Certain Rights of the Collateral Agent. The Collateral Agent shall have the right to request instructions from the Majority Lenders at any time. If the Collateral Agent shall request instructions from the Majority Lenders with respect to any act or action (including the failure to act) in connection with this Security Agreement, the Collateral Agent shall be entitled to refrain from such act or taking such action unless and until the Collateral Agent shall have received instructions from the Majority Lenders, and the Collateral Agent shall not incur liability to any Person by reason of so refraining. Without limiting the foregoing, no Lender shall have any right of action whatsoever against the Collateral Agent as a result of the Collateral Agent acting or refraining from acting hereunder in accordance with the instructions of the Majority Lenders.
Appears in 1 contract
Sources: Vendor Credit Financing Agreement (Hughes Electronics Corp)
Certain Rights of the Collateral Agent. The Collateral Agent shall have the right to request instructions from the Majority Directing Lenders (as defined below) at any time. If the Collateral Agent shall request instructions from the Majority Directing Lenders with respect to any act or action (including the failure to act) in connection with this Security Agreement, the Collateral Agent shall be entitled to refrain from such act or taking such action unless and until the Collateral Agent shall have received instructions from the Majority Directing Lenders, and the Collateral Agent shall not incur liability to any Person by reason of so refraining. Without limiting the foregoing, no Lender shall have any right of action whatsoever against the Collateral Agent as a result of the Collateral Agent acting or refraining from acting hereunder in accordance with the instructions of the Majority Lenders.Collateral
Appears in 1 contract
Sources: Borrower Pledge Agreement (Geotek Communications Inc)
Certain Rights of the Collateral Agent. The Collateral Agent shall have the right to request instructions from the Majority Directing Lenders (as defined below) at any time. If the Collateral Agent shall request instructions from the Majority Directing Lenders with respect to any act or action (including the failure to act) in connection with this Security Agreement, the Collateral Agent shall be entitled to refrain from such act or taking such action unless and until the Collateral Agent shall have received instructions from the Majority Directing Lenders, and the Collateral Agent shall not incur liability to any Person by reason of so refraining. Without limiting the foregoing, no Lender shall have any right of action whatsoever against the Collateral Agent as a result of the Collateral Agent acting or refraining from acting hereunder in accordance with the instructions of the Majority Lenders.as
Appears in 1 contract
Sources: Borrower Pledge Agreement (Hughes Electronics Corp)