Common use of Default Procedure Clause in Contracts

Default Procedure. (a) If a Default occurs, the Administrative Agent shall promptly after becoming aware of the same notify the Lenders in writing of such occurrence. (b) The Administrative Agent shall use commercially reasonable endeavors to promptly comply with the instructions of Majority Lenders as to the exercise or enforcement by it, following a Default, of any of its rights in respect of the Trust Collateral, upon and subject to the terms and conditions hereof and pursuant to the terms and conditions in the Security Documents. (c) The Administrative Agent, if applicable, shall at any time after the occurrence of a Default be entitled (but not obliged) to request instructions from the Secured Parties as to whether it should endeavor to enforce any of the Trust Collateral and/or as to the manner in which it should endeavor to do so, and to convene on reasonable notice a meeting of the Secured Parties to discuss such matters.

Default Procedure. (a) If a Default occurs, the Administrative Agent shall promptly after becoming aware of the same notify the Lenders in writing of such occurrence. (b) The Administrative Agent shall use commercially reasonable endeavors to promptly comply with the instructions of Majority Requisite Lenders as to the exercise or enforcement by it, following a Default, of any of its rights in respect of the Trust Collateral, upon and subject to the terms and conditions hereof and pursuant to the terms and conditions in the Security Documents. (c) The Administrative Agent, if applicable, shall at any time after the occurrence of a Default be entitled (but not obliged) to request instructions from the Secured Parties as to whether it should endeavor to enforce any of the Trust Collateral 148 157 and/or as to the manner in which it should endeavor to do so, and to convene on reasonable notice a meeting of the Secured Parties to discuss such matters.