Common use of Most Favored Lender Clause in Contracts

Most Favored Lender. (a) If the Bank Facility, or any guarantee by a Subsidiary of the Company’s obligations thereunder, or any Other Note Agreement or any guarantee by a Subsidiary of the Company’s obligations thereunder (the Bank Facility, each Other Note Agreement and any of such guarantees being referred to, collectively, as an “MFL Document”), shall be amended, modified or supplemented after the date hereof and during the Covenant Relief Period, whether directly or indirectly, and the effect of such amendment, modification or supplement shall be to impose on the Company or any Subsidiary Guarantor any one or more conditions, covenants, events of default or other terms (other than those referred to in Section 3.2 of this Agreement) that are not contained herein, in the Note Agreement or in the Subsidiary Guarantee (the “Relevant Documents”), or that would, if incorporated into the Relevant Documents, be more favorable to the holders of the Notes than the conditions, covenants, events of default or other terms contained in the Relevant Documents (any such condition, covenant, event of default or other term being referred to herein as a “More Favorable Provision”), then, subject to Section 3.1(b), such More Favorable Provision shall be automatically incorporated in the Relevant Document as if set forth fully therein, mutatis mutandis, and shall be effective as of the date such More Favorable Provision becomes effective in the relevant MFL Document. Thereafter, such More Favorable Provision may only be amended in accordance with the provisions of the Note Agreement.

Appears in 7 contracts

Samples: Second Amending Agreement (Penn West Petroleum Ltd.), Second Amending Agreement (Penn West Petroleum Ltd.), First Amending Agreement (Penn West Petroleum Ltd.)

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Most Favored Lender. (a) If at any time the Bank Facility, or any guarantee by a Subsidiary of the Company’s obligations thereunder, or any Other Note Revolving Credit Agreement or any guarantee by a Subsidiary of other Loan Document (as defined in the Company’s obligations thereunder (the Bank Facility, each Other Note Agreement and any of such guarantees being referred to, collectively, as an “MFL Document”Revolving Credit Agreement), shall be amendedor the documentation for any replacement revolving credit facility, modified includes (i) covenants or supplemented after the date hereof and during the Covenant Relief Period, whether directly or indirectly, and the effect of such amendment, modification or supplement shall be to impose on the Company or any Subsidiary Guarantor any one or more conditions, covenants, events of default in favor of a Lender (as defined in the Revolving Credit Agreement), or other terms (other than those referred to in Section 3.2 of this Agreement) lender under any replacement revolving credit facility, that are not contained hereinprovided for in this Agreement or the other Loan Documents, (ii) covenants or events of default in favor of a Lender (as defined in the Note Agreement or in the Subsidiary Guarantee (the “Relevant Documents”Revolving Credit Agreement), or lender under any replacement revolving credit facility, that wouldare more restrictive than the same or similar covenants or events of default provided for in this Agreement or the other Loan Documents or (iii) covenants or events of default in favor of a Lender (as defined in the Revolving Credit Agreement), if incorporated into the Relevant Documentsor lender under any replacement revolving credit facility, be that are more favorable to the holders of the Notes Borrower than the conditions, covenants, same or similar covenants or events of default provided for in this Agreement or the other terms contained Loan Documents, but, in the Relevant Documents case of this clause (any iii), only to the extent that NWFCS (x) is a lender or voting participant under the Revolving Credit Agreement (or replacement revolving credit facility) at such conditiontime, covenantand (y) in the case of an amendment, event of default or other term being referred to herein has approved such amendment in its capacity as a lender or voting participant under the Revolving Credit Agreement (or replacement revolving credit facility) (the More Favorable ProvisionMost Favored Covenants”), thenthen (a) such additional, subject to Section 3.1(b), such More Favorable Provision more restrictive or more favorable covenants or events of default shall immediately and automatically be automatically incorporated by reference in the Relevant Document this Agreement as if set forth fully thereinherein, mutatis mutandis, and no such provision may thereafter be waived, amended or modified under this Agreement except pursuant to the provisions of Section 10.01, and (b) the Borrowers shall be effective as of promptly, and in any event within five (5) days after entering into any such Most Favored Covenant, so advise the date such More Favorable Provision becomes effective Administrative Agent in the relevant MFL Documentwriting. Thereafter, such More Favorable Provision may only be amended in accordance upon the request of the Required Lenders, the Borrowers and Guarantors shall enter into an amendment to this Agreement with the provisions Administrative Agent and the Required Lenders evidencing the incorporation of such incremental or more restrictive or more favorable covenant or event of default, it being agreed that any failure to make such request or to enter into any such amendment shall in no way qualify or limit the incorporation by reference described in clause (a) of the Note Agreementimmediately preceding sentence.

Appears in 4 contracts

Samples: Term Loan Agreement (Potlatchdeltic Corp), Term Loan Agreement (Potlatchdeltic Corp), Term Loan Agreement (Potlatchdeltic Corp)

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Most Favored Lender. (a) If the Bank Facilityany Note Agreement, or any guarantee by a Subsidiary of the Company’s obligations thereunder, or any Other Note Agreement or any guarantee by a Subsidiary of the CompanyBorrower’s obligations thereunder (the Bank Facility, each Other Note Agreement and any of such guarantees being referred to, collectively, as an a MFL DocumentNotes Subsidiary Guarantee”), shall be amended, modified or supplemented after the date hereof First Amendment Date and during the Covenant Relief PeriodPeriod (each, a “Notes Amendment”), whether directly or indirectly, and the effect of such amendment, modification or supplement shall be to impose on the Company or any Subsidiary Guarantor Loan Party any one or more conditions, covenants, events of default or other terms (other than those referred to in Section 3.2 of this Agreement) that are not contained herein, in the Note Credit Agreement, the Borrower Guarantee or the Guarantee Agreement or in the Subsidiary Guarantee (the “Relevant Documents”), or that would, if incorporated into the Relevant Documents, be more favorable to the holders of the Notes Lenders than the conditions, covenants, events of default or other terms contained in the Relevant Documents (any such condition, covenant, event of default or other term being referred to herein as a “More Favorable Provision”), then, subject to Section 3.1(b), such More Favorable Provision shall be automatically incorporated in the Relevant Document as if set forth fully therein, mutatis mutandis, and shall be effective as of the date such More Favorable Provision becomes effective in the relevant MFL DocumentNote Agreements or Notes Subsidiary Guarantee, as the case may be. Thereafter, such More Favorable Provision may only be amended in accordance with the provisions of the Note Credit Agreement. The Borrower will provide the Agent with copies of all Notes Amendment prior to or forthwith after the effective date thereof.

Appears in 1 contract

Samples: First Amending Agreement (Penn West Petroleum Ltd.)

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