Common use of Mitigation by the Lenders Clause in Contracts

Mitigation by the Lenders. Mitigation Without in any way limiting the obligations of the Borrower hereunder, each Finance Party shall, in consultation with the Borrower, take all reasonable steps for a period of fifteen (15) Business Days to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant to, any of: Clause (b) (Illegality); Clause 13 (Tax gross-up and indemnities); and Clause 14 (Increased Costs), including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate.

Appears in 2 contracts

Samples: Credit Facilities Agreement, Credit Facilities Agreement (Seadrill Partners LLC)

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Mitigation by the Lenders. Mitigation Without in any way limiting the obligations of the Borrower Borrowers hereunder, each Finance Party shall, in consultation with the BorrowerBorrowers, take all reasonable steps for a period of fifteen (15) Business Days to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant to, any of: Clause (b) 8.2 (Illegality); Clause 13 (Tax gross-up and indemnities); and Clause 14 (Increased Costs), including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliateaffiliate.

Appears in 2 contracts

Samples: Credit Facility Agreement, And Restatement Agreement (Seadrill Partners LLC)

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Mitigation by the Lenders. Mitigation Without in any way limiting the obligations of the Borrower Borrowers hereunder, each Finance Party shall, in consultation with the BorrowerBorrowers, take all reasonable steps for a period of fifteen (15) Business Days to 38 (38) mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant to, any of: Clause (b) 8.2 (Illegality); Clause 13 (Tax gross-up and indemnities); and Clause 14 (Increased Costs), including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliateaffiliate.

Appears in 1 contract

Samples: Seadrill Partners LLC

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