Common use of Requisite Holders Clause in Contracts

Requisite Holders. All powers of Agent shall be exercised for the benefit of Holders. Any action, decision or consent taken or given by the Requisite Holders shall be binding upon all the Holders. Except as may be otherwise provided by the Grantee Governing Documents, the Requisite Holders may, in their reasonable discretion, remove Tamco from its appointment as Agent and then select a new party to fulfill, in accordance with the terms hereof, such position. If any Person other than the Holders which are original parties to this Agreement or the Grantee Governing Documents ever acquires any interest in the Production Payment, Agent may insist on the execution of an agency agreement by such Person, in form satisfactory to Agent and providing for satisfactory indemnification, before carrying out any further actions under the Production Payment Documents on behalf of such Person. Until any such agency agreement is executed: (i) Tamco shall have the right to withdraw as Agent, subject, however, to its rights and duties under any Grantee Governing Documents, and (ii) any action of Agent under any Production Payment Document shall be binding on such Person.

Requisite Holders. All powers of Funds Agent shall be exercised for the benefit of Holders. Any action, decision or consent taken or given by the Requisite Holders shall be binding upon all the Holders. Except as may be otherwise provided by the Grantee Fund Governing Documents, the Requisite Holders may, in their reasonable discretion, remove Tamco from its appointment as Funds Agent and then select a new party to fulfill, in accordance with the terms hereof, such position. If any Person other than the Holders which are original parties to this Agreement or the Grantee Fund Governing Documents ever acquires any interest in the Production Payment, Funds Agent may insist on the execution of an agency agreement by such Person, in form satisfactory to Funds Agent and providing for satisfactory indemnification, before carrying out any further actions under the Production Payment Documents on behalf of such Person. Until any such agency agreement is executed: (i) Tamco shall have the right to withdraw as Funds Agent, subject, however, to its rights and duties under any Grantee Fund Governing Documents, and (ii) any action of Funds Agent under any Production Payment Document shall be binding on such Person.