Common use of Certain Rights of the Agent Clause in Contracts

Certain Rights of the Agent. The Agent shall have the right to request instructions from the Lenders by notice to each of such Lenders. If the Agent shall request instructions from the Lenders with respect to any act or action (including the failure to act) in connection with this Credit Agreement, the Agent shall be entitled to refrain from such act or taking such action unless and until the Agent shall have received instructions from such Lenders, and the 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 the Agent as a result of the Agent acting or refraining from acting hereunder in accordance with the instructions of the requisite Lenders required to give such instructions hereunder. The Agent may give any notice required under ARTICLE 9 hereof without the consent of any of the Lenders unless otherwise directed by the Majority Lenders in writing and will, at the direction of the Majority Lenders, give any such notice required under ARTICLE 9.

Appears in 6 contracts

Samples: Credit Agreement (Metal Management Inc), Credit Agreement (Hutchinson Products Corp), Postpetition Credit Agreement (Levitz Furniture Corp /Fl/)

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Certain Rights of the Agent. The Agent shall have the right to request instructions from the Majority Lenders by notice to each of such the Lenders. If the Agent shall request instructions from the Majority Lenders with respect to any act or action (including the failure to act) in connection with this Credit Agreement, the Agent shall be entitled to refrain from such act or taking such action unless and until the Agent shall have received instructions from such the Majority Lenders, and the 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 the Agent as a result of the Agent acting or refraining from acting hereunder in accordance with the instructions of the requisite Lenders required to give such instructions hereunderMajority Lenders. The Agent may give any notice required under ARTICLE Article 9 hereof without the consent of any of the Lenders unless otherwise directed by the Majority Lenders in writing and will, at the direction of the Majority Lenders, give any such notice required under ARTICLE Article 9.

Appears in 4 contracts

Samples: Credit Agreement (Imagyn Medical Technologies Inc), Credit Agreement (Florsheim Group Inc), Credit Agreement (Florsheim Group Inc)

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