Common use of Determination of Default Clause in Contracts

Determination of Default. In the event of any dispute between the Banks and the Borrower or amongst the individual Banks, as to whether an Event of Default has occurred, any disputing party may request the Agent in writing to seek clarification from the Banks and obtain the determination of the Majority Banks.

Determination of Default. In the event of any dispute between the Banks and the Borrower or amongst the individual Banks, as to whether an Event of Default has occurred, any disputing party may request the Agent in writing to seek clarification from the Banks and obtain the determination of the Majority Banks. 9.3.