Event of Defaults. The Collateral Agent shall not be deemed to have knowledge or notice of the occurrence of an Activation Event or an Event of Default unless it has received written notice from the Administrative Agent or any of the Borrowers or Grantors, specifying such Activation Event or Event of Default. The Collateral Agent shall take such action with respect to any Event of Default as the Majority Banks shall direct.
Appears in 3 contracts
Sources: Senior Export and Working Capital Facility Agreement, Senior Export and Working Capital Facility Agreement (Gerdau Ameristeel Corp), Senior Export and Working Capital Facility Agreement (Gerdau Ameristeel Corp)