Common use of Borrowers Default Clause in Contracts

Borrowers Default. In the event that (i) Borrower fails to pay when due the principal of or Interest on any Note or the amount of any other Obligation payable hereunder or (ii) Agent receives written notice of the occurrence of an Event of Default, Agent shall promptly give written notice thereof to the Banks, and shall take such action with respect to such Event of Default as it shall be directed to take by the Required Banks; PROVIDED, HOWEVER, that, unless and until Agent shall have received such directions, Agent may take such action or refrain from taking such action hereunder or under the other Loan Documents with respect to an Event of Default, or Default, as it shall deem advisable in the best interest of the Banks.

Borrowers Default. In the event that (i) a Borrower fails to pay when due the principal of or Interest interest on any Note or the amount of any other Obligation fee payable hereunder hereunder, or (ii) the Agent receives receive written notice of the occurrence of an Event of Default, the Agent shall promptly give written notice thereof to the BanksLenders, and shall take such action with respect to such Event of Default as it shall be directed to take by the Required BanksLenders; PROVIDEDprovided, HOWEVERhowever, that, unless and until the Agent shall have received such directionsdirections and except as otherwise expressly provided in this Agreement, the Agent may take such action or refrain from taking such action hereunder or under the other Loan Documents with respect to an Event of Default, Default or Default, as it shall deem advisable in the best interest of the BanksLenders.

Borrowers Default. In the event that (i) the Borrower fails to pay when due the principal of or Interest interest on any Note or the amount of any other Obligation amount payable hereunder hereunder, or (ii) the Agent receives written notice of the occurrence of an Event of Default, the Agent shall promptly give written notice thereof to the BanksLenders, and shall take such action with respect to such Event of Default as it shall be directed to take by the Required BanksLenders; PROVIDEDprovided, HOWEVERhowever, that, unless and until the Agent shall have received such directionsdirections and except as otherwise expressly provided in this Agreement, the Agent may take such action or refrain from taking such action hereunder or under the other Loan Documents with respect to an Event of Default, Default or Default, as it shall deem advisable in the best interest of the BanksLenders.