Common use of Actions with Respect to Defaults Clause in Contracts

Actions with Respect to Defaults. In addition to Agent’s right to take actions on its own accord as permitted under this Agreement, Agent shall take such action with respect to an Event of Default as shall be directed by Requisite Lenders or all Lenders, as applicable, under this Agreement; provided, that until Agent shall have received such directions, Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Event of Default as it shall deem advisable and in the best interests of Lenders. No Lender shall have any right individually to enforce or seek to enforce this Agreement or any Other Agreement or to realize upon any Collateral, unless instructed to do so by Agent.

Appears in 10 contracts

Samples: Loan and Security Agreement (Amcon Distributing Co), Loan and Security Agreement (Amcon Distributing Co), Loan and Security Agreement (Omni Energy Services Corp)

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Actions with Respect to Defaults. In addition to Agent’s 's right to take actions on its own accord as permitted under this Agreement, Agent shall take such action with respect to an Event of Default as shall be directed by Requisite Lenders or all Lenders, as applicable, under this Agreement; provided, that until Agent shall have received such directions, Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Event of Default as it shall deem advisable and in the best interests of Lenders. No Lender shall have any right individually to enforce or seek to enforce this Agreement or any Other Agreement or to realize upon any Collateral, unless instructed to do so by Agent.

Appears in 4 contracts

Samples: Loan and Security Agreement (Cobra Electronics Corp), Loan and Security Agreement (Polyair Inter Pack Inc), Loan and Security Agreement (Amcon Distributing Co)

Actions with Respect to Defaults. In addition to Administrative Agent’s right to take actions on its own accord as permitted under this Agreement, Administrative Agent shall take such action with respect to an Event of Default as shall be directed by Requisite Lenders or all Lenders, as applicable, under this Agreement; provided, that until Administrative Agent shall have received such directions, Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Event of Default as it shall deem advisable and in the best interests of Lenders. No Lender shall have any right individually to enforce or seek to enforce this Agreement or any Other Agreement or to realize upon any Collateral, unless instructed to do so by Administrative Agent.

Appears in 3 contracts

Samples: Loan and Security Agreement (Cobra Electronics Corp), Loan and Security Agreement (Cobra Electronics Corp), Loan and Security Agreement (Apac Customer Service Inc)

Actions with Respect to Defaults. In addition to Agent’s right to take actions on its own accord as permitted under this Agreement, Agent shall take such action with respect to an existing Event of Default as shall be directed by Requisite Lenders or all Lenders, as applicable, under this Agreement; provided, that until Agent shall have received such directions, Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Event of Default as it shall deem advisable and in the best interests of Lenders. No Lender shall have any right individually to enforce or seek to enforce this Agreement or any Other Agreement Loan Document or to realize upon any Collateral, unless instructed to do so by Agent.

Appears in 2 contracts

Samples: Credit Agreement (Lawson Products Inc/New/De/), Credit Agreement (Lawson Products Inc/New/De/)

Actions with Respect to Defaults. In addition to the Agent’s right to take actions on its own accord as permitted under this Agreement, the Agent shall take such action with respect to an a Default or Event of Default as shall be directed by Requisite the Required Lenders or all of the Lenders, as applicablethe case may be; provided that, under this Agreement; provided, that 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 and in the best interests of the Lenders. No Lender shall have , including without limitation, exercising any right individually to enforce or seek to enforce this Agreement or any Other Agreement or to realize upon any of offset in respect of the Collateral, unless instructed to do so by Agent.

Appears in 2 contracts

Samples: Revolving Credit Loan and Security Agreement (Hersha Hospitality Trust), Revolving Credit Loan and Security Agreement (Hersha Hospitality Trust)

Actions with Respect to Defaults. In addition to Agent’s 's right to take actions on its own accord as permitted under this Agreement, Agent shall take such action with respect to an any Default or Event of Default as shall be directed by Requisite Lenders or all Lenders, as applicable, under this Agreement; provided, that until Agent shall have received such directions, Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to any such Default or Event of Default as it shall deem advisable and in the best interests of Lenders. No Lender shall have any right individually to enforce or seek to enforce this Agreement or any Other Agreement or to realize upon any Collateral, unless instructed to do so by Agent.

Appears in 1 contract

Samples: Loan and Security Agreement (DHB Industries Inc)

Actions with Respect to Defaults. In addition to Agent’s 's right (where applicable) to take actions on its own accord as permitted under this Agreement, Agent shall take such action with respect to an Event of Default as shall be directed by Requisite Required Lenders or all Lenders, as applicable, under this Agreement; provided, that until Agent shall have received such directions, Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Event of Default as it shall deem advisable and in the best interests of Lenders. No Lender shall have any right individually to enforce or seek to enforce this Agreement or any Other Agreement Loan Document or to realize upon any CollateralCollateral (including by any right of setoff), unless instructed to do so by Agent.

Appears in 1 contract

Samples: Loan and Security Agreement (NXT-Id, Inc.)

Actions with Respect to Defaults. In addition to Agent’s right to take actions on its own accord as permitted under this Agreement, Agent shall take such action with respect to an Event of Default as shall be directed by Requisite Lenders or all Lenders, as applicable, under this Agreement; provided, provided that until Agent shall have received such directions, Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Event of Default as it shall deem advisable and in the best interests of Lenders. No Lender shall have any right individually to enforce or seek to enforce this Agreement or any Other Agreement or to realize upon any Collateral, unless instructed to do so by Agent.

Appears in 1 contract

Samples: Loan and Security Agreement (Addus HomeCare Corp)

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Actions with Respect to Defaults. In addition to Agent’s right to take actions on its own accord as permitted under this Agreement, Agent shall take such action with respect to an Event of Default as shall be directed by Requisite the Required Lenders or all Lenders, as applicable, under this Agreementapplicable pursuant to Section 14.1 hereof; provided, that until Agent shall have received such directions, Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Event of Default as it shall deem advisable and in the best interests interest of Lenders. No Lender shall have any right individually to enforce or seek to enforce this Agreement or any Other Agreement other Loan Document or to realize upon any Collateral, unless instructed to do so by Agent.

Appears in 1 contract

Samples: Loan and Security Agreement (Teletouch Communications Inc)

Actions with Respect to Defaults. In addition to Agent’s 's right to take actions on its own accord as permitted under this Agreement, Agent shall take such action with respect to an Event of Default as shall be directed by the Requisite Lenders or all Lenders, as applicable, applicable under this Agreement; provided, that until Agent shall have received such directions, Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Event of Default as it shall deem advisable and in the best interests of Lenders. No Lender shall have any right individually to enforce or seek to enforce this Agreement or any Other Agreement or to realize upon any Collateral, unless instructed to do so by Agent.

Appears in 1 contract

Samples: Loan and Security Agreement (Poindexter J B & Co Inc)

Actions with Respect to Defaults. In addition to Agent’s right (where applicable) to take actions on its own accord as permitted under this Agreement, Agent shall take such action with respect to an Event of Default as shall be directed by Requisite Required Lenders or all Lenders, as applicable, under this Agreement; provided, that until Agent shall have received such directions, Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Event of Default as it shall deem advisable and in the best interests of Lenders. No Lender shall have any right individually to enforce or seek to enforce this Agreement or any Other Agreement Loan Document or to realize upon any Collateralcollateral, unless instructed to do so by Agent.

Appears in 1 contract

Samples: Credit Agreement (Surmodics Inc)

Actions with Respect to Defaults. In addition to Agent’s right to take actions on its own accord as permitted under this Agreement, Agent shall take such action with respect to an Event of Default as shall be directed by Requisite Lenders or all Lenders, as applicable, under this Agreement; provided, that until Agent shall have received such directionsdirections and any Expense Advance that may be required by Agent, Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Event of Default as it shall deem advisable and in the best interests of Lenders. No Lender shall have any right individually to enforce or seek to enforce this Agreement or any Other Agreement other Loan Documents or to realize upon any Collateral, unless instructed to do so by Agent.

Appears in 1 contract

Samples: Loan and Security Agreement (Show Me Ethanol, LLC)

Actions with Respect to Defaults. In addition to Agent’s 's right (where applicable) to take actions on its own accord as permitted under this Agreement, Agent shall take such action with respect to an Event of Default as shall be directed by Requisite Required Lenders or all Lenders, as applicable, under this Agreement; provided, that until Agent shall have received such directions, Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Event of Default as it shall deem advisable and in the best interests of Lenders. No Lender shall have any right individually to enforce or seek to enforce this Agreement or any Other Financing Agreement or to realize upon any Collateral, unless instructed to do so by Agent.

Appears in 1 contract

Samples: Credit Agreement (Multiband Corp)

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