Obligations to Mitigate Clause Samples
The "Obligations to Mitigate" clause requires parties to take reasonable steps to reduce or prevent losses or damages that may arise from a breach of contract or other adverse events. In practice, this means that if one party suffers harm due to the other’s actions, the affected party must act prudently to minimize the impact, such as seeking alternative suppliers or taking corrective measures. This clause ensures that losses are not unnecessarily increased and allocates responsibility by preventing parties from recovering damages that could have been avoided through reasonable efforts.
Obligations to Mitigate. 185. GSOC and Xcel request revision to the definition of mitigation plan, at section
Obligations to Mitigate. Each Lender agrees that, upon the occurrence of any event giving rise to the operation of Section 2.15 or 2.16(a) with respect to such Lender (such Lender, an “Affected Lender”), the Borrowers shall have the right, upon notice to such Affected Lender, to (i) prepay, on a non pro-rata basis, the principal amount or any portion thereof of any Loans held by such Affected Lender plus all interest, fees and other amounts owing to such Affected Lender as of the date of such prepayment and terminate its Commitments, or (ii) require such Affected Lender to use reasonable efforts (subject to overall policy considerations of such Lender) to designate another lending office for any Loans affected by such event with the object of avoiding the consequences of such event; provided, that such designation is made on terms that, in the sole judgment of such Lender, cause such Lender and its lending office(s) to suffer no economic, legal or regulatory disadvantage, and provided, further, that nothing in this Section shall affect or postpone any of the obligations of the Borrowers or the rights of any Lender pursuant to Section 2.15 or 2.16(a).
Obligations to Mitigate. Each Lender agrees that, upon the occurrence of any event giving rise to the operation of Section 2.12 or 2.13(a) with respect to such Lender, it will, if requested by the Borrower, use reasonable efforts (subject to overall policy considerations of such Lender) to designate another lending office for any Loans affected by such event with the object of avoiding the consequences of such event; provided, that such designation is made on terms that, in the reasonable judgment of such Lender, cause such Lender and its lending office(s) to suffer no material economic, legal or regulatory disadvantage, and provided, further, that nothing in this Section shall affect or postpone any of the obligations of the Borrower or the rights of any Lender pursuant to Section 2.12 or 2.13(a).
Obligations to Mitigate. Each Party is obligated to use reasonable efforts to mitigate the adverse effect and duration of any Force Majeure Event which affects the performance of such Party, and to use commercially reasonable efforts to perform a workaround or provide alternative performance as a replacement for any obligations affected by such Force Majeure Event.