Common use of Enforceable security Clause in Contracts

Enforceable security. In the event of the Security becoming enforceable in accordance with the terms of the Intercreditor Agreement, the Security Trustee shall, if instructed by the relevant Instructing Group (as defined in the Intercreditor Agreement), enforce the Security Trustee's rights with respect to the Security in accordance with those instructions, but without any liability as to the consequence of such action and without having regard to the effect thereof on, or being required to account for such action to any particular Noteholder, provided that the Security Trustee shall not be obliged to take any action unless it is indemnified and/or secured and/or prefunded to its satisfaction. Noteholders acknowledge and agree that only the Security Trustee is entitled to: (i) take Enforcement Action (as defined in the Intercreditor Agreement) against the Issuer or a Guarantor save as permitted under the Intercreditor Agreement; or (ii) take proceedings or exercise any rights, discretions or powers, or grant any consents or releases, in respect of the Security given under or pursuant to the Security Documents or otherwise have direct recourse to the Security.

Enforceable security. In the event of the Security becoming enforceable in accordance with the terms of the Intercreditor Agreement, the Security Trustee shall, if instructed by the relevant Instructing Group (as defined in the Intercreditor Agreement), enforce the Security Trustee's rights with respect to the Security in accordance with those instructions, but without any liability as to the consequence of such action and without having regard to the effect thereof on, or being required to account for such action to any particular Noteholder, provided that the Security Trustee shall not be obliged to take any action unless it is indemnified and/or secured and/or prefunded to its satisfaction. Noteholders acknowledge and agree that only the Security Trustee is entitled to: (i) take Enforcement Action (as defined in the Intercreditor Agreement) against the Issuer or a Guarantor save as permitted under the Intercreditor Agreement; or (ii) take proceedings or exercise any rights, discretions or powers, or grant any consents or releases, in respect of the Security given under or pursuant to the Security Documents or otherwise have direct recourse to the Security.