Notice of Actionable Default. The Collateral Agent shall have no obligation whatsoever either prior to or after receiving such a Notice of Actionable Default to inquire whether an Actionable Default has, in fact, occurred and shall be entitled to rely conclusively, and shall be fully protected in so relying, on any certificate so furnished to it and shall have no obligation, absent written instructions from the Required Secured Parties, to take or omit to take any action with respect to such Notice of Actionable Default.
Appears in 1 contract
Sources: First Amendment and Consent (United Asset Management Corp)
Notice of Actionable Default. The Collateral Agent shall have no obligation whatsoever either prior to or after receiving such a Notice of Actionable Default to inquire whether an Actionable Default has, in fact, occurred and shall be entitled to rely conclusively, and shall be fully protected in so relying, on any certificate so furnished to it and shall have no obligation, absent written instructions from the Required Secured PartiesRequisite Party, to take or omit to take any action with respect to such Notice of Actionable Default.
Appears in 1 contract
Sources: Intercreditor and Collateral Agency Agreement (American Restaurant Group Inc)
Notice of Actionable Default. The Collateral Agent shall have no obligation whatsoever either prior to or after receiving such a Notice of Actionable Default notice to inquire whether an Actionable Default has, in fact, occurred and shall be entitled to rely conclusively, and shall be fully protected in so relying, on any certificate so furnished to it and shall have no obligation, absent written instructions from the Required Secured Parties, to take or omit to take any action with respect to such Notice of Actionable Defaultthem.
Appears in 1 contract