[[Organization B:Organization]] shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder or under the Other Documents, unless [[Organization B:Organization]] has received notice from a [[Organization C:Organization]] or Borrowing [[Organization B:Organization]] referring to this Agreement or the Other Documents, describing such Default or Event of Default and stating that such notice is a "notice of default". In the event that [[Organization B:Organization]] receives such a notice, [[Organization B:Organization]] shall give notice thereof to Lenders. [[Organization B:Organization]] shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders; provided, that, unless and until [[Organization B:Organization]] shall have received such directions, [[Organization B:Organization]] 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 Lenders.
Section # Knowledge of Defaults. The [[Organization E:Organization]] shall not be deemed to have knowledge or notice of the occurrence of a Default (other than a failure to make a payment of principal of or interest on the Advances) unless the [[Organization E:Organization]] has received notice from a Bank or the [[Organization A:Organization]] specifying such Default and stating that such notice is a “Notice of Default”. In the event that the [[Organization E:Organization]] receives such a notice of a Default, the [[Organization E:Organization]] shall give prompt notice thereof to the [[Organization D:Organization]]. The [[Organization E:Organization]] shall (subject to Section 9.08 hereof) take such action with respect to such Default as shall be directed by the Majority [[Organization D:Organization]], provided that unless and until the [[Organization E:Organization]] shall have received such directions, the [[Organization E:Organization]] may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the [[Organization D:Organization]] except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Majority [[Organization D:Organization]] or all of the [[Organization D:Organization]].
#[[Organization B:Organization]] shall furnish to [[Organization C:Organization]] immediately upon becoming aware of the existence of any Event of Default, a written notice specifying the nature and period of existence thereof and the action which [[Organization B:Organization]] is taking or proposes to take with respect thereto.
SECTION # Defaulting [[Organization C:Organization]]. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, the [[Organization B:Organization]] shall deliver written notice to such effect upon obtaining knowledge of such event to the [[Organization A:Organization]] and such Defaulting Lender, and the following provisions shall apply for so long as such Lender is a Defaulting Lender:
The [[Organization B:Organization]] shall not be liable for any action taken or not taken by it # with the consent or at the request of the Required [[Organization C:Organization]] (or such other number or percentage of the [[Organization C:Organization]] as shall be necessary, or as the [[Organization B:Organization]] shall believe in good faith shall be necessary, under the circumstances as provided in Sections 8.01 and 6.01), or # in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment. The [[Organization B:Organization]] shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given to the [[Organization B:Organization]] in writing by the [[Organization A:Organization]] or a Lender.
AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.
And AllDrafts generates clean Word and PDF files from any draft.