Agreement of the Banks. The Banks, relying upon each of the representations and warranties in Clause 4 and subject to Clause 3, agree to amend the Loan Agreement as set out in Clause 5 below.
Agreement of the Banks. Each of the Banks agrees with each other Bank that if such Bank shall receive from the Borrower or any Guarantor, whether by voluntary payment, counterclaim, cross action, enforcement of the claim evidenced by the Notes held by or constituting Reimbursement Obligations owed to such Bank, by proceedings against the Borrower or any Guarantor at law or in equity or by proof thereof in bankruptcy, reorganization, liquidation, receivership or similar proceedings, or otherwise, and shall retain and apply to the payment of the Note or Notes held by or Reimbursement Obligations owing to such Bank, any amount in excess of its ratable portion of the payments received by all of the Banks with respect to the Notes held by and Reimbursement Obligations owing to all of the Banks, such Bank will make such disposition and arrangements with the other Banks with respect to such excess, either by way of distribution, pro tanto assignment of claims, subrogation or otherwise as shall result in each Bank receiving in respect of the Notes held by, or Reimbursement Obligations owing to it, its proportionate payment as contemplated by this Credit Agreement; provided that if all or any part of such excess payment is thereafter recovered from such Bank, such disposition and arrangements shall be rescinded and the amount restored to the extent of such recovery, but without interest.
Agreement of the Banks. Each of the Banks (i) authorizes Xxxxxxx Xxxx LLP to engage Zolfo Xxxxxx, LLC as special restructuring counsel to the Agents and (ii) agrees to be bound by the provisions set forth in the Bank Group Agreements Re Engagement of Zolfo Xxxxxx LLC set forth on Exhibit B hereto.
Agreement of the Banks. Each of the Banks (i) authorizes Xxxxxxx Xxxx LLP to engage Xxxxxx, Xxxxxx & Xxxxxxx in connection with the appraisal of the vessel fleet of the Borrower and its Subsidiaries and (ii) agrees to be bound by the provisions set forth in the Bank Group Agreements Re Engagement of Xxxxxx, Xxxxxx & Xxxxxxx, Inc. set forth on Annex B hereto. The parties agree that Xxxxxxx Xxxx LLP will provide a copy of such appraisal to the Borrower promptly upon receipt thereof.
Agreement of the Banks. Each of the Banks agrees with each other Bank that if such Bank shall receive from the Borrower or any Guarantor, whether by voluntary payment, counterclaim, cross action, enforcement of the claim evidenced by the Notes held by, such Bank by proceedings against the Borrower or any Guarantor at law or in equity or by proof thereof in bankruptcy, reorganization, liquidation, receivership or similar proceedings, or otherwise, and shall retain and apply to the payment of the Note or Notes held by, such Bank any amount in excess of its ratable portion of the payments received by all of the Banks with respect to the Notes held by, all of the Banks, such Bank will make such disposition and arrangements with the other Banks with respect to such excess, either by way of distribution, pro tanto assignment of claims, subrogation or otherwise as shall result in each Bank receiving in respect of the Notes held by it, its proportionate payment as contemplated by this Credit Agreement; provided that if all or any part of such excess payment is thereafter recovered from such Bank, such disposition and arrangements shall be rescinded and the amount restored to the extent of such recovery, but without interest.
Agreement of the Banks. Each of the Banks hereby ratifies the engagement by the Agents and the Agents Special Counsel of Xxxxxx Xxxxxxxx LLP (Xxxxxxxx) under the Engagement Letter dated August 28, 1998 in connection with the evaluation of certain financial matters involving the Borrower and the agreement by the Administrative Agent, as Agent for the Banks, to indemnify and hold harmless Xxxxxxxx against any claims, liabilities, costs, and expenses brought against, paid or incurred by Xxxxxxxx in any way arising out of or relating to Andersens services in connection with such engagement, in an aggregate amount of up to $1,000,000, and agrees that any claims, actions, suits, losses, damages, costs, and expenses incurred by the Administrative Agent in connection therewith shall be subject to 18.7 of the Credit Agreement.
Agreement of the Banks
