Common use of Most Favored Lender Status Clause in Contracts

Most Favored Lender Status. If at any time any of the Prudential Financing, or any agreement or document related to the Prudential Financing or any Principal Credit Facility of the Borrower, includes (i) any covenant, event of default or similar provision that is not provided for in this Agreement, or (ii) any covenant, event of default or similar provision that is more restrictive than the same or similar covenant, event of default or similar provision provided in this Agreement (all such provisions described in the foregoing clauses (i) or (ii) of this Section 7.17 being referred to as the “Most Favored Covenants”), then (a) such Most Favored Covenant shall immediately and automatically be incorporated by reference in this Agreement as if set forth fully herein, mutatis mutandis, and no such provision may thereafter be waived, amended or modified under this Agreement except pursuant to the provisions of Section 10.2, and (b) the Borrower shall promptly, and in any event within five (5) Business Days after entering into any such Most Favored Covenant, so advise the Administrative Agent (for distribution to the Lenders) in writing. Thereafter, upon the request of the Required Lenders, the Borrower shall enter into an amendment to this Agreement with the Administrative Agent and the Required Lenders evidencing the incorporation of such Most Favored Covenant, it being agreed that any failure to make such request or to enter into any such amendment shall in no way qualify or limit the incorporation by reference described in clause (a) of the immediately preceding sentence.

Appears in 5 contracts

Samples: Credit Agreement (Encore Capital Group Inc), Credit Agreement (Encore Capital Group Inc), Credit Agreement (Encore Capital Group Inc)

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Most Favored Lender Status. (a) If at any time any of the Prudential FinancingParent, the Issuer or any agreement Subsidiary Guarantor is a party to, shall enter into or document related to the Prudential Financing shall assume or otherwise become bound or obligated under any Principal Credit Facility (or any amendment thereto) that contains a Most Favored Covenant, then the Issuer shall provide a Most Favored Lender Notice in respect of the Borrower, includes (i) any covenant, event of default or similar provision that is not provided for in such Most Favored Covenant. Such Most Favored Covenant shall be deemed automatically incorporated by reference into this Agreement, or (ii) any covenantmutatis mutandis, event as if set forth in full herein, effective as of default or similar provision that is more restrictive than the same or similar covenant, event of default or similar provision provided in this Agreement (all such provisions described in the foregoing clauses (i) or (ii) of this Section 7.17 being referred to as the “Most Favored Covenants”), then (a) date when such Most Favored Covenant shall immediately and automatically be incorporated by reference in this Agreement as if set forth fully herein, mutatis mutandis, and no have become effective under such provision may thereafter be waived, amended or modified under this Agreement except pursuant Principal Credit Facility (unless such date is prior to the provisions date of Section 10.2this Agreement, in which case such covenant will be deemed incorporated effective as of the date of this Agreement) and (b) the Borrower shall promptly, and in any event within five (5) Business Days after entering into of default in respect of any such Most Favored Covenant, Covenant so advise the Administrative Agent included herein shall be deemed to be an Event of Default under Section 11(c) (for distribution after giving effect to the Lenders) in writingany grace or cure provisions under such Principal Credit Facility). Thereafter, upon the request of any holder of a Note (and, prior to the Required LendersSecond Closing, any Purchaser), the Borrower Issuer shall enter into an any additional agreement or amendment to this Agreement with the Administrative Agent and the Required Lenders evidencing the incorporation of reasonably requested by such Most Favored Covenant, it being agreed that holder to further evidence any failure to make such request or to enter into any such amendment shall in no way qualify or limit the incorporation by reference described in clause (a) of the immediately preceding sentenceforegoing.

Appears in 2 contracts

Samples: Note Purchase Agreement (CoreSite Realty Corp), Note Purchase Agreement (CoreSite Realty Corp)

Most Favored Lender Status. If at The Borrower will not and will not permit any time Restricted Subsidiary to enter into, assume or otherwise be bound or obligated under any agreement creating or evidencing Indebtedness or any agreement executed and delivered in connection with any Indebtedness containing one or more Additional Covenants or Additional Defaults (as defined below), unless prior written consent to such agreement shall have been obtained from the Required Lenders; provided, however, in the event the Borrower or any Restricted Subsidiary shall enter into, assume or otherwise become bound by or obligated under any such agreement without the prior written consent of the Lenders, the terms of this Agreement shall, without any further action on the part of the Borrower or any of the Prudential Financing, or any agreement or document related to the Prudential Financing or any Principal Credit Facility of the Borrower, includes (i) any covenant, event of default or similar provision that is not provided for in this Agreement, or (ii) any covenant, event of default or similar provision that is more restrictive than the same or similar covenant, event of default or similar provision provided in this Agreement (all such provisions described in the foregoing clauses (i) or (ii) of this Section 7.17 being referred to as the “Most Favored Covenants”), then (a) such Most Favored Covenant shall immediately and automatically be incorporated by reference in this Agreement as if set forth fully herein, mutatis mutandis, and no such provision may thereafter be waived, amended or modified under this Agreement except pursuant to the provisions of Section 10.2, and (b) the Borrower shall promptly, and in any event within five (5) Business Days after entering into any such Most Favored Covenant, so advise the Administrative Agent (for distribution to the Lenders) in writing. Thereafter, upon the request of the Required Lenders, the be deemed to be amended automatically to include each Additional Covenant and each Additional Default contained in such agreement. The Borrower shall enter into further covenants to promptly execute and deliver at its expense an amendment to this Agreement with the Administrative Agent in form and substance satisfactory to the Required Lenders evidencing the incorporation amendment of this Agreement to include such Most Favored CovenantAdditional Covenants and Additional Defaults, it being agreed provided that any failure to make such request or to enter into any the execution and delivery of such amendment shall not be a precondition to the effectiveness of such amendment as provided for in no way qualify or limit this Section 5.06, but shall merely be for the incorporation by reference described in clause (a) convenience of the immediately preceding sentenceparties hereto.

Appears in 2 contracts

Samples: Revolving Credit Facility Agreement (Lennox International Inc), Advance Term Credit Agreement (Lennox International Inc)

Most Favored Lender Status. (a) If at any time any of the Prudential FinancingParent, the Issuer or any agreement Subsidiary Guarantor is a party to, shall enter into or document related to the Prudential Financing shall assume or otherwise become bound or obligated under any Principal Credit Facility (or any amendment thereto) that contains an Additionala Most Favored Covenant, then the Issuer shall provide a Most Favored Lender Notice in respect of the Borrower, includes (i) any covenant, event of default or similar provision that is not provided for in such AdditionalMost Favored Covenant. Such AdditionalMost Favored Covenant shall be deemed automatically incorporated by reference into this Agreement, or (ii) any covenantmutatis mutandis, event of default or similar provision that is more restrictive than the same or similar covenant, event of default or similar provision provided in this Agreement (all such provisions described in the foregoing clauses (i) or (ii) of this Section 7.17 being referred to as the “Most Favored Covenants”), then (a) such Most Favored Covenant shall immediately and automatically be incorporated by reference in this Agreement as if set forth fully in full herein, mutatis mutandis, and no effective as of the date when such provision may thereafter be waived, amended or modified AdditionalMost Favored Covenant shall have become effective under this Agreement except pursuant such Principal Credit Facility (unless such date is prior to the provisions date of Section 10.2the Closing, in which case such covenant will be deemed incorporated effective as of the date of the Closing) and (b) the Borrower shall promptly, and in any event within five (5) Business Days after entering into of default in respect of any such Most AdditionalMost Favored Covenant, Covenant so advise the Administrative Agent included herein shall be deemed to be an Event of Default under Section 11(c) (for distribution after giving effect to the Lenders) in writingany grace or cure provisions under such Principal Credit Facility). Thereafter, upon the request of the Required Lendersany holder of a Note, the Borrower Issuer shall enter into an any additional agreement or amendment to this Agreement with the Administrative Agent and the Required Lenders evidencing the incorporation of reasonably requested by such Most Favored Covenant, it being agreed that holder to further evidence any failure to make such request or to enter into any such amendment shall in no way qualify or limit the incorporation by reference described in clause (a) of the immediately preceding sentenceforegoing.

Appears in 2 contracts

Samples: Note Purchase Agreement (CoreSite Realty Corp), Note Purchase Agreement (CoreSite Realty Corp)

Most Favored Lender Status. If at The Borrower will not and will not permit any time Restricted Subsidiary to enter into, assume or otherwise be bound or obligated under any of the Prudential Financing, agreement creating or evidencing Indebtedness or any agreement executed and delivered in connection with any Indebtedness containing one or document related more Additional Covenants or Additional Defaults (as defined below), unless prior written consent to such agreement shall have been obtained from the Prudential Financing Required Lenders; provided, however, in the event the Borrower or any Principal Credit Facility of the BorrowerRestricted Subsidiary shall enter into, includes (i) any covenant, event of default assume or similar provision that is not provided for in this Agreement, otherwise become bound by or (ii) any covenant, event of default or similar provision that is more restrictive than the same or similar covenant, event of default or similar provision provided in this Agreement (all such provisions described in the foregoing clauses (i) or (ii) of this Section 7.17 being referred to as the “Most Favored Covenants”), then (a) such Most Favored Covenant shall immediately and automatically be incorporated by reference in this Agreement as if set forth fully herein, mutatis mutandis, and no such provision may thereafter be waived, amended or modified obligated under this Agreement except pursuant to the provisions of Section 10.2, and (b) the Borrower shall promptly, and in any event within five (5) Business Days after entering into any such Most Favored Covenant, so advise agreement without the Administrative Agent (for distribution to the Lenders) in writing. Thereafter, upon the request prior written consent of the Required Lenders, the terms of this Agreement shall, without any further action on the part of the Borrower shall enter into or any of the Lenders, be deemed to be amended automatically to include each Additional Covenant and each Additional Default contained in such agreement. The Borrower further covenants to promptly execute and deliver at its expense an amendment to this Agreement with the Administrative Agent in form and substance satisfactory to the Required Lenders evidencing the incorporation amendment of this Agreement to include such Most Favored CovenantAdditional Covenants and Additional Defaults, it being agreed provided that any failure to make such request or to enter into any the execution and delivery of such amendment shall not be a precondition to the effectiveness of such amendment as provided for in no way qualify or limit this Section 5.06, but shall merely be for the incorporation by reference described in clause (a) convenience of the immediately preceding sentenceparties hereto.

Appears in 2 contracts

Samples: Credit Facility Agreement (Lennox International Inc), Credit Facility Agreement (Lennox International Inc)

Most Favored Lender Status. (a) If at any time after the date of this Agreement any Credit Agreement contains a covenant (whether constituting a covenant or event of the Prudential Financing, or any agreement or document related to the Prudential Financing or any Principal Credit Facility of the Borrower, includes default) by an Obligor (i) to maintain the Leverage Ratio (or a similar covenant or limitation on Indebtedness contained in any covenantsuch Credit Agreement) at a level more favorable to the lenders under such Credit Agreement than the level set forth in Section 10.7, event (ii) to maintain a minimum amount of default Consolidated Net Worth (or a similar provision that is not provided for covenant contained in this any such Credit Agreement) at a level more favorable to the lenders under such Credit Agreement than the level set forth in Section 10.8, or (iiiii) to maintain the Fixed Charge Coverage Ratio (or a similar covenant contained in any covenant, event of default or similar provision that is such Credit Agreement) at a level more restrictive favorable to the lenders under such Credit Agreement than the same or similar covenantlevel set forth in Section 10.9 (any such provision, event of default or similar provision provided together with all definitions and interpretive provisions from such Credit Agreement to the extent used in this Agreement (all such provisions described in the foregoing clauses (i) or (ii) of this Section 7.17 being referred to as the relation thereto, a “Most Favored CovenantsFavorable Covenant”), then (a) the Obligors shall provide a Most Favored Lender Notice in respect of such Most Favored Favorable Covenant. Such Most Favorable Covenant shall immediately and be deemed automatically be incorporated by reference in into this Agreement Agreement, mutatis mutandis, as if set forth fully in full herein, mutatis mutandis, and no effective as of the date when such provision may thereafter be waived, amended or modified Most Favorable Covenant shall have become effective under this such Credit Agreement except pursuant (unless such date is prior to the provisions date of Section 10.2the Closing, and (b) in which case such covenant will be deemed incorporated effective as of the Borrower shall promptly, and in any event within five (5) Business Days after entering into any such Most Favored Covenant, so advise date of the Administrative Agent (for distribution to the Lenders) in writingClosing). Thereafter, upon the request of the Required Lendersany holder of a Note, the Borrower Obligors shall enter into an any additional agreement or amendment to this Agreement with the Administrative Agent and the Required Lenders evidencing the incorporation of reasonably requested by such Most Favored Covenant, it being agreed that holder to further evidence any failure to make such request or to enter into any such amendment shall in no way qualify or limit the incorporation by reference described in clause (a) of the immediately preceding sentenceforegoing.

Appears in 1 contract

Samples: Note Purchase and Guarantee Agreement (Chicago Bridge & Iron Co N V)

Most Favored Lender Status. If at The Borrower will not, directly or indirectly, and will not permit any time any of other Loan Party to amend, modify, replace or refinance the Prudential FinancingFarm Credit Documents to include one or more Additional Covenants or Additional Defaults, or any agreement or document related unless in each case the Borrower contemporaneously executes an amendment to the Prudential Financing or any Principal Credit Facility of the Borrower, includes (i) any covenant, event of default or similar provision that is not provided for in this Agreement, or (ii) any covenant, event of default or similar provision that is more restrictive than the same or similar covenant, event of default or similar provision provided in this Agreement (all such provisions described in the foregoing clauses (i) or (ii) of this Section 7.17 being referred form and substance reasonably satisfactory to as the “Most Favored Covenants”), then (a) such Most Favored Covenant shall immediately and automatically be incorporated by reference in this Agreement as if set forth fully herein, mutatis mutandis, and no such provision may thereafter be waived, amended or modified under this Agreement except pursuant to the provisions of Section 10.2, and (b) the Borrower shall promptly, and in any event within five (5) Business Days after entering into any such Most Favored Covenant, so advise the Administrative Agent (for distribution to the Lenders) in writing. Thereafter, upon the request of the Required Lenders, to include such Additional Covenants or Additional Defaults herein; provided, that to the extent that the Borrower or any Loan Party shall enter into, assume or otherwise become bound by or obligated under such amendment or agreement containing one or more Additional Covenants or Additional Defaults without amending this Agreement to include such Additional Covenants or Additional Defaults, the terms of this Agreement shall nonetheless, without any further action on the part of the Borrower or any Lender, be deemed or amended automatically to include each Additional Covenant and each Additional Default contained in such amendment or agreement. If the Borrower shall enter into an amendment any agreement or issue any instrument to this Agreement with replace or refinance the Administrative Agent and Farm Credit Indebtedness, the Required Lenders evidencing terms in such new or replacement agreement or instrument governing prepayment from the incorporation proceeds of such Most Favored Covenant, it being agreed that any failure to make such request or to enter into any such amendment asset dispositions shall be materially the same as the applicable prepayment provisions in no way qualify or limit the incorporation by reference described Farm Credit Documents as initially in clause (a) of the immediately preceding sentenceeffect.

Appears in 1 contract

Samples: Revolving Credit Agreement (Deltic Timber Corp)

Most Favored Lender Status. If at any time any of the Prudential Financing, or any agreement or document related to the Prudential Financing or any Principal Credit Facility of the Borrower, includes (i) Lending Agreement shall include any covenant, event of default undertaking, restriction or similar other provision (or any thereof shall be amended or otherwise modified) that is not provided for contained in this Agreement, Agreement or (ii) would be more beneficial to the holders of Notes than any analogous covenant, event of default undertaking, restriction or similar provision that is more restrictive than the same or similar covenant, event of default or similar provision provided contained in this Agreement (all any such provisions described in the foregoing clauses (i) covenant, undertaking, restriction or (ii) of this Section 7.17 being referred to as the provision, an Most Favored CovenantsAdditional Covenant”), then (a) such the Company shall provide a Most Favored Lender Notice to the holders of the Notes. Thereupon, unless waived in writing by the Required Holders within five (5) days of receipt of such notice by the holders of the Notes, such Additional Covenant shall immediately and be deemed automatically be incorporated by reference in into this Agreement Agreement, mutatis mutandis, as if set forth fully herein, mutatis mutandiswithout any further action required on the part of any Person, and no effective as of the date when such provision may thereafter be waived, amended or modified Additional Covenant became effective under this Agreement except pursuant to the provisions of Section 10.2, and (b) the Borrower shall promptly, and in any event within five (5) Business Days after entering into any such Most Favored Covenant, so advise the Administrative Agent (for distribution to the Lenders) in writingPrincipal Lending Agreement. Thereafter, upon the request of the Required LendersHolders, the Borrower Company shall enter into an any additional agreement or amendment to this Agreement with reasonably requested by such holder evidencing any of the Administrative Agent and the Required Lenders evidencing the incorporation foregoing. Any Additional Covenant incorporated into this Agreement pursuant to this Section 9.6 shall remain unchanged herein notwithstanding any subsequent waiver, amendment or other modification of such Most Favored Covenant, it being agreed that any failure to make such request or to enter into Additional Covenant (unless any such waiver, amendment shall in no way qualify or limit modification adds another Additional Covenant) under the incorporation by reference described in clause (a) of the immediately preceding sentenceapplicable Principal Lending Agreement.

Appears in 1 contract

Samples: Note Purchase Agreement (Northwest Pipe Co)

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Most Favored Lender Status. If at The Company will not, and will not permit any time Subsidiary to, enter into, assume or otherwise be bound or obligated under the NCNB Agreement (including, without limitation, any and all renewals, extensions, refinancings, refundings, amendments, restatements, supplements, or modifications thereof) if such agreement contains one or more Additional Covenants or Additional Defaults, unless prior written consent to such agreement shall have been obtained pursuant to paragraph 11C; provided, however, in the event the Company or any Subsidiary shall enter into, assume or otherwise become bound by or obligated under such agreement without the prior written consent of the Required Holder(s), the terms of this Agreement shall, without any further action on the part of the Company or any of the Prudential Financing, or any agreement or document related to the Prudential Financing or any Principal Credit Facility holders of the BorrowerNotes, includes be deemed to be amended automatically to include each Additional Covenant and each Additional Default contained in such agreement. The Company further covenants to promptly execute and deliver at its expense (i) any covenant, event including the fees and expenses of default or similar provision that is not provided counsel for in this Agreement, or (ii) any covenant, event of default or similar provision that is more restrictive than the same or similar covenant, event of default or similar provision provided in this Agreement (all such provisions described in the foregoing clauses (i) or (ii) of this Section 7.17 being referred to as the “Most Favored Covenants”), then (a) such Most Favored Covenant shall immediately and automatically be incorporated by reference in this Agreement as if set forth fully herein, mutatis mutandis, and no such provision may thereafter be waived, amended or modified under this Agreement except pursuant to the provisions of Section 10.2, and (b) the Borrower shall promptly, and in any event within five (5) Business Days after entering into any such Most Favored Covenant, so advise the Administrative Agent (for distribution to the Lenders) in writing. Thereafter, upon the request holders of the Required Lenders, the Borrower shall enter into Notes) an amendment to this Agreement with the Administrative Agent in form and substance satisfactory to the Required Lenders Holder(s) evidencing the incorporation amendment of this Agreement to include such Most Favored CovenantAdditional Covenants and Additional Defaults, it being agreed provided that any failure to make such request or to enter into any the execution and delivery of such amendment shall not be a precondition to the effectiveness of such amendment as provided for in no way qualify or limit this paragraph 6F, but shall merely be for the incorporation by reference described in clause (aconvenience of the parties hereto. Notwithstanding the foregoing provisions of this paragraph 6F, this Agreement shall not be deemed to include Section 7.05(g) of the immediately preceding sentenceNCNB Agreement as in effect on June 29, 2004, unless such Section 7.05(g) is thereafter amended and constitutes an Additional Covenant.

Appears in 1 contract

Samples: Intercreditor Agreement (Western Gas Resources Inc)

Most Favored Lender Status. (a) If at any time Permitted Private Placement Document contains one or more Additional Covenants or Additional Defaults, then the terms of this Agreement, without any of further action on the Prudential Financing, or any agreement or document related to the Prudential Financing or any Principal Credit Facility part of the Borrower, includes (i) the Administrative Agent or any covenantof the Lenders, will unconditionally be deemed on the date of execution of any such amendment or other modification to be automatically amended to include each such Additional Covenant or Additional Default, as the case may be, together with all definitions relating thereto, and any event of default in respect of any such additional or similar provision that is not provided for in more restrictive covenant(s) so included therein shall be deemed to be an Event of Default under clause (e) of Article VII, subject to all applicable terms and provisions of this Agreement, including, without limitation, all grace periods, all limitations in application, scope or (ii) any covenant, event of default or similar provision that is more restrictive than the same or similar covenant, event of default or similar provision provided in this Agreement (all such provisions described in the foregoing clauses (i) or (ii) of this Section 7.17 being referred to as the “Most Favored Covenants”), then (a) such Most Favored Covenant shall immediately and automatically be incorporated by reference in this Agreement as if set forth fully herein, mutatis mutandisduration, and no such provision may thereafter be waived, amended or modified under this Agreement except pursuant to the provisions of Section 10.2, all rights and (b) the Borrower shall promptly, and in any event within five (5) Business Days after entering into any such Most Favored Covenant, so advise remedies exercisable by the Administrative Agent and the Lenders hereunder. The Borrower further covenants to promptly execute and deliver at its expense (including the reasonable fees and expenses of counsel for distribution to the LendersAdministrative Agent) in writing. Thereafter, upon the request of the Required Lenders, the Borrower shall enter into an amendment to this Agreement with the Administrative Agent in form and substance satisfactory to the Required Lenders evidencing the incorporation amendment of this Agreement to include such Most Favored CovenantAdditional Covenants and Additional Defaults, it being agreed provided that any failure to make such request or to enter into any the execution and delivery of such amendment shall not be a precondition to the effectiveness of such amendment as provided for in no way qualify or limit this Section 5.10, but shall merely be for the incorporation by reference described in clause (a) convenience of the immediately preceding sentenceparties hereto.

Appears in 1 contract

Samples: Credit Agreement (Measurement Specialties Inc)

Most Favored Lender Status. If at any time any of the Prudential Financing, or any agreement or document related to the Prudential Financing or any Principal Credit Facility of the Borrower, includes (ia) any covenant, event of default or similar provision that is not provided for in this Agreement, or (iib) any covenant, event of default or similar provision that is more restrictive than the same or similar covenant, event of default or similar provision provided in this Agreement (all such provisions described in the foregoing clauses (ia) or (iib) of this Section 7.17 6.31 being referred to as the “Most Favored Covenants”), then (a) such Most Favored Covenant shall immediately and automatically be incorporated by reference in this Agreement as if set forth fully herein, mutatis mutandis, and no such provision may thereafter be waived, amended or modified under this Agreement except pursuant to the provisions of Section 10.28.2, and (b) the Borrower shall promptly, and in any event within five (5) Business Days days after entering into any such Most Favored Covenant, so advise the Administrative Agent (for distribution to the Lenders) in writing. Thereafter, upon the request of the Required Lenders, the Borrower shall enter into an amendment to this Agreement with the Administrative Agent and the Required Lenders evidencing the incorporation of such Most Favored Covenant, it being agreed that any failure to make such request or to enter into any such amendment shall in no way qualify or limit the incorporation by reference described in clause (a) of the immediately preceding sentence.

Appears in 1 contract

Samples: Credit Agreement (Encore Capital Group Inc)

Most Favored Lender Status. If at the Borrower suffers to exist any time terms or conditions (other than any gross leverage test applicable under the 2018 Note Purchase Agreement, the 2011 Note Purchase Agreement or the 2015 Note Purchase Agreement, in each case as in effect as of the Prudential FinancingAmendment No. 3 Effective Date), or enters into any agreement amendment or document related to other modification, of the Prudential Financing Existing Loan Agreement, the Note Purchase Agreements, the Senior Notes or any Principal Credit Facility notes, indenture or other agreements evidencing Indebtedness incurred pursuant to clause (b) of Section 6.14.11, pursuant to Section 6.14.12 or pursuant to clause (b) of Section 6.14.16 (collectively, “Other Specified Indebtedness”) that (i) results in one or more additional or more restrictive Financial Covenants than those contained in this Agreement or (ii) solely in the case of Other Specified Indebtedness permitted under Section 6.14.16, results in any term, condition or provision (including, for avoidance of doubt, any covenant, representation, default, security, guaranty or mandatory prepayment) that is not included in this Agreement or the other Loan Documents or otherwise differs from the similar or equivalent term, condition or provision set forth in this Agreement or the other Loan Documents in any material respect, then, in each case, the terms of this Agreement or such other applicable Loan Document, without any further action on the part of the Borrower, includes (i) the Administrative Agent or any covenantof the Lenders, will unconditionally be deemed on the Amendment No. 3 Effective Date or the date of execution of any such amendment or other modification, as applicable, to be automatically amended to include each such additional or more restrictive Financial Covenant or other term, condition or provision, together with all definitions relating thereto, and any event of default in respect of any such additional or similar provision that is not provided for in more restrictive covenant(s) so included herein shall be deemed to be a Default under Section 7.3, subject to all applicable terms and provisions of this Agreement, including, without limitation, all grace periods, all limitations in application, scope or (ii) any covenant, event of default or similar provision that is more restrictive than the same or similar covenant, event of default or similar provision provided in this Agreement (all such provisions described in the foregoing clauses (i) or (ii) of this Section 7.17 being referred to as the “Most Favored Covenants”), then (a) such Most Favored Covenant shall immediately and automatically be incorporated by reference in this Agreement as if set forth fully herein, mutatis mutandisduration, and no such provision may thereafter be waived, amended or modified under this Agreement except pursuant to the provisions of Section 10.2, all rights and (b) the Borrower shall promptly, and in any event within five (5) Business Days after entering into any such Most Favored Covenant, so advise the Administrative Agent (for distribution to the Lenders) in writing. Thereafter, upon the request of the Required Lenders, the Borrower shall enter into an amendment to this Agreement with remedies exercisable by the Administrative Agent and the Required Lenders evidencing the incorporation hereunder. For purposes of such Most Favored Covenantthis Section 6.28, it being agreed that any failure to make such request or to enter into any such amendment shall in no way qualify or limit the incorporation by reference described in clause (a) of the immediately preceding sentence.

Appears in 1 contract

Samples: Credit Agreement (Patterson Companies, Inc.)

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