Common use of Action in Event of Default Clause in Contracts

Action in Event of Default. As between the Agent and the Banks, if an Event of Default has occurred and is continuing, the Banks shall promptly consult with one another in an attempt to agree upon a mutually acceptable course of conduct. Failing unanimous agreement upon a course of conduct and if the Banks wish to exercise any of their rights and remedies under the Credit Agreement or under any other Loan Document, the Agent will exercise the rights of the Banks hereunder or thereunder as directed by the Required Banks.

Action in Event of Default. As between the Agent and the Banks, if If an Event of Default has occurred and is continuing, the Banks shall promptly immediately consult with one another in an attempt to agree upon a mutually acceptable course of conduct. Failing unanimous agreement upon a course of conduct and if the Banks wish to exercise any of their rights and remedies under the Credit Agreement or under any other Loan Document, the Agent will exercise the rights of the Banks hereunder or thereunder as directed by the Required Banks.

Action in Event of Default. As between the Agent and the Banks, if If an Event of Default has occurred and is continuingoccurred, the Banks shall promptly immediately consult with one another in an attempt to agree upon a mutually acceptable course of conduct. Failing unanimous agreement upon a course of conduct and if the appropriate number of Banks wish to declare an Event of Default or exercise any of their rights and remedies under the Credit Agreement or under any other Loan Documenthereunder, the Agent will exercise the rights of the Banks hereunder or thereunder as directed by the Required appropriate number of Banks.