Common use of PARENT’S UNDERTAKINGS Clause in Contracts

PARENT’S UNDERTAKINGS. The below undertakings (other than the undertakings under paragraph (a) below) are agreed on the basis that they are intended only to apply on a temporary basis during the Negotiation Period and will need to be revisited and put on a more permanent footing as part of the amendment and extension requests issued in connection with implementing the Parent’s proposals for the recapitalisation of the Group. The below undertakings shall apply in addition to and shall not waive or release any existing obligation on any Obligor under the Facility Agreement. The Parent undertakes to the Agent on behalf of the Finance Parties, which undertakings shall be considered given by the Parent’s acceptance of the terms set out in this letter, that (save as the Agent (acting on the instructions of the Required Lenders) may otherwise agree in writing):

Appears in 2 contracts

Samples: www.lw.com, Seadrill Partners LLC

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PARENT’S UNDERTAKINGS. The below undertakings (other than the undertakings under paragraph (a) below) are agreed on the basis that they are intended only to apply on a temporary basis during the Negotiation Period and will need to be revisited and put on a more permanent footing as part of the amendment and extension requests issued in connection with implementing the Parent’s proposals for the recapitalisation of the Group. The below undertakings shall apply in addition to and shall not waive or release any existing obligation on any Obligor under the Facility Agreement. The Parent undertakes to the Agent on behalf of the Finance Parties, which undertakings shall be considered given by the Parent’s acceptance of the terms set out in this letter, that (save as the Agent (acting on the instructions of the Required Majority Lenders) may otherwise agree in writing):

Appears in 1 contract

Samples: Facility Agreement (North Atlantic Drilling Ltd.)

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PARENT’S UNDERTAKINGS. The below undertakings (other than the undertakings under paragraph (a) below) are agreed on the basis that they are intended only to apply on a temporary basis during the Negotiation Period and will need to be revisited and put on a more permanent footing as part of the amendment and extension requests issued in connection with implementing the Parent’s proposals for the recapitalisation of the Group. The below undertakings shall apply in addition to and shall not waive or release any existing obligation on any Obligor under the Facility Agreement. The Parent undertakes to the Agent on behalf of the Finance Parties, which undertakings shall be considered given by the Parent’s acceptance of the terms set out in this letter, that (save as the Agent (acting on the instructions of the Required LendersMajority) may otherwise agree in writing):

Appears in 1 contract

Samples: Seadrill Partners LLC

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