Actions under Transaction Documents Clause Samples
Actions under Transaction Documents. The Owner Trustee is authorized, but not obligated, to take all actions required of the Issuer under the Transaction Documents and is authorized to take actions on behalf of the Issuer, if permitted by the Transaction Documents, that the Servicer or the Administrator directs, except if this Agreement requires the consent of the Noteholders or the holder of the Residual Interest for the action. In addition, the Administrator is authorized to take actions on behalf of the Issuer, if permitted by the Transaction Documents, according to the Administration Agreement.
Actions under Transaction Documents. So long as no Financial Security Default has occurred and is continuing, the Administrative Agent, SPARC and the Secondary Purchaser each hereby agrees as follows:
(a) The Administrative Agent, SPARC and the Secondary Purchaser shall each comply with the instruction of Financial Security to take any action or refrain from taking any action, or to exercise or refrain from exercising any right, power or authority, in each case under the Transaction Documents and all agreements, documents and instruments relating thereto. Without limiting the generality of the preceding sentence, each of the Administrative Agent, SPARC and the Secondary Purchaser agrees that it will upon Financial Security's prior written request or direction following the occurrence of the respective events or conditions described below, take, or cause to be taken, the following actions:
(i) subject to the limitations set forth in the applicable Purchase Agreement, designate a Person selected by Financial Security as the successor Servicer under such Purchase Agreement;
(ii) declare the Termination upon the occurrence of a Servicer Termination Event under either Purchase Agreement; and
(iii) direct the Administrative Agent to take or cause to be taken any action, or to exercise or cause to be exercised any right, power, or authority (subject in each case to the proviso clauses in the preceding sentence) under the Transaction Documents and the agreements, documents and instruments relating thereto.
(b) None of the Administrative Agent, SPARC or the Secondary Purchaser shall take any action or exercise any right, power or authority under the Transaction Documents or the agreements, documents and instruments relating thereto, including, without limitation, any action with respect to the Purchased Assets, any Blocked Account other than at the written request and direction or with the prior written consent of Financial Security; PROVIDED, HOWEVER, that unless otherwise notified by Financial Security, Financial Security hereby consents to all actions of each of the Administrative Agent, SPARC and the Secondary Purchaser under the Transaction Documents which are necessary or required by, such Person in order to meet its obligations thereunder; PROVIDED, HOWEVER, that any action referenced in the immediately preceding proviso (x) shall be in accordance with and not contrary to the specific provisions of any of the Transaction Documents, such agreements, documents and instruments relating thereto and...
Actions under Transaction Documents. 20.17.1 Save as expressly set out in any Transaction Document [***], the Borrower shall exercise any right, power, authority or discretion vested in it under or in connection with any Transaction Document [***] has occurred) in accordance with any instructions given to it by the Agent (or if so instructed by the Agent, refrain from exercising any right, power, authority or discretion vested in it thereunder).
20.17.2 [***].