Redistribution of payments. Unless otherwise agreed between the Finance Parties, if at any time a Finance Party receives or recovers by way of set-off, the exercise of any lien or otherwise from any Security Party, an amount greater than that Finance Party’s entitlement to any sum due from that Security Party under the Finance Documents (the amount of the excess being referred to in this Clause 15.16 and in Clause 15.17 as the “Excess Amount”) then:
Appears in 6 contracts
Samples: Facility Agreement, Facility Agreement (Teekay Corp), Facility Agreement (Teekay LNG Partners L.P.)
Redistribution of payments. Unless otherwise agreed between the Finance Parties, if at any time a Finance Party receives or recovers by way of set-off, the exercise of any lien or otherwise other than from any Security Partyassignee or transferee of or sub-participant in that Bank's Commitment, an amount greater than that Finance Party’s entitlement to Bank's Proportionate Share of any sum due from that any of the Security Party Parties under the Finance Security Documents (the amount of the excess being referred to in this Clause 15.16 and in Clause 15.17 as the “"Excess Amount”") then:then:-
Appears in 2 contracts
Samples: Facility Agreement (Gulfmark Offshore Inc), Loan Facility Agreement (Gulfmark Offshore Inc)
Redistribution of payments. Unless otherwise agreed between the Finance Parties, if at any time a Finance Party receives or recovers by way of set-off, the exercise of any lien or otherwise other than from any Security Partyassignee or transferee of or sub-participant in that Bank’s Commitment, an amount greater than that Finance PartyBank’s entitlement to Proportionate Share of any sum due from that any of the Security Party Parties under the Finance Security Documents (the amount of the excess being referred to in this Clause 15.16 and in Clause 15.17 as the “Excess Amount”) then:then:-
Appears in 2 contracts
Samples: Loan Facility Agreement (Gulfmark Offshore Inc), Gulfmark Offshore Inc
Redistribution of payments. Unless otherwise agreed between the Finance Parties, if at any time a Finance Party receives or recovers by way of set-off, the exercise of any lien or otherwise other than from any Security Partyassignee or transferee of or sub-participant in that Bank’s Commitment, an amount greater than that Finance PartyBank’s entitlement to Proportionate Share of any sum due from that any of the Security Party Parties under the Finance Security Documents (the amount of the excess being referred to in this Clause 15.16 and in Clause 15.17 as the “Excess Amount”) then:then:¬
Appears in 1 contract
Samples: Gulfmark Offshore Inc
