Common use of More Favourable Terms Clause in Contracts

More Favourable Terms. To the extent that any other forbearance or standstill agreement entered into by the Parent or any of its subsidiaries (any such agreement, a “Third Party Forbearance Agreement”), or any amendment to any Third Party Forbearance Agreement entered into or agreed on or after the date of this Extension Letter during the Extended Support Period, provides any benefit or right (including, without limitation, the benefit of a forbearance period of shorter duration than the Extended Support Period) to any creditor party thereto that is more favourable than any benefit or right provided under this Extension Letter, taking into account the terms and conditions currently in effect with such creditor party, notwithstanding the relevant Third Party Forbearance Agreement, this Extension Letter shall be amended so as to cause any such benefit or right to be made available to the Lenders concurrently with making any such benefit or right available, and on comparable terms as it is made available, to any such other creditor. The Parent and the Borrower agree to provide copies of any Third Party Forbearance Agreement or any amendments to Third Party Forbearance Agreements to the Lenders promptly, but in any event within two (2) Business Days, of entering into it.

Appears in 1 contract

Samples: Gulfmark Offshore Inc

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More Favourable Terms. To the extent that any other forbearance or standstill agreement entered into by the Parent or any of its subsidiaries (any such agreement, a “Third Party Forbearance Agreement”), or any amendment to any Third Party Forbearance Agreement entered into or agreed on or after the date of this Second Extension Letter during the Second Extended Support Forbearance Period, provides any benefit or right (including, without limitation, the benefit of a forbearance period of shorter duration than the Second Extended Support Forbearance Period) to any creditor party thereto that is more favourable than any benefit or right provided under this Second Extension Letter, taking into account the terms and conditions currently in effect with such creditor party, notwithstanding the relevant Third Party Forbearance Agreement, this Second Extension Letter shall be amended so as to cause any such benefit or right to be made available to the Lenders concurrently with making any such benefit or right available, and on comparable terms as it is made available, to any such other creditor. The Parent and the Borrower agree agrees to provide copies of any Third Party Forbearance Agreement or any amendments to Third Party Forbearance Agreements to the Lenders promptly, but in any event within two (2) Business Days, of entering into itexecution thereof.

Appears in 1 contract

Samples: Facility Agreement (Gulfmark Offshore Inc)

More Favourable Terms. To the extent that any other forbearance or standstill agreement entered into by the Parent or any of its subsidiaries (any such agreement, a “Third Party Forbearance Agreement”), or any amendment to any Third Party Forbearance Agreement entered into or agreed on or after the date of this Third Extension Letter during the Third Extended Support Period, provides any benefit or right (including, without limitation, the benefit of a forbearance period of shorter duration than the Third Extended Support Period) to any creditor party thereto that is more favourable than any benefit or right provided under this Third Extension Letter, taking into account the terms and conditions currently in effect with such creditor party, notwithstanding the relevant Third Party Forbearance Agreement, this Third Extension Letter shall be amended so as to cause any such benefit or right to be made available to the Lenders concurrently with making any such benefit or right available, and on comparable terms as it is made available, to any such other creditor. The Parent and the Borrower agree to provide copies of any Third Party Forbearance Agreement or any amendments to Third Party Forbearance Agreements to the Lenders promptly, but in any event within two (2) Business Days, of entering into it.

Appears in 1 contract

Samples: Gulfmark Offshore Inc

More Favourable Terms. To the extent that any other forbearance or standstill agreement entered into by the Parent or any of its subsidiaries (any such agreement, a “Third Party Forbearance Agreement”), or any amendment to any Third Party Forbearance Agreement entered into or agreed on or after the date of this Second Extension Letter during the Second Extended Support Period, provides any benefit or right (including, without limitation, the benefit of a forbearance period of shorter duration than the Second Extended Support Period) to any creditor party thereto that is more favourable than any benefit or right provided under this Second Extension Letter, taking into account the terms and conditions currently in effect with such creditor party, notwithstanding the relevant Third Party Forbearance Agreement, this Second Extension Letter shall be amended so as to cause any such benefit or right to be made available to the Lenders concurrently with making any such benefit or right available, and on comparable terms as it is made available, to any such other creditor. The Parent and the Borrower agree to provide copies of any Third Party Forbearance Agreement or any amendments to Third Party Forbearance Agreements to the Lenders promptly, but in any event within two (2) Business Days, of entering into it.

Appears in 1 contract

Samples: Facility Agreement (Gulfmark Offshore Inc)

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More Favourable Terms. To the extent that any other forbearance or standstill agreement entered into by the Parent or any of its subsidiaries (any such agreement, a “Third Party Forbearance Agreement”), or any amendment to any Third Party Forbearance Agreement entered into or agreed on or after the date of this First Extension Letter during the First Extended Support Forbearance Period, provides any benefit or right (including, without limitation, the benefit of a forbearance period of shorter duration than the First Extended Support Forbearance Period) to any creditor party thereto that is more favourable than any benefit or right provided under this First Extension Letter, taking into account the terms and conditions currently in effect with such creditor party, notwithstanding the relevant Third Party Forbearance Agreement, this First Extension Letter shall be amended so as to cause any such benefit or right to be made available to the Lenders concurrently with making any such benefit or right available, and on comparable terms as it is made available, to any such other creditor. The Parent and the Borrower agree agrees to provide copies of any Third Party Forbearance Agreement or any amendments to Third Party Forbearance Agreements to the Lenders promptly, but in any event within two (2) Business Days, of entering into itexecution thereof.

Appears in 1 contract

Samples: Gulfmark Offshore Inc

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