Common use of Action by the Administrative Agent Clause in Contracts

Action by the Administrative Agent. The Lenders hereby acknowledge that neither the Administrative Agent nor the Issuing Bank shall be under any duty to take any discretionary action permitted to be taken by it pursuant to the provisions of this Amended Agreement unless it shall be requested in writing to do so by the Required Lenders. The obligations of the Administrative Agent and the Issuing Bank under the Loan Documents are only those expressly set forth herein and therein. Without limiting the generality of the foregoing, no Administrative Agent shall be required to take any action with respect to any Default or Event of Default, except as expressly required pursuant to Article VII.

Action by the Administrative Agent. The Lenders hereby acknowledge that neither the Administrative Agent nor the Issuing Bank shall be under any duty to take any discretionary action permitted to be taken by it pursuant to the provisions of this Amended Agreement unless it shall be requested in writing to do so by the Required Lenders. The obligations of the Administrative Agent and the Issuing Bank under the Loan Documents are only those expressly set forth herein and therein. Without limiting the generality of the foregoing, no Administrative Agent shall be required to take any action with respect to any Default or Event of Default, except as expressly required pursuant to Article VII.