Common use of Mitigation Clause in Contracts

Mitigation. If circumstances arise which would result in a notification under Clause 23.1 then, without in any way limiting the rights of the Notifying Lender under Clause 23.3, the Notifying Lender shall use reasonable endeavours to transfer its obligations, liabilities and rights under this Agreement and the Finance Documents to another office or financial institution not affected by the circumstances but the Notifying Lender shall not be under any obligation to take any such action if, in its opinion, to do would or might:

Appears in 71 contracts

Samples: Loan Agreement (EuroDry Ltd.), Loan Agreement (EuroDry Ltd.), Agreement (Diana Shipping Inc.)

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Mitigation. If circumstances arise which would result in a notification under Clause 23.1 22.1 then, without in any way limiting the rights of the Notifying Lender under Clause 23.322.3, the Notifying Lender shall use reasonable endeavours to transfer its obligations, liabilities and rights under this Agreement and the Finance Documents to another office or financial institution not affected by the circumstances but the Notifying Lender shall not be under any obligation to take any such action if, in its opinion, to do would or might:

Appears in 30 contracts

Samples: Loan Agreement (EuroDry Ltd.), Loan Agreement (Box Ships Inc.), Loan Agreement (Pyxis Tankers Inc.)

Mitigation. If circumstances arise which would result in a notification under Clause 23.1 24.1 then, without in any way limiting the rights obligations of the Notifying Lender Borrowers under Clause 23.324.1, the Notifying Lender shall use reasonable endeavours commercial efforts to transfer its obligations, liabilities and rights under this Agreement and the Finance Documents to another office or financial institution not affected by the circumstances but the Notifying Lender shall not be under any obligation to take any such action if, in its opinion, to do would or might:

Appears in 13 contracts

Samples: Loan Agreement (Pangaea Logistics Solutions Ltd.), Loan Agreement (Pangaea Logistics Solutions Ltd.), Loan Agreement (Pangaea Logistics Solutions Ltd.)

Mitigation. If circumstances arise which would result in a notification under Clause 23.1 then, without in any way limiting the rights of the Notifying Lender Lenders under Clause 23.3, the Notifying Lender shall use reasonable endeavours to transfer its obligations, liabilities and rights under this Agreement and the Finance Documents to another office or financial institution not affected by the circumstances but the Notifying Lender shall not be under any obligation to take any such action if, in its opinion, to do would or might:

Appears in 8 contracts

Samples: Loan Agreement, Loan Agreement (Global Ship Lease, Inc.), Loan Agreement (Global Ship Lease, Inc.)

Mitigation. If circumstances arise which would result in a notification under Clause 23.1 24.1 then, without in any way limiting the rights obligations of the Notifying Lender Borrower under Clause 23.324.1, the Notifying Lender shall use reasonable endeavours commercial efforts to transfer its obligations, liabilities and rights under this Agreement and the Finance Documents to another office or financial institution not affected by the circumstances but the Notifying Lender shall not be under any obligation to take any such action if, in its opinion, to do would or might:

Appears in 7 contracts

Samples: Loan Agreement (Dorian LPG Ltd.), Loan Agreement (Dorian LPG Ltd.), Loan Agreement (Pangaea Logistics Solutions Ltd.)

Mitigation. If circumstances arise which would result in a notification under Clause 23.1 24.1 then, without in any way limiting the rights of the Notifying Lender under Clause 23.324.3, the Notifying Lender shall use reasonable endeavours endeavors to transfer its obligations, liabilities and rights under this Agreement and the Finance Documents to another office or financial institution not affected by the circumstances but the Notifying Lender shall not be under any obligation to take any such action if, in its opinion, to do would or might:

Appears in 5 contracts

Samples: Loan Agreement (Scorpio Tankers Inc.), Loan Agreement (Scorpio Tankers Inc.), Loan Agreement (Scorpio Tankers Inc.)

Mitigation. If circumstances arise which would result in a notification under Clause 23.1 (Illegality) then, without in any way limiting the rights of the Notifying Lender under Clause 23.323.3 (Prepayment, termination of Commitment), the Notifying Lender shall use reasonable endeavours to transfer its obligations, liabilities and rights under this Agreement and the Finance Documents to another office or financial institution not affected by the circumstances but the Notifying Lender shall not be under any obligation to take any such action if, in its opinion, to do would or might:

Appears in 3 contracts

Samples: Agreement (Navios Maritime Partners L.P.), Agreement (Navios Maritime Partners L.P.), Agreement (Navios Maritime Partners L.P.)

Mitigation. If circumstances arise which would result in a notification under Clause 23.1 (Illegality) then, without in any way limiting the rights of the Notifying Lender under Clause 23.323.3 (Prepayment; termination of Commitment), the Notifying Lender shall use reasonable endeavours to transfer its obligations, liabilities and rights under this Agreement and the Finance Documents to another office or financial institution not affected by the circumstances but the Notifying Lender shall not be under any obligation to take any such action if, in its opinion, to do would or might:

Appears in 3 contracts

Samples: Loan Agreement (Navios Maritime Partners L.P.), Loan Agreement (Paragon Shipping Inc.), Loan Agreement (Euronav NV)

Mitigation. If circumstances arise which would result in a notification under Clause 23.1 24.1 then, without in any way limiting the rights of the Notifying Lender under Clause 23.324.3, the Notifying Lender shall use reasonable endeavours to transfer its obligations, liabilities and rights under this Agreement and the Finance Documents to another office or financial institution not affected by the circumstances but the Notifying Lender shall not be under any obligation to take any such action if, in its opinion, to do so would or might:

Appears in 3 contracts

Samples: Loan Agreement (TBS International PLC), Loan Agreement (TBS International PLC), Loan Agreement (TBS International LTD)

Mitigation. If circumstances arise which would result in a notification under Clause 23.1 22.1 then, without in any way limiting the rights of the Notifying Lender under Clause 23.322.3, the Notifying Lender shall use reasonable endeavours to transfer its obligations, liabilities and rights under this Agreement and the other Finance Documents to another office or financial institution not affected by the circumstances but the Notifying Lender shall not be under any obligation to take any such action if, in its opinion, to do would or might:

Appears in 2 contracts

Samples: Agreement (NewLead Holdings Ltd.), Loan Agreement (NewLead Holdings Ltd.)

Mitigation. If circumstances arise which would result in a notification under Clause 23.1 then, without in any way limiting the rights of the Notifying Lender under Clause 23.3, the Notifying Lender shall use reasonable endeavours to transfer its obligations, liabilities and rights under this Agreement, the Master Agreement and the Finance Documents to another office or financial institution not affected by the circumstances but the Notifying Lender shall not be under any obligation to take any such action if, in its opinion, to do would or might:

Appears in 2 contracts

Samples: Loan Agreement (Paragon Shipping Inc.), Loan Agreement (Paragon Shipping Inc.)

Mitigation. If circumstances arise which would result in a notification under Clause 23.1 then, without in any way limiting the rights of the Notifying Lender under Clause 23.3, the Notifying Lender shall use reasonable endeavours to transfer its obligations, liabilities and rights under this Agreement and the Finance Documents to another office office, third party or financial institution not affected by the circumstances but the Notifying Lender shall not be under any obligation to take any such action if, in its opinion, to do would or might:

Appears in 2 contracts

Samples: Agreement (Star Bulk Carriers Corp.), Loan Agreement (Star Bulk Carriers Corp.)

Mitigation. If circumstances arise which would result in a notification under Clause 23.1 then, without in any way limiting the rights of the Notifying Lender under Clause 23.323.1, the Notifying Lender shall use reasonable endeavours to transfer its obligations, liabilities and rights under this Agreement and the Finance Documents to another office or financial institution not affected by the circumstances but the Notifying Lender shall not be under any obligation to take any such action if, in its opinion, to do would or might:

Appears in 2 contracts

Samples: Facility Agreement (Gala Properties Inc.), Loan Agreement (Diana Shipping Inc.)

Mitigation. If circumstances arise which would result in a notification under Clause 23.1 24.1 then, without in any way limiting the rights of the Notifying Lender under Clause 23.324.3, the Notifying Lender shall use reasonable endeavours commercial efforts to transfer its obligations, liabilities and rights under this Agreement and the Finance Documents to another office or financial institution not affected by the circumstances but the Notifying Lender shall not be under any obligation to take any such action if, in its opinion, to do would or might:

Appears in 2 contracts

Samples: Credit Agreement (Scorpio Bulkers Inc.), Credit Agreement (Scorpio Bulkers Inc.)

Mitigation. If circumstances arise which would result in a notification under Clause 23.1 24.1 then, without in any way limiting the rights of the Notifying Lender under Clause 23.324.4, the Notifying Lender shall use reasonable endeavours to transfer its obligations, liabilities and rights under this Agreement and the Finance Documents to another office or financial institution not affected by the circumstances but the Notifying Lender shall not be under any obligation to take any such action if, in its opinion, to do would or might:

Appears in 2 contracts

Samples: Loan Agreement (Seacastle Inc.), Loan Agreement (Seacastle Inc.)

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Mitigation. If circumstances arise which would result in a notification under Clause 23.1 22.1 then, without in any way limiting the rights of the Notifying Lender under Clause 23.322.3, the Notifying Lender shall use reasonable endeavours to transfer its obligations, liabilities and rights under this Agreement and the Finance Documents to another office or financial institution not affected by the circumstances but the Notifying Lender shall not be under any obligation to take any such action if, in its opinion, to do would or might:

Appears in 2 contracts

Samples: Loan Agreement (Euronav NV), Loan Agreement (GasLog Ltd.)

Mitigation. If circumstances arise which would result in a notification under Clause 23.1 then, without in any way limiting the rights of the Notifying Lender under Clause 23.3, the Notifying Lender shall use reasonable endeavours to transfer its obligations, liabilities and rights under this Agreement and the Finance Documents to another office or financial institution not affected by the circumstances but the Notifying Lender shall not be under any obligation to take any such action if, in its opinion, to do would or might:

Appears in 2 contracts

Samples: Loan Agreement (B Plus H Ocean Carriers LTD), Loan Agreement (B Plus H Ocean Carriers LTD)

Mitigation. If circumstances arise which would result in a notification under Clause 23.1 28.1 then, without in any way limiting the rights of the Notifying Lender under Clause 23.328.3, the Notifying Lender shall use reasonable endeavours to transfer its obligations, liabilities and rights under this Agreement and the Finance Documents to another office or financial institution not affected by the circumstances but the Notifying Lender shall not be under any obligation to take any such action if, in its opinion, to do would or might:

Appears in 1 contract

Samples: Agreement (NewLead Holdings Ltd.)

Mitigation. If circumstances arise which would result in a notification under Clause 23.1 Section 25.1 then, if requested by an Obligor in writing and without in any way limiting the rights of the Notifying Lender under Clause 23.3Section 25.4, the Notifying Lender shall use reasonable endeavours endeavors to transfer its obligations, liabilities and rights under this Agreement and the Finance Documents to another office or financial institution not affected by the circumstances but the Notifying Lender shall not be under any obligation to take any such action if, in its opinion, to do would or might:

Appears in 1 contract

Samples: Management Agreement (Pacific Drilling S.A.)

Mitigation. If circumstances arise which would result in a notification under Clause 23.1 then, without in any way limiting the rights of the Notifying Lender under Clause 23.3, the Notifying Lender shall use all reasonable endeavours to transfer its obligations, liabilities and rights under this Agreement and the other Finance Documents to another office or financial institution not affected by the circumstances but the Notifying Lender shall not be under any obligation to take any such action if, in its opinion, to do would or might:

Appears in 1 contract

Samples: Loan Agreement (Grindrod Shipping Holdings Pte. Ltd.)

Mitigation. If circumstances arise which would result in a notification under Clause 23.1 23.2 then, without in any way limiting the rights of the Notifying Lender under Clause 23.3, the Notifying Lender shall use reasonable endeavours to transfer its obligations, liabilities and rights under this Agreement and the Finance Documents to another office or financial institution not affected by the circumstances but the Notifying Lender shall not be under any obligation to take any such action if, in its opinion, to do would or might:

Appears in 1 contract

Samples: Loan Agreement (Mc Shipping Inc)

Mitigation. If circumstances arise which would result in a notification under Clause 23.1 19.1 then, without in any way limiting the rights of the Notifying Lender under Clause 23.319.3, the Notifying Lender shall use reasonable endeavours to transfer its obligations, liabilities and rights under this Agreement and the Finance Documents to another office or financial institution not affected by the circumstances but the Notifying Lender shall not be under any obligation to take any such action if, in its opinion, to do would or might:

Appears in 1 contract

Samples: Loan Agreement (Alma Maritime LTD)

Mitigation. If circumstances arise which would result in a notification under Clause 23.1 then, without in any way limiting the rights of the Notifying Lender under Clause 23.3, 23.3 the Notifying Lender shall use reasonable endeavours to transfer its obligations, liabilities and rights under this Agreement and the Finance Documents to another office or financial institution not affected by the circumstances but the Notifying Lender shall not be under any obligation to take any such action if, in its opinion, to do would or might:

Appears in 1 contract

Samples: Loan Agreement (DryShips Inc.)

Mitigation. If circumstances arise which would result in a notification under Clause 23.1 Section 24.1 then, if requested by an Obligor in writing and without in any way limiting the rights of the Notifying Lender under Clause 23.3Section 24.3, the Notifying Lender shall use reasonable endeavours endeavors to transfer its obligations, liabilities and rights under this Agreement and the Finance Documents to another office or financial institution not affected by the circumstances but the Notifying Lender shall not be under any obligation to take any such action if, in its opinion, to do would or might:

Appears in 1 contract

Samples: Management Agreement (Pacific Drilling S.A.)

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