Common use of Actions by Collateral Agent Clause in Contracts

Actions by Collateral Agent. As to any matter not expressly provided for by this Agreement or the Collateral Documents, the Collateral Agent will act or refrain from acting as directed by the Requisite Secured Parties or, in the case of any Enforcement Proceeding, an Act of Instructing Secured Parties, and will be fully protected if it does so, and any action taken, suffered or omitted pursuant to hereto or thereto shall be binding on the Secured Parties. Notwithstanding the foregoing, the Collateral Agent shall have the power, but need not be obliged, to institute and to maintain such suits and proceedings (other than Enforcement Proceedings) as it may deem expedient to prevent any impairment of the Collateral by any acts that may be unlawful or in violation of this Agreement or the Collateral Documents, and such suits and proceedings as the Collateral Agent may deem expedient to preserve or protect its interest and the interests of the Secured Parties in the Collateral (including power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other governmental enactment, rule or order that may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment, rule or order would impair Liens or be prejudicial to the interests of the Secured Parties).

Actions by Collateral Agent. ‌ As to any matter not expressly provided for by this Agreement or the Collateral Documents, the Collateral Agent will act or refrain from acting as directed by the Requisite Secured Parties or, in the case of any Enforcement Proceeding, an Act of Instructing Secured Parties, and will be fully protected if it does so, and any action taken, suffered or omitted pursuant to hereto or thereto shall be binding on the Secured Parties. Notwithstanding the foregoing, the Collateral Agent shall have the power, but need not be obliged, to institute and to maintain such suits and proceedings (other than Enforcement Proceedings) as it may deem expedient to prevent any impairment of the Collateral by any acts that may be unlawful or in violation of this Agreement or the Collateral Documents, and such suits and proceedings as the Collateral Agent may deem expedient to preserve or protect its interest and the interests of the Secured Parties in the Collateral (including power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other governmental enactment, rule or order that may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment, rule or order would impair Liens or be prejudicial to the interests of the Secured Parties).