Common use of Knowledge of Defaults Clause in Contracts

Knowledge of Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder unless it shall have received written notice from the Borrower or a Lender referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default.” If the Administrative Agent receives such a notice, it shall give notice thereof to Lenders; provided that if such notice is received from a Lender, the Administrative Agent also shall give notice thereof to the Borrower. The Administrative Agent shall be entitled to take action or refrain from taking action with respect to such Default or Event of Default as provided in this Article.

Knowledge of Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder unless it shall have received written notice from the Borrower or a Lender referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “"notice of default.” " If the Administrative Agent receives such a notice, it shall give notice thereof to Lenders; provided PROVIDED that if such notice is received from a Lender, the Administrative Agent also shall give notice thereof to the Borrower. The Administrative Agent shall be entitled to take action or refrain from taking action with respect to such Default or Event of Default as provided in this Article.