Common use of Most Favored Covenant Clause in Contracts

Most Favored Covenant. In the event that the Agency or any Subsidiary or Affiliate thereof shall, directly or indirectly, enter into or otherwise consent to any Contract (or any amendment, supplement or modification thereto) under which, directly or indirectly, any Person or Persons undertakes to make or provide credit or loans to the Agency, any such Subsidiary or Affiliate, under which the Agency issues or incurs or refunds or refinances or extends any Indebtedness (or any liquidity or credit enhancement or bank loan or mandatory purchase date in connection with such Indebtedness), which agreement or instrument (or amendment, supplement or modification) provides such Person or Persons with more additional or restrictive covenants, additional or different events of default and/or greater rights or the remedies related thereto than are provided to the Bank in this Agreement, the Agency shall provide the Bank with a copy of each such agreement (or amendment, supplement or modification) within thirty (30) days of any such agreements or instruments and, in any event, such additional or more restrictive covenants, such additional or different events of default and/or greater rights and remedies shall, unless otherwise stipulated by the Bank, automatically be deemed to be incorporated into this Agreement, and the Bank shall have the benefits of such additional more restrictive covenants, additional or more restrictive events of default and/or such T-19609.003/1388688.doc greater rights and remedies as if specifically set forth herein for so long as any such agreement or instrument that provides for such additional or more restrictive covenants, such additional or different events of default and/or such greater rights and remedies remain in effect. Upon the request of the Bank, the Agency shall promptly enter into an amendment to this Agreement to incorporate herein and make a part hereof such additional or more restrictive covenants, additional or different events of default and/or greater rights; provided, however that any such amendment shall be subject to any required approval of the Oversight Board and review of the Department of Finance, the satisfaction and completion of which the Agency agrees to employ its best efforts to obtain.

Most Favored Covenant. In the event that the Agency or any Subsidiary or Affiliate thereof shall, directly or indirectly, enter into or otherwise consent to any Contract (or any amendment, supplement or modification thereto) under which, directly or indirectly, any Person or Persons undertakes to make or provide credit or loans to the Agency, any such 4833-0482-6414.3 Subsidiary or Affiliate, under which the Agency issues or incurs or refunds or refinances or extends any Indebtedness (or any liquidity or credit enhancement or bank loan or mandatory purchase date in connection with such Indebtedness), which agreement or instrument (or amendment, supplement or modification) provides such Person or Persons with more additional or restrictive covenants, additional or different events of default and/or greater rights or the remedies related thereto than are provided to the Bank in this Agreement, the Agency shall provide the Bank with a copy of each such agreement (or amendment, supplement or modification) within thirty (30) days of any such agreements or instruments and, in any event, such additional or more restrictive covenants, such additional or different events of default and/or greater rights and remedies shall, unless otherwise stipulated by the Bank, automatically be deemed to be incorporated into this Agreement, and the Bank shall have the benefits of such additional more restrictive covenants, additional or more restrictive events of default and/or such T-19609.003/1388688.doc greater rights and remedies as if specifically set forth herein for so long as any such agreement or instrument that provides for such additional or more restrictive covenants, such additional or different events of default and/or such greater rights and remedies remain in effect. Upon the request of the Bank, the Agency shall promptly enter into an amendment to this Agreement to incorporate herein and make a part hereof such additional or more restrictive covenants, additional or different events of default and/or greater rights; provided, however that any such amendment shall be subject to any required approval of the Oversight Board and review of the Department of Finance, the satisfaction and completion of which the Agency agrees to employ its best efforts to obtain.

Most Favored Covenant. In the event that the Agency or any Subsidiary or Affiliate thereof shall, directly or indirectly, enter into or otherwise consent to any Contract (or any amendment, supplement or modification thereto) under which, directly or indirectly, any Person or Persons undertakes to make or provide credit or loans to the Agency, any such Subsidiary or Affiliate, under which the Agency issues or incurs or refunds or refinances or extends any Indebtedness (or any liquidity or credit enhancement or bank loan or mandatory purchase date in connection with such Indebtedness), which agreement or instrument (or amendment, supplement or modification) provides such Person or Persons with more additional or restrictive covenants, additional or different events of default and/or greater rights or the remedies related thereto than are provided to the Bank in this Agreement, the Agency shall provide the Bank with a copy of each such agreement (or amendment, supplement or modification) within thirty (30) days of any such agreements or instruments and, in any event, such additional or more restrictive covenants, such additional or different events of default and/or greater rights and remedies shall, unless otherwise stipulated by the Bank, automatically be deemed to be incorporated into this Agreement, and the Bank shall have the benefits of such additional more restrictive covenants, additional or more restrictive events of default and/or such T-19609.003/1388688.doc 0000-0000-0000.6 greater rights and remedies as if specifically set forth herein for so long as any such agreement or instrument that provides for such additional or more restrictive covenants, such additional or different events of default and/or such greater rights and remedies remain in effect. Upon the request of the Bank, the Agency shall promptly enter into an amendment to this Agreement to incorporate herein and make a part hereof such additional or more restrictive covenants, additional or different events of default and/or greater rights; provided, however that any such amendment shall be subject to any required approval of the Oversight Board and review of the Department of Finance, the satisfaction and completion of which the Agency agrees to employ its best efforts to obtain.

Most Favored Covenant. In the event that the Agency or any Subsidiary or Affiliate thereof shall, directly or indirectly, enter into or otherwise consent to any Contract (or any amendment, supplement or modification thereto) under which, directly or indirectly, any Person or Persons undertakes to make or provide credit or loans to the Agency, any such Subsidiary or Affiliate, under which the Agency issues or incurs or refunds could issue or refinances or extends any Indebtedness (or any liquidity or credit enhancement or bank loan or mandatory purchase date in connection with such incur Indebtedness), which agreement or instrument (or amendment, supplement or modification) provides such Person or Persons with more additional or restrictive covenants, additional or different events of default and/or greater rights or the remedies related thereto than are provided to the Bank in this Agreement, the Agency shall provide the Bank with a copy of each such agreement (or amendment, supplement or modification) within thirty (30) days of any such agreements or instruments and, in any event, such additional or more restrictive covenants, such additional or different events of default and/or greater rights and remedies shall, unless otherwise stipulated by the Bank, automatically be deemed to be incorporated into this Agreement, and the Bank shall have the benefits of such additional more restrictive covenants, additional or more restrictive events of default and/or such T-19609.003/1388688.doc greater rights and remedies as if specifically set forth herein for so long as any such agreement or instrument that provides for such additional or more restrictive covenants, such additional or different events of default and/or such greater rights and remedies remain in effect. Upon the request of the Bank, the Agency shall promptly enter into an amendment to this Agreement to incorporate herein and make a part hereof such additional or more restrictive covenants, additional or different events of default and/or greater rights; provided, however that any such amendment shall be subject to any required approval of the Oversight Board and review of the Department of Finance, the satisfaction and completion of which the Agency agrees to employ its best efforts to obtain.