to conform any action being taken to comply with those instructions. (b) The Indenture Trustee shall not consent to the assignment by the Charterer Lessee of all or any material portion of its right, title and interest in, to and under the CharterLease, except (i) with respect to an assignment permitted under Section 20(c) 14.2 of the Charter Lease or (ii) upon the written instruction at any time and from time to time of a Majority in Interest of Holders of Notes. Nothing set forth herein shall be construed to permit such assignment without the consent of the Owner Trust or to adversely affect any right of the Owner Trust.in