Common use of AMENDMENTS TO THE FACILITY AGREEMENT Clause in Contracts

AMENDMENTS TO THE FACILITY AGREEMENT. (a) On the Effective Date, the amendments to the Facility Agreement set out in schedule 1 (Amendments to the Facility Agreement) to this letter will be made to the Facility Agreement to reflect the consent of the Agent (on behalf of the Required Lenders) to the Amendment Request in accordance with paragraph 1 above. (b) For the avoidance of doubt, clause 8.3 (Minimum Market Value) of the Facility Agreement will not apply whilst the minimum Market Value covenant in clause 24.1 (Minimum Market Value) of the Facility Agreement is suspended. (c) The amendments to the Facility Agreement in schedule 1 (Amendments to the Facility Agreement) to this letter (other than paragraphs 2, 3, 5, 6, 10, 11 and 12 of schedule 1) and the Agent’s confirmation in paragraph 5 below shall only be effective until the Deferral Date, on which date such amendments will be reversed, such confirmation shall cease to have effect and the rights and remedies available to the Lenders prior to the making of such amendments and such confirmation shall be reinstated in full.

Appears in 3 contracts

Samples: Secured Credit Facility Agreement, Secured Credit Facility Agreement (Seadrill Partners LLC), Senior Secured Credit Facility Agreement (Seadrill Partners LLC)

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AMENDMENTS TO THE FACILITY AGREEMENT. (a) On the Effective Date, the amendments to the Facility Agreement set out in schedule 1 (Amendments to the Facility Agreement) to this letter will be made to the Facility Agreement to reflect the consent of the Agent (on behalf of the Required Majority Lenders) to the Amendment Request 1B in accordance with paragraph 1 above. (b) For the avoidance of doubt, clause 8.3 8.4 (Minimum Market Value) of the Facility Agreement will not apply whilst the minimum Market Value covenant in clause 24.1 (Minimum Market Value) of the Facility Agreement is suspended. (c) The amendments to the Facility Agreement in schedule 1 (Amendments to the Facility Agreement) to this letter (other than paragraphs 2, 3, 5, 6, 10, 11 and 12 of schedule 1) and the Agent’s confirmation in paragraph 5 below shall only be effective until the Deferral Date, on which date such amendments will be reversed, such confirmation shall cease to have effect and the rights and remedies available to the Lenders prior to the making of such amendments and such confirmation shall be reinstated in full.

Appears in 1 contract

Samples: Senior Secured Credit Facility Agreement (North Atlantic Drilling Ltd.)

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AMENDMENTS TO THE FACILITY AGREEMENT. (a) On the Effective Date, the amendments to the Facility Agreement set out in schedule 1 (Amendments to the Facility Agreement) to this letter will be made to the Facility Agreement to reflect the consent of the Agent (on behalf of the Required LendersMajority) to the Amendment Request in accordance with paragraph 1 above. (b) For the avoidance of doubt, clause 8.3 8.4 (Minimum Market Value) of the Facility Agreement will not apply whilst the minimum Market Value covenant in clause 24.1 (Minimum Market Value) of the Facility Agreement is suspended. (c) The amendments to the Facility Agreement in schedule 1 (Amendments to the Facility Agreement) to this letter (other than paragraphs 2, 3, 5, 6, 10, 11 and 12 of schedule 1) and the Agent’s confirmation in paragraph 5 below shall only be effective until the Deferral Date, on which date such amendments will be reversed, such confirmation shall cease to have effect and the rights and remedies available to the Lenders prior to the making of such amendments and such confirmation shall be reinstated in full.

Appears in 1 contract

Samples: Facility Agreement (Seadrill Partners LLC)

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