Common use of Emergency Actions Clause in Contracts

Emergency Actions. If the Collateral Agent has asked the Creditors for instruction and if the Majority Creditors have not yet responded to such request, the Collateral Agent shall be authorized to take, but shall not be required to take and shall in no event have any liability for failure to take, such actions with regard to a Default or Event of Default which the Collateral Agent, in good faith, believes to be reasonably required to promote and protect the interests of the Creditors or to maximize the value of the Collateral or the present value of the recovery by the Creditors on the Secured Obligations and shall give the Creditors appropriate notice of such action; provided that once such instructions of the Majority Creditors have been received by the Collateral Agent, the actions of the Collateral Agent shall thereafter be governed thereby and the Collateral Agent shall not take any further action which would be contrary thereto.