Common use of Effectiveness of Majority Banks decision Clause in Contracts

Effectiveness of Majority Banks decision. Where this Agreement provides for any matter to be determined by reference to the opinion of the Majority Banks or to be subject to the consent or request of the Majority Banks or for any action to be taken on the instructions of the Majority Banks, such opinion, consent, request or instructions shall (as between the Banks and the Agent) only be regarded as having been validly given or issued by the Majority Banks if all the Banks and the Agent shall have received prior notice of the matter on which such opinion, consent, request or instructions are required to be obtained and a majority of the Banks and the Agent shall have given or issued such opinion, consent, request or instructions.

Effectiveness of Majority Banks decision. Where this Agreement provides for any matter to be determined by reference to the opinion of the Majority Banks or to be subject to the consent or request of the Majority Banks or for any action to be taken on the instructions of the Majority Banks, such opinion, consent, request or instructions shall (as between the Banks, the Arrangers, the Co-Arrangers, the Swap Banks and the Agent) only be regarded as having been validly given or issued by the Majority Banks if all the Banks, the Arrangers, the Co-Arrangers, the Swap Banks and the Agent shall have received prior notice of the matter on which such opinion, consent, request or instructions are required to be obtained and a majority of the Banks and the Agent shall have given or issued such opinion, consent, request or instructions.