Common use of Event of Default or Default Clause in Contracts

Event of Default or Default. Upon the occurrence of an --------------------------- Event of Default or a Default (as defined in the Indenture) in respect of a Global Note, or in connection with any other right of the Holder under the Indenture or this Agreement, if requested in writing by the Holder, the Custodian and the Depositary shall take such action as shall be requested in such notice in respect of such Global Note, provided the Custodian and the Depositary shall not be required to take any such action unless the Holder shall have offered to the Custodian and the Depositary reasonable security or indemnity against the costs, expenses and liabilities which might be incurred by it in compliance with such request. Neither the Depositary nor the Custodian shall itself exercise any discretion in the taking of action in respect of a Global Note.