Common use of No Knowledge of Default Clause in Contracts

No Knowledge of Default. Agent shall not be deemed to have knowledge of any Default or Event of Default unless Agent has received written notice thereof from a Lender or the Borrower referring to this Agreement and describing such Default or Event of Default, or Agent otherwise has actual knowledge thereof. If Agent receives such notice or otherwise acquires such actual knowledge, Agent shall notify Lenders of the same, solicit advice from Lenders as to the appropriate course of action, and take such action as is directed by the Required Lenders; provided, however, that unless and until Agent has received such directions, Agent may at its option take such actions as it deems appropriate without the direction of the Required Lenders in circumstances where the ability of Lenders to recover the Obligations may otherwise be materially impaired.

No Knowledge of Default. Agent shall not be deemed to have knowledge of any Default or Event of Default unless Agent has received written notice thereof from a Lender or the Borrower referring to this Agreement and describing such Default or Event of Default, or Agent otherwise has actual knowledge thereof. If Agent receives such notice or otherwise acquires such actual knowledge, Agent shall notify Lenders of the same, solicit advice from Lenders as to the appropriate course of action, and take such action (including but not limited to actions contemplated by Section 16.2) as is directed by the Required Majority Lenders; provided, however, that unless and until Agent has received such directions, Agent may at its option take such actions as it deems appropriate without the direction of the Required Majority Lenders in circumstances where the ability of Lenders to recover the Loan Obligations may otherwise be materially impaired.

No Knowledge of Default. Agent shall not be deemed to have knowledge of any Default or Event of Default unless Agent has received written notice thereof from a Lender Bank or the Borrower referring to this Agreement and describing such Default or Event of Default, or Agent otherwise has actual knowledge thereof. If Agent receives such notice or otherwise acquires such actual knowledge, Agent shall notify Lenders Banks of the same, solicit advice from Lenders Banks as to the appropriate course of action, and take such action as is directed by the Required LendersBanks; provided, however, that unless and until Agent has received such directions, Agent may at its option take such actions as it deems appropriate without the direction of the Required Lenders Banks in circumstances where the ability of Lenders Banks to recover the Obligations may otherwise be materially impaired.