Common use of Voluntary arrangements Clause in Contracts

Voluntary arrangements. (a) Without prejudice to the Administrative Agent’s, the Issuing Banks’ and the Secured Parties’ rights to recover such sums under the Guarantee and indemnity under Section 9.1, on the approval of any company voluntary arrangement in respect of the Borrower (or the implementation of any compromise or scheme of arrangement or any analogous procedure to any of the foregoing in any other jurisdiction) under which the Borrower’s obligations to the Administrative Agent, the Issuing Banks and the Secured Parties are compromised in any way, each Guarantor shall as principal obligor be liable to the Administrative Agent, the Issuing Banks and the Secured Parties for, and hereby undertakes to the Administrative Agent, the Issuing Banks and the Secured Parties (as a separate and additional covenant) immediately on demand from time to time to pay to the Administrative Agent, the Issuing Banks and the Secured Parties, amounts equal to the sums that would have been payable to the Administrative Agent, the Issuing Banks and the Secured Parties by the Borrower, or any guarantor of the Borrower, had such compromise not occurred, and so that payment shall be made by a Guarantor to the Administrative Agent, the Issuing Banks and the Secured Parties under this Section in the amounts and at the times at which but for the said compromise the Borrower would have been obliged to make payment to the Administrative Agent, the Issuing Banks and the Secured Parties. Each Guarantor’s liability under Section 9.1 and this Section 9.5 shall not be affected in any way by the Administrative Agent and the Lenders voting in favor of (if the Administrative Agent, the Issuing Banks and the Secured Parties chooses to do so) any company voluntary arrangement, compromise, scheme of arrangement or analogous procedure proposed by or in respect of the Borrower. (b) If and to the extent that any right is or may be held by a Guarantor as against the Borrower, the existence or exercise of which may affect the right or ability of the Administrative Agent, the Issuing Banks and the Secured Parties to obtain the full benefit of this Guarantee and indemnity from a Guarantor if a company voluntary arrangement, compromise, scheme of arrangement or analogous procedure proposed by or in respect of the Borrower is approved, each Guarantor hereby waives such right. In the event of any inconsistency between this Section and any other provision of the Credit Agreement this Section shall prevail.

Voluntary arrangements. (a) Without prejudice to the Administrative Agent’s, the Issuing Banks’ Bank’s and the Secured PartiesLenders’ rights to recover such sums under the Guarantee guaranty and indemnity under Section 9.1, on the approval of any company voluntary arrangement in respect of the any Borrower (or the implementation of any compromise or scheme of arrangement or any analogous procedure to any of the foregoing in any other jurisdiction) under which the a Borrower’s obligations to the Administrative Agent, the Issuing Banks Bank and the Secured Parties Lenders are compromised in any way, each Guarantor shall as principal obligor be liable to the Administrative Agent, the Issuing Banks Bank and the Secured Parties Lenders for, and hereby undertakes to the Administrative Agent, the Issuing Banks Bank and the Secured Parties Lenders (as a separate and additional covenant) immediately on demand from time to time to pay to the Administrative Agent, the Issuing Banks Bank and the Secured PartiesLenders, amounts equal to the sums that would have been payable to the Administrative Agent, the Issuing Banks Bank and the Secured Parties Lenders by the any Borrower, or any guarantor of the any Borrower, had such compromise not occurred, and so that payment shall be made by a Guarantor to the Administrative Agent, the Issuing Banks Bank and the Secured Parties Lenders under this Section in the amounts and at the times at which but for the said compromise the a Borrower would have been obliged to make payment to the Administrative Agent, the Issuing Banks Bank and the Secured PartiesLenders. Each Guarantor’s liability under Section 9.1 and this Section 9.5 shall not be affected in any way by the Administrative Agent Agent, the Issuing Bank and the Lenders voting in favor of (if the Administrative Agent, the Issuing Banks Bank and the Secured Parties Lenders chooses to do so) of any company voluntary arrangement, compromise, scheme of arrangement or analogous procedure proposed by or in respect of the any Borrower. (b) If and to the extent that any right is or may be held by a Guarantor as against the any Borrower, the existence or exercise of which may affect the right or ability of the Administrative Agent, the Issuing Banks Bank and the Secured Parties Lenders to obtain the full benefit of this Guarantee guaranty and indemnity from a Guarantor if a company voluntary arrangement, compromise, scheme of arrangement or analogous procedure proposed by or in respect of the any Borrower is approved, each Guarantor hereby waives such right. In the event of any inconsistency between this Section and any other provision of the Credit Agreement this Section shall prevail.

Voluntary arrangements. (a) Without prejudice to the Administrative Agent’s, the Issuing Banks’ and any of the Secured Parties’ rights to recover such sums under the Guarantee guaranty and indemnity under Section 9.1, on the approval of any company voluntary arrangement in respect of the any Borrower (or the implementation of any compromise or scheme of arrangement or any analogous procedure to any of the foregoing in any other jurisdiction) under which the a Borrower’s obligations to the Administrative Agent, the Issuing Banks and the Secured Parties are compromised in any way, each Guarantor shall as principal obligor be liable to the Administrative Agent, the Issuing Banks and the Secured Parties for, and hereby undertakes to the Administrative Agent, the Issuing Banks and the Secured Parties (as a separate and additional covenant) immediately on demand from time to time to pay to the Administrative Agent, the Issuing Banks and the Secured Parties, amounts equal to the sums that would have been payable to the Administrative Agent, the Issuing Banks and the Secured Parties by the any Borrower, or any guarantor of the any Borrower, had such compromise not occurred, and so that payment shall be made by a Guarantor to the Administrative Agent, the Issuing Banks and the Secured Parties under this Section in the amounts and at the times at which but for the said compromise the a Borrower would have been obliged to make payment to the Administrative Agent, the Issuing Banks and the Secured Parties. Each Guarantor’s liability under Section 9.1 and this Section 9.5 shall not be affected in any way by the Administrative Agent and the Lenders Secured Parties voting in favor of (if the Administrative Agent, the Issuing Banks and the Secured Parties chooses to do so) of any company voluntary arrangement, compromise, scheme of arrangement or analogous procedure proposed by or in respect of the any Borrower. (b) If and to the extent that any right is or may be held by a Guarantor as against the any Borrower, the existence or exercise of which may affect the right or ability of the Administrative Agent, the Issuing Banks and the Secured Parties to obtain the full benefit of this Guarantee guaranty and indemnity from a Guarantor if a company voluntary arrangement, compromise, scheme of arrangement or analogous procedure proposed by or in respect of the any Borrower is approved, each Guarantor hereby waives such right. In the event of any inconsistency between this Section and any other provision of the Credit Agreement this Section shall prevail.