Common use of Discretion to Act Clause in Contracts

Discretion to Act. Agent shall have the right to request instructions from Requisite Lenders by notice to each Lender. If Agent shall request instructions from Requisite Lenders with respect to any act or action (including the failure to act) in connection with this Agreement or any Related Agreement, Agent shall be entitled to refrain from such act or taking such action unless and until Agent shall have received instructions from Requisite Lenders, and Agent shall not incur liability to any Person by reason of so refraining. Without limiting the foregoing, no Lender shall have any right of action whatsoever against Agent as a result of Agent acting or refraining from acting hereunder or under any Related Agreement in accordance with the instructions of Requisite Lenders. Agent may give any notice required under SECTION 6 hereof without the consent of any of Lenders unless otherwise directed by Requisite Lenders in writing and will, at the direction of Requisite Lenders, give any such notice required under SECTION 6. Except for any obligation expressly set forth in this Agreement or the Related Agreements, Agent may, but shall not be required to, exercise its discretion to act or not act, except that Agent shall be required to act or not act upon the instructions of Requisite Lenders (unless all of Lenders are required to provide such instructions as provided in SECTION 11.6) and those instructions shall be binding upon Agent and all Lenders; provided, that Agent shall not be required to act or not act if to do so would, in Agent's opinion, expose Agent to liability or would be contrary to this Agreement or any Related Agreements or to applicable law.

Appears in 2 contracts

Samples: Loan and Security Agreement (Decrane Aircraft Holdings Inc), Loan and Security Agreement (Unifrax Investment Corp)

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Discretion to Act. Each Agent shall have the right to request instructions from Requisite the Required Lenders by notice to each Lender. If such Agent shall request instructions from Requisite the Required Lenders with respect to any act or action (including the failure to act) in connection with this Agreement or any Related Agreementother Loan Document, such Agent shall be entitled to refrain from such act or taking such action unless and until Agent it shall have received instructions from Requisite the Required Lenders, and such Agent shall not incur liability to any Person by reason of so refraining. Without limiting the foregoing, no Lender shall have any right of action whatsoever against any Agent as a result of such Agent acting or refraining from acting hereunder or under any Related Agreement other Loan Document in accordance with the instructions of Requisite the Required Lenders. Each Agent may give any notice required under SECTION 6 Article VIII hereof without the consent of any of the Lenders unless otherwise directed by Requisite the Required Lenders in writing and will, at the direction of Requisite the Required Lenders, give any such notice required under SECTION 6Article VIII. Except for any obligation expressly set forth in this Agreement or the Related Agreementsany other Loan Document, each Agent may, but shall not be required to, exercise its discretion to act or not act, except that such Agent shall be required to act or not act upon the instructions of Requisite the Required Lenders (unless all of the Lenders are required to provide such instructions as provided in SECTION 11.6Section 10.1) and those instructions shall be binding upon each Agent and all Lenders; provided, however, that each Agent shall not be required to act or not act if to do so would, in Agent's opinion, would expose such Agent to liability or would be contrary to this Agreement or any Related Agreements other Loan Document or to applicable law.

Appears in 1 contract

Samples: Term Loan Agreement (Pioneer East Inc)

Discretion to Act. The Administrative Agent and the Syndication ----------------- Agent shall each have the right to request instructions from Requisite the Required Lenders by notice to each Lender. If such Agent shall request instructions from Requisite the Required Lenders with respect to any act or action (including the failure to act) in connection with this Agreement or any Related Agreementother Loan Document, such Agent shall be entitled to refrain from such act or taking such action unless and until Agent it shall have received instructions from Requisite the Required Lenders, and such Agent shall not incur liability to any Person by reason of so refraining. Without limiting the foregoing, no Lender shall have any right of action whatsoever against any Agent as a result of such Agent acting or refraining from acting hereunder or under any Related Agreement other Loan Document in accordance with the instructions of Requisite the Required Lenders, except to the extent that the consent of such Lender or all of the Lenders to such instructions was required under Section 10.1 and not given by such Lender or all of the Lenders in accordance ------------ with the terms thereof. The Administrative Agent and the Syndication Agent may each give any notice required under SECTION 6 Article VIII hereof without the consent of ------------ any of the Lenders unless otherwise directed by Requisite the Required Lenders in writing and will, at the direction of Requisite the Required Lenders, give any such notice required under SECTION 6Article VIII. Except for any obligation expressly set forth in ------------ this Agreement or any other Loan Document, each of the Related Agreements, Administrative Agent and the Syndication Agent may, but shall not be required to, exercise its discretion to act or not act, except that such Agent shall be required to act or not act upon the instructions of Requisite the Required Lenders (unless all of the Lenders are required to provide such instructions as provided in SECTION 11.6Section 10.1) and those ------------ instructions shall be binding upon such Agent and all Lenders; provided, -------- however, that such Agent shall not be required to act or not act if to do so would, in Agent's opinion, ------- would expose such Agent to liability or would be contrary to this Agreement or any Related Agreements other Loan Document or to applicable law.

Appears in 1 contract

Samples: Term Loan Agreement (Jorgensen Earle M Co /De/)

Discretion to Act. Each Agent shall have the right to request instructions from Requisite Lenders by notice to each Lender. If an Agent shall request instructions from Requisite Lenders with respect to any act or action (including the failure to act) in connection with this Agreement or any Related Agreement, such Agent shall be entitled to refrain from such act or taking such action unless and until such Agent shall have received instructions from Requisite Lenders, and such Agent shall not incur liability to any Person by reason of so refraining. Without limiting the foregoing, no Lender shall have any right of action whatsoever against any Agent as a result of such Agent acting or refraining from acting hereunder or under any Related Agreement in accordance with the instructions of Requisite Lenders. Each Agent may give any notice required under SECTION Section 6 hereof without the consent of any of Lenders unless otherwise directed by Requisite Lenders in writing and will, at the direction of Requisite Lenders, give any such notice required under SECTION Section 6. Except for any obligation expressly set forth in this Agreement or the Related Agreements, each Agent may, but shall not be required to, exercise its discretion to act or not act, except that such Agent shall be required to act or not act upon the instructions of Requisite Lenders (unless all of Lenders are required to provide such instructions as provided in SECTION Section 11.6) and those instructions shall be binding upon Agent all Agents and all Lenders; provided, provided that no Agent shall not be required to act or not act if to do so would, in Agent's opinion, would expose such Agent to liability or would be contrary to this Agreement or any Related Agreements or to applicable law.

Appears in 1 contract

Samples: Loan and Security Agreement (Pioneer Companies Inc)

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Discretion to Act. Agent shall have the right to request instructions from Requisite Lenders by notice to each Lender. If Agent shall request instructions from Requisite Lenders with respect to any act or action (including the failure to act) in connection with this Agreement or any Related Agreement, Agent shall be entitled to refrain from such act or taking such action unless and until Agent shall have received instructions from Requisite Lenders, and Agent shall not incur liability to any Person by reason of so refraining. Without limiting the foregoing, no Lender shall have any right of action whatsoever against Agent as a result of Agent acting or refraining from acting hereunder or under any Related Agreement in accordance with the instructions of Requisite Lenders. Agent may give any notice required under SECTION Section 6 hereof without the consent of any of Lenders unless otherwise directed by Requisite Lenders in writing and will, at the direction of Requisite Lenders, give any such notice required under SECTION Section 6. Except for any obligation expressly set forth in this Agreement or the Related Agreements, Agent may, but shall not be required to, exercise its discretion to act or not act, except that Agent shall be required to act or not act upon the instructions of Requisite Lenders (unless all of Lenders are required to provide such instructions as provided in SECTION 11.6Section 12.6) and those instructions shall be binding upon Agent and all Lenders; provided, provided that Agent shall not be required to act or not act if to do so would, in Agent's opinion, would expose Agent to liability or would be contrary to this Agreement or any Related Agreements or to applicable law.

Appears in 1 contract

Samples: Loan and Security Agreement (Pioneer East Inc)

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