Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the Banks. The Agent shall (subject to Section 7.05 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required Banks, provided that, unless and until the Agent shall have received such directions, the 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 Banks.
Appears in 12 contracts
Samples: Credit Agreement (Target Corp), Credit Agreement (Target Corp), Credit Agreement (Target Corp)
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank Lender 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 10.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksLenders, provided that, unless and until the Agent shall have received such directions, the 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 BanksLenders.
Appears in 11 contracts
Samples: Credit Agreement (Delta Woodside Industries Inc /Sc/), Credit Agreement (Insight Health Services Corp), Credit Agreement (Glenayre Technologies Inc)
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or an Event of Default (other than the non-payment of principal of or interest on Loans) unless the Agent has received written notice from a Bank 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksBanks (and shall give each Bank prompt notice of each such nonpayment). The Agent shall (subject to Section 7.05 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required Banks, provided that, unless and until the Agent shall have received such directions, the Agent may (but shall not be obligated to) take such action, action or refrain from taking such action, action with respect to such Default or Event of Default default as it shall deem advisable in the best interest of the Banks.
Appears in 8 contracts
Samples: Credit Agreement (Tortoise Energy Infrastructure Corp), Credit Agreement (Tortoise Energy Capital Corp), Credit Agreement (Tortoise Gas & Oil Corp)
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank Lender 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 11.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksLenders, provided that, unless and until the Agent shall have received such directions, the 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 BanksLenders.
Appears in 6 contracts
Samples: Credit Agreement (Sheridan Healthcare Inc), Credit Agreement (Kellwood Co), Credit Agreement (Wackenhut Corrections Corp)
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank Lender 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 10.02 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksLenders, provided that, unless and until the Agent shall have received such directions, the 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 BanksLenders.
Appears in 5 contracts
Samples: Revolving Credit Agreement (Acsys Inc), Credit Agreement (Saks Inc), Credit Agreement (Saks Inc)
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default Default, other than a payment default, unless the Agent has received written notice from a Bank or the Borrower or any Guarantor specifying such Default or Event of Default and stating that such notice is a “"Notice of Default”. ." In the event that the Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the Banks. The Agent shall (subject to Section 7.05 12.08 hereof) take such action with respect to such Default or Event of Default which is continuing as shall reasonably be directed by the Required Banks, ; provided that, unless and until the Agent shall have received such directions, the 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 Banks; and provided further that, the Agent shall not be required to take any such action which it determines to be contrary to Law.
Appears in 5 contracts
Samples: Credit Agreement and Guaranty (Hampshire Group LTD), Credit Agreement and Guaranty (Hampshire Group LTD), Credit Agreement and Guaranty (Hampshire Group LTD)
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default Default, other than a payment default, unless the Agent has received written notice from a Bank or the Borrower or any Guarantor specifying such Default or Event of Default and stating that such notice is a “Notice of Default”. .” In the event that the Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the Banks. The Agent shall (subject to Section 7.05 12.08 hereof) take such action with respect to such Default or Event of Default which is continuing as shall reasonably be directed by the Required Banks, ; provided that, unless and until the Agent shall have received such directions, the 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 Banks; and provided further that, the Agent shall not be required to take any such action which it determines to be contrary to Law.
Appears in 5 contracts
Samples: Credit Agreement and Guaranty (Hampshire Group LTD), Credit Agreement and Guaranty (Hampshire Group LTD), Credit Agreement and Guaranty (Hampshire Group LTD)
Defaults. The No Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or an Event of Default unless the Agent a Responsible Officer has received written notice from a Bank or Lender, the Borrower or a Guarantor specifying such Default or Event of Default and stating that such notice is a “"Notice of Default”. In the event that the ." If an Agent receives such a notice of the occurrence of a Default or Event of Defaultnotice, the Agent then it shall give prompt notice thereof to the BanksLenders and the Borrower (if such notice is received from a Lender). The Such Agent shall (subject to Section 7.05 hereof10.01) take such action with respect to any such Default or Event of Default as shall reasonably be directed in writing by the Required Banks, Lenders; provided that, that unless and until the such Agent shall have received such directions, the Agent it 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 BanksLenders.
Appears in 3 contracts
Samples: First Lien Credit Agreement (Gannett Co., Inc.), Credit Agreement (Gannett Co., Inc.), First Lien Credit Agreement (Gannett Co., Inc.)
Defaults. The No Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or an Event of Default unless the Agent a Responsible Officer has received written notice from a Bank or Lender, the Borrower or a Guarantor specifying such Default or Event of Default and stating that such notice is a “Notice of Default”. In the event that the .” If an Agent receives such a notice of the occurrence of a Default or Event of Defaultnotice, the Agent then it shall give prompt notice thereof to the BanksLenders and the Borrower (if such notice is received from a Lender). The Such Agent shall (subject to Section 7.05 hereof10.01) take such action with respect to any such Default or Event of Default as shall reasonably be directed in writing by the Required Banks, Lenders; provided that, that unless and until the such Agent shall have received such directions, the Agent it 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 BanksLenders.
Appears in 3 contracts
Samples: Credit Agreement (Gannett Co., Inc.), Credit Agreement (Gannett Co., Inc.), Credit Agreement (New Fortress Energy LLC)
Defaults. The No 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 written notice from a Bank Bank, Parent 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 Banks. The Administrative Agent shall (subject to Section 7.05 13.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required Banks, ; 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 Banks.
Appears in 3 contracts
Samples: Credit Agreement (Venus Exploration Inc), Credit Agreement (Exco Resources Inc), Credit Agreement (Exco Resources Inc)
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank Lender 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 12.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksLenders, provided that, unless and until the Agent shall have received such directions, the 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 BanksLenders.
Appears in 3 contracts
Samples: Credit Agreement (Uti Corp), Credit Agreement (Cone Mills Corp), Credit Agreement (Uti Corp)
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank Lender 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 12.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksLenders, provided that, unless and until the Agent shall have received such directions, the 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 BanksLenders.
Appears in 3 contracts
Samples: Guaranty Agreement (Windmere Durable Holdings Inc), Credit Agreement (Covenant Transport Inc), Credit Agreement (Gerald Stevens Inc/)
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank Lender 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 9.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksLenders, provided that, unless and until the Agent shall have received such directions, the 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 BanksLenders.
Appears in 2 contracts
Samples: Credit Agreement (Leslie Resources Inc), Term Credit Agreement (Healthsouth Corp)
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank Lender 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 10.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksLenders, provided thatPROVIDED THAT, unless and until the Agent shall have received such directions, the 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 BanksLenders.
Appears in 2 contracts
Samples: Credit Agreement (Arguss Holdings Inc), Credit Agreement (Tripoint Global Communications Inc)
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or an Event of Default unless the Agent has received written notice from a Bank Lender 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 Agent receives such a notice of the occurrence of a Default or an Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 hereof9.06) take such action hereunder with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksLenders, provided that, unless and until the Agent shall have received such directions, the 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 interests of the BanksLenders.
Appears in 2 contracts
Samples: Credit Agreement (Cke Restaurants Inc), Credit Agreement (Checkers Drive in Restaurants Inc /De)
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank Lender 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 SECTION 11.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksLenders, provided thatPROVIDED THAT, unless and until the Agent shall have received such directions, the 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 BanksLenders.
Appears in 2 contracts
Samples: Credit Agreement (Wackenhut Corp), Credit Agreement (Omnova Solutions Inc)
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the Banks. The Agent shall (subject to Section 7.05 11.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required Banks, provided that, unless and until the Agent shall have received such directions, the 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 Banks.
Appears in 2 contracts
Samples: Loan Agreement (Uici), Loan Agreement (Uici)
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank Lender 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 10.02 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksLenders, provided that, unless and until the Agent shall have received such directions, the 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 BanksLenders. 10.04.
Appears in 2 contracts
Samples: Credit Agreement (Proffitts Inc), Credit Agreement (Proffitts Inc)
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a any Default or Event of Default unless the Agent has received written a notice from a Bank Party or the Borrower specifying Borrower, referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “"Notice of Default”". In the event that the If Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksBank Parties. The Agent shall (subject to Section 7.05 hereof) take such action with respect to such Default or Event of Default as shall be reasonably be directed by the Required Banks; provided, provided thathowever, unless and that until the Agent shall have received such directions, the 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 BanksBank Parties.
Appears in 2 contracts
Samples: Credit Agreement (Indus International Inc), Security Agreement (Indus International Inc)
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank Lender or the Borrower Borrowers specifying such Default or Event of Default and stating that such notice is a “"Notice of Default”". In the event that the Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 11.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksLenders, provided that, unless and until the Agent shall have received such directions, the 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 BanksLenders.
Appears in 2 contracts
Samples: Stock Pledge Agreement (Miller Industries Inc /Tn/), Credit Agreement (Breed Technologies Inc)
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank or the Borrower or the Parent specifying such Default or Event of Default and stating that such notice is a “"Notice of Default”". In the event that the Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the Banks. The Agent shall (subject to Section 7.05 12.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required Majority Banks, provided that, unless and until the Agent shall have received such directions, the 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 Banks.
Appears in 2 contracts
Samples: Term Credit Agreement (Mens Wearhouse Inc), Revolving Credit Agreement (Mens Wearhouse Inc)
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default Default, other than a payment default, unless the Agent has received written notice from a Bank or the Borrower or any Guarantor specifying such Default or Event of Default and stating that such notice is a “"Notice of Default”. ." In the event that the Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the Banks. The Agent shall (subject to Section 7.05 hereof12.08) take such action with respect to such Default or Event of Default which is continuing as shall reasonably be directed by the Required Banks, ; provided that, unless and until the Agent shall have received such directions, the 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 Banks; and provided further that the Agent shall not be required to take any such action which it determines to be contrary to Law.
Appears in 2 contracts
Samples: Credit Agreement and Guaranty (Hampshire Group LTD), Credit Agreement and Guaranty (Hampshire Group LTD)
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 written notice from a Bank 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 Banks. The Administrative Agent shall (subject to Section 7.05 hereof13.08) take such action with respect to such Default or Event of Default which is continuing as shall reasonably be directed by the Required Banks, ; 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 Banks; and provided further that the Administrative Agent shall not be required to take any such action which it determines to be contrary to Law.
Appears in 1 contract
Samples: Credit Agreement (Boundless Corp)
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank Lender 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 7.02 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required Banks, provided thatLenders. However, unless and until the Agent shall have received such directions, the 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 BanksLenders.
Appears in 1 contract
Samples: Loan Agreement (Stein Mart Inc)
Defaults. The Agent shall not be deemed to have -------- knowledge or notice of the occurrence of a Default or an Event of Default (other than the non-payment of principal of or interest on Loans or of commitment fees) unless the Agent has received written notice from a Bank 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksBanks (and shall give each Bank prompt notice of each such nonpayment). The Agent shall (subject to Section 7.05 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required Majority Banks, provided that, unless and until the Agent shall have received such directions, the Agent may (but shall not be obligated to) take such action, action or refrain from taking such action, action with respect to such Default or Event of Default default as it shall deem advisable in the best interest of the Banks.
Appears in 1 contract
Samples: Credit Agreement (Cerner Corp /Mo/)
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the Banks. The Agent shall (subject to Section 7.05 12.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required Majority Banks, provided that, unless and until the Agent shall have received such directions, the 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 Banks.
Appears in 1 contract
Defaults. The Neither Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default (other than the non-payment of principal of or interest on Notes) unless the such Agent has received written notice from a Bank Financier or the Borrower Owner specifying such Default or Event of Default and stating that such notice is a “Notice of Default”. In the event that the such Agent receives such a notice of the occurrence of a Default or an Event of Default, the such Agent shall give prompt notice thereof to the BanksFinanciers (and shall give each Financier prompt notice of each such non-payment). The Each Agent shall (subject to Section 7.05 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksControlling Creditor, provided that, unless and until the such Agent shall have received such directions, the such 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 BanksFinanciers except to the extent that the Mortgage expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Controlling Creditor or all of the Financiers.
Appears in 1 contract
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank Lender 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 8.1 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required Banks, provided thatLenders. Notwithstanding the foregoing, unless and until the Agent shall have received such directions, the 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 BanksLenders.
Appears in 1 contract
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the Banks. The Agent shall (subject to Section 7.05 section 10.03 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required Banks, provided that, unless and until the Agent shall have received such directions, the 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 interests of the Banks.
Appears in 1 contract
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank Lender 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 hereof11.2) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksLenders, provided that, unless and until the Agent shall have received such directions, the 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 BanksLenders.
Appears in 1 contract
Samples: Credit Agreement (Seacastle Inc.)
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank Lender 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 9.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksLenders, provided thatPROVIDED THAT, unless and until the Agent shall have received such directions, the Agent may (but shall not 100 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 interests of the BanksLenders.
Appears in 1 contract
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the Banks. The Agent shall (subject to Section 7.05 12.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required Majority Banks, provided that, unless and until the Agent shall have received such directions, the 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 est interest of the Banks.
Appears in 1 contract
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or an Event of Default (other than the non-payment of principal of or interest on the Loans or non-payment of the facility fee) unless the Agent has received written notice from a Bank or the a Borrower specifying such Default or Event of Default and stating that such notice is a “"Notice of Default”". In the event that the Agent receives such a notice of the occurrence of a Default or an Event of Default, the Agent shall give prompt notice thereof to the Banks. The Agent shall give each Bank prompt notice of each non-payment of principal of or interest on the Loans or of the facility fee, whether or not it has received any notice of the occurrence of such non-payment. The Agent shall (subject to Section 7.05 hereof9.05) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required Banks, provided that, unless and until the Agent shall have received such directions, the 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 interests of the Banks.
Appears in 1 contract
Samples: Credit Agreement (Valspar Corp)
Defaults. The 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 Event interest on the Loans or of Default commitment fees) unless the Agent has received written notice from a Bank 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksBanks (and shall give each Bank prompt notice of each such non - payment). The Agent shall (subject to Section 7.05 hereof14.1) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required Banks, provided that, that unless and until the Agent shall have received such directions, the 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 and in the best interest of the BanksSecured Parties.
Appears in 1 contract
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank Lender 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 SECTION 12.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksLenders, provided thatPROVIDED THAT, unless and until the Agent shall have received such directions, the 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 BanksLenders.
Appears in 1 contract
Samples: Credit Agreement (Gencorp Inc)
Defaults. The Agent shall not be deemed to have knowledge or notice of -------- the occurrence of a Default (other than the nonpayment of principal of or Event of Default interest on the Loans) unless the Agent has received written notice from a Bank or the Borrower Company specifying such Default or Event of Default and stating that such notice is a “"Notice of Default”". In the event that the Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksBanks (and shall give each Bank prompt notice of each such nonpayment). The Agent shall (subject to Section 7.05 10.07 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required Banks, provided that, unless and until the Agent shall have received such directions, the 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 Banks.
Appears in 1 contract
Samples: Loan Agreement (Coca Cola Bottling Co Consolidated /De/)
Defaults. The No Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the such Agent has received written notice from a Bank 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 Banks. The Administrative Agent shall (subject to Section 7.05 14.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required Banks, ; 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 Banks.
Appears in 1 contract
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or an Event of Default unless the Agent has received written notice from a Bank Lender or the Borrower specifying Partnership referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “"Notice of Default”". In the event that the Agent receives such a notice of the occurrence of a Default or an Event of Default, Default the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 hereof) take such action with respect to such Default or Event of Default as shall be reasonably be directed by the Required BanksLeaders; provided, provided that, unless and until the Agent shall have received such directions, the 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 interests of the BanksLenders.
Appears in 1 contract
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a any Default or Event of Default unless the Agent has received written a notice from a Bank Lender or the Borrower specifying Borrower, referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “"Notice of Default”". In the event that the If Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 hereof) take such action with respect to such Default or Event of Default as shall be reasonably be directed by the Required BanksLenders; PROVIDED, provided thatHOWEVER, unless and that until the Agent shall have received such directions, the 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 BanksLenders.
Appears in 1 contract
Samples: Credit Agreement (Lam Research Corp)
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank Lender 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 9.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksMajority Lenders, provided thatPROVIDED THAT, unless and until the Agent shall have received such directions, the 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 BanksLenders.
Appears in 1 contract
Defaults. The Agent shall not be deemed to have knowledge or -------- notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank Lender 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 11.2 hereof) take such action with respect ------------ to such Default or Event of Default as shall reasonably be directed by the Required BanksLenders, provided that, unless and until the Agent shall have received -------- ---- such directions, the 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 BanksLenders.
Appears in 1 contract
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or an Event of Default (other than the nonpayment of principal of or interest on the Notes) unless the Agent has received written notice from a Bank or the Lender a Borrower specifying such Default or Event of Default and stating that such notice is a “Notice of Default”. In the event that the Agent receives such a notice of the occurrence of a Default or an Event of Default, the Agent shall give prompt notice thereof to the BanksLenders (and shall give each Lender prompt notice of each such nonpayment). The Agent shall (subject to Section 7.05 hereofthe provisions of 24 and 12.7) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksLenders, provided that, unless and until the Agent shall have received such directions, the 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 and in the best interest interests of the BanksRequired Lenders.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Dynamics Research Corp)
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default (other than the nonpayment of principal of or Event interest hereunder or of Default any fees) unless the Agent has received written notice from a Bank 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksBanks (and shall give each Bank prompt notice of each such nonpayment). The Agent shall (subject to Section 7.05 hereof12.7) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required Banks, provided thatDefault; PROVIDED THAT, unless and until the Agent shall have received such directionsthe directions referred to in Sections 12.1 or 12.7, the 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 and in the best interest of the Banks.
Appears in 1 contract
Samples: Credit Agreement (Southern Union Co)
Defaults. The Agent shall not be deemed to have knowledge or -------- notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the Banks. The Agent shall (subject to Section 7.05 12.2 hereof) take such action with respect to such Default or Event ------------ of Default as shall reasonably be directed by the Required Majority Banks, ; provided that, -------- ---- unless and until the Agent shall have received such directions, the 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 Banks.
Appears in 1 contract
Samples: Credit Agreement (Wiser Oil Co)
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank Lender or the a Borrower specifying such Default or Event of Default and stating that such notice is a “Notice of Default”. In the event that the Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 10.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksLenders, provided that, unless and until the Agent shall have received such directions, the 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 BanksLenders.
Appears in 1 contract
Samples: Credit Agreement (Aircastle LTD)
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the Banks. The Agent shall (subject to Section 7.05 13.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required Banks, ; provided that, unless and until the Agent shall have received such directions, the 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 Banks.
Appears in 1 contract
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a any Default or Event of Default unless the Agent has received written a notice from a Bank or the Borrower specifying Borrower, referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “"Notice of Default”". In the event that the If Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the Banks. The Agent shall (subject to Section 7.05 hereof) take such action with respect to such Default or Event of Default as shall be reasonably be directed by the Required Majority Banks; provided, provided thathowever, unless and that until the Agent shall have received such directions, the 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 Banks.
Appears in 1 contract
Samples: Credit Agreement (Quantum Corp /De/)
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank or the Borrower a Company specifying such Default or Event of Default and stating that such notice is a “"Notice of Default”. ." In the event that the Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the Banks. The Agent shall (subject to Section 7.05 SECTION 10.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required Banks, provided that, unless and until the Agent shall have received such directions, the 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 Banks.
Appears in 1 contract
Samples: Credit Agreement (Spherion Corp)
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank Lender 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 10.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksLenders, provided that, that unless and until the Agent shall have received such directions, the 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 BanksLenders.
Appears in 1 contract
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 10.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksLenders, provided that, unless and until the Agent shall have received such directions, the 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 BanksLenders.
Appears in 1 contract
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank Lender 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 SECTION 9.02 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksLenders, provided thatPROVIDED THAT, unless and until the Agent shall have received such directions, the 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 BanksLenders.
Appears in 1 contract
Samples: Credit and Reimbursement Agreement (Wackenhut Corp)
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the Banks. The Agent shall (subject to Section 7.05 hereof8.02) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required Majority Banks, provided that, unless and until the Agent shall have received such directions, the 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 Banks.
Appears in 1 contract
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default (other than the nonpayment of principal of or Event interest hereunder or of Default any fees) unless the Agent has received written notice from a Bank 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksBanks (and shall give each Bank prompt notice of each such nonpayment). The Agent shall (subject to Section 7.05 hereof11.7) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required Banks, provided thatDefault; PROVIDED THAT, unless and until the Agent shall have received such directionsthe directions referred to in Sections 11.1 or 11.7, the 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 and in the best interest of the Banks.
Appears in 1 contract
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank Lender 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 11.02 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksLenders, provided that, unless and until the Agent shall have received such directions, the 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 BanksLenders.
Appears in 1 contract
Samples: Revolving Credit and Reimbursement Agreement (Modis Professional Services Inc)
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank Lender 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 11.02 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksMajority Lenders, provided thatPROVIDED THAT, unless and until the Agent shall have received such directions, the 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 BanksLenders.
Appears in 1 contract
Samples: Credit Agreement (Pentacon Inc)
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the Banks. The Agent shall (subject to Section 7.05 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required Banks, provided that, unless and until the Agent shall have received such directions, the 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 Banks.
Appears in 1 contract
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the Banks. The Agent shall (subject to Section 7.05 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required Banks, provided that, unless and until the Agent shall have received such directions, the 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 Banks. ARTICLE 8.
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 written notice from a Bank 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 Banks. The Administrative Agent shall (subject to Section 7.05 14.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required Banks, ; 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 Banks.
Appears in 1 contract
Defaults. The Agent shall not be deemed to have knowledge or notice -------- of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank Lender 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 11.02 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksLenders, provided that, unless and until the Agent shall have received such -------- ---- directions, the 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 BanksLenders.
Appears in 1 contract
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank Lender 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 9.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksLenders, provided thatPROVIDED THAT, unless and until the Agent shall have received such directions, the 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 interests of the BanksLenders.
Appears in 1 contract
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the Banks. The Agent shall (subject to Section 7.05 10.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required Banks, provided that, unless and until the Agent shall have received such directions, the 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 Banks, except to the extent that other provisions of this Agreement expressly require that any such action be taken only with the consent, direction or authorization of the Banks or the Required Banks, as applicable.
Appears in 1 contract
Defaults. The No Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank 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 Banks. The Administrative Agent shall (subject to Section 7.05 14.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required Banks, ; 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 Banks.
Appears in 1 contract
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank Lender or the a Borrower specifying such Default or Event of Default and stating that such notice is a “"Notice of Default”". In the event that the Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 11.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksLenders, provided that, unless and until the Agent shall have received such directions, the 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 BanksLenders.
Appears in 1 contract
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank Lender or the Borrower Borrowers specifying such Default or Event of Default and stating that such notice is a “"Notice of Default”". In the event that the Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 10.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksLenders, provided that, unless and until the Agent shall have received such directions, the 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 BanksLenders.
Appears in 1 contract
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 10.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksLenders, provided that, unless and until the Agent shall have received such directions, -------- ---- the 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 BanksLenders.
Appears in 1 contract
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank Lender 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 12.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksLenders, provided that, unless and until the Agent shall have received such directions, the 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 BanksLenders.
Appears in 1 contract
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the Banks. The Agent shall (subject to Section 7.05 hereof7.2) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required Majority Banks, provided that, unless and until the Agent shall have received such directions, the 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 Banks.
Appears in 1 contract
Defaults. The Collateral Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Collateral Agent has received written notice from a Bank Secured 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 Collateral Agent receives such a notice of the occurrence of a Default or Event of Default, the Collateral Agent shall give prompt notice thereof to the BanksSecured Parties. The Collateral Agent shall (subject to Section 7.05 10.7 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required Banksall Secured Parties, provided that, unless and until the Collateral Agent shall have received such directions, the Collateral 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 BanksSecured 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 all of the Lenders.
Appears in 1 contract
Samples: Loan Agreement (Affordable Residential Communities Inc)
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank Lender 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 SECTION 12.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksLenders, provided PROVIDED that, unless and until the Agent shall have received such directions, the 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 BanksLenders.
Appears in 1 contract
Defaults. The Agent shall not be deemed to have knowledge or -------- notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank Lender 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 9.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksMajority Lenders, provided -------- that, unless and until the Agent shall have received such directions, the 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 BanksLenders.
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Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank Lender 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 9.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksLenders, provided that, unless and until the Agent shall have received such directions, the 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 interests of the BanksLenders.
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Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank Lender 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 10.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksLenders, provided that, unless and until the Agent shall have -------- ---- received such directions, the 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 BanksLenders.
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Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank Lender or the a Borrower specifying such Default or Event of Default and stating that such notice is a “"Notice of Default”. ." In the event that the Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 hereofSECTION 16.2) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksLenders, provided PROVIDED that, unless and until the Agent shall have received such directions, the 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 BanksCredit Parties.
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Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank Lender 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 SECTION 12.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksMajority Lenders, provided PROVIDED that, unless and until the Agent shall have received such directions, the 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 BanksLenders.
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Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the Banks. The Agent shall (subject to Section 7.05 SECTION 14.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required Banks, provided that; PROVIDED THAT, unless and until the Agent shall have received such directions, the 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 Banks.
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Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank Lender 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 12.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksLenders, provided that, unless and until the Agent shall have received such directions, the 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 BanksLenders.
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Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 10.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksLenders, provided that, unless and until the Agent shall have received such directions, the 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 BanksLenders.
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Samples: Credit Agreement (Profit Recovery Group International Inc)
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a any Default or Event of Default unless the Agent has received written a notice from a Bank any Lender or the Borrower specifying Borrower, referring to this Restated Credit Agreement, describing such Default or Event of Default and stating that such notice is a “"Notice of Default”". In the event that the If Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 hereof) take such action with respect to such Default or Event of Default as shall be reasonably be directed by the Required BanksLenders or all of the Lenders if unanimity is required; provided, provided thathowever, unless and that until the Agent shall have received such directions, the 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 they shall deem advisable in the best interest of the BanksLenders.
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Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank Lender or the Borrower Borrowers specifying such Default or Event of Default and stating that such notice is a “"Notice of Default”". In the event that the Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 9.1 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required Banks, provided thatLenders. Notwithstanding the foregoing, unless and until the Agent shall have received such directions, the 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 BanksLenders.
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Defaults. The No Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or an Event of Default unless the such Agent has received written notice from a Bank Lender or the Borrower specifying referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “"Notice of Default”". In the event that the an Agent receives such a notice of the occurrence of a Default or an Event of Default, the Default such Agent shall give prompt notice thereof to the Banksother Agents and the Xxxxxxx. The Each Agent shall (subject to Section 7.05 hereof) take such action with respect to such Default or Event of Default as shall be reasonably be directed by the Required Banks, Lenders; provided that, unless and until the such Agent shall have received such directions, the such 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 interests of the BanksAffected Lenders.
Appears in 1 contract
Samples: Construction and Term Loan Agreement (Cogen Technologies Inc)
Defaults. The Agent shall not be deemed to have knowledge or -------- notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank Lender 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 9.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksMajority Lenders, provided that, unless and until the Agent shall have received such directions, the 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 BanksLenders.
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Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank Lender or the a Borrower specifying such Default or Event of Default and stating that such notice is a “"Notice of Default”". In the event that the Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 10.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required Banks, Lenders; provided that, unless and until the Agent shall have received such directions, the 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 BanksLenders.
Appears in 1 contract
Samples: Credit Agreement (Aircastle LTD)
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank or the Borrower a Company specifying such Default or Event of Default and stating that such notice is a “"Notice of Default”. ." In the event that the Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the Banks. The Agent shall (subject to Section 7.05 11.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required Banks, provided that, unless and until the Agent shall have received such directions, the 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 Banks.
Appears in 1 contract
Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Bank 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 Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the BanksLenders. The Agent shall (subject to Section 7.05 10.2 hereof) take such action with respect to such Default or Event of Default as shall reasonably be directed by the Required BanksLenders, provided thatPROVIDED THAT, unless and until the Agent shall have received such directions, the 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 BanksLenders.
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