Security Trustee’s Instructions Sample Clauses
The 'Security Trustee’s Instructions' clause defines the process by which the security trustee receives and acts upon directions from the secured parties or lenders. Typically, this clause outlines who is authorized to instruct the trustee, the form such instructions must take, and any conditions or thresholds (such as majority consent) that must be met before the trustee acts. For example, it may specify that the trustee must follow written instructions from a majority of lenders regarding enforcement actions. The core function of this clause is to ensure that the security trustee acts in accordance with the collective will of the secured parties, thereby providing a clear and efficient mechanism for decision-making and action in relation to the security interests.
Security Trustee’s Instructions. The Security Trustee shall:
(a) unless a contrary indication appears in a Finance Document, act in accordance with any instructions given to it by the Agent and shall be entitled to assume that (i) any instructions received by it from the Agent are duly given by or on behalf of the Majority Lenders or, as the case may be, the Lenders in accordance with the terms of the Finance Documents and (ii) unless it has received actual notice of revocation that any instructions or directions given by the Agent have not been revoked;
(b) be entitled to request instructions, or clarification of any direction, from the Agent as to whether, and in what manner, it should exercise or refrain from exercising any rights, powers and discretions and the Security Trustee may refrain from acting unless and until those instructions or clarification are received by it; and
(c) be entitled to, carry out all dealings with the Lenders through the Agent and may give to the Agent any notice or other communication required to be given by the Security Trustee to the Lenders.
Security Trustee’s Instructions. The Security Trustee shall:
29.4.1 unless a contrary indication appears in this Agreement, act in accordance with any instructions given to it by the Agent and shall be entitled to assume that (i) any instructions received by it from the Agent are duly given in accordance with the terms of the Finance Documents and (ii) unless it has received actual notice of revocation, that those instructions or directions have not been revoked;
29.4.2 be entitled to request instructions, or clarification of any direction, from the Agent as to whether, and in what manner, it should exercise or refrain from exercising any rights, powers and discretions and the Security Trustee may refrain from acting unless and until those instructions or clarification are received by it; and
29.4.3 be entitled to carry out all dealings with the Secured Parties through their Agent and may give to the Agent any notice or other communication required to be given by the Security Trustee to the Secured Parties.
Security Trustee’s Instructions. The Security Trustee shall:
(a) unless a contrary indication appears in this Agreement, act in accordance with any instructions given to it by the Instructing Group and shall be entitled to assume that, unless it has received actual notice of revocation, that those instructions or directions have not been revoked;
(b) be entitled to request instructions, or clarification of any direction, from the Instructing Group as to whether, and in what manner, it should exercise or refrain from exercising any rights, powers and discretions and the Security Trustee may refrain from acting unless and until those instructions or clarification are received by it.
Security Trustee’s Instructions. 14.1.1 Except as otherwise expressly provided herein or in the other Relevant Documents to which the Security Trustee is a party, the Security Trustee shall for the purposes of this Deed and the other Relevant Documents to which it is a party act solely in accordance with any written instructions given to it by (or on behalf of) a Debt Representative and shall assume without enquiry:
(a) that any instructions received by it from a Note Trustee are duly given by such Note Trustee as trustee for the holders of the relevant Notes;
(b) that any instructions received by it from the New Bonding Facility Agent are duly given by the New Bonding Facility Agent as agent and trustee for the New Bonding Facility Banks; and
(c) unless it has received actual written notice of revocation, that any instructions or directions given by a Debt Representative have not been revoked and no revocation of any such instructions by a Debt Representative shall affect any action of the Security Trustee in reliance upon such instruction or direction prior to actual receipt of the notice of revocation.
14.1.2 The Security Trustee shall be entitled to request clarification of any instruction or direction received by it from (or on behalf of) a Debt Representative, and pending receipt of such clarification to its satisfaction may refrain from acting and shall have no liability for the consequences of its refraining from acting.
14.1.3 The Security Trustee shall be entitled to carry out all dealings (including the giving of any notice under the Relevant Documents) with the holders of any Notes and the lenders under the New Bonding Facility Agreement through the relevant Debt Representatives.
14.1.4 If in issuing any instruction a Debt Representative breaches any rights or restrictions set out in the applicable Relevant Documents or otherwise, this shall not invalidate the instruction unless the Security Trustee has been informed (in writing) by the relevant Debt Representative before it commences to act on such instruction that such instruction was invalid and should not be acted on. If the Security Trustee is so informed after it has commenced to act on an instruction the validity of any action taken shall not be affected but the Security Trustee shall take no further action in accordance with such instruction, except to the extent that it has become legally obliged to do so.
14.1.5 For the purposes of this Deed and any other Relevant Documents to which it is a party the Security Trustee...
Security Trustee’s Instructions. The Security Trustee shall: