Two-Thirds Rule Sample Clauses

Two-Thirds Rule. The Agent Bank shall follow all written directions from the Banks with respect to collection and disposition of funds deposited in the account established by it for the benefit of the Banks and collection of collateral so long as at least those Banks which hold sixty-six and two-thirds percent (66 2/3%) of the outstanding principal amount of all Senior Debt of Pioneer except Senior Debt listed on Exhibit K and except Senior Debt payable to Pioneer Financial Industries, Inc. have approved such directions, and so long as such instructions are for the ratable benefit of all Banks. In the event those Banks which hold sixty-six and two-thirds percent (66 2/3%) of the outstanding principal amount of all Senior Debt of Pioneer do not approve of any written instruction, the Agent Bank shall use its own discretion in the collection and disposition of funds deposited into such account and the collection of collateral. In all cases other than the collection and disposition of funds and collection of collateral covered by this paragraph 2 of Section VII and except as may otherwise be expressly provided in this Agreement, all of the Banks must approve all instructions to the Agent and amendments to this Agreement.
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