Common use of Mitigation of Circumstances; Replacement of Affected Bank Clause in Contracts

Mitigation of Circumstances; Replacement of Affected Bank. (a) Each Bank shall promptly notify the Company and the Administrative Agent of any event of which it has knowledge which will result in, and will use reasonable commercial efforts available to it (and not, in such Bank's good faith judgment, otherwise disadvantageous to such Bank) to mitigate or avoid, (i) any obligation by the Company to pay any amount pursuant to SECTION 7.6 or 8.1 or (ii) the occurrence of any circumstances of the nature described in SECTION 8.2 or 8.3 (and, if any Bank has given notice of any such event described in CLAUSE (i) or (ii) above and thereafter such event ceases to exist, such Bank shall promptly so notify the Company and the Administrative Agent). Without limiting the foregoing, each Bank will designate a different funding office if such designation will avoid (or reduce the cost to the Company of) any event described in CLAUSE (i) or (ii) of the preceding sentence and such designation will not, in such Bank's sole good faith judgment, be otherwise disadvantageous to such Bank.

Appears in 1 contract

Samples: Credit Agreement (Tetra Tech Inc)

AutoNDA by SimpleDocs

Mitigation of Circumstances; Replacement of Affected Bank. (a) Each Bank shall promptly notify the Company and the Administrative Agent of any event of which it has knowledge which will result in, and will use reasonable commercial efforts available to it (and not, in such Bank's good faith judgment, otherwise disadvantageous to such Bank) to mitigate or avoid, (i) any obligation by the Company either Borrower to pay any amount pursuant to SECTION 7.6 7.6, 7.7 or 8.1 or (ii) the occurrence of any circumstances of the nature described in SECTION 8.2 or 8.3 (and, if any Bank has given notice of any such event described in CLAUSE (iI) or (iiII) above and thereafter such event ceases to exist, such Bank shall promptly so notify the Company and the Administrative Agent). Without limiting the foregoing, each Bank will designate a different funding office Funding Office if such designation will avoid (or reduce the cost to the Company applicable Borrower of) any event described in CLAUSE (iI) or (iiII) of the preceding sentence and such designation will not, in such Bank's sole good faith judgment, be otherwise disadvantageous to such Bank.

Appears in 1 contract

Samples: Credit Agreement (Layne Christensen Co)

Mitigation of Circumstances; Replacement of Affected Bank. (a) Each Bank shall promptly notify the Company Borrower and the Administrative Agent of any event of which it has knowledge which will result in, and will use reasonable commercial efforts available to it (and not, in such Bank's good faith judgment, otherwise disadvantageous to such Bank) to mitigate or avoid, (i) any obligation by the Company Borrower to pay any amount pursuant to SECTION 7.6 or 8.1 or (ii) the occurrence of any circumstances of the nature described in SECTION 8.2 or 8.3 (and, if any Bank has given notice of any such event described in CLAUSE (i) or (ii) above and thereafter such event ceases to exist, such Bank shall promptly so notify the Company Borrower and the Administrative Agent). Without limiting the foregoing, each Bank will designate a different funding office if such designation will avoid (or reduce the cost to the Company Borrower of) any event described in CLAUSE (i) or (ii) of the preceding sentence and such designation will not, in such Bank's sole good faith judgment, be otherwise disadvantageous to such Bank.

Appears in 1 contract

Samples: Credit Agreement (Input Output Inc)

Mitigation of Circumstances; Replacement of Affected Bank. (a) Each Bank shall promptly notify the Company and the Administrative Agent of any event of which it has knowledge which will result in, and will use reasonable commercial efforts available to it (and not, in such Bank's good faith sole judgment, otherwise disadvantageous to such Bank) to mitigate or avoid, (i) any obligation by the Company to pay any amount pursuant to SECTION 7.6 6.1 or 8.1 6.3 or (ii) the occurrence of any circumstances of the nature described in SECTION 8.2 6.2 or 8.3 6.4 (and, if any Bank has given notice of any such event described in CLAUSE (i) or (ii) above and thereafter such event ceases to exist, such Bank shall promptly so notify the Company and the Administrative Agent). Without limiting the foregoing, each Bank will designate a different funding office if such designation will avoid (or reduce the cost to the Company of) any event described in CLAUSE (i) or (ii) of the preceding sentence and such designation will not, in such Bank's sole good faith judgment, be otherwise disadvantageous to such Bank.

Appears in 1 contract

Samples: Security Agreement (Duff & Phelps Credit Rating Co)

AutoNDA by SimpleDocs

Mitigation of Circumstances; Replacement of Affected Bank. (a) Each Bank shall promptly notify the Company and the Administrative Agent of any event of which it has knowledge which will result in, and will use reasonable commercial efforts available to it (and not, in such Bank's good faith judgment, otherwise disadvantageous to such Bank) to mitigate or avoid, (i) any obligation by the Company to pay any amount pursuant to SECTION 7.6 or 8.1 or (ii) the occurrence of any circumstances of the nature described in SECTION 8.2 or 8.3 (and, if any Bank has given notice of any such event described in CLAUSE (iI) or (iiII) above and thereafter such event ceases to exist, such Bank shall promptly so notify the Company and the Administrative Agent). Without limiting the foregoing, each Bank will designate a different funding office if such designation will avoid (or reduce the cost to the Company of) any event described in CLAUSE (iI) or (iiII) of the preceding sentence and such designation will not, in such Bank's sole good faith judgment, be otherwise disadvantageous to such Bank.

Appears in 1 contract

Samples: Credit Agreement (U S Liquids Inc)

Time is Money Join Law Insider Premium to draft better contracts faster.