Common use of MEANING OF MAJORITY BANKS Clause in Contracts

MEANING OF MAJORITY BANKS. Where this Agreement or any of the Security Documents provides for any matter to be determined by reference to the opinion of, 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) only be regarded as having been validly given or issued by the Majority Banks if all the Banks shall have received prior notice of the matter on which such opinion, consent, request or instructions are required to be obtained and the relevant majority of Banks shall have given or issued such opinion, consent, request or instructions, but so that (as between the Obligors and the Finance Parties) the Obligors shall each be entitled (and bound) to assume that such notice shall have been duly received by each Bank and that the relevant majority shall have been obtained to constitute Majority Banks when notified to this effect by the Facility Agent whether or not this is the case.

MEANING OF MAJORITY BANKS. Where this Agreement or any of the Security Finance Documents provides for any matter to be determined by reference to the opinion of, 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) only be regarded as having been validly given or issued by the Majority Banks if all the Banks shall have received prior notice of the matter on which such opinion, consent, request or instructions are required to be obtained and the relevant majority of Banks shall have given or issued such opinion, consent, request or instructions, but so that (as between the Obligors and the Finance Parties) the Obligors shall each be entitled (and bound) to assume that such notice shall have been duly received by each Bank and that the relevant majority shall have been obtained to constitute Majority Banks when notified to this effect by the Facility Agent whether or not this is the case.

MEANING OF MAJORITY BANKS. Where this Agreement or any of the Security Finance Documents provides for any matter to be determined by reference to the opinion of, 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) only be regarded as having been validly given or issued by the Majority Banks if all the Banks shall have received prior notice of the matter on which such opinion, consent, request or instructions are required to be obtained and the relevant majority of Banks shall have given or issued such opinion, consent, request or instructions, but so that (as between the Obligors and the Finance Parties) the Obligors shall each be entitled (and bound) to assume that such notice shall have been duly received by each Bank and that the relevant majority shall have been obtained to constitute Majority Banks when notified to this effect by the Facility Agent whether or not this is the case.