Common use of Not in Control Clause in Contracts

Not in Control. Nothing in any Loan Documents gives or may be deemed to give to Administrative Agent or any Lender the Right to exercise control over any Company’s Real Property (including, without limitation, the Leases and the Mineral Interests), other assets, affairs, or management or to preclude or interfere with any Company’s compliance with any Law or require any act or omission by any Company that may be harmful to Persons or property. Any “Material Adverse Event” or other materiality or substantiality qualifier of any representation, warranty, covenant, agreement, or other provision of any Loan Document is included for credit documentation purposes only and does not imply or be deemed to mean that Administrative Agent or any Lender acquiesces in any non-compliance by any Company with any Law, document, or otherwise or does not expect the Companies to promptly, diligently, and continuously carry out all appropriate removal, remediation, compliance, closure, or other activities required or appropriate in accordance with all Environmental Laws. Administrative Agent’s and Lenders’ power is limited to the Rights provided in the Loan Documents. All of those Rights exist solely — and may be exercised in manner calculated by Administrative Agent or Lenders in their respective good faith business judgment — to preserve and protect the Collateral and to assure payment and performance of the Obligation.

Appears in 3 contracts

Samples: Second Lien Term Loan Agreement (Goodrich Petroleum Corp), Second Lien Term Loan Agreement (Goodrich Petroleum Corp), Credit Agreement (Goodrich Petroleum Corp)

AutoNDA by SimpleDocs

Not in Control. Nothing in any Loan Documents gives or may be deemed to give to Administrative Agent or any Lender the Right to exercise control over any Company’s Real Property (including, without limitation, the Leases and the Mineral Interests), other assets, affairs, or management or to preclude or interfere with any Company’s compliance with any Law or require any act or omission by any Company that may be harmful to Persons or property. Any “Material Adverse Event” or other materiality or substantiality qualifier of any representation, warranty, covenant, agreement, or other provision of any Loan Document is included for credit documentation purposes only and does not imply or be deemed to mean that Administrative Agent or any Lender acquiesces in any non-compliance by any Company with any Law, document, or otherwise or does not expect the Companies to promptly, diligently, and continuously carry out all appropriate removal, remediation, compliance, closure, or other activities required or appropriate in accordance with all Environmental Laws. Administrative Agent’s and Lenders’ power is limited to the Rights provided in the Loan Documents. All of those Rights exist solely — and may be exercised in manner calculated by Administrative Agent or Lenders in their respective good faith business judgment — to preserve and protect the Collateral and to assure payment and performance of the Obligation.

Appears in 1 contract

Samples: Credit Agreement (Goodrich Petroleum Corp)

Not in Control. Nothing in any Loan Documents gives or may be deemed to give to Administrative Agent or any Lender the Right to exercise control over any Company’s 's Real Property (including, without limitation, the Leases and the Mineral Interests), other assets, affairs, or management or to preclude or interfere with any Company’s 's compliance with any Law or require any act or omission by any Company that may be harmful to Persons or property. Any "Material Adverse Event" or other materiality or substantiality qualifier of any representation, warranty, covenant, agreement, or other provision of any Loan Document is included for credit documentation purposes only and does not imply or be deemed to mean that Administrative Agent or any Lender acquiesces in any non-compliance by any Company with any Law, document, or otherwise or does not expect the Companies to promptly, diligently, and continuously carry out all appropriate removal, remediation, compliance, closure, or other activities required or appropriate in accordance with all Environmental Laws. Administrative Agent’s 's and Lenders' power is limited to the Rights provided in the Loan Documents. All of those Rights exist solely -- and may be exercised in manner calculated by Administrative Agent or Lenders in their respective good faith business judgment - to preserve and protect the Collateral and to assure payment and performance of the Obligation.

Appears in 1 contract

Samples: Credit Agreement (Goodrich Petroleum Corp)

AutoNDA by SimpleDocs

Not in Control. Nothing in any Loan Documents gives or may be deemed -------------- to give to Administrative either Agent or any Lender the Right to exercise control over any Company’s 's Real Property (including, without limitation, the Leases and the Mineral Interests)Property, other assets, affairs, or management or to preclude or interfere with any Company’s 's compliance with any Law Governmental Requirement or require any act or omission by any Company that may be harmful to Persons or property. Any “Material "Material-Adverse Event" or other materiality or substantiality qualifier of any representation, warranty, covenant, agreement, or other provision of any Loan Document is included for credit documentation purposes only and does not imply or be deemed to mean that Administrative either Agent or any Lender acquiesces in any non-compliance by any Company with any LawGovernmental Requirement, document, or otherwise or does not expect the Companies to promptly, diligently, and continuously carry out all appropriate removal, remediation, compliance, closure, or other activities required or appropriate in accordance with all Environmental Laws. Administrative Agent’s Agents' and Lenders' power is limited to the Rights provided in the Loan Documents. All of those Rights exist solely (and may be exercised in manner calculated by Administrative Agent Agents or Lenders in their respective good faith business judgment — judgment) to preserve and protect the Collateral and to assure payment and performance of the US Obligation and the UK Obligation.

Appears in 1 contract

Samples: Credit Agreement (Trikon Technologies Inc)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!