Common use of No Obligation to Take Action Clause in Contracts

No Obligation to Take Action. Except for action expressly required to be taken by Representative hereunder and under the terms and conditions of the Subscription Agreement, Representative shall be entitled to refrain from taking any action hereunder unless Representative shall be indemnified by all Note Holders to Representative’s satisfaction from any and all liability and expense it may incur by reason of taking such action. If Representative declines to take action hereunder, the Note Holders may designate a new sole representative by a vote of the Note Holders holding at least a majority of the outstanding principal of the Notes and such new sole representative shall have the same authority to act on behalf of the Note Holders as granted to Representative hereunder.