Requisite Approval. For any Modification of any Finance Document or for those matters specified in any Finance Document as requiring the approval of any Agent or all or a proportion of the Secured Parties, any action (or inaction) taken in respect of such matter shall require that approval be obtained from the Secured Parties (“Requisite Approval”) as follows: (a) Unanimous Secured Party decisions. The Intercreditor Agent shall not: (i) approve any Other Hedging Instrument in accordance with Clause 20.15(b); or (ii) give any consent or approval in respect of any Modification that has the effect of changing or that relates to: (A) any provision of the Intercreditor Agreement where such Modification would materially adversely affect the interests of any Hedging Party; or (B) the order of priority or any subordination under the Intercreditor Agreement, in each case unless it has been instructed to do so by one hundred per cent. of the Secured Parties in accordance with Clause 28.1(h).
Appears in 3 contracts
Sources: Project Facilities Agreement and Intercreditor Agreement (Pacific Drilling S.A.), Project Facilities Agreement and Intercreditor Agreement (Pacific Drilling S.A.), Amendment and Restatement Agreement (Pacific Drilling S.A.)