Common use of Collective Action of the Lenders Clause in Contracts

Collective Action of the Lenders. Each Lender acknowledges that to the extent permitted by Applicable Law, the Security and the remedies provided under the Loan Documents to the Lenders are for the benefit of the Lenders collectively and acting together and not severally, and also acknowledges that its rights under the Loan Documents are to be exercised not severally, but by the Agent upon the decision of the Required Lenders (or another number or percentage of the Lenders as is expressly provided for in the Loan Documents). Accordingly, notwithstanding any other provision contained in any Loan Document, each Lender agrees that it shall not be entitled to take any action, including any declaration of Default, but that any such action shall be taken only by the Agent with the prior written agreement of the Required Lenders (or another number or percentage of the Lenders that is expressly provided for in the Loan Documents). Each Lender also agrees that, upon any such written agreement being given, it shall co-operate fully with the Agent to the extent requested by the Agent. Notwithstanding the foregoing, in the absence of instructions from the Lenders and where in the sole opinion of the Agent, acting reasonably and in good faith, the exigencies of the situation warrant such action, the Agent may without notice to or consent of the Lenders take any action on behalf of the Lenders that it deems appropriate or desirable in the interest of the Lenders.

Collective Action of the Lenders. Each Lender of the Lenders hereby acknowledges that to the extent permitted by Applicable Lawapplicable law, the Security and the remedies provided under the Loan Credit Documents to the -104- Lenders are for the benefit of the Lenders collectively and acting together and not severally, severally and also further acknowledges that its rights hereunder and under the Loan Documents Security are to be exercised not severally, but by the Agent upon the decision of the Required Majority Lenders (or another number or percentage of the Lenders as is expressly provided for in the Loan Documents)required by this Agreement. Accordingly, notwithstanding any other provision of the provisions contained herein or in any Loan Document, the Security each Lender of the Lenders hereby covenants and agrees that it shall not be entitled to take any actionaction hereunder or thereunder including, including without limitation, any declaration of Default, default hereunder or thereunder but that any such action shall be taken only by the Agent with the prior written agreement of the Required Lenders (or another number or percentage Majority Lenders. Each of the Lenders hereby further covenants and agrees that is expressly provided for in the Loan Documents). Each Lender also agrees that, upon any such written agreement being givengiven by the Majority Lenders, it shall co-operate fully with the Agent to the extent requested by the Agent. Notwithstanding the foregoing, in the absence of instructions from the Lenders and where in the sole opinion of the Agent, acting reasonably and in good faith, the exigencies of the situation warrant such action, the Agent may without notice to or consent of the Lenders take any such action on behalf of the Lenders that as it deems appropriate or desirable in the interest of the Lenders.

Collective Action of the Lenders. Each Lender of the Lenders hereby acknowledges that to the extent permitted by Applicable Lawapplicable law, the Security and the remedies provided under the Loan Credit Documents to the Lenders are for the benefit of the Lenders collectively and acting together and not severally, severally and also further acknowledges that its rights hereunder and under the Loan Documents Security are to be exercised not severally, but by the Agent upon the decision of the Required Majority Global Lenders (or another number or percentage of the Lenders as is expressly provided for in the Loan Documents)required by this Agreement. Accordingly, notwithstanding any other provision of the provisions contained herein or in any Loan Document, the Security each Lender of the Lenders hereby covenants and agrees that it shall not be entitled to take any actionaction hereunder or thereunder including, including without limitation, any declaration of Default, default hereunder or thereunder but that any such action shall be taken only by the Agent with the prior written agreement of the Required Lenders (or another number or percentage Majority Global Lenders. Each of the Lenders hereby further covenants and agrees that is expressly provided for in the Loan Documents). Each Lender also agrees that, upon any such written agreement being givengiven by the Majority Global Lenders, it shall co-operate fully with the Agent to the extent requested by the Agent. Notwithstanding the foregoing, in the absence of instructions from the Lenders and where in the sole opinion of the Agent, acting reasonably and in good faith, the exigencies of the situation warrant such action, the Agent may without notice to or consent of the Lenders take any such action on behalf of the Lenders that as it deems appropriate or desirable in the interest of the Lenders.

Collective Action of the Lenders. Each Lender of the Lenders hereby acknowledges that to the extent permitted by Applicable Lawapplicable law, the Security and the remedies provided under the Loan Documents to the Lenders are for the benefit of the Lenders collectively and acting together and not severally, severally and also further acknowledges that its rights hereunder and under the Loan Documents Security are to be exercised not severally, but by the Agent upon the decision of the Required Lenders (or another number or percentage of the Lenders as is expressly provided for in the Loan Documents)required by this Agreement. Accordingly, notwithstanding any other provision of the provisions contained herein or in any Loan Document, the Security each Lender of the Lenders hereby covenants and agrees that it shall not be entitled to take any action, action hereunder including any declaration of Default, default hereunder or thereunder but that any such action shall be taken only by the Agent with the prior written agreement of the Required Lenders (or another number or percentage Lenders. Each of the Lenders hereby further covenants and agrees that is expressly provided for in the Loan Documents). Each Lender also agrees that, upon any such written agreement being givengiven by the Required Lenders, it shall co-co operate fully with the Agent to the extent requested by the Agent. Notwithstanding the foregoing, in the absence of instructions from the Lenders and where in the sole opinion of the Agent, acting reasonably and in good faith, the exigencies of the situation warrant such action, the Agent may without notice to or consent of the Lenders take any such action on behalf of the Lenders that as it deems appropriate or desirable in the interest of the Lenders.