Action by Administrative Agents Sample Clauses
Action by Administrative Agents. (a) The Administrative Agents shall be entitled to use their discretion with respect to exercising or refraining from exercising any rights which may be vested in it by, and with respect to taking or refraining from taking any action or actions which it may be able to take under or in respect of, this Agreement, unless the Administrative Agents shall have been instructed by the Majority Lenders to exercise or refrain from exercising such rights or to take or refrain from taking such action. The Administrative Agents shall incur no liability under or in respect of this Agreement with respect to anything which it may do or refrain from doing in the reasonable exercise of its judgment or which may seem to it to be necessary or desirable in the circumstances.
(b) The Administrative Agents shall not be liable to the Lenders and the Issuing Bank, or any of them, in acting or refraining from acting under this Agreement or any other Loan Document in accordance with the instructions of the Majority Lenders (or all Lenders if expressly required by Section 11.12), and any action taken or failure to act pursuant to such instructions shall be binding on all Lenders and the Issuing Bank.
Action by Administrative Agents. The Administrative Agents shall have no duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that it is required to exercise in writing as directed by the Majority Lenders, the Required Lenders, Super-majority Lenders or the Lenders, as applicable (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 12.02) and in all cases the Administrative Agents shall be fully justified in failing or refusing to act hereunder or under any other Loan Documents unless it shall (a) receive written instructions from the Majority Lenders, the Required Lenders, Super-majority Lenders or the Lenders, as applicable, (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 12.02) specifying the action to be taken and (b) be indemnified to its satisfaction by the Lenders against any and all liability and expenses which may be incurred by it by reason of taking or continuing to take any such action. The instructions as aforesaid and any action taken or failure to act pursuant thereto by the Administrative Agents shall be binding on all of the Lenders. If a Default has occurred and is continuing, then the Administrative Agents shall take such action with respect to such Default as shall be directed by the requisite Lenders in the written instructions (with indemnities) described in this Section 11.03, provided that, unless and until the Administrative Agents shall have received such directions, the Administrative Agents may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interests of the Lenders. In no event, however, shall a Global Administrative Agent or an Administrative Agent be required to take any action which exposes it to personal liability or which is contrary to this Agreement, the Loan Documents or applicable law. If a Default has occurred and is continuing, neither the Syndication Agent nor the Co-Documentation Agents shall have any obligation to perform any act in respect thereof. The Administrative Agents shall not be liable for any action taken or not taken by it with the consent or at the request of the Majority Lenders or the Lenders (or such other number or percentage of the Lenders as shall be necessary under t...
Action by Administrative Agents. The obligations of each Administrative Agent under the Financing Documents are only those expressly set forth therein with respect to it. Without limiting the generality of the foregoing, neither Administrative Agent shall be required to take any action with respect to any Default, except as expressly provided in Article 8.
Action by Administrative Agents. If an Event of Default shall have occurred and be continuing and the Required Banks instruct the Canadian Administrative Agent to request cash collateral pursuant to this Section, each Borrower issuing a Bankers' Acceptance will, promptly after it receives such request from the Canadian Administrative Agent, pay to the Canadian Administrative Agent an amount in Canadian Dollars in immediately available funds equal to the then outstanding Bankers' Acceptances to be held by the Canadian Administrative Agent, under arrangements satisfactory to it, to secure the payment of the face amount of such outstanding Bankers' Acceptances upon maturity; provided that, if any Event of Default specified in clause 6.01(h) or 6.01
(i) occurs with respect to any Borrower, such Borrower shall pay such amount to the Canadian Administrative Agent forthwith without any notice, demand or other act by the Canadian Administrative Agent or the Banks.