Common use of Default; Collateral Clause in Contracts

Default; Collateral. If Administrative Agent receives notice of a Default from Borrower or any Lender, Administrative Agent shall notify Lenders of such Default and Lenders agree to promptly confer in order that Majority Lenders or Lenders, as the case may be, may agree upon a course of action for the enforcement of the Rights of Lenders. Unless and until Administrative Agent receives directions from Majority Lenders, Administrative Agent shall refrain from taking any action (without incurring any liability to any Person for so refraining), provided that, unless and until the Administrative Agent has received such directions, the Administrative Agent may, at its option, take such actions as it deems appropriate without the direction of the Majority Lenders in circumstances where the ability of Lenders to recover the Obligation may otherwise be materially impaired. In actions with respect to any property of Borrower, Administrative Agent is acting for the ratable benefit of each Lender. Administrative Agent shall hold, for the ratable benefit of all Lenders, any security it receives for the Obligation or any guaranty of the Obligation it receives upon or in lieu of foreclosure.

Default; Collateral. If Administrative Agent receives notice of a Default from Borrower or any Lender, Administrative Agent shall notify Lenders of such Default and Lenders agree to promptly confer in order that Majority Lenders or Lenders, as the case may be, may agree upon a course of action for the enforcement of the Rights of Lenders. Unless and until Administrative Agent receives directions from Majority Lenders, Administrative Agent shall refrain from taking any action (without incurring any liability to any Person for so refraining), provided that, unless and until the Administrative Agent has received such directions, the Administrative Agent may, at its option, take such actions as it deems appropriate without the direction of the Majority Lenders in circumstances where the ability of Lenders to recover the Obligation may otherwise be materially impaired. In actions with respect to any property of Borrower, Administrative Agent is acting for the ratable benefit of each Lender. Administrative Agent shall hold, for the ratable benefit of all Lenders, any security it receives for the Obligation or any guaranty of the Obligation it receives upon or in lieu of foreclosure.

Default; Collateral. If Administrative Agent receives notice of a Default from Borrower or any Lender, Administrative Agent shall promptly notify Lenders of such Default and Lenders agree to promptly confer in order that Majority Required Lenders or Lenders, as the case may be, may agree upon a course of action for the enforcement of the Rights of Lenders. Unless and until Administrative Agent receives directions from Majority Required Lenders, Administrative Agent shall refrain from taking any action (without incurring any liability to any Person for so refraining), provided that, unless and until the Administrative Agent has received such directions, the Administrative Agent may, at its option, take such actions as it deems appropriate without the direction of the Majority Required Lenders in circumstances where the ability of Lenders to recover the Obligation Obligations may otherwise be materially impaired. In actions with respect to any property of Borrowerany Company, Administrative Agent is acting for the ratable benefit of each Lender. Administrative Agent shall hold, for the ratable benefit of all Lenders, any security it receives for the Obligation Obligations or any guaranty of the Obligation Obligations it receives upon or in lieu of foreclosure.

Default; Collateral. If the Administrative Agent receives notice of a Default or an Event of Default from the Borrower or any Lender, the Administrative Agent shall notify the Lenders of such Default or Event of Default and the Lenders agree to promptly confer in order that Majority the Required Lenders or the Lenders, as the case may be, may agree upon a course of action for the enforcement of the Rights rights, remedies, powers, privileges, and benefits of the Lenders. Unless and until the Administrative Agent receives directions from Majority the Required Lenders, the Administrative Agent shall refrain from taking any action (without incurring any liability to any Person for so refraining), provided that, unless and until the Administrative Agent has received such directions, the Administrative Agent may, at its option, take such actions as it deems appropriate without the direction of the Majority Required Lenders in circumstances where the ability of the Lenders to recover the Obligation Obligations may otherwise be materially impaired. In actions with respect to any property of Borrowerthe Borrower or any Guarantor, the Administrative Agent is acting for the ratable benefit of each Lender. The Administrative Agent shall hold, for the ratable benefit of all Lenders, any security it receives for the Obligation Obligations or any guaranty of the Obligation Obligations it receives upon or in lieu of foreclosure.