Most Favoured Lenders. In the event that the Parent Guarantor agrees to the incorporation of any additional financial covenants or financial covenants which are more onerous than those contained in Clause 23.1 (Financial covenants) into any financial contract or financial document relating to any other senior secured indebtedness of the Parent Guarantor, the Parent Guarantor shall immediately notify the Facility Agent and those financial covenants shall be deemed to apply to this Agreement as if set out in full herein with effect from the date of such financial contract or financial document and during the currency of that financial contract or financial document. The Parent Guarantor shall enter into additional documentation as the Facility Agent may reasonably require in respect of such incorporation.
Most Favoured Lenders. (1) If at any time the Second Lien Financing Agreement or any other agreement related to the Second Lien Debt includes: (a) any one or more covenants or events of default that are not provided for in the Documents taking into account the different relevant circumstance between the Second Lien Financing Agreement and the Second Lien Creditors and the Documents and the Lenders, or (b) any one or more covenants or events of default that are more restrictive, taken individually or as a whole, than the same or similar covenants or events of default provided in this Agreement or the other Documents taking into account the different relevant circumstances between the Second Lien Financing Agreement and the Second Lien Creditors and the Documents and the Lenders, then: (i) such additional or more restrictive covenants or events of default shall upon notice from the Agent be incorporated by reference in this Agreement as if set forth fully herein, mutatis mutandis, and no such provision may thereafter be waived, amended or modified under this Agreement except pursuant to the provisions of Section 16.10, and (ii) the Borrowers shall promptly, and in any event within ten (10) days after entering into any such additional or more restrictive covenants or events of default so advise the Agent in writing; provided that, if any such additional or more restrictive covenant or event of default provided to the Second Lien Creditors is eliminated, such elimination will automatically apply to this Agreement (including, for certainty, any amendments made to this Agreement to reflect any such additional or more restrictive covenant or event of default which shall be deemed to have been amended to eliminate the same). Thereafter, upon the request of the Majority of the Lenders, the Majority of the Lenders shall enter into an amendment to this Agreement evidencing the incorporation of such additional or more restrictive covenants or events 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 subparagraph (i) of the immediately preceding sentence.
Most Favoured Lenders. The Guarantor undertakes to procure that the Lenders shall receive no less favourable treatment than that provided or to be provided by a member of the Group to creditors under other loan and/or credit facility agreements (as the same may be amended and supplemented from time to time and including, without limitation, the Existing Loan Agreement) entered or to be entered into by any member of the Group, in relation to any prepayment of any loan or credit facility or any financial covenants under such agreements. Accordingly, should any member of the Group provide to any other creditor more favourable treatment in relation to any prepayment provisions or any financial covenants than those which the Lenders have been provided with under the Loan Agreement, this Guarantee or any other Finance Document, the Guarantor shall promptly advise the Agent of those prepayment arrangements and covenants and shall, upon the Agent's request, enter into and, as the case may be, ensure that any other member of the Group will enter into, such documentation supplemental to the Finance Documents as the Lenders may require in order to achieve parity with the lenders under such other financings.
Most Favoured Lenders. (a) If at any time any Other Facility Agreement shall include any financial covenant in respect of the Parent Guarantor, the Group or the majority of the Group (whether set forth as a covenant, undertaking, event of default, restriction or other such provision) (a “Financial Covenant”) not set forth herein or that would be more beneficial to the Lenders than any analogous provision contained in this Agreement (any such Financial Covenant, an “Additional Financial Covenant”), then the Borrowers and HoldCo shall provide a Most Favoured Lender Notice to the Lenders. Thereupon, unless waived in writing by the Majority Lenders within fourteen (14) days of receipt of such Most Favoured Lender Notice by the Lenders, such Additional Financial Covenant (and any related definitions and any information and other undertakings reasonably required to ensure compliance with the Additional Finance Covenant) shall be deemed automatically incorporated by reference into this Agreement, mutatis mutandis, as if set out fully in this document, without any further action required on the part of any person, effective as of the date when such Additional Financial Covenant became effective under the Facility Agreement. For the avoidance of doubt, in no event shall any (i) collateral maintenance requirements relating to a Fleet Vessel or Fleet Vessels, or (ii) minimum liquidity requirements on a per vessel basis equivalent to the requirement in clause 7.1(a) in any Other Facility Agreement be subject to the requirements set forth in this Clause 8.2.
Most Favoured Lenders. In the event that the Parent Guarantor agrees to the incorporation of any amendment to the definition of Change of Control which is more onerous than those contained in the definition of Change of Control in this Agreement, or any additional financial covenants or financial covenants which are more onerous than those contained in Clause 25.1 (Financial covenants) (other than paragraph 25.1(e)(e) of Clause 25.1 (Financial covenants)) into any financial contract or financial document relating to any other senior secured indebtedness of the Parent Guarantor, the Parent Guarantor shall immediately notify the Facility Agent and those financial covenants or Change of Control shall be deemed to apply to this Agreement as if set out in full herein with effect from the date of such financial contract or financial document and during the currency of that financial contract or financial document. The Parent Guarantor shall enter into additional documentation as the Facility Agent may reasonably require in respect of such incorporation.
Most Favoured Lenders. As at the Restatement Date, save and except for the Note Purchase Agreement, none of the Restricted Credit Parties is party to any banking, credit facility or indenture pursuant to which Debt for borrowed money is or may be incurred by the Restricted Credit Parties or any one thereof in an aggregate amount in excess of Cdn$15,000,000 and which contains more favourable terms (including representations and warranties, covenants and defaults, but excluding pricing, pricing grids and up-front fees) for the lenders thereunder than those contained herein.
Most Favoured Lenders. If the Restricted Credit Parties or any one thereof incur Debt for borrowed money permitted hereunder in an aggregate amount in excess of Cdn$15,000,000 from a bank or similar financial institution that contains or provides for any term or condition, including any Lien, representation and warranty, covenant or default (but excluding, for greater certainty, pricing, any change in the form of any pricing grid and up-front fees) that is more favourable to such lenders than the provisions hereof in favour of the Lenders, the Borrowers shall immediately offer to the Administrative Agent to extend such more favourable provisions to the Lenders. The Administrative Agent shall immediately be notified of the terms and conditions of any such Debt for borrowed money and upon receipt of such notice and if so instructed by the Majority Lenders, the Administrative Agent may notify the Borrowers of the acceptance by the Lenders of the inclusion into this Agreement of such more favourable provisions which shall be deemed, as at the date of such Administrative Agent’s notice, to be added and form part of this Agreement. The Borrowers shall, at the request of the Administrative Agent, amend this Agreement to incorporate herein such more favourable provisions.
Most Favoured Lenders. If at any time the Second Lien Financing Agreement or any other Second Lien Document includes any one or more covenants or events of default that are more onerous or restrictive, taken as a whole, than the covenants or events of default provided in this Agreement or the other Loan Documents taking into account the different relevant circumstances between the Second Lien Financing Agreement and the Second Lien Creditors and the Loan Documents and the Lenders, then such more restrictive covenants or events of default shall upon notice from the Agent be incorporated by reference in this Agreement as if set forth fully herein, mutatis mutandis, and no such provision may thereafter be waived, amended or modified under this Agreement except pursuant to the provisions of Section 14.1. Thereafter, upon the request of the Majority Lenders, the Majority Lenders shall enter into an amendment to this Agreement evidencing the incorporation of such more restrictive covenants or events 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 the immediately preceding sentence. Notwithstanding the foregoing, any provisions of any Second Lien Financing Agreement that establish any interest rate shall not be subject to the foregoing requirements.
Most Favoured Lenders. As at the Closing Date, the Borrower is not party to any material banking, credit facility or indenture which contains more favorable terms (including representations and warranties, covenants and defaults, but excluding pricing, pricing grids and up-front fees) for the lenders thereunder than those contained herein.
Most Favoured Lenders. If the Borrower or a Restricted Subsidiary incurs Debt for borrowed money permitted hereunder from a bank or similar financial institution that contains or provides for any term or condition, including any Charge, representation and warranty, covenant or default (but excluding, for greater certainty, pricing, any change in the form of any pricing grid and up-front fees) that is more favourable to such lenders than the provisions hereof in favour of the Lenders, the Borrower shall immediately offer to the Agent to extend such more favourable provisions to the Lenders. The Agent shall immediately be notified of the terms and conditions of any such Debt for borrowed money and the Agent and the Lenders shall immediately be entitled to rely on any more restrictive representations and warranties, covenants and negative covenants than those contained herein. The Borrower shall, at the request of the Agent, on behalf of the Lenders, amend this Agreement to incorporate the more restrictive provisions of any such agreement relating to such Debt.
