Common use of Security Agent’s Actions Clause in Contracts

Security Agent’s Actions. For the purposes of Clause 9.1 (Facilitation of Distressed Disposals and Appropriation) and Clause 9.2 (Form of consideration for Distressed Disposals and Debt Disposals), the Security Agent shall act: (a) in the case of any Appropriation (as defined in the Intercreditor Agreement) or in the case of any Distressed Disposal (as defined in in the Intercreditor Agreement) (that is being effected by way of enforcement of any Transaction Security) (including any disposal of Liabilities or Debtors' Intercompany Receivables (as defined in in the Intercreditor Agreement) in accordance with Clause 9.1 (Facilitation of Distressed Disposals and Appropriation) in connection with such Distressed Disposal), in accordance with Clause 7.2 (Manner of enforcement); (b) in the case of any Distressed Disposal (falling under paragraph (a) or (c) of the definition of "Distressed Disposal") in respect of any asset that is subject to any Transaction Security, on the instructions of the Security Instructing Creditors in respect of such Transaction Security; and (c) in any other case: (i) on the instructions of the Instructing Creditors; or (ii) in the absence of any such instructions, as the Security Agent sees fit."

Security Agent’s Actions. For the purposes of Clause 9.1 (Facilitation of Distressed Disposals and Appropriation) and Clause 9.2 (Form of consideration for Distressed Disposals and Debt Disposals), the Security Agent shall act: (a) in the case of any Appropriation (as defined in in the Intercreditor Agreement) or in the case of any Distressed Disposal (as defined in in the Intercreditor Agreement) (that is being effected by way of enforcement of any Transaction Security) (including any disposal of Liabilities or Debtors' Intercompany Receivables (as defined in in the Intercreditor Agreement) in accordance with Clause 9.1 (Facilitation of Distressed Disposals and Appropriation) in connection with such Distressed Disposal), in accordance with Clause 7.2 (Manner of enforcement); (b) in the case of any Distressed Disposal (falling under paragraph (a) or or (c) of the definition of "Distressed Disposal") in respect of any asset that is subject to any Transaction Security, on the instructions of the Security Instructing Creditors in respect of such Transaction Security; and (c) in any other case: (i) on the instructions of the Instructing Creditors; or (ii) in the absence of any such instructions, as the Security Agent sees fit."

Security Agent’s Actions. For the purposes of Clause 9.1 (Facilitation of Distressed Disposals and Appropriation) and Clause 9.2 (Form of consideration for Distressed Disposals and Debt Disposals), the Security Agent shall act: (a) in the case of any Appropriation (as defined in in the Intercreditor Agreement) or in the case of any Distressed Disposal (as defined in in the Intercreditor Agreement) (that is being effected by way of enforcement of any Transaction Security) (including any disposal of Liabilities or Debtors' Intercompany Receivables (as defined in in the Intercreditor Agreement) in accordance with Clause 9.1 (Facilitation of Distressed Disposals and Appropriation) in connection with such Distressed Disposal), in accordance with Clause 7.2 (Manner of enforcement); (b) in the case of any Distressed Disposal (falling under paragraph (a) or (c) of the definition of "Distressed Disposal") in respect of any asset that is subject to any Transaction Security, on the instructions of the Security Instructing Creditors in respect of such Transaction Security; and (c) in any other case: (i) on the instructions of the Instructing Creditors; or (ii) in the absence of any such instructions, as the Security Agent sees fit."