Common use of Refusal to Act Clause in Contracts

Refusal to Act. The Collateral Trustee may refuse to act on any notice, consent, direction or instruction from any Secured Parties or any agent, trustee or similar representative thereof that, in the Collateral Trustee’s opinion, (i) is contrary to law or the provisions of any Security Document, (ii) may expose the Collateral Trustee to liability (unless the Collateral Trustee shall have been indemnified, to its reasonable satisfaction, for such liability by the Secured Parties that gave such notice, consent, direction or instruction) or (iii) is unduly prejudicial to Secured Parties not joining in such notice, consent, direction or instruction.

Refusal to Act. The Collateral Trustee Agent may refuse to act on any notice, consent, direction or instruction from any Secured Parties or any agent, trustee or similar representative thereof that, in the Collateral TrusteeAgent’s good faith opinion, (i) is contrary to law Law or the provisions of any Security Collateral Document, (ii) may expose the Collateral Trustee Agent to liability (unless the Collateral Trustee Agent shall have been indemnified, to its reasonable satisfaction, for such liability by the Secured Parties that gave such notice, consent, direction or instruction) or (iii) is unduly prejudicial to Secured Parties not joining in such notice, consent, direction or instruction.

Refusal to Act. The Collateral Trustee Agent may refuse to act on any notice, consent, direction or instruction from any Secured Parties or any agent, trustee or similar representative thereof that, in the Collateral Trustee’s Agent's opinion, (iiv) is contrary to law or the provisions of any Security Collateral Document, (iiv) may expose the Collateral Trustee Agent to liability (unless the Collateral Trustee Agent shall have been indemnified, to its reasonable satisfaction, for such liability by the Secured Parties that gave such notice, consent, direction or instruction) or (iiivi) is unduly prejudicial to Secured Parties not joining in such notice, consent, direction or instruction.

Refusal to Act. The Collateral Trustee Agent may refuse to act on any notice, consent, direction or instruction from any Secured Parties or any agent, trustee or similar representative thereof that, in the Collateral TrusteeAgent’s good faith opinion, (i) is contrary to law or the provisions of any Security Document, (ii) may expose the Collateral Trustee Agent to liability (unless the Collateral Trustee Agent shall have been indemnified, to its reasonable satisfaction, for such liability by the Secured Parties that gave such notice, consent, direction or instruction) or (iii) is unduly prejudicial to Secured Parties not joining in such notice, consent, direction or instruction.

Refusal to Act. The Collateral Trustee Agent may refuse to act on any notice, consent, direction or instruction from any Secured Parties Creditor or any agent, trustee or similar representative thereof that, in the Collateral TrusteeAgent’s opinion, (i) is contrary to law or the provisions of any Security DocumentSecured Debt Agreement, (ii) may expose the Collateral Trustee Agent to liability (unless the Collateral Trustee Agent shall have been indemnified, to its reasonable satisfaction, for such liability by the Secured Parties Creditors that gave such notice, consent, direction or instruction) or (iii) is unduly prejudicial to Secured Parties Creditors not joining in such notice, consent, direction or instruction.

Refusal to Act. The Collateral Trustee Agent may refuse to act on any notice, consent, direction or instruction from any Secured Parties or any agent, trustee or similar representative thereof that, in the Collateral TrusteeAgent’s reasonable opinion, (i) is contrary to law or the provisions of any Security Document, (ii) may expose the Collateral Trustee Agent to liability (unless the Collateral Trustee Agent shall have been indemnified, to its reasonable satisfaction, for such liability by the Secured Parties that gave such notice, consent, direction or instruction) or (iii) is unduly prejudicial to Secured Parties not joining in such notice, consent, direction or instruction.