Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.1) take such action with respect to such Default as shall be directed by the Required Lenders; provided that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 6 contracts
Samples: Credit Agreement (Reddy Ice Holdings Inc), Credit Agreement (Reddy Ice Holdings Inc), Credit Agreement (Reddy Ice Holdings Inc)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender Bank or the Borrower Company specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the LendersBanks. The Administrative Agent shall (subject to Section 10.1Sections 10.01 and 10.07 hereof) take such action with respect to such Default as shall be directed by the Required Lenders; Majority Banks, provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Banks except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders Majority Banks or all Lendersof the Banks.
Appears in 6 contracts
Samples: Revolving Credit Agreement (Motorola Solutions, Inc.), Revolving Credit Agreement (Motorola Solutions, Inc.), Revolving Credit Agreement (Motorola Solutions, Inc.)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender Bank or the Borrower Company specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the LendersBanks. The Administrative Agent shall (subject to Section 10.110.07 hereof) take such action with respect to such Default as shall be directed by the Required Lenders; Majority Banks, provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Banks except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders Majority Banks or all Lendersof the Banks.
Appears in 5 contracts
Samples: Day Credit Agreement (Washington Mutual Inc), Credit Agreement (Washington Mutual Inc), Credit Agreement (Washington Mutual Inc)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.18.2) take such action with respect to such Default as shall reasonably be directed by the Required Majority Lenders; , provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 5 contracts
Samples: Credit Agreement (Hi-Crush Partners LP), Guaranty Agreement (Hi-Crush Partners LP), Credit Agreement (Hi-Crush Partners LP)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default (other than a Default under Section 8.1.1) unless the Administrative Agent has received a written notice from a Lender or the Borrower specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.1) take such action with respect to such Default as shall be directed by the Required Lenders; provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 5 contracts
Samples: Credit Agreement (Hanesbrands Inc.), Pledge and Security Agreement (Hanesbrands Inc.), Credit Agreement (Hanesbrands Inc.)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.111.1) take such action with respect to such Default as shall be directed by the Required Lenders; provided provided, that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 4 contracts
Samples: Amendment Agreement (Weight Watchers International Inc), Credit Agreement (Weight Watchers International Inc), Credit Agreement (Weight Watchers International Inc)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.18.2) take such action with respect to such Default as shall reasonably be directed by the Required Lenders; , provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 4 contracts
Samples: Possession Credit Agreement (Hi-Crush Inc.), Possession Credit Agreement (Hi-Crush Inc.), Credit Agreement (Hi-Crush Partners LP)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a any Default unless the Administrative Agent has received a written notice from a Lender or the Borrower specifying U.S. Borrower, referring to this Agreement, describing such Default and stating that such notice is a “Notice of Default”. In the event that If the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.1) take such action with respect to such Default as shall be reasonably directed by the Required LendersLenders (or all or such other portion of the Lenders as required by Section 9.02); provided provided, however, that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties except Lenders. Notwithstanding anything in the contrary contained herein, the order and manner in which the Lenders’ rights and remedies are to be exercised (including, without limitation, the extent that this Agreement expressly requires that such action enforcement by any Lender of its note) shall be taken, or not be taken, only with the consent or upon the authorization of determined by the Required Lenders (or all Lendersor such other portion of the Lenders as required by Section 9.02) in their sole discretion.
Appears in 4 contracts
Samples: Credit Agreement (Miller Herman Inc), Credit Agreement (Miller Herman Inc), Credit Agreement (Miller Herman Inc)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower any Obligor specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.113.1) take such action with respect to such Default as shall be directed by the Required Lenders; provided provided, that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 4 contracts
Samples: Credit Agreement (Parametric Sound Corp), Credit Agreement (Resource America Inc), Credit Agreement (Parametric Sound Corp)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Administrative Agent has received a written notice from a Lender or the Borrower specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative Agent receives such a notice of the occurrence of a Default or Event of Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.19.7 hereof) take such action with respect to such Default or Event of Default as shall be directed by the Required all Lenders; , provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of all of the Required Lenders or all Lenders.
Appears in 4 contracts
Samples: Loan Agreement (Thomas Properties Group Inc), Loan Agreement (American Financial Realty Trust), Loan Agreement (Gramercy Capital Corp)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the any Borrower specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.1SECTION 11.1) take such action with respect to such Default as shall be directed by the Required Lenders; provided that PROVIDED, THAT unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 3 contracts
Samples: Credit Agreement (Weight Watchers International Inc), Credit Agreement (Weight Watchers International Inc), Credit Agreement (Weight Watchers International Inc)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower Borrowers specifying such Default and stating that such notice is a “Notice of Default”. .” In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.110.07) take such action with respect to such Default as shall be directed by the Required Lenders; Majority Lenders or, if provided that herein, the Majority Lenders of a particular Class, provided that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Majority Lenders of a particular Class or all of the Lenders.
Appears in 3 contracts
Samples: Credit Agreement (Mediacom Broadband Corp), Credit Agreement (Mediacom Broadband Corp), Credit Agreement (Mediacom Broadband Corp)
Defaults. The Administrative No Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the an Administrative Agent has received a written notice from a Lender or the Borrower Company specifying such Default and stating that such notice is a “Notice of Default”. In the event that the an Administrative Agent receives such a notice of the occurrence of a Default, the such Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent Agents shall (subject to Section 10.110.1 and the Collateral Sharing Agreement) take such action with respect to such Default as shall be directed by the Required Lenders; provided that subject to the Collateral Sharing Agreement, unless and until the Administrative Agent Agents shall have received such directions, the Administrative Agent Agents may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 3 contracts
Samples: Original Extended (Ferro Corp), Credit Agreement (Ferro Corp), Credit Agreement (Ferro Corp)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the any Borrower specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.111.1) take such action with respect to such Default as shall be directed by the Required Lenders; provided provided, that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 3 contracts
Samples: Credit Agreement (Weight Watchers International Inc), Credit Agreement (Gutbusters Pty LTD), Credit Agreement (Weight Watchers International Inc)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the any Borrower specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.1) take such action with respect to such Default as shall be directed by the Required Lenders; provided provided, that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 3 contracts
Samples: Credit Agreement (Chesapeake Corp /Va/), Credit Agreement (Chesapeake Corp /Va/), Credit Agreement (Chesapeake Corp /Va/)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Administrative Agent has received a written notice from a Lender Party or the Borrower specifying such Default or Event of Default and stating that such notice is a “Notice of Default”. In the event that the Administrative Agent receives such a notice of the occurrence of a Default or Event of Default, the Administrative Agent shall give prompt notice thereof to the LendersLender Parties. The Administrative Agent shall (subject to Section 10.17.02) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required Lenders or, to the extent any action requires the consent of all Lenders as specifically provided in Section 8.01, then as directed by all Lenders; provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interest of the Secured Parties except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all LendersLender Parties.
Appears in 3 contracts
Samples: Credit Agreement (Davita Inc), Credit Agreement (Davita Inc), Credit Agreement (Davita Inc)
Defaults. The Administrative Neither Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the LendersLenders (or in the case of the Collateral Agent, notice to the Administrative Agent). The Administrative Each Agent shall (subject to Section 10.1) take such action with respect to such Default as shall be directed by the Required Lenders; provided provided, that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 3 contracts
Samples: Credit Agreement (Kansas City Southern De Mexico, S.A. De C.V.), Credit Agreement (Kansas City Southern), Credit Agreement (Kansas City Southern De Mexico, S.A. De C.V.)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.1) take such action with respect to such Default as shall be directed by the Required Lenders; provided that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 3 contracts
Samples: Credit Agreement (Southern Bottled Water Co Inc), Credit Agreement (Reddy Ice Holdings Inc), Credit Agreement (Marvel Enterprises Inc)
Defaults. The Administrative Neither Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless (with respect to the Administrative Agent Agent, other than a failure to make a payment of principal of or interest on the Loans) unless it has received a written notice from a Lender or the Borrower an Obligor specifying such Default and stating that such notice is a “"Notice of Default”. In the event that the Administrative ." If either Agent receives such a notice of the occurrence of a Defaultnotice, the Administrative Agent then it shall give prompt notice thereof to the LendersLenders and the other Agent. The Administrative Each Agent shall (subject to Section 10.110.7) take such action with respect to any such Default as shall be directed by the Required Majority Lenders; provided that unless and until the Administrative an Agent shall have received such directions, the Administrative Agent it may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties except to the extent that this Agreement the Loan Documents expressly requires require that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Majority Lenders or all of the Lenders.
Appears in 2 contracts
Samples: Credit Agreement (Votorantim Pulp & Paper Inc), Credit Agreement (Votorantim Pulp & Paper Inc)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default (other than a Default under Section 8.1.1) unless the Administrative Agent has received a written notice from a Lender or the Parent Borrower specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.1) take such action with respect to such Default as shall be directed by the Required Lenders; provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 2 contracts
Samples: Credit Agreement (Hanesbrands Inc.), Credit Agreement (Hanesbrands Inc.)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Administrative Agent has received a written notice from a Lender or the Borrower specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default or Event of Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.19.7 hereof) take such action with respect to such Default or Event of Default as shall be directed by the Required all Lenders; , provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of all of the Required Lenders or all Lenders.
Appears in 2 contracts
Samples: Loan Agreement (Asset Investors Corp), Loan Agreement (First Union Real Estate Equity & Mortgage Investments)
Defaults. The Administrative Agent shall not be deemed to have knowledge Knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower Borrowers specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to the provisions of this Article IX and Section 10.1) take such action and exercise such remedies with respect to such Default as shall be directed by the Required LendersLenders pursuant to any of the Loan Documents; provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such actionaction (including, without limitation, credit bidding the Loans of all Lenders hereunder), or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 2 contracts
Samples: First Lien Credit Agreement (Standard Register Co), Lien Credit Agreement (Standard Register Co)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower Company specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.111.07 hereof) take such action with respect to such Default as shall be directed by the Required Lenders; Majority Lenders or all of the Lenders provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Majority Lenders or all of the Lenders.
Appears in 2 contracts
Samples: Credit Agreement (Clientlogic Corp), Credit Agreement (Clientlogic Corp)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.113.1) take such action with respect to such Default as shall be directed by the Required Lenders; provided provided, that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 2 contracts
Samples: Credit Agreement (LEAF Equipment Leasing Income Fund III, L.P.), Credit Agreement (Resource America Inc)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower any Obligor specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.110.07 hereof) take such action with respect to such Default as shall be directed by the Required Majority Lenders; provided that , PROVIDED that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders Majority Lenders, or all of the Lenders.
Appears in 2 contracts
Samples: Credit Agreement (Suiza Foods Corp), Credit Agreement (Suiza Foods Corp)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default (other than the non-payment of principal of or interest on Loans) unless the Administrative Agent it has received a written notice from a Lender Bank or the Borrower Company specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the LendersBanks (and shall give each Bank prompt notice of each such non-payment). The Administrative Agent shall (subject to Section 10.112.7 hereof) take such action with respect to such Default as shall be directed by the Required Lenders; Majority Banks and within its rights under the Loan Documents and at law or in equity, provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, permitted hereby with respect to such Default as it shall deem advisable in the best interest interests of the Secured Parties except to Banks and within its rights under the extent that this Agreement expressly requires that such action be takenLoan Documents, at law or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lendersin equity.
Appears in 2 contracts
Samples: 364 Day Credit Agreement (Ocean Energy Inc /Tx/), Guaranty Agreement (Ocean Energy Inc /Tx/)
Defaults. The Administrative Agent shall not be deemed to -------- have knowledge or notice of the occurrence of a Default or Event of Default unless the Administrative Agent has received a written notice from a Lender Party or the Borrower specifying such Default or Event of Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default or Event of Default, the Administrative Agent shall give prompt notice thereof to the LendersLender Parties. The Administrative Agent shall (subject to Section 10.17.02) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required Lenders or, to the extent any action requires the consent of all Lenders as specifically provided in Section 8.01, then as directed by all Lenders; provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interest of the Secured Parties except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all LendersLender Parties.
Appears in 2 contracts
Samples: Credit Agreement (Davita Inc), Credit Agreement (Davita Inc)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of an Unmatured Default or a Default (other than the nonpayment of principal of or interest on the Loans) unless the Administrative Agent has received a written notice from a Lender or the Borrower specifying such Unmatured Default or Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of an Unmatured Default or a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.1SECTION 8.2) take such action hereunder with respect to such Unmatured Default or Default as shall be directed by the Required Lenders; , provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Unmatured Default or Default as it shall deem advisable in the best interest interests of the Secured Parties except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 2 contracts
Samples: Credit Agreement (Houghton Mifflin Co), Year Credit Agreement (Houghton Mifflin Co)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice -------- of the occurrence of a Default (other than the nonpayment of principal of or interest on the Loan) unless the Administrative Agent has received a written notice from a Lender Bank or the Borrower specifying such Default and stating that such notice is a “"Notice of Default”. ." In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to Banks. Administrative Agent shall give each Bank prompt notice of each nonpayment of principal of or interest on the LendersLoan whether or not it has received any notice of the occurrence of such nonpayment. The Administrative Agent shall (subject to Section 10.1Article XII) take such action hereunder with respect to such Default as shall be directed by the Required Lenders; Banks, provided that that, unless and -------- until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest interests of the Secured Parties except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all LendersBanks.
Appears in 2 contracts
Samples: Syndicated Term Loan Agreement (Weeks Realty L P), Syndicated Term Loan Agreement (Weeks Corp)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower Borrowers specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.1) take such action with respect to such Default as shall be directed by the Required Lenders; provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 2 contracts
Samples: Credit Agreement (Sabre Industries, Inc.), Credit Agreement (Sabre Industries, Inc.)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower Company specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.110.07 hereof) take such action with respect to such Default as shall be directed by the Required Majority Lenders; provided that , PROVIDED that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Majority Lenders or all of the Lenders.
Appears in 2 contracts
Samples: Credit Agreement (State Auto Financial Corp), Credit Agreement (Canadian Forest Oil LTD)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.1) take such action with respect to such Default as shall be directed by the Required Lenders; provided provided, that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Loan Parties except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 2 contracts
Samples: Revolving Credit Agreement (Ust Inc), Bridge Credit Agreement (Ust Inc)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the any Borrower specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.111.1) take such action with respect to such Default as shall be directed by the Required Lenders; provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 2 contracts
Samples: Credit Agreement (Swift Holdings Corp.), Credit Agreement (Swift Holdings Corp.)
Defaults. The Administrative No Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent it has received a written notice from a Lender or the Borrower an Obligor specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative .” If any Agent receives such a notice of the occurrence of a Defaultnotice, the Administrative Agent then it shall give prompt notice thereof to the Lenders, the Borrower (if such notice is received from a Lender) and the other Agents. Any determination of the existence of a Default or Event of Default shall be made solely by the Majority Lenders. The Administrative Agent and the Collateral Agents shall (subject to Section 10.110.7) take such action with respect to any such Default as shall be directed by the Required LendersMajority Lenders and the Administrative Agent, respectively; provided that unless and until the Administrative any Agent shall have received such directions, the Administrative Agent it may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default (i) in the case of the Administrative Agent, as it shall deem advisable in the best interest of the Secured Lender Parties except to the extent that this Agreement the Loan Documents expressly requires require that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Majority Lenders or all Lendersof the Lenders and (ii) in the case of the Collateral Agents, as directed by the Administrative Agent in writing.
Appears in 2 contracts
Samples: Export Prepayment Facility Agreement and Secured Loan (Votorantim Pulp & Paper Inc), Share Pledge Agreement (Fibria Celulose S.A.)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.1) take such action with respect to such Default as shall be directed by the Required Lenders; provided that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 2 contracts
Samples: Credit Agreement (Stillwater Mining Co /De/), Credit Agreement (Stillwater Mining Co /De/)
Defaults. The Administrative No Agent or Issuer shall not be deemed to have knowledge or notice of the occurrence of a Default or Borrowing Base Deficiency unless the Administrative Agent it has received a written notice from a Lender Secured Party or the Borrower specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.1) take such action with respect to such Default as shall be directed by the Required Lenders; provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Borrowing Base Deficiency as it shall deem advisable in the best interest of the Secured Parties except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.. Credit Agreement (First Lien)
Appears in 2 contracts
Samples: Lien Credit Agreement (Energy Xxi (Bermuda) LTD), Lien Credit Agreement (Energy XXI Texas, LP)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default (other than payment Defaults) unless the Administrative Agent has received a written notice from a Lender Bank or the Borrower Company specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative Agent receives such a notice of the occurrence of a Default or becomes aware of a payment Default, the Administrative Agent shall give prompt notice thereof to the LendersBanks. The Administrative Agent shall (subject to Section 10.110.07 hereof) take such action with respect to such Default as shall be directed by the Required Lenders; Banks, provided that that, unless and until the Administrative Agent shall have has received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Banks except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all LendersBanks.
Appears in 2 contracts
Samples: Credit Agreement (Empire Resources Inc /New/), Credit Agreement (Empire Resources Inc /New/)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.111.1) take such action with respect to such Default as shall be directed by the Required Lenders; provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of all the Required Lenders or all Lenders.
Appears in 2 contracts
Samples: Credit Agreement (Xtant Medical Holdings, Inc.), Credit Agreement (Bacterin International Holdings, Inc.)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower Company specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.111.07 hereof) take such action with respect to such Default as shall be directed by the Required Lenders; Majority Lenders provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Majority Lenders or all of the Lenders.
Appears in 2 contracts
Samples: Credit Agreement (Unitedglobalcom Inc), Credit Agreement (United International Holdings Inc)
Defaults. The Administrative Neither Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative such Agent has received a written notice from a Lender Lender, the Company or the Borrower Motorola specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.110.07 hereof) take such action with respect to such Default as shall be directed by the Required Majority Lenders; , provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Majority Lenders or all of the Lenders.
Appears in 2 contracts
Samples: Senior Guaranteed Credit Agreement (Iridium Facilities Corp), Credit Agreement (Iridium World Communications LTD)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the a Borrower specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.1) take such action with respect to such Default as shall be directed by the Required Lenders; provided provided, that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 2 contracts
Samples: Revolving Credit Agreement (Sterling Chemical Inc), Production Agreement (Sterling Chemical Inc)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender Secured Party or the Borrower specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.18.2) take such action with respect to such Default as shall reasonably be directed by the Required Majority Lenders; , provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all LendersParties.
Appears in 2 contracts
Samples: Credit Agreement (Pioneer Drilling Co), Credit Agreement (Pioneer Drilling Co)
Defaults. The Administrative No Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent it has received a written notice from a Lender Secured Party or the Borrower specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.1) take such action with respect to such Default as shall be directed by the Required Lenders; provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 2 contracts
Samples: Credit Agreement (Energy Xxi (Bermuda) LTD), Credit Agreement (Energy Xxi (Bermuda) LTD)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender Bank or the a Borrower specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the LendersBanks. The Administrative Agent shall (subject to Section 10.1SECTION 10.7 hereof) take such action with respect to such Default as shall be directed by the Required Lenders; Majority Banks, provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Banks except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders Majority Banks or all Lendersof the Banks.
Appears in 2 contracts
Samples: Credit Agreement (American Century California Tax Free & Municipal Funds), Credit Agreement (American Century Target Maturities Trust)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender Bank or the a Borrower specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the LendersBanks. The Administrative Agent shall (subject to Section 10.110.7 hereof) take such action with respect to such Default as shall be directed by the Required Lenders; Majority Banks, provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Banks except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders Majority Banks or all Lendersof the Banks.
Appears in 2 contracts
Samples: Credit Agreement (American Century California Tax Free & Municipal Funds), Credit Agreement (American Century Government Income Trust)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.111.07 hereof) take such action with respect to such Default as shall be directed by the Required Majority Lenders; , provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Majority Lenders or all of the Lenders.
Appears in 2 contracts
Samples: Credit Agreement (International Telecommunication Data Systems Inc), Credit Agreement (International Telecommunication Data Systems Inc)
Defaults. The Administrative Neither Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative such Agent has received a written notice from a Lender or the either Borrower specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative either Agent receives such a notice of the occurrence of a Default, the Administrative such Agent shall give prompt notice thereof to the Lenders. The Administrative Each Agent shall (subject to Section 10.111.1) take such action with respect to such Default as shall be directed by the Required Lenders; provided provided, that unless and until the Administrative such Agent shall have received such directions, the Administrative such Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders, as applicable.
Appears in 2 contracts
Samples: Credit Agreement (WRC Media Inc), Credit Agreement (WRC Media Inc)
Defaults. The Administrative Neither Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative such Agent has received a written notice from a Lender or the Borrower Xxxx-Xxxxx specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative an Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.1) take such action with respect to such Default as shall be directed by the Required Lenders; provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 2 contracts
Samples: Credit Agreement (Winn Dixie Stores Inc), Credit Agreement (Winn Dixie Stores Inc)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the any Borrower specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.111.1) take such action with respect to such Default as shall be directed by the Required Lenders; provided provided, that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 1 contract
Samples: Credit Agreement (Weight Watchers International Inc)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the a Borrower specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.1Sections 10.07 and 11.04 hereof) take such action with respect to such Default as shall be directed by the Required Majority Lenders; , provided that that, Credit Agreement unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Majority Lenders or all of the Lenders.
Appears in 1 contract
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section SECTION 10.1) take such action with respect to such Default as shall be directed by the Required Lenders; provided PROVIDED, that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 1 contract
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender Credit Agreement ---------------- 171 or the Borrower Parent specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.111.07 hereof) take such action with respect to such Default as shall be directed by the Required Majority Lenders; provided that , PROVIDED that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Majority Lenders or all of the Lenders.
Appears in 1 contract
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower Parent specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.111.07 hereof) take such action with respect to such Default as shall be directed by the Required Majority Lenders; , provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Majority Lenders or all of the Lenders.
Appears in 1 contract
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower Company specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.111.07) take such action with respect to such Default as shall be directed by the Required Majority Lenders; , provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Majority Lenders or all of the Lenders.
Appears in 1 contract
Samples: Credit Agreement (Excelcom Inc)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default (other than a failure to make a payment of principal of or interest on the Loan) unless the Administrative Agent has received a written notice from a Lender or the Borrower specifying such Default and stating that such notice is a “Notice of Default”. .” In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.18.7 hereof) take such action with respect to any such Default as shall be directed by the Required Requisite Lenders; provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Requisite Lenders or all of the Lenders.
Appears in 1 contract
Samples: Loan Agreement (Us Airways Inc)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender Bank or the Borrower specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the LendersBanks. The Administrative Agent shall (subject to Section 10.110.07 hereof) take such action with respect to such Default as shall be directed by the Required Lenders; Majority Banks, provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Banks except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders Majority Banks or all Lendersof the Banks. 10.04.
Appears in 1 contract
Defaults. The Administrative No Agent or Issuer shall not be deemed to have knowledge or notice of the occurrence of a Default or Borrowing Base Deficiency unless the Administrative Agent it has received a written notice from a Lender Secured Party or the Borrower specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.1Section10.1) take such action with respect to such Default as shall be directed by the Required Lenders; provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Borrowing Base Deficiency as it shall deem advisable in the best interest of the Secured Parties except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 1 contract
Defaults. The Administrative No Agent or Issuer shall not be deemed to have knowledge or notice of the occurrence of a Default or Borrowing Base Deficiency unless the Administrative Agent it has received a written notice from a Lender Secured Party or the Borrower specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.1) take such action with respect to such Default as shall be directed by the Required Lenders; provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Borrowing Base Deficiency as it shall deem advisable in the best interest of the Secured Parties except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 1 contract
Samples: Credit Agreement (Dynamic Offshore Resources, Inc.)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent it has received a written notice from a Lender or the Borrower specifying such Default and stating that such notice is a “Notice of Default”. In the event that .” If the Administrative Agent receives such a notice of the occurrence of a Defaultnotice, the Administrative Agent then it shall give prompt notice thereof to the LendersLenders and the Borrower (if such notice is received from a Lender). The Administrative Agent shall (subject to Section 10.19.7) take such action with respect to any such Default as shall be directed by the Required Majority Lenders; provided that unless and until the Administrative Agent shall have received such directions, the Administrative Agent it may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement the Credit Documents expressly requires require that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Majority Lenders or all of the Lenders.
Appears in 1 contract
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower an Obligor specifying such Default and stating stating, that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.111.07 hereof) take such action with respect to such Default as shall be directed by the Required Lenders; Majority Lenders provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Majority Lenders or all of the Lenders.
Appears in 1 contract
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default (other than payment Defaults) unless the Administrative Agent has received a written notice from a Lender Bank or the Borrower Company specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default or becomes aware of a payment Default, the Administrative Agent shall give prompt notice thereof to the LendersBanks. The Administrative Agent shall (subject to Section 10.110.07 hereof) take such action with respect to such Default as shall be directed by the Required Lenders; Banks, provided that that, unless and until the Administrative Agent shall have has received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Banks except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all LendersBanks.
Appears in 1 contract
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default (other than a failure to make a payment of principal of or interest on the Loans) unless the Administrative Agent has received a written notice from a Lender or the Borrower specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.110.07 hereof) take such action with respect to any such Default as shall be directed by the Required Majority Lenders; provided , provided, that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Majority Lenders or all of the Lenders.
Appears in 1 contract
Samples: Senior Bridge Loan Agreement (Grupo Aval Acciones Y Valores S.A.)
Defaults. The Administrative Agent None of the Agents or Issuing Banks shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative such Agent or Issuing Bank has received a written notice from a Lender or the Borrower Borrowers specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent Agents and Issuing Banks shall (subject to Section 10.1) take such action with respect to such Default as shall be directed by the Required Lenders; provided provided, that unless and until the Administrative an Agent or Issuing Bank shall have received such directions, the Administrative such Agent or Issuing Bank may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 1 contract
Samples: Credit Agreement (Aei)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.113.07) take such action with respect to such Default as shall be directed by the Required Majority Lenders; , provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders Majority Lenders, or all of the Lenders.
Appears in 1 contract
Samples: Credit Agreement (Insignia Financial Group Inc /De/)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default (other than a Default under Section 8.1.1) unless the Administrative Agent has received a written notice from a Lender or the Borrower specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.1) take such action with respect to such Default as shall be directed by the Required Lenders; provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Loan Parties except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 1 contract
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower or any Subsidiary Guarantor specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.111.07 hereof) take such action with respect to such Default as shall be directed by the Required Majority Lenders; , provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Majority Lenders or all of the Lenders.. Credit Agreement
Appears in 1 contract
Samples: Credit Agreement (Thai Romo LTD)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.111.1) take such action with respect to such Default as shall be directed by the Required Lenders; provided that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 1 contract
Samples: Credit and Guarantee Agreement (Municipal Mortgage & Equity LLC)
Defaults. The Administrative Neither Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative such Agent has received a written notice from a Lender or the Holdings or any Borrower specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative either Agent receives such a notice of the occurrence of a Default, the Administrative such Agent shall give prompt notice thereof to the Lenders. The Administrative Each Agent shall (subject to Section 10.111.1) take such action with respect to such Default as shall be directed by the Required Lenders; provided provided, that unless and until the Administrative such Agent shall have received such directions, the Administrative such Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders, as applicable.
Appears in 1 contract
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.111.07 hereof) take such action with respect to such Default as shall be directed by the Required Majority Lenders or, if provided herein, the Majority Revolving Credit Lenders; provided that , PROVIDED CREDIT AGREEMENT that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Majority Lenders, the Majority Revolving Credit Lenders or all of the Lenders.
Appears in 1 contract
Samples: Credit Agreement (Panavision Inc)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Administrative Agent has received a written notice from a Lender or the Borrower Borrowers specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default or Event of Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.19.7 hereof) take such action with respect to such Default or Event of Default as shall be directed by the Required Lenders; Lender, provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 1 contract
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent it has received a written notice from a Lender Secured Party or the Borrower specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.1) take such action with respect to such Default as shall be directed by the Required Lenders; provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 1 contract
Defaults. The Administrative Agent shall not be deemed to have -------- knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower Borrowers specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.110.07 hereof) take such action with respect to such Default as shall be directed by the Required Lenders; Majority Lenders or, if provided that herein, the Majority Lenders of a particular Class, provided that, -------- unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Majority Lenders of a particular Class or all of the Lenders.
Appears in 1 contract
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower or any Subsidiary Guarantor specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.111.07 hereof) take such action with respect to such Default as shall be directed by the Required Majority Lenders; , provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent Credit Agreement 76 - 71 - may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Majority Lenders or all of the Lenders.
Appears in 1 contract
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Administrative Agent has received a written notice from a Lender or the Borrower a Credit Party specifying such Default or Event of Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default or Event of Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.110.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by (x) the Required Lenders and Required New Term Loan Lenders and/or (y) the Total Aggregate Required Lenders; , as the case may be, provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interest of the Secured Parties except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 1 contract
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent it has received a written notice from a Lender or the Borrower a Guarantor specifying such Default and stating that such notice is a “Notice of Default”. In the event that .” If the Administrative Agent receives such a notice of the occurrence of a Defaultnotice, the Administrative Agent then it shall give prompt notice thereof to the LendersLenders and the Guarantors (if such notice is received from a Lender). The Administrative Agent shall (subject to Section 10.18.7) take such action with respect to any such Default as shall be directed by the Required Majority Lenders; provided that unless and until the Administrative Agent shall have received such directions, the Administrative Agent it may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement the Credit Documents expressly requires require that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Majority Lenders or all of the Lenders.
Appears in 1 contract
Defaults. The Administrative Neither Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative such Agent has received a written notice from a Lender or the Holdings or any Borrower specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative either Agent receives such a notice of the occurrence of a Default, the Administrative such Agent shall give prompt notice thereof to the Lenders. The Administrative Each Agent shall (subject to Section 10.111.1) take such action with respect to such Default as shall be directed by the Required Lenders; provided PROVIDED that unless and until the Administrative such Agent shall have received such directions, the Administrative such Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders, as applicable.
Appears in 1 contract
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.1) take such action with respect to such Default as shall be directed by the Required Lenders; provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 1 contract
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender Bank or the Borrower Company specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Credit Agreement 70 - 66 - Agent shall give prompt notice thereof to the LendersBanks. The Administrative Agent shall (subject to Section 10.110.07 hereof) take such action with respect to such Default as shall be directed by the Required Lenders; Majority Banks, provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Banks except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders Majority Banks or all Lendersof the Banks.
Appears in 1 contract
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent it has received a written notice from a Lender Bank or the Borrower an Obligor specifying such Default and stating that such notice is a “Notice of Default”. In the event that .” If the Administrative Agent receives such a notice of the occurrence of a Defaultnotice, the Administrative Agent then it shall give prompt notice thereof to the LendersBanks and the Borrower (if such notice is received from a Bank). The Administrative Agent shall (subject to Section 10.111.7) take such action with respect to any such Default as shall be directed by the Required LendersMajority Banks; provided that unless and until the Administrative Agent shall have received such directions, the Administrative Agent it may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Banks except to the extent that this Agreement the Credit Documents expressly requires require that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders Majority Banks or all Lendersof the Banks.
Appears in 1 contract
Defaults. The Administrative Agent shall not be deemed to have -------- knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender Bank or the Borrower Company specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default, Default the Administrative Agent shall give prompt notice thereof to the LendersBanks. The Administrative Agent shall (subject to Section 10.1Sections 10.01 and 10.07 hereof) take such action with respect to such Default as shall be directed by the Required Lenders; Majority Banks, provided that that, unless and until the Administrative Agent shall have -------- received such directions, the Administrative Agent may (but shall not be obligated to) take such action, action or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Banks except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders Majority Banks or all Lendersof the Banks.
Appears in 1 contract
Samples: Credit Agreement (Xl Capital LTD)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower any Loan Party specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.18.07 hereof) take such action with respect to such Default as shall be directed by the Required Lenders; , provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders Lenders, or all of the Lenders.
Appears in 1 contract
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower Company specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.111.07 hereof) take such action with respect to such Default as shall be directed by the Required Majority Lenders; , provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Majority Lenders or all of the Lenders.
Appears in 1 contract
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower Company specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.1SECTION 12.07 hereof) take such action with respect to such Default as shall be directed by the Required Majority Lenders; provided that , PROVIDED that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Majority Lenders or all of the Lenders.
Appears in 1 contract
Defaults. The Administrative Neither Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative such Agent has received a written notice from a Lender or the either Borrower specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative either Agent receives such a notice of the occurrence of a Default, the Administrative such Agent shall give prompt notice thereof to the Lenders. The Administrative Each Agent shall (subject to Section 10.1SECTION 11.1) take such action with respect to such Default as shall be directed by the Required Lenders; provided PROVIDED, that unless and until the Administrative such Agent shall have received such directions, the Administrative such Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders, as applicable.
Appears in 1 contract
Samples: Credit Agreement (World Almanac Education Group Inc)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower Parent specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.111.07 hereof) take such action with respect to such Default as shall be directed by the Required Majority Lenders; provided that , PROVIDED that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Majority Lenders or all of the Lenders.
Appears in 1 contract
Defaults. The Administrative Agent shall not be deemed to -------- have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.111.07) take such action with respect to such Default as shall be directed by the Required Majority Lenders; , provided that that, unless and until the Administrative Agent shall -------- have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Majority Lenders.
Appears in 1 contract
Samples: Credit Agreement (Premier Parks Inc)
Defaults. The Administrative Neither Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent it has received a written notice from a Lender Bank or the Borrower an Obligor specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative .” If either Agent receives such a notice of the occurrence of a Defaultnotice, the Administrative Agent then it shall give prompt notice thereof to the LendersBanks and the Borrowers (if such notice is received from a Bank). The Administrative Agent shall (subject to Section 10.112.7) take such action with respect to any such Default as shall be directed by the Required LendersMajority Banks; provided that unless and until the Administrative Agent shall have received such directions, the Administrative Agent it 58 may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Banks except to the extent that this Agreement the Credit Documents expressly requires require that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders Majority Banks or all Lendersof the Banks.
Appears in 1 contract
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default (other than a Default under Section 8.1.1) unless the Administrative Agent has received a written notice from a Lender or the Borrower or the Company specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.110.1 and the Intercreditor Agreement) take such action with respect to such Default as shall be directed by the Required Lenders; provided that that, subject to the terms, conditions and restrictions set forth in the Intercreditor Agreement, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 1 contract
Samples: Credit Agreement (Hanesbrands Inc.)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Administrative Agent has received a written notice from a Lender or the Borrower specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default or Event of Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.1SECTION 9.7 hereof) take such action with respect to such Default or Event of Default as shall be directed by the Required all Lenders; provided that , PROVIDED THAT, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of all of the Required Lenders or all Lenders.
Appears in 1 contract
Defaults. The Administrative Neither Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless (other than, in the case of the Administrative Agent, a failure to make a payment of principal of or interest on the Loans) unless such Agent has received a written notice from a Lender or the a Borrower specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence Notice of a Default, the Administrative Agent shall give prompt notice thereof to the LendersLenders and the Collateral Agent. The Administrative Agent shall (subject to Section 10.113.07 hereof) take such action with respect to any such Default as shall be directed by the Required Majority Lenders or, if provided herein, in accordance with the instructions given by the Majority Tranche A Lenders; provided , the Majority Tranche B Lenders or all of the Lenders as is required in such circumstance, provided, that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Majority Lenders, the Majority Tranche A Lenders, the Majority Tranche B Lenders or all of the Lenders.
Appears in 1 contract
Samples: Loan Agreement (Vitro Sa De Cv)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default (other than a failure to make a payment of principal of or interest on the Loan) unless the Administrative Agent has received a written notice from a Lender or the Borrower specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.18.7 hereof) take such action with respect to any such Default as shall be directed by the Required Requisite Lenders; provided , provided, that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Requisite Lenders or all of the Lenders.
Appears in 1 contract
Samples: Loan Agreement (Us Airways Inc)
Defaults. The Administrative Neither Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent it has received a written notice from a Lender Bank or the Borrower an Obligor specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative .” If either Agent receives such a notice of the occurrence of a Defaultnotice, the Administrative Agent then it shall give prompt notice thereof to the LendersBanks and the Borrowers (if such notice is received from a Bank). The Administrative Agent shall (subject to Section 10.112.7) take such action with respect to any such Default as shall be directed by the Required LendersMajority Banks; provided that unless and until the Administrative Agent shall have received such directions, the Administrative Agent it Gerdau Export and Working Capital Agreement may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Banks except to the extent that this Agreement the Credit Documents expressly requires require that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders Majority Banks or all Lendersof the Banks.
Appears in 1 contract
Defaults. The Administrative Agent shall not be deemed to have -------- knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender Bank or the Borrower Company specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the LendersBanks. The Administrative Agent shall (subject to Section 10.1Sections 10.01 and 10.07 hereof) take such action with respect to such Default as shall be directed by the Required Lenders; Majority Banks, provided that that, unless and until the Administrative Agent shall have -------- received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Banks except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders Majority Banks or all Lendersof the Banks.
Appears in 1 contract
Samples: Credit Agreement (Xl Capital LTD)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.1Sections 10.07 and 11.04 hereof) take such action with respect to such Default as shall be directed by the Required Majority Lenders; , provided that that, Bridge Loan Agreement unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Majority Lenders or all of the Lenders.
Appears in 1 contract
Samples: Assignment and Assumption (Capital One Financial Corp)
Defaults. The Administrative Agent shall not be deemed not to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.1) take such action with respect to such Default as shall be directed by the Required Lenders; provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 1 contract
Defaults. The Administrative Agent shall not be deemed to have -------- knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the a Borrower specifying such Default and stating that such notice is a “"Notice of Default”". In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.1Sections 10.07 and 11.04 hereof) take such action with respect to such Default as shall be directed by the Required Majority Lenders; , provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Majority Lenders, the Majority Tranche Lenders with respect to a particular Tranche, the Majority Tranche B Lenders, the Requisite Lenders or all of the Lenders.
Appears in 1 contract
Defaults. The Administrative Neither Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower Xxxx-Xxxxx specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.1) take such action with respect to such Default as shall be directed by the Required Lenders; provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 1 contract
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a any Default unless the Administrative Agent has received a written notice from a Lender or the Borrower specifying a Borrower, referring to this Agreement, describing such Default and stating that such notice is a “Notice of Default”. In the event that If the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.1) take such action with respect to such Default as shall be reasonably directed by the Required Lenders; provided provided, however, that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties except Lenders. Notwithstanding anything in the contrary contained herein, the order and manner in which the Lenders’ rights and remedies are to be exercised (including, without limitation, the extent that this Agreement expressly requires that such action enforcement by any Lender of its Note) shall be taken, or not be taken, only with determined by the consent or upon the authorization of the Required Requisite Lenders or all Lendersin their sole discretion.
Appears in 1 contract
Samples: Credit Agreement (Argosy Gaming Co)
Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to the provisions of Section 10.1) take such action and exercise such remedies with 19-22911-rdd Doc 134-1 Filed 07/19/19 Entered 07/19/19 13:46:56 Exhibit A Pg 53 of 66 respect to such Default as shall be directed by the Required LendersLenders pursuant to any of the Credit Documents; provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such actionaction (including, without limitation, credit bidding the Loans of all Lenders hereunder), or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 1 contract
Samples: cases.primeclerk.com
Defaults. The Administrative Neither Agent or any Co-Collateral Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative such Agent or Co-Collateral Agent has received a written notice from a Lender or the Borrower Xxxx-Xxxxx specifying such Default and stating that such notice is a “Notice of Default”. In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the LendersLenders and the Co-Collateral Agents. The Administrative Agent shall (subject to Section 10.110.1 hereof) take such action with respect to such Default as shall be directed by the Required Lenders; provided that that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties Lenders except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.
Appears in 1 contract
