Common use of Arm’s Length Clause in Contracts

Arm’s Length. The Company acknowledges and agrees that (a) each of the Commitment Parties is acting solely in the capacity of an arm’s length contractual counterparty to the Company with respect to the transactions contemplated hereby (including in connection with determining the terms of the Rights Offering) and not as a financial advisor or a fiduciary to, or an agent of, the Company or any of its Subsidiaries, and (b) no Commitment Party is advising the Company or any of its Subsidiaries as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction.

Appears in 4 contracts

Sources: Backstop Commitment Agreement (Parker Drilling Co /De/), Backstop Commitment Agreement (Parker Drilling Co /De/), Restructuring Support Agreement (Parker Drilling Co /De/)

Arm’s Length. The Company acknowledges and agrees that (a) each of the Commitment Parties is acting solely in the capacity of an arm’s arm’s-length contractual counterparty to the Company with respect to the transactions contemplated hereby (including in connection with determining the terms of the Rights OfferingTransactions) and not as a financial advisor or a fiduciary to, or an agent of, the Company or any of its Subsidiaries, Subsidiaries and (b) no Commitment Party is advising the Company or any of its Subsidiaries as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction.

Appears in 4 contracts

Sources: Backstop Commitment and Equity Investment Agreement (Vanguard Natural Resources, Inc.), Backstop Commitment and Equity Investment Agreement (Vanguard Natural Resources, Inc.), Backstop Commitment and Equity Investment Agreement (Vanguard Natural Resources, LLC)

Arm’s Length. The Company acknowledges and agrees that (a) each of the Commitment Parties is acting solely in the capacity of an arm’s arm’s-length contractual counterparty to the Company with respect to the transactions contemplated hereby (including in connection with determining the terms of the Rights Offering) and not as a financial advisor or a fiduciary to, or an agent of, the Company or any of its Subsidiaries, Subsidiaries and (b) no Commitment Party is advising the Company or any of its Subsidiaries as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction.

Appears in 3 contracts

Sources: Backstop Commitment Agreement (Bonanza Creek Energy, Inc.), Backstop Commitment Agreement (Penn Virginia Corp), Backstop Commitment Agreement

Arm’s Length. The Company acknowledges and agrees that that (a) each of the Commitment Parties is acting solely in the capacity of an arm’s length contractual counterparty to the Company with respect to the transactions contemplated hereby (including in connection with determining the terms of the Rights Offering) and not as a financial advisor or a fiduciary to, or an agent of, the Company or any of its Subsidiaries, Subsidiaries and (b) no Commitment Party is advising the Company or any of its Subsidiaries as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction.

Appears in 1 contract

Sources: Equity Commitment Agreement

Arm’s Length. The Issuer, the Company acknowledges and agrees the other Guarantors acknowledge and agree that (a) each of the Commitment Parties is acting solely in the capacity of an arm’s arm’s-length contractual counterparty to the Issuer, the Company and the other Guarantors with respect to the transactions contemplated hereby (including in connection with determining the terms of the Rights New Notes Offering) and not as a financial advisor or a fiduciary to, or an agent of, the Company or any of its Subsidiaries, Subsidiaries and (b) no Commitment Party is advising the Company or any of its Subsidiaries as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction.

Appears in 1 contract

Sources: Backstop Commitment Agreement (Weatherford International PLC)

Arm’s Length. The Company acknowledges and agrees that (a) each of the Commitment Parties is acting solely in the capacity of an arm’s arm’s-length contractual counterparty to the Company with respect to the transactions contemplated hereby (including in connection with determining the terms of the Rights Offering) and not as a financial advisor or a fiduciary to, or an agent of, the Company or any of its Subsidiaries, subsidiaries and (b) no Commitment Party is advising the Company or any of its Subsidiaries subsidiaries as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction.

Appears in 1 contract

Sources: Backstop Commitment Agreement (Hornbeck Offshore Services Inc /La)