Common use of Discretion of the Agents Clause in Contracts

Discretion of the Agents. Each Agent shall be entitled to use its discretion with respect to exercising or refraining from exercising any rights which may be vested in it by, and with respect to taking or refraining from taking any action or actions which it may be able to take under or in respect of, this Agreement and the other Transaction Documents, unless the Facility Agent shall have been instructed by the Majority Lenders to exercise such rights or to take or refrain from taking such action; provided, however, that no Agent shall be required to take any action which exposes it to personal liability or which is contrary to this Agreement or applicable law;

Appears in 7 contracts

Samples: Agreement (International Shipholding Corp), Credit Agreement (International Shipholding Corp), Account Pledge Agreement (International Shipholding Corp)

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Discretion of the Agents. Each Agent shall be entitled to use its discretion with respect to exercising or refraining from exercising any rights which may be vested in it by, and with respect to taking or refraining from taking any action or actions which it may be able to take under or in respect of, this Agreement and the other Transaction Documents, unless the Facility Agent shall have been instructed by the Majority Lenders to exercise such rights or to take or refrain from taking such action; provided, however, that no Agent shall be required to take any action which exposes it to personal liability or which is contrary to this Agreement or applicable law;; and

Appears in 4 contracts

Samples: Agreement (International Shipholding Corp), Senior Secured Loan Facility Agreement (International Shipholding Corp), Senior Secured Loan Facility Agreement (International Shipholding Corp)

Discretion of the Agents. Each Agent shall be entitled to use its discretion with respect to exercising or refraining from exercising any rights which may be vested in it by, and with respect to taking or refraining from taking any action or actions which it may be able to take under or in respect of, this Agreement Agreement, the Note and the other Transaction Security Documents, unless the Facility Agent shall have been instructed by the Majority Lenders to exercise such rights or to take or refrain from taking such action; provided, however, that no Agent shall be required to take any action which exposes it such Agent to personal liability or which is contrary to this Agreement or applicable law;.

Appears in 2 contracts

Samples: Consent and Agreement (Omi Corp/M I), Loan Agreement (Omi Corp/M I)

Discretion of the Agents. Each Agent shall be entitled to use its discretion with respect to exercising or refraining from exercising any rights which may be vested in it by, and with respect to taking or refraining from taking any action or actions which it may be able to take under or in respect of, this Agreement Credit Facility Agreement, the Note and the other Transaction Security Documents, unless the Facility Administrative Agent shall have been instructed by the Majority Lenders to exercise such rights or to take or refrain from taking such action; provided, however, that no Agent shall be required to take any action which exposes it such Agent to personal liability or which is contrary to this Credit Facility Agreement or applicable law;.

Appears in 2 contracts

Samples: Credit Facility Agreement (Top Tankers Inc.), Credit Facility Agreement (Top Tankers Inc.)

Discretion of the Agents. Each Agent shall be entitled to use its discretion with respect to exercising or refraining from exercising any rights which may be vested in it by, and with respect to taking or refraining from taking any action or actions which it may be able to take under or in respect of, this Agreement Agreement, the Note and the other Transaction Security Documents, unless the Facility Agent shall have been instructed by the Majority Lenders to exercise such rights or to take or refrain from taking such action; provided, however, that no Agent shall be required to take any action which exposes it such Agent to personal liability or which is contrary to this Agreement or applicable law;.

Appears in 2 contracts

Samples: Restatement of Loan Agreement (Gulfmark Offshore Inc), Secured Credit Facility Agreement (Teekay Shipping Corp)

Discretion of the Agents. Each each Agent shall be entitled to use its discretion with respect to exercising or refraining from exercising any rights which may be vested in it by, and with respect to taking or refraining from taking any action or actions which it may be able to take under or in respect of, this Agreement Agreement, the Notes and the other Transaction Security Documents, unless the Facility Administrative Agent shall have been instructed by the Majority Lenders to exercise such rights or to take or refrain from taking such action; provided, however, that no Agent shall be required to take any action which exposes it such Agent to personal liability or which is contrary to this Agreement or applicable law;.

Appears in 1 contract

Samples: Pledge Agreement (Stolt Nielsen S A)

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Discretion of the Agents. Each Agent shall be entitled to use its discretion with respect to exercising or refraining from exercising any rights which may be vested in it by, and with respect to taking or refraining from taking any action or actions which it may be able to take under or in respect of, this Agreement Agreement, the Letter of Credit, the Note and the other Transaction Security Documents, unless the Facility Agent shall have been instructed by the Majority Lenders Banks to exercise such rights or to take or refrain from taking such action; provided, however, that no Agent shall be required to take any action which exposes it such Agent to personal liability or which is contrary to this Agreement or applicable law;.

Appears in 1 contract

Samples: Agreement (Omi Corp/M I)

Discretion of the Agents. Each Agent shall be entitled to use its discretion with respect to exercising or refraining from exercising any rights which may be vested in it by, and with respect to taking or refraining from taking any action or actions which it may be able to take under or in respect of, this Agreement and the other Transaction Documents, unless the Facility Administrative Agent shall have been instructed by the Majority Lenders to exercise such rights or to take or refrain from taking such action; provided, however, that no Agent shall be required to take any action which exposes it to personal liability or which is contrary to this Agreement or applicable law;

Appears in 1 contract

Samples: Credit Agreement (International Shipholding Corp)

Discretion of the Agents. Each Agent shall be entitled to use its discretion with respect to exercising or refraining from exercising any rights which may be vested in it by, and with respect to taking or refraining from taking any action or actions which it may be able to take under or in respect of, this Agreement Loan Agreement, the Note and the other Transaction Security Documents, unless the Facility Administrative Agent shall have been instructed by the Majority Lenders to exercise such rights or to take or refrain from taking such action; provided, however, that no Agent shall be required to take any action which exposes it such Agent to personal liability or which is contrary to this Loan Agreement or applicable law;.

Appears in 1 contract

Samples: Loan Agreement (B Plus H Ocean Carriers LTD)

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