Common use of Certain Contracts; Amendments; Multiemployer ERISA Plans Clause in Contracts

Certain Contracts; Amendments; Multiemployer ERISA Plans. Except as expressly provided for in the Loan Documents, no Related Person will, directly or indirectly, enter into, create, or otherwise allow to exist any contract or other consensual restriction on the ability of any Subsidiary of Borrower to: (i) pay dividends or make other distributions to Borrower, (ii) to redeem equity interests held in it by Borrower, (iii) to repay loans and other indebtedness owing by it to Borrower, or (iv) to transfer any of its assets to Borrower. No Related Person will enter into any "take-or-pay" contract or other contract or arrangement for the purchase of goods or services which obligates it to pay for such goods or service regardless of whether they are delivered or furnished to it. No Related Person will amend or permit any amendment to any contract or lease which releases, qualifies, limits, makes contingent or otherwise detrimentally affects the rights and benefits of Agent or any Lender under or acquired pursuant to any Security Documents. No Related Person will incur any obligation to contribute to any "multiemployer plan" as defined in Section 4001 of ERISA. No Related Person will amend or modify or permit any amendment or modification to any contract or instrument governing the Debt evidenced by the 2006 Senior Subordinated Notes or the 2007 Senior Subordinated Notes the effect of which would be to change any of the material terms of such contract or instrument, including without limitation, any amendment or modification that (i) would increase the amount of, or shorten the maturity of, any payment of any principal amount of the 2006 Senior Subordinated Notes or the 2007 Senior Subordinated Notes; (ii) would change the terms of subordination of such Debt to the Obligations; or (iii) would be, in the opinion of Majority Lenders, materially more burdensome to Borrower than the obligations and requirements imposed by the 2006 Senior Subordinated Notes and the 1996 Indenture or the 2007 Senior Subordinated Notes and the 1997 Indenture, as the case may be

Appears in 1 contract

Samples: Credit Agreement (Forcenergy Inc)

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Certain Contracts; Amendments; Multiemployer ERISA Plans. Except as expressly provided for in the Loan Documents, no Related Restricted Person will, directly or indirectly, enter into, create, or otherwise allow to exist any contract contractual or other consensual restriction on the ability of any Subsidiary of Borrower to: (ia) pay dividends or make other distributions to Borrower, (iib) to redeem equity interests held in it by Borrower, (iiic) to repay loans and other indebtedness owing by it to Borrower, or (ivd) to transfer any of its assets to BorrowerBorrower or (e) grant any Liens on its properties, revenues or assets in favor of the Agent for the benefit of the Lenders, the Issuers and the counterparties to Hedging Contracts. No Related Restricted Person will enter into any "take-or-pay" contract or other contract or arrangement for the purchase of goods or services which obligates it to pay for such goods or service regardless of whether they are delivered or furnished to it. No Related Restricted Person will amend or permit any amendment to any other contract or lease which releases, qualifies, limits, makes contingent or otherwise detrimentally affects the rights and benefits of Agent or any Lender under or acquired pursuant to any Security Documents. No Related Person ERISA Affiliate will incur any obligation to contribute to any "multiemployer plan" as defined in Section 4001 of ERISAERISA which could cause a Material Adverse Change. No Related Person The Borrower will amend or modify or not, and will not permit any amendment or modification of its Subsidiaries to, consent to any contract amendment, supplement, waiver or instrument governing other modification of, or enter into any forbearance from exercising any rights with respect to the Debt evidenced by the 2006 Senior Subordinated Notes terms or provisions contained in an Indenture or the 2007 Senior Subordinated Notes Bonds related thereto that results or causes or has the effect of which would be to change doing any of the material terms of such contract or instrument, including without limitation, any amendment or modification that following: (i) would increase contravening the amount ofprovisions of this Agreement, or shorten the maturity of, any payment of any principal amount of the 2006 Senior Subordinated Notes or the 2007 Senior Subordinated Notes; (ii) would change increasing the terms interest, premium or the yield on such Bonds beyond the interest, yield or premium currently specified in such Indenture as of subordination the effective date of such Debt to the Obligations; or Indenture, (iii) would beproviding for dates for payment of principal, interest, premium (if any), yield or fees which are earlier than the dates specified in such Indenture as in effect on the opinion effective date of Majority Lenderssuch Indenture, materially (iv) providing for any covenant, event of default or remedy which is more restrictive on any Restricted Person than that set forth in such Indenture as in effect on the effective date of such Indenture, (v) providing for redemption, prepayment or defeasance provisions that are more burdensome to Borrower on any Restricted Person than those set forth in such Indenture as in effect on the effective date of such Indenture, (vi) providing for collateral securing Indebtedness under such Bonds or such Indenture, or (vii) increasing the obligations and requirements imposed by of the 2006 Senior Subordinated Notes and Borrower or any of its Subsidiaries or conferring any additional rights on any holder of such Bonds than those set forth in such Indenture as in effect on the 1996 effective date of such Indenture or which could reasonably be expected to be adverse to the 2007 Senior Subordinated Notes and the 1997 Indenture, as the case may beLender Parties.

Appears in 1 contract

Samples: Credit Agreement (W&t Offshore Inc)

Certain Contracts; Amendments; Multiemployer ERISA Plans. Except as expressly provided for in the Loan Documents, no Related Person will, directly or indirectly, enter into, create, or otherwise allow to exist any contract or other consensual restriction on the ability of any Subsidiary of Borrower to: (i) pay dividends or make other distributions to Borrower, (ii) to redeem equity interests held in it by Borrower, (iii) to repay loans and other indebtedness owing by it to Borrower, or (iv) to transfer any of its assets to Borrower. No Related Person will enter into any "take-or-pay" contract or other contract or arrangement for the purchase of goods or services which obligates it to pay for such goods or service regardless of whether they are delivered or furnished to it. No Related Person will amend or permit any amendment to any contract or lease which releases, qualifies, limits, makes contingent or otherwise detrimentally affects the rights and benefits of Agent or any Lender under or acquired pursuant to any Security Documents. No Related Person will incur any obligation to contribute to any "multiemployer plan" as defined in Section 4001 of ERISA. No Related Person will amend or modify or permit any amendment or modification to any contract or instrument governing the Debt evidenced by the 2006 Senior Subordinated Notes or the 2007 Senior Subordinated Notes the effect of which would be to change any of the material terms of such contract or instrument, including without limitation, any amendment or modification that (i) would increase the amount of, or shorten the maturity of, any payment of any principal amount of the 2006 Senior Subordinated Notes or the 2007 Senior Subordinated Notes; (ii) would change the terms of subordination of such Debt to the Obligations; or (iii) would be, in the opinion of Majority Lenders, materially more burdensome to Borrower than the obligations and requirements imposed by the 2006 Senior Subordinated Notes and the 1996 Indenture or the 2007 Senior Subordinated Notes and the 1997 Indenture, as the case may be.

Appears in 1 contract

Samples: Credit Agreement (Forcenergy Inc)

Certain Contracts; Amendments; Multiemployer ERISA Plans. Except as for the restrictions expressly provided for set forth in the Loan Documents, no Related Person willthe First Lien Credit Documents and the Senior Notes Indenture, the Borrower and each Guarantor shall not, and shall not permit any of the Restricted Subsidiaries to, directly or indirectly, enter into, create, or otherwise allow to exist any contract or other consensual restriction on the ability of any Restricted Subsidiary of the Borrower to: (ia) pay dividends or make other distributions to the Borrower, (iib) to redeem equity interests held in it by the Borrower, (iiic) to repay loans and other indebtedness Indebtedness owing by it to the Borrower, or (ivd) to transfer any of its assets to the Borrower. No Related Person will The Borrower and each Guarantor shall not, and shall not permit any of the Restricted Subsidiaries to, directly or indirectly, enter into any "take-or-pay" contract or other contract or arrangement for the purchase of goods or services which obligates it to pay for such goods or service regardless of whether they are delivered or furnished to it. No Related Person will The Borrower and each Guarantor shall not, and shall not permit any of the Restricted Subsidiaries to, directly or indirectly, amend or permit any amendment to any other contract or lease which releases, qualifies, limits, makes contingent or otherwise detrimentally affects the rights and benefits of the Administrative Agent or any Lender under or acquired pursuant to any Security Documents. No Related Person will The Borrower and each Guarantor shall not, and shall not permit any ERISA Affiliate to, incur any obligation to contribute to any "multiemployer plan" as defined in Section 4001 of ERISA. No Related Person will amend or modify or permit any amendment or modification to any contract or instrument governing the Debt evidenced by the 2006 Senior Subordinated Notes or the 2007 Senior Subordinated Notes the effect of which would be to change any of the material terms of such contract or instrument, including without limitation, any amendment or modification that (i) would increase the amount of, or shorten the maturity of, any payment of any principal amount of the 2006 Senior Subordinated Notes or the 2007 Senior Subordinated Notes; (ii) would change the terms of subordination of such Debt to the Obligations; or (iii) would be, in the opinion of Majority Lenders, materially more burdensome to Borrower than the obligations and requirements imposed by the 2006 Senior Subordinated Notes and the 1996 Indenture or the 2007 Senior Subordinated Notes and the 1997 Indenture, as the case may beMultiemployer Plan.

Appears in 1 contract

Samples: Term Loan Agreement (Venoco, Inc.)

Certain Contracts; Amendments; Multiemployer ERISA Plans. Except as expressly provided for in the Loan Documents, no Related Person neither the Borrower nor any Restricted Subsidiary will, directly or indirectly, enter into, create, or otherwise allow to exist any contract contractual or other consensual restriction on the ability of any Restricted Subsidiary (and in the case of Borrower clause (e), the Borrower) to: (ia) pay dividends or make other distributions to Borrower, (iib) to redeem equity interests held in it by Borrower, (iiic) to repay loans and other indebtedness owing by it to Borrower, or (ivd) to transfer any of its assets to BorrowerBorrower or (e) grant any Liens on its properties, revenues or assets in favor of the Administrative Agent for the benefit of the Lenders, the Issuers and the counterparties to Hedging Contracts. No Related Person Neither the Borrower nor any Restricted Subsidiary will enter into any "take-or-pay" contract or other contract or arrangement for the purchase of goods or services which obligates it to pay for such goods or service regardless of whether they are delivered or furnished to it. No Related Person Neither the Borrower nor any Restricted Subsidiary will amend or permit any amendment to any other contract or lease which releases, qualifies, limits, makes contingent or otherwise detrimentally affects the rights and benefits of Administrative Agent or any Lender under or acquired pursuant to any Security Documents. No Related Person ERISA Affiliate will incur any obligation to contribute to any "multiemployer plan" as defined in Section 4001 of ERISAERISA which could cause a Material Adverse Change. No Related Person The Borrower will amend or modify or not, and will not permit any amendment or modification of its Restricted Subsidiaries to, consent to any contract amendment, supplement, waiver or instrument governing other modification of, or enter into any forbearance from exercising any rights with respect to the terms or provisions contained in any Specified Additional Debt evidenced by the 2006 Senior Subordinated Notes or the 2007 Senior Subordinated Notes in any Specified Additional Debt Document that results or causes or has the effect of which would be to change doing any of the material terms of such contract or instrument, including without limitation, any amendment or modification that following: (i) would increase contravening the amount ofprovisions of this Agreement, or shorten the maturity of, any payment of any principal amount of the 2006 Senior Subordinated Notes or the 2007 Senior Subordinated Notes; (ii) would change increasing the terms interest, premium or the yield on such Specified Additional Debt, beyond the interest, yield or premium currently specified in such Specified Additional Debt Document, as of subordination the effective date of such Specified Additional Debt to the Obligations; or Document, (iii) would beproviding for dates for payment of principal, interest, premium (if any), yield or fees which are earlier than the dates specified in such Specified Additional Debt Document, as in effect on the opinion effective date of Majority Lenderssuch Specified Additional Debt Document, (iv) providing for any covenant or event of default which is materially more restrictive on the Borrower or any Restricted Subsidiary than that set forth in such Specified Additional Debt Document, as in effect on the effective date of such Specified Additional Debt Document, (v) providing for redemption, prepayment or defeasance provisions that are more burdensome to on the Borrower or any Restricted Subsidiary than those set forth in such Specified Additional Debt Document, as in effect on the effective date of such Specified Additional Debt Document, (vi) providing for collateral securing Indebtedness under such Specified Additional Debt apart from, or in addition to, the collateral securing the Obligations, (vii) providing Liens ranking pari passu with, or higher in priority than, the Liens securing the Obligations or (viii) increasing the obligations and requirements imposed by of the 2006 Senior Subordinated Notes and the 1996 Indenture Borrower or the 2007 Senior Subordinated Notes and the 1997 Indentureany of its Restricted Subsidiaries or conferring any additional rights on any holder of such Specified Additional Debt, than those set forth in such Specified Additional Debt Document, as in effect on the case may beeffective date of such Specified Additional Debt Document, as applicable, which could reasonably be expected to be adverse to the Lender Parties.

Appears in 1 contract

Samples: Credit Agreement (W&t Offshore Inc)

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Certain Contracts; Amendments; Multiemployer ERISA Plans. Except as for the restrictions expressly provided for set forth in the Loan Documents, no Related Person willthe First Lien Credit Documents and the Senior Notes Indenture, the Borrower and each Guarantor shall not, and shall not permit any of the Restricted Subsidiaries to, directly or indirectly, enter into, create, or otherwise allow to exist any contract or other consensual restriction on the ability of any Restricted Subsidiary of the Borrower to: (ia) pay dividends or make other distributions to the Borrower, (iib) to redeem equity interests held in it by the Borrower, (iiic) to repay loans and other indebtedness Indebtedness owing by it to the Borrower, or (ivd) to transfer any of its assets to the Borrower. No Related Person will The Borrower and each Guarantor shall not, and shall not permit any of the Restricted Subsidiaries to, directly or indirectly, enter into any "take-or-pay" contract or other contract or arrangement for the purchase of goods or services which obligates it to pay for such goods or service regardless of whether they are delivered or furnished to it. No Related Person will The Borrower and each Guarantor shall not, and shall not permit any of the Restricted Subsidiaries to, directly or indirectly, amend or permit any amendment to any other contract or lease which releases, qualifies, limits, makes contingent or otherwise detrimentally affects the rights and benefits of the Administrative Agent or any Lender under or acquired pursuant to any Security Documents. No Related Person will The Borrower and each Guarantor shall not, and shall not permit any ERISA Affiliate to, incur any obligation to contribute to any "multiemployer plan" as defined in Section 4001 of ERISA. No Related Person will amend or modify or permit any amendment or modification to any contract or instrument governing the Debt evidenced by the 2006 Senior Subordinated Notes or the 2007 Senior Subordinated Notes the effect of which would be to change any of the material terms of such contract or instrument, including without limitation, any amendment or modification that (i) would increase the amount of, or shorten the maturity of, any payment of any principal amount of the 2006 Senior Subordinated Notes or the 2007 Senior Subordinated Notes; (ii) would change the terms of subordination of such Debt to the Obligations; or (iii) would be, in the opinion of Majority Lenders, materially more burdensome to Borrower than the obligations and requirements imposed by the 2006 Senior Subordinated Notes and the 1996 Indenture or the 2007 Senior Subordinated Notes and the 1997 Indenture, as the case may beMultiemployer Plan.

Appears in 1 contract

Samples: Term Loan Agreement (Venoco, Inc.)

Certain Contracts; Amendments; Multiemployer ERISA Plans. Except as expressly provided for in the Loan Documents, no Related Restricted Person will, directly or indirectly, enter into, create, or otherwise allow to exist any contract contractual or other consensual restriction on the ability of any Subsidiary of Borrower to: (ia) pay dividends or make other distributions to Borrower, (iib) to redeem equity interests held in it by Borrower, (iiic) to repay loans and other indebtedness owing by it to Borrower, or (ivd) to transfer any of its assets to BorrowerBorrower or (e) grant any Liens on its properties, revenues or assets in favor of the Administrative Agent for the benefit of the Lenders, the Issuers and the counterparties to Hedging Contracts. No Related Restricted Person will enter into any "take-or-pay" contract or other contract or arrangement for the purchase of goods or services which obligates it to pay for such goods or service regardless of whether they are delivered or furnished to it. No Related Restricted Person will amend or permit any amendment to any other contract or lease which releases, qualifies, limits, makes contingent or otherwise detrimentally affects the rights and benefits of Administrative Agent or any Lender under or acquired pursuant to any Security Documents. No Related Person ERISA Affiliate will incur any obligation to contribute to any "multiemployer plan" as defined in Section 4001 of ERISAERISA which could cause a Material Adverse Change. No Related Person The Borrower will amend or modify or not, and will not permit any amendment or modification of its Subsidiaries to, consent to any contract amendment, supplement, waiver or instrument governing other modification of, or enter into any forbearance from exercising any rights with respect to the Debt evidenced by the 2006 Senior Subordinated Notes terms or provisions contained in an Indenture or the 2007 Senior Subordinated Notes Bonds related thereto that results or causes or has the effect of which would be to change doing any of the material terms of such contract or instrument, including without limitation, any amendment or modification that following: (i) would increase contravening the amount ofprovisions of this Agreement, or shorten the maturity of, any payment of any principal amount of the 2006 Senior Subordinated Notes or the 2007 Senior Subordinated Notes; (ii) would change increasing the terms interest, premium or the yield on such Bonds beyond the interest, yield or premium currently specified in such Indenture as of subordination the effective date of such Debt to the Obligations; or Indenture, (iii) would beproviding for dates for payment of principal, interest, premium (if any), yield or fees which are earlier than the dates specified in such Indenture as in effect on the opinion effective date of Majority Lenderssuch Indenture, materially (iv) providing for any covenant, event of default or remedy which is more restrictive on any Restricted Person than that set forth in such Indenture as in effect on the effective date of such Indenture, (v) providing for redemption, prepayment or defeasance provisions that are more burdensome to Borrower on any Restricted Person than those set forth in such Indenture as in effect on the effective date of such Indenture, (vi) providing for collateral securing Indebtedness under such Bonds or such Indenture, or (vii) increasing the obligations and requirements imposed by of the 2006 Senior Subordinated Notes and Borrower or any of its Subsidiaries or conferring any additional rights on any holder of such Bonds than those set forth in such Indenture as in effect on the 1996 effective date of such Indenture or which could reasonably be expected to be adverse to the 2007 Senior Subordinated Notes and the 1997 Indenture, as the case may beLender Parties.

Appears in 1 contract

Samples: Credit Agreement (W&t Offshore Inc)

Certain Contracts; Amendments; Multiemployer ERISA Plans. Except as expressly provided for in the Loan Documents, no Related Restricted Person will, directly or indirectly, enter into, create, or otherwise allow to exist any contract or other consensual restriction on the ability of any Subsidiary of Borrower to: (i) pay dividends or make other distributions to Borrower, (ii) to redeem equity interests held in it by Borrower, (iii) to repay loans and other indebtedness owing by it to Borrower, or (iv) to transfer any of its assets to Borrower. No Related Restricted Person will enter into any "take-or-pay" contract or other contract or arrangement for the purchase of goods or services which obligates it to pay for such goods or service regardless of whether they are delivered or furnished to it. No Related Restricted Person will amend or permit any amendment to any contract or lease which releases, qualifies, limits, makes contingent or otherwise detrimentally affects in any material respect the rights and benefits of Agent or any Lender under or acquired pursuant to any Security Documents. Borrower will not amend or modify any contract for gas gathering or processing services, other than administrative changes that do not change the material value or term of such contract. No Related Person ERISA Affiliate will incur any obligation to contribute to any "multiemployer plan" as defined in Section 4001 of ERISA. No Related Restricted Person will amend or modify or permit any amendment or modification the partnership agreement with respect to any contract or instrument governing the Debt evidenced by the 2006 Senior Subordinated Notes or the 2007 Senior Subordinated Notes the effect of Partnership in a manner which would be adverse to change Borrower in any of material respect. With respect to each Partnership formed after the material terms of such contract or instrument, including without limitation, any amendment or modification that date hereof: (i) would increase the amount of, or shorten the maturity of, partnership agreement shall be not less favorable in any payment of any principal amount of the 2006 Senior Subordinated Notes or the 2007 Senior Subordinated Notes; (ii) would change the terms of subordination of such Debt to the Obligations; or (iii) would be, in the opinion of Majority Lenders, materially more burdensome material respect to Borrower than the obligations partnership agreements entered into prior to the date hereof, and requirements imposed by the 2006 Senior Subordinated Notes (ii) such Partnership shall be formed, and the 1996 Indenture or the 2007 Senior Subordinated Notes interests therein shall be offered, sold and the 1997 Indentureissued, as the case may bein compliance with applicable Law.

Appears in 1 contract

Samples: Credit Agreement (North Coast Energy Inc / De/)

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