Acts by Agent after Default, etc Clause Samples

Acts by Agent after Default, etc. In the event that the Agent shall have been notified in writing by any of the Borrower or the Lenders of any Event of Default (or in the event that the officer of the Agent responsible for the Borrower’ account obtains actual knowledge of an Event of Default), the Agent (i) shall immediately notify the Lenders; (ii) shall take such action and assert such rights under this Agreement as it is expressly required to do pursuant to the terms of this Agreement with the consent of or direction by the Required Lenders; (iii) may take such other actions and assert such other rights as it deems advisable, in its discretion, for the protection of the interests of the Lenders pursuant to applicable laws with the consent of the Required Lenders; and (iv) shall inform all the Lenders of the taking of action or assertion of rights pursuant to this Section. Each Lender agrees with the Agent and the other Lenders that the decisions and determinations of the Required Lenders in enforcing the Loan Documents and guiding the Agent in those matters shall be binding upon all the Lenders, including without limitation authorizing the Agent at the pro rata expense of all the Lenders (to the extent not reimbursed by the Borrower) to retain attorneys to seek judgment on the Loan Documents. Each Lender agrees with the other Lenders that it will not, without the consent of all the other Lenders, separately seek to institute any legal action with respect to the Loan. The Agent shall in all cases be fully protected in acting, or in refraining from acting, hereunder and under any Collateral Document in accordance with written instructions signed by the Required Lenders (or, where required, all the Lenders), and such instructions and any action taken or failure to act pursuant thereto shall be binding on all of the Lenders and on all of the holders of Notes, provided, however, that the Agent shall not be required to take any action which exposes the Agent to personal liability or which is contrary to this Agreement or applicable law.