Common use of Notice of Default and Other Notices Clause in Contracts

Notice of Default and Other Notices. The Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder unless the Agent has received notice from a Lender or the 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 Agent receives such a notice, the Agent shall give notice thereof to the Lenders. Without limiting the generality of the foregoing or subsection 7.1, the Agent shall not be required to take any action with respect to any Default or Event of Default except as expressly provided in Section 7; 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 interests of the Lenders. The Agent shall, promptly following its receipt thereof, notify the Lenders as to the substance of any notice received by the Agent pursuant to subsections 2.2, 2.4, 2.5, 2.6 or 5.7.

Notice of Default and Other Notices. The Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder unless the Agent has received notice from a Lender or the 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 Agent receives such a notice, the Agent shall give notice thereof to the Lenders. Without limiting the generality of the foregoing or subsection 7.1, the Agent shall not be required to take any action with respect to any Default or Event of Default except as expressly provided in Section 7; 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 interests of the Lenders. The Agent shall, promptly following its receipt thereof, notify the Lenders as to the substance of any notice received by the Agent pursuant to subsections 2.2, 2.4, 2.5, 2.6 2.5 or 5.75.8.