Most Favoured Lender. (a) Subject to Article 7.04(b), if at any time while any part of the Credit or the Loan is outstanding, the Borrower or any other member of the Group has concluded or shall conclude with any other creditor a "Credit Facility" (meaning a loan, credit agreement, facility or private placement purchase or any other financing agreement) that includes any (i) affirmative or negative covenant, including but not limited to a loss-of-rating clause or any financial covenant regarding the Borrower or any other member of the Group, (ii) defaults or events of defaults or (iii) mandatory prepayment or "put" provision or provisions for collateral security (each such provision or clause hereinafter referred to as a "More Favourable Provision") that either:
(i) is not otherwise included in this Contract,
(ii) is more restrictive upon the relevant member of the Group than those contained in this Contract, or
(iii) is more beneficial to the financial creditors than relevant similar provisions contained in this Contract, the Borrower shall immediately and in any event within 10 (ten) Business Days of entering into or permitting the amendment of the Credit Facility inform the Bank in writing of the More Favourable Provision and provide the Bank with its wording including, if relevant, an English translation thereof. Thereupon such More Favourable Provision shall be deemed incorporated by reference in this Contract as if set forth fully herein, mutatis mutandis, effective as of the date when such More Favourable Provision became effective under such other Credit Facility (each such More Favourable Provision as incorporated herein being referred to as an "Incorporated Provision") and, subject to Article 7.04(c), no Incorporated Provision may thereafter be waived, amended or modified under this Contract without the prior written consent of the Bank. Thereafter, upon the request of the Bank, the Borrower shall execute an agreement to amend this Contract, evidencing the incorporation of such Incorporated Provision.
(b) Nothing in Article 7.04(a) shall apply to More Favourable Provisions included in the Existing Bond Documentation or as set out in clause 21.2(c) of the Revolving Facility Agreement (and in the case of the Revolving Facility Agreement only, as such facility may be renewed or extended, provided that following such renewal or extension, the total amount of financial indebtedness made available under such facility does not exceed GBP 250,000.000).
(c) If:
(i) the corresp...
Most Favoured Lender. In the event an Operating Company enters into any material agreement with any lender containing one or more covenants which are more restrictive on an Operating Company or any other Obligor than the covenants set forth in this Agreement, each Operating Company agrees, at the request of the Required Lenders, to amend this Agreement to include these restrictive covenants in this Agreement for so long as such other borrowed money remains outstanding. Nothing in this Section 10.22 shall be interpreted as a waiver of any covenant of any Obligor.
Most Favoured Lender. In the event the Borrower enters into any agreement with any lender or lessor creating obligations for the Borrower in excess of Cdn.$500,000 during the term of any such agreement containing one or more covenants which are more restrictive on the Borrower than the covenants set forth in this Agreement, such more restrictive covenants shall ipso facto be deemed to form part of this Agreement and be binding on the Borrower.
Most Favoured Lender. The Borrower shall not enter into any waiver, modification or amendment to the financial covenants (or to definitions pertaining to the financial covenants), interest margin or maturity date set out in the Metrostar Credit Agreement, nor enter into any Additional Facility after the Effective Date which has a maturity date earlier than the Final Maturity Date or which grants more favourable provisions or treatment to the lenders or financiers thereunder in connection with financial covenants (or to definitions pertaining to the financial covenants), interest margin or maturity date unless each of the Finance Parties receives the benefit of such more favourable provisions at the same time and on the same terms.
Most Favoured Lender. If the Borrower (or any Subsidiary) is party to or enters into any facility agreements with other commercial banks and/or financial institutions to finance a purpose similar to the purpose of the Facility or as part of the Existing Bareboat Leases, and such agreements include financial covenants or other terms that are more favourable for such counterparties than the terms of the Agreement (other than with respect to terms concerning pricing, facility amount and maturity date), the Borrower shall notify the Agent of such terms and, unless the Majority Lenders (in their sole discretion) decides otherwise, also immediately and with no further action required apply mutatis mutandis to the Agreement, such amendment to be formalized (with any logical and factual adjustments) by an amendment hereto.
Most Favoured Lender. Neither the Company nor any other Group Company will enter into any waiver, modification or amendment to any Existing Facility Agreement, any New Money Facility Agreement, any Hedging Agreement, any other Finance Document, any Vendor Finance Document, the Sinosure Backed Facility loan agreement or the Sinosure Vessels Alternative Financing, any Qualifying Refinancing Agreement or other document relating to Financial Indebtedness or otherwise enter into any new credit facility or financing document, that contains covenants or default provisions or otherwise grants more favourable provisions or treatment to the lender or financier thereunder unless each of the Finance Parties receives the benefit of such more favourable provisions at the same time and on the same terms.
Most Favoured Lender. The Borrower undertakes to promptly notify the Agent if it becomes aware that the Guarantor and/or Replacement Guarantor, as the case may be, enters into any agreements and/or arrangements and/or adjustment of existing arrangements or agreements relating to Financial Indebtedness which would impose stricter financial covenants (excluding, for the avoidance of doubt, loan to vessel value covenants) applicable to the Guarantor or the Replacement Guarantor, as the case may be, than the financial covenants applicable to the Guarantor or the Replacement Guarantor, as the case may be, as set out in this Clause 23 (Financial Covenants) and, in such case, upon notice by the Agent to the Borrower, such new and stricter covenants and/or ratios shall apply under this Agreement.
Most Favoured Lender. The Obligors shall agree to amend the financial covenants of this Agreement in the event any agreement is entered into by any Obligor with any lender for the financing of any of the Obligors’ other VLCC newbuildings with more favourable financial covenants than as set out in this Agreement. The relevant Obligor undertakes to notify the Agent if it intends to enter into any such agreement, and provide the Agent with proposed changes of covenants
Most Favoured Lender. If, despite the Companies having used reasonable endeavours to procure that all of the Alcan Change of Control Debt is repaid or prepaid and cancelled in full using (directly or indirectly) the proceeds of Refinancing Loans or the proceeds of a Target Standalone Agreement in accordance with Clause 30.1(a) (Procedure), the relevant members of the Target Group (whether before or after the Unconditional Date):
(a) agree with any lender under any Alcan Change of Control Debt that no repayment or prepayment is required to be made to that lender as a result of the Acquisition (the Alcan Change of Control Debt which remains in place being the Continuing Target Indebtedness); and/or
(b) refinance (or have refinanced) all or any part of the Alcan Related Debt with the proceeds of any debt instrument other than in the manner contemplated by Clauses 30.2 (Refinancing using Refinancing Loans) or 30.3 (Refinancing using a Target Standalone Agreement) (such debt instrument being a Third Party Refinancing Agreement), at the request of the Majority Bookrunners each Obligor shall (and, if necessary, shall procure that each of its Subsidiaries shall) enter into such amendments to this Agreement as are necessary such that any provision with respect to pricing, financial covenants, prepayment events, tenor or other term which the Majority Bookrunners (acting reasonably) consider is material which is contained in any Continuing Target Indebtedness (as so amended or waived) or, as the case may be, any Third Party Refinancing Agreement is included in this Agreement to ensure that the Lenders enjoy (in the opinion of the Majority Bookrunners, acting reasonably) in all material respects the same rights with respect to such matters as the lenders under the relevant Continuing Target Indebtedness or Third Party Refinancing Agreement.
Most Favoured Lender. The Borrower shall:
(a) notify the Agent immediately if the Borrower or any other member of the DHT Group has granted or intends to grant to any other lender or creditor under any loan agreement, financing agreement of a similar nature or guarantee any guarantee, preference, financial reporting requirement, representation, warranty, covenant, undertaking and/or event of default (howsoever described) not being included in the Finance Documents or that is more beneficial or favourable to the lender or creditor than those set out in the Finance Documents; and
(b) if required by any Lender, agree to amend the Finance Documents to include any such provision, whereunder it shall apply for as long as it applies under such other loan agreement, financing agreement or guarantee to which the relevant member of the DHT Group is party.
