Common use of Action by Administrative Agent Clause in Contracts

Action by Administrative Agent. Except for action or other matters expressly required of the Administrative Agent hereunder, the Administrative Agent shall in all cases be fully justified in failing or refusing to act hereunder unless it shall (a) receive written instructions from the Required Lenders (or all of the Lenders as expressly required by Section 10.02) specifying the action to be taken, and (b) be indemnified to its satisfaction by the Lenders against any and all liability and expenses which may be incurred by it by reason of taking or continuing to take any such action. The instructions of the Required Lenders (or all of the Lenders as expressly required by Section 10.02) and any action taken or failure to act pursuant thereto by the Administrative Agent shall be binding on all of the Lenders. If a Default or Event of Default has occurred and is continuing, the Administrative Agent shall take such action with respect to such Default or Event of Default as shall be directed by the Required Lenders (or all of the Lenders as required by Section 10.02) in the written instructions (with indemnities) described in this Section 8.07; provided that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. In no event, however, shall the Administrative Agent be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement or applicable law.

Appears in 5 contracts

Sources: Credit Agreement (Kinder Morgan Energy Partners L P), Credit Agreement (Kinder Morgan Energy Partners L P), Credit Agreement (Kinder Morgan Energy Partners L P)

Action by Administrative Agent. Except for action or other matters expressly required of the Administrative Agent hereunderAgent, the Administrative Agent shall in all cases be fully justified in failing or refusing to act hereunder unless it shall (a) receive written instructions from the Required Majority Lenders, the Majority Lenders or the Majority Lenders, as applicable, (or all of the Lenders as expressly required by Section 10.0212.04) specifying the action to be taken, and (b) be indemnified to its satisfaction by the Lenders against any and all liability and expenses which may be incurred by it by reason of taking or continuing to take any such action. The instructions of the Required Lenders (or all of the Lenders as expressly required by Section 10.02) aforesaid and any action taken or failure to act pursuant thereto by the Administrative Agent shall be binding on all of the Lenders. If a Default or Event of Default has occurred and is continuing, the Administrative Agent shall take such action with respect to such Default or Event of Default as shall be directed by the Required requisite Lenders (or all of the Lenders as required by Section 10.02) in the written instructions (with indemnities) described in this Section 8.07; 11.07, provided that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. In no event, however, shall the Administrative Agent be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement Agreement, the Loan Documents or applicable law.

Appears in 5 contracts

Sources: Credit Agreement (Black Stone Minerals, L.P.), Credit Agreement (Black Stone Minerals, L.P.), Credit Agreement (Black Stone Minerals, L.P.)

Action by Administrative Agent. Except for action or other matters expressly required of the Administrative Agent hereunder, the Administrative Agent shall in all cases be fully justified in failing or refusing to act hereunder unless it shall (ai) receive written instructions from the Required Majority Lenders (or all of the Lenders as expressly required by Section 10.0213.04) specifying the action to be taken, and (bii) be indemnified to its satisfaction by the Lenders against any and all liability and expenses which may be incurred by it by reason of taking or continuing to take any such action. The instructions of the Required Majority Lenders (or all of the Lenders as expressly required by Section 10.0213.04) and any action taken or failure to act pursuant thereto by the Administrative Agent shall be binding on all of the Lenders. If a Default or Event of Default has occurred and is continuing, the Administrative Agent shall take such action with respect to such Default or Event of Default as shall be directed by the Required Majority Lenders (or all of the Lenders as required by Section 10.0213.04) in the written instructions (with indemnities) described in this Section 8.07; 11.07, provided that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. In no event, however, shall the Administrative Agent be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement and the Security Instruments or applicable law.

Appears in 4 contracts

Sources: Credit Agreement (Wca Waste Corp), Credit Agreement (Wca Waste Corp), Credit Agreement (Wca Waste Corp)

Action by Administrative Agent. Except for action or other matters expressly required of the Administrative Agent hereunder, the Administrative Agent shall in all cases be fully justified in failing or refusing to act hereunder unless it shall (a) receive written instructions from the Required Majority Lenders (or all of the Lenders as expressly required by Section 10.0212.04) specifying the action to be taken, taken and (b) be indemnified to its satisfaction by the Lenders against any and all liability and expenses which may be incurred by it by reason of taking or continuing to take any such action. The instructions of the Required Majority Lenders (or all of the Lenders as expressly required by Section 10.0212.04) and any action taken or failure to act pursuant thereto by the Administrative Agent shall be binding on all of the Lenders. If a Default or Event of Default has occurred and is continuing, the Administrative Agent shall take such action with respect to such Default or Event of Default as shall be directed by the Required Majority Lenders (or all of the Lenders as required by Section 10.0212.04) in the written instructions (with indemnities) described in this Section 8.07; 11.07, provided that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. In no event, however, shall the Administrative Agent be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement or applicable law.

Appears in 3 contracts

Sources: Revolving Credit Agreement (Ashland Inc), Revolving Credit Agreement (Ashland Inc), 364 Day Revolving Credit Agreement (Ashland Inc)

Action by Administrative Agent. Except for action or other matters expressly required of the Administrative Agent hereunder, In all cases the Administrative Agent shall in all cases be fully justified in failing or refusing to act take any discretionary action or exercise any discretionary power hereunder or under any other Loan Documents unless it shall (a) receive written instructions from the Required Majority Lenders or the Lenders (or all such other number or percentage of the Lenders as expressly required by shall be necessary under the circumstances as provided in Section 10.0212.02) specifying the action to be taken, taken and (b) be indemnified to its satisfaction by the Lenders against any and all liability and expenses which may be incurred by it by reason of taking or continuing to take any such action. The instructions of the Required Lenders (or all of the Lenders as expressly required by Section 10.02) aforesaid and any action taken or failure to act pursuant thereto by the Administrative Agent shall be binding on all of the Lenders. If a Default or Event of Default has occurred and is continuing, then the Administrative Agent shall take such action with respect to such Default or Event of Default as shall be directed by the Required requisite Lenders (or all of the Lenders as required by Section 10.02) in the written instructions (with indemnities) described in this Section 8.07; 11.12, provided that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. In no eventIf a Default has occurred and is continuing, however, neither the Syndication Agent nor the Documentation Agents shall the Administrative Agent be required have any obligation to take perform any action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement or applicable lawact in respect thereof.

Appears in 3 contracts

Sources: Credit Agreement (WildHorse Resource Development Corp), Credit Agreement (WildHorse Resource Development Corp), Credit Agreement (Memorial Resource Development Corp.)

Action by Administrative Agent. Except for action or other matters expressly required of the Administrative Agent hereunder, the Administrative Agent shall in all cases be fully justified in failing or refusing to act hereunder unless it shall (ai) receive written instructions from the Required Lenders or Required Revolver Lenders, as applicable (or all of the Lenders as expressly required by Section 10.02) SECTION 12.04), specifying the action to be taken, and (bii) be indemnified to its satisfaction by the Lenders against any and all liability and expenses which may be incurred by it by reason of taking or continuing to take any such action. The instructions of the Required Lenders or Required Revolver Lenders, as applicable (or all of the Lenders as expressly required by Section 10.02) SECTION 12.04), and any action taken or failure to act pursuant thereto by the Administrative Agent shall be binding on all of the Lenders. If a Default or Event of Default has occurred and is continuing, the Administrative Agent shall take such action with respect to such Default or Event of Default as shall be directed by the Required Lenders or Required Revolver Lenders, as applicable (or all of the Lenders as required by Section 10.02) SECTION 12.04), in the written instructions (with indemnities) described in this Section 8.07; SECTION 11.07, provided that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. In no event, however, shall the Administrative Agent be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement and the Security Instruments or applicable law.

Appears in 3 contracts

Sources: Revolving Credit and Term Loan Agreement (Atlas Pipeline Partners Lp), Revolving Credit and Term Loan Agreement (Atlas Pipeline Holdings, L.P.), Revolving Credit and Term Loan Agreement (Atlas America Inc)

Action by Administrative Agent. Except for action or other matters expressly required of the Administrative Agent hereunder, the Administrative Agent shall in all cases be fully justified in failing or refusing to act hereunder unless it shall (ai) receive written instructions from the Required Majority Lenders (or all of the Lenders as expressly required by Section 10.0212.04) specifying the action to be taken, and (bii) be indemnified to its satisfaction by the Lenders against any and all liability and expenses which may be incurred by it by reason of taking or continuing to take any such action. The instructions of the Required Majority Lenders (or all of the Lenders as expressly required by Section 10.0212.04) and any action taken or failure to act pursuant thereto by the Administrative Agent shall be binding on all of the Lenders. If a Default or Event of Default has occurred and is continuing, the Administrative Agent shall take such action with respect to such Default or Event of Default as shall be directed by the Required Majority Lenders (or all of the Lenders as required by Section 10.0212.04) in the written instructions (with indemnities) described in this Section 8.07; 11.07, provided that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. In no event, however, shall the Administrative Agent be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement and the Loan Documents or applicable law.

Appears in 2 contracts

Sources: Credit Agreement (Callon Petroleum Co), Credit Agreement (Callon Petroleum Co)

Action by Administrative Agent. Except for The Administrative Agent shall not have any duty to take any discretionary action or other matters exercise any discretionary powers, except discretionary rights and powers expressly required of contemplated hereby that the Administrative Agent hereunder, is required to exercise in writing as directed by the Majority Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 12.02) and in all cases the Administrative Agent shall in all cases be fully justified in failing or refusing to act hereunder or under any other Loan Documents unless it shall (a) receive written instructions from the Required Majority Lenders or the Lenders, as applicable, (or all such other number or percentage of the Lenders as expressly required by shall be necessary under the circumstances as provided in Section 10.0212.02) specifying the action to be taken, taken and (b) be indemnified to its satisfaction by the Lenders against any and all liability and expenses which may be incurred by it by reason of taking or continuing to take any such action. The instructions of the Required Lenders (or all of the Lenders as expressly required by Section 10.02) aforesaid and any action taken or failure to act pursuant thereto by the Administrative Agent shall be binding on all of the Lenders. If a Default or Event of Default has occurred and is continuing, then the Administrative Agent shall take such action with respect to such Default or Event of Default as shall be directed by the Required requisite Lenders (or all of the Lenders as required by Section 10.02) in the written instructions (with indemnities) described in this Section 8.07; 11.03, provided that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. In no event, however, shall the Administrative Agent be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement or applicable law.Houston 3921802v.12

Appears in 1 contract

Sources: Credit Agreement (St Mary Land & Exploration Co)

Action by Administrative Agent. Except for action or other matters expressly required of the Administrative Agent hereunder, the Administrative Agent shall in all cases be fully justified in failing or refusing to act hereunder unless it shall (ai) receive written instructions from the Required Majority Lenders (or all of the Lenders as expressly required by Section 10.0212.04) specifying the action to be taken, and (bii) be indemnified to its satisfaction by the Lenders against any and all liability and expenses which may be incurred by it by reason of taking or continuing to take any such action. The instructions of the Required Majority Lenders (or all of the Lenders as expressly required by Section 10.0212.04) and any action taken or failure to act pursuant thereto by the Administrative Agent shall be binding on all of the Lenders. If a Default or Event of Default has occurred and is continuing, the Administrative Agent shall take such action with respect to such Default or Event of Default as shall be directed by the Required Majority Lenders (or all of the Lenders as required by Section 10.0212.04) in the written instructions (with indemnities) described in this Section 8.07; 11.07, provided that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. In no event, however, shall the Administrative Agent be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement the Loan Documents or applicable law.

Appears in 1 contract

Sources: Credit Agreement (Brown Tom Inc /De)

Action by Administrative Agent. Except for action or other matters expressly required of the Administrative Agent hereunderAgent, the Administrative Agent shall in all cases be fully justified in failing or refusing to act hereunder unless it shall (ai) receive written instructions from the Majority Lenders or Required Lenders Lenders, as applicable, (or all of the Lenders as expressly required by Section 10.0212.04) specifying the action to be taken, and (bii) be indemnified to its satisfaction by the Lenders against any and all liability and expenses which may be incurred by it by reason of taking or continuing to take any such action. The instructions of the Required Lenders (or all of the Lenders as expressly required by Section 10.02) aforesaid and any action taken or failure to act pursuant thereto by the Administrative Agent shall be binding on all of the Lenders. If a Default or Event of Default has occurred and is continuing, the Administrative Agent shall take such action with respect to such Default or Event of Default as shall be directed by the Required requisite Lenders (or all of the Lenders as required by Section 10.02) in the written instructions (with indemnities) described in this Section 8.07; 11.07, provided that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. In no event, however, shall the Administrative Agent be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement Agreement, the Loan Documents or applicable law. If a Default or Event of Default has occurred and is continuing, the Syndication Agent shall not have any obligation to perform any act in respect thereof.

Appears in 1 contract

Sources: Credit Agreement (Eex Corp)

Action by Administrative Agent. Except for action or other matters expressly required of the Administrative Agent hereunder, the Administrative Agent shall in all cases be fully justified in failing or refusing to act hereunder unless it shall (a) receive written instructions from the Required Majority Lenders (or all of the Lenders as expressly required by Section 10.0212.04) specifying the action to be taken, taken and (b) be indemnified to its satisfaction by the Lenders against any and all liability and expenses which may be incurred by it by reason of taking or continuing to take any such action. The instructions of the Required Majority Lenders (or all of the Lenders as expressly required by Section 10.0212.04) and any action taken or failure to act pursuant thereto by the Administrative Agent shall be binding on all of the Lenders. If a Default or Event of Default has occurred and is continuing, the Administrative Agent shall take such action with respect to such Default or Event of Default as shall be directed by the Required Majority Lenders (or all of the Lenders as required by Section 10.0212.04) in the written instructions (with indemnities) described in this Section 8.07; 11.07, provided that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. In no event, however, shall the Administrative Agent be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement or applicable law.the

Appears in 1 contract

Sources: Credit Agreement (Ashland Inc.)

Action by Administrative Agent. Except for action or other matters expressly required of the Administrative Agent hereunder, the Administrative Agent shall in all cases be fully justified in failing or refusing to act hereunder unless it shall (ai) receive written instructions from the Required Majority Lenders (or all of the Lenders as expressly required by Section 10.0212.04) specifying the action to be taken, and (bii) be indemnified to its satisfaction by the Lenders against any and all liability and expenses which may be incurred by it by reason of taking or continuing to take any such action. The instructions of the Required Majority Lenders (or all of the Lenders as expressly required by Section 10.0212.04) and any action taken or failure to act pursuant thereto by the Administrative Agent shall be binding on all of the Lenders. If a Default or Event of Default has occurred and is continuing, the Administrative Agent shall take such action with respect to such Default or Event of Default as shall be directed by the Required Majority Lenders (or all of the Lenders as required by Section 10.0212.04) in the written instructions (with indemnities) described in this Section 8.07; 11.07, provided that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. In no event, however, shall the Administrative Agent be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement or applicable law.

Appears in 1 contract

Sources: Credit Agreement (Callon Petroleum Co)

Action by Administrative Agent. Except for action or other matters expressly required of the Administrative Agent hereunder, the Administrative Agent shall in all cases be fully justified in failing or refusing to act hereunder unless it shall (a) receive written instructions from the Required Lenders (or all of the Lenders as expressly required by Section 10.02) specifying the action to be taken, and (b) be indemnified to its satisfaction by the Lenders against any and all liability and expenses which may be incurred by it by reason of taking or continuing to take any such action. The instructions of the Required Lenders (or all of the Lenders as expressly required by Section 10.02) and any action taken or failure to act pursuant thereto by the Administrative Agent shall be binding on all of the Lenders. If a Default or Event of Default has occurred and is continuing, the Administrative Agent shall take such action with respect to such Default or Event of Default as shall be directed by the Required Lenders (or all of the Lenders as required by Section 10.02) in the written instructions (with indemnities) described in this Section 8.07; provided that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. In no event, however, shall the Administrative Agent be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement or applicable law.. Five-Year Facility 70

Appears in 1 contract

Sources: Credit Agreement (Kinder Morgan Energy Partners L P)

Action by Administrative Agent. Except for action or other matters expressly required of the Administrative Agent hereunder, the Administrative Agent shall in all cases be fully justified in failing or refusing to act hereunder unless it shall (ai) receive written instructions from the Required Majority Lenders (or all of the Lenders as expressly required by Section 10.0212.04) specifying the action to be taken, and (bii) be indemnified to its satisfaction by the Lenders against any and all liability and expenses which may be incurred by it by reason of taking or continuing to take any such action. The instructions of the Required Majority Lenders (or all of the Lenders as expressly required by Section 10.0212.04) and any action taken or failure to act pursuant thereto by the Administrative Agent shall be binding on all of the Lenders. If a Default or Event of Default has occurred and is continuing, the Administrative Agent shall take such action with respect to such Default or Event of Default as shall be directed by the Required Majority Lenders (or all of the Lenders as required by Section 10.0212.04) in the written instructions (with indemnities) described in this Section 8.07; 11.07, provided that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. In no event, however, shall the Administrative Agent be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement and the other Loan Documents or applicable law.

Appears in 1 contract

Sources: Credit Agreement (Louis Dreyfus Natural Gas Corp)

Action by Administrative Agent. Except for action or other matters expressly required of the Administrative Agent hereunder, the Administrative Agent shall in all cases be fully justified in failing or refusing to act hereunder unless it shall (ai) receive written instructions from the Required Majority Lenders (or all of the Lenders as expressly required by Section 10.02SECTION 12.04) specifying the action to be taken, and (bii) be indemnified to its satisfaction by the Lenders against any and all liability and expenses which may be incurred by it by reason of taking or continuing to take any such action. The instructions of the Required Majority Lenders (or all of the Lenders as expressly required by Section 10.02SECTION 12.04) and any action taken or failure to act pursuant thereto by the Administrative Agent shall be binding on all of the Lenders. If a Default or Event of Default has occurred and is continuing, the Administrative Agent shall take such action with respect to such Default or Event of Default as shall be directed by the Required Majority Lenders (or all of the Lenders as required by Section 10.02SECTION 12.04) in the written instructions (with indemnitiesindemnities satisfactory to the Administrative Agent) described in this Section 8.07; SECTION 11.07, provided that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) to take any such action, or refrain from taking such action, action with respect to such Default or Event of Default as it shall deem advisable in the best interests of the LendersDefault. In no event, however, shall the Administrative Agent be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement or applicable law.

Appears in 1 contract

Sources: Senior Unsecured Credit Agreement (Callon Petroleum Co)

Action by Administrative Agent. Except for action or other matters expressly required of the Administrative Agent hereunder, the Administrative Agent shall in all cases be fully justified in failing or refusing to act hereunder unless it shall (a) receive written instructions from the Required Lenders (or all of the Lenders as expressly required by Section 10.0211.02) specifying the action to be taken, and (b) be indemnified to its satisfaction by the Lenders against any and all liability and expenses which may be incurred by it by reason of taking or continuing to take any such action. The instructions of the Required Lenders (or all of the Lenders as expressly required by Section 10.0211.02) and any action taken or failure to act pursuant thereto by the Administrative Agent shall be binding on all of the Lenders. If a Default or Event of Default has occurred and is continuing, the Administrative Agent shall take such action with respect to such Default or Event of Default as shall be directed by the Required Lenders (or all of the Lenders as required by Section 10.0211.02) in the written instructions (with indemnities) described in this Section 8.07; provided that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. In no event, however, shall the Administrative Agent be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement or applicable law.

Appears in 1 contract

Sources: Credit Agreement (Kinder Morgan Bulk Terminals Inc)

Action by Administrative Agent. Except for action or other matters expressly required of the Administrative Agent hereunderAgent, the Administrative Agent shall in all cases be fully justified in failing or refusing to act hereunder unless it shall (ai) receive written instructions from the Majority Lenders or the Required Lenders Lenders, as applicable, (or all of the Lenders as expressly required by Section 10.0212.04) specifying the action to be taken, and (bii) be indemnified to its satisfaction by the Lenders against any and all liability and expenses which may be incurred by it by reason of taking or continuing to take any such action. The instructions of the Required Lenders (or all of the Lenders as expressly required by Section 10.02) aforesaid and any action taken or failure to act pursuant thereto by the Administrative Agent shall be binding on all of the Lenders. If a Default or Event of Default has occurred and is continuing, the Administrative Agent shall take such action with respect to such Default or Event of Default as shall be directed by the Required requisite Lenders (or all of the Lenders as required by Section 10.02) in the written instructions (with indemnities) described in this Section 8.07; Section, provided that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. In no event, however, shall the Administrative Agent be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement Agreement, the Loan Documents or applicable law.. If a Default or Event of Default has occurred and is continuing, the Co-Syndication Agents shall not have any obligation to perform any act in respect thereof. Table of Contents

Appears in 1 contract

Sources: Credit Agreement (Penn Virginia Corp)

Action by Administrative Agent. Except for action or other ------------------------------ matters expressly required of the Administrative Agent hereunderAgent, the Administrative Agent shall in all cases be fully justified in failing or refusing to act hereunder unless it shall (ai) receive written instructions from the Majority Lenders, the Majority Lenders or the Required Lenders Lenders, as applicable, (or all of the Lenders as expressly required by Section 10.0212.04) specifying the action to be taken, and (bii) be indemnified to its satisfaction by the Lenders against any and all liability and expenses which may be incurred by it by reason of taking or continuing to take any such action. The instructions of the Required Lenders (or all of the Lenders as expressly required by Section 10.02) aforesaid and any action taken or failure to act pursuant thereto by the Administrative Agent shall be binding on all of the Lenders. If a Default or Event of Default has occurred and is continuing, the Administrative Agent shall take such action with respect to such Default or Event of Default as shall be directed by the Required requisite Lenders (or all of the Lenders as required by Section 10.02) in the written instructions (with indemnities) described in this Section 8.07; 11.07, provided that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. In no event, however, shall the Administrative Agent be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement Agreement, the Loan Documents or applicable law. If a Default or Event of Default has occurred and is continuing, neither Syndication Agent nor either Documentation Agent shall have any obligation to perform any act in respect thereof.

Appears in 1 contract

Sources: Credit Agreement (Mission Resources Corp)

Action by Administrative Agent. Except for action or other matters expressly required of the each Administrative Agent hereunder, the each Administrative Agent shall in all cases be fully justified in failing or refusing to act hereunder unless it shall (ai) receive written instructions from the Required Majority Lenders (or all of the Lenders as expressly required by Section 10.0213.04) specifying the action to be taken, and (bii) be indemnified to its satisfaction by the Lenders against any and all liability and expenses which may be incurred by it by reason of taking or continuing to take any such action. The instructions of the Required Majority Lenders (or all of the Lenders as expressly required by Section 10.0213.04) and any action taken or failure to act pursuant thereto by the Applicable Administrative Agent shall be binding on all of the Lenders. If a Default or Event of Default has occurred and is continuing, the each Administrative Agent shall take such action with respect to such Default or Event of Default as shall be directed by the Required Majority Lenders (or all of the Lenders as required by Section 10.0213.04) in the written instructions (with indemnities) described in this Section 8.07; 12.07, provided that, unless and until the Applicable Administrative Agent shall have received such directions, the such Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. In no event, however, shall the Applicable Administrative Agent be required to take any action which exposes the such Administrative Agent to personal liability or which is contrary to this Agreement and the Security Instruments or applicable law.

Appears in 1 contract

Sources: Senior Secured Revolving Credit Agreement (Universal Compression Inc)

Action by Administrative Agent. Except for action or other matters expressly required of the Administrative Agent hereunder, In all cases the Administrative Agent shall in all cases be fully justified in failing or refusing to act take any discretionary action or exercise any discretionary power hereunder or under any other Loan Documents unless it shall (a) receive written instructions from the Required Majority Lenders or the Lenders (or all such other number or percentage of the Lenders as expressly required by shall be necessary under the circumstances as provided in Section 10.0212.02) specifying the action to be taken, taken and (b) be indemnified to its satisfaction by the Lenders against any and all liability and expenses which may be incurred by it by reason of taking or continuing to take any such action. The instructions of the Required Lenders (or all of the Lenders as expressly required by Section 10.02) aforesaid and any action taken or failure to act pursuant thereto by the Administrative Agent shall be binding on all of the Lenders. If a Default or Event of Default has occurred and is continuing, then the Administrative Agent shall take such action with respect to such Default or Event of Default as shall be directed by the Required requisite Lenders (or all of the Lenders as required by Section 10.02) in the written instructions (with indemnities) described in this Section 8.07; 11.12, provided that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. In no eventIf a Default has occurred and is continuing, however, neither the Syndication Agents nor the Documentation Agents shall the Administrative Agent be required have any obligation to take perform any action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement or applicable lawact in respect thereof.

Appears in 1 contract

Sources: Credit Agreement (Memorial Resource Development Corp.)

Action by Administrative Agent. Except for action or other matters expressly required of the Administrative Agent hereunder, the Administrative Agent shall in all cases be fully justified in failing or refusing to act hereunder unless it shall (ai) receive written instructions from the Required Majority Lenders (or, as applicable, a Super Majority of Lenders or all Lenders) any of the Lenders as expressly required by Section 10.02) provided herein specifying the action to be taken, and (bii) be indemnified to its satisfaction by the Lenders against any and all liability and expenses which may be incurred by it by reason of taking or continuing to take any such action. The instructions of the Required Majority Lenders (or , as applicable, a Super Majority of Lenders or all of the Lenders as expressly required by Section 10.02Lenders) and any action taken or failure to act pursuant thereto by the Administrative Agent shall be binding on all of the Lenders. If a Default or Event of Default has occurred and is continuing, the Administrative Agent shall take such action with respect to such Default or Event of Default as shall be directed by the Required Majority Lenders (or, as applicable, a Super Majority of Lenders or all of the Lenders as required by Section 10.02Lenders) in the written instructions (with indemnities) described in this Section 8.07; 11.7, provided that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. In no event, however, shall the Administrative Agent be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement and the Security Documents or applicable law.

Appears in 1 contract

Sources: Credit Agreement (Home Solutions of America Inc)

Action by Administrative Agent. Except for action or other matters expressly required of the Administrative Agent hereunder, the Administrative Agent shall in all cases be fully justified in failing or refusing to act hereunder unless it shall (a) receive written instructions from the Required Lenders (or all of the Lenders as expressly required by Section 10.029.02) specifying the action to be taken, and (b) be indemnified to its satisfaction by the Lenders against any and all liability and expenses which may be incurred by it by reason of taking or continuing to take any such action. The instructions of the Required Lenders (or all of the Lenders as expressly required by Section 10.029.02) and any action taken or failure to act pursuant thereto by the Administrative Agent shall be binding on all of the Lenders. If a Default or Event of Default has occurred and is continuing, the Administrative Agent shall take such action with respect to such Default or Event of Default as shall be directed by the Required Lenders (or all of the Lenders as required by Section 10.029.02) in the written instructions (with indemnities) described in this Section 8.07; provided that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. In no event, however, shall the Administrative Agent be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement or applicable law.. 364-Day Facility 57

Appears in 1 contract

Sources: Credit Agreement (Kinder Morgan Energy Partners L P)

Action by Administrative Agent. Except for action or other matters expressly required of the Administrative an Agent hereunder, the Administrative such Agent shall in all cases be fully justified in failing or refusing to act hereunder unless it shall (ai) receive written instructions from the Required Lenders (or all of the Lenders as expressly required by Section 10.02) specifying the action to be taken, and (bii) be indemnified to its satisfaction by the Lenders against any and all liability and expenses which may be incurred by it by reason of taking or continuing to take any such action. The , and such instructions of the Required Lenders (or all of the Lenders as expressly required by Section 10.02) and any action taken or failure to act pursuant thereto by the Administrative Agent shall be binding on all of the Lenders. If a Default or Event of Default has occurred and is continuing, the Administrative Agent shall take such action with respect to such Default or Event of Default as shall be directed by the Required Lenders (or all of the Lenders as required by Section 10.02) in the written instructions (with indemnities) described in this Section 8.07; 11.07, provided that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. In no event, however, shall the Administrative Agent be required to take any action which exposes the Administrative Agent it to personal liability or which is contrary to this Agreement and the Security Instruments or applicable law.

Appears in 1 contract

Sources: Global Credit Agreement (United Meridian Corp)