Actions following an Event of Default. On, or at any time after, the occurrence of an Event of Default the Agent may, and if so instructed by the Majority Lenders, the Agent shall: (a) serve on the Borrower a notice stating that the Commitments and all other obligations of each Lender to the Borrower under this Agreement are terminated; and/or (b) serve on the Borrower a notice stating that the Loan (including but without limitation the amount representing the financed second instalment of the SACE Premium), all accrued interest and all other amounts accrued or owing under this Agreement are immediately due and payable or are due and payable on demand; and/or (c) take any other action which, as a result of the Event of Default or any notice served under paragraph (a) or (b), the Agent and/or the Lenders are entitled to take under any Finance Document or any applicable law.
Appears in 2 contracts
Samples: Amendment and Restatement Agreement (Norwegian Cruise Line Holdings Ltd.), Amendment and Restatement Agreement (Norwegian Cruise Line Holdings Ltd.)
Actions following an Event of Default. On, or at any time after, the occurrence of an Event of Default the Agent may, and if so instructed by the Majority Lenders, the Agent shallshall with the prior consent of SACE:
(a) serve on the Borrower a notice stating that the Commitments and all other obligations of each Lender to the Borrower under this Agreement are terminated; and/or
(b) serve on the Borrower a notice stating that the Loan (including but without limitation the amount representing the financed second instalment First Instalment and Second Instalment of the SACE Premium), all accrued interest and all other amounts accrued or owing under this Agreement are immediately due and payable or are due and payable on demand; and/or
(c) take any other action which, as a result of the Event of Default or any notice served under paragraph (a) or (b), the Agent and/or the Lenders are entitled to take under any Finance Document or any applicable law.
Appears in 2 contracts
Samples: Loan Agreement (Prestige Cruises International, Inc.), Loan Agreement (Seven Seas Cruises S. DE R.L.)
Actions following an Event of Default. On, or at any time after, the occurrence of an Event of Default which is continuing:
(a) the Agent may, and if so instructed by the Majority Lenders, the Agent shall:
(ai) serve on the Borrower a notice stating that the Commitments and all other obligations of each Lender to the Borrower under this Agreement are terminatedcancelled; and/or
(bii) serve on the Borrower a notice stating that the Loan (including but without limitation the amount representing the financed second instalment of the SACE Premium)Loan, all accrued interest and all other amounts accrued or owing under this Agreement are immediately due and payable or are due and payable on demand; and/or
(ciii) take any other action which, as a result of the Event of Default or any notice served under paragraph (ai) or (bii), the Agent and/or the Lenders are entitled to take under any Finance Document or any applicable law.; and/or
Appears in 2 contracts
Samples: Loan Agreement (Britannia Bulk PLC), Loan Agreement (Britannia Bulk Holdings Inc)
Actions following an Event of Default. On, or at any time after, the occurrence of an Event of Default Default:
(a) the Agent may, and if so instructed by the Majority Lenders, the Agent shall:
(ai) serve on the Borrower Borrowers a notice stating that all or part of the Commitments and all other obligations of each Lender to the Borrower Borrowers under this Agreement are terminatedcancelled; and/or
(bii) serve on the Borrower Borrowers a notice stating that all or part of the Loan (including but without limitation the amount representing the financed second instalment of the SACE Premium), all together with accrued interest and all other amounts accrued or owing under this Agreement are immediately due and payable or are due and payable on demand; and/or
(ciii) take any other action which, as a result of the Event of Default or any notice served under paragraph (ai) or (bii), the Agent and/or the Lenders are entitled to take under any Finance Document or any applicable law.; and/or
Appears in 1 contract
Samples: Amending and Restating Agreement (Poseidon Containers Holdings Corp.)
Actions following an Event of Default. On, or at any time after, the occurrence of an Event of Default the Agent may, and if so instructed by the Majority Lenders, the Agent shall:
(a) serve on the Borrower a notice stating that the Commitments and all other obligations of each Lender to the Borrower under this Agreement are terminated; and/or
(b) serve on the Borrower a notice stating that the Loan (including but without limitation the amount representing the financed second instalment of the SACE Premium), all accrued interest and all other amounts accrued or owing under this Agreement are immediately due and payable or are due and payable on demand; and/or
(c) take any other action which, as a result of the Event of Default or any notice served under paragraph (a) or (b), the Agent and/or the Lenders are entitled to take under any Finance Document or any applicable lawlaw including (without limitation) making a call under the Letter of Credit.
Appears in 1 contract
Samples: Loan Agreement (Prestige Cruises International, Inc.)
Actions following an Event of Default. On, or at any time after, the occurrence of an Event of Default Default:
(a) the Agent may, and if so instructed by the Majority Lenders, the Agent shall:
(ai) serve on the Borrower Borrowers a notice stating that all or part of the Commitments and all of the other obligations of each Lender to the Borrower Borrowers under this Agreement are terminatedcancelled; and/or
(bii) serve on the Borrower Borrowers a notice stating that all or part of the Loan (including but without limitation the amount representing the financed second instalment of the SACE Premium), all together with accrued interest and all other amounts accrued or owing under this Agreement are immediately due and payable or are due and payable on demand; and/or
(ciii) take any other action which, as a result of the Event of Default or any notice served under paragraph (ai) or (bii), the Agent and/or the Lenders are entitled to take under any Finance Document or any applicable law.; and/or
Appears in 1 contract
Samples: Loan Agreement
Actions following an Event of Default. On, or at any time after, the occurrence of an Event of Default the Agent may, and if so instructed by the Majority Lenders, the Agent shall:
(a) serve on the Borrower a notice stating that the Commitments and all other obligations of each Lender to the Borrower under this Agreement are terminated; and/or
(b) serve on the Borrower a notice stating that the Loan (including but without limitation the amount representing the financed second instalment installment of the SACE Premium), all accrued interest and all other amounts accrued or owing under this Agreement are immediately due and payable or are due and payable on demand; and/or
(c) take any other action which, as a result of the Event of Default or any notice served under paragraph (a) or (b), the Agent and/or the Lenders are entitled to take under any Finance Document or any applicable lawlaw including (without limitation) making a call under the Letter of Credit.
Appears in 1 contract
Samples: Loan Agreement (Prestige Cruises International, Inc.)
Actions following an Event of Default. On, or at any time after, the occurrence of an Event of Default which is continuing:
(a) the Agent may, and if so instructed by the Majority Lenders, the Agent shall:
(ai) serve on the Borrower a notice stating that the Commitments and all other obligations of each Lender to the Borrower under this Agreement are terminated; and/or
(bii) serve on the Borrower a notice stating that the Loan (including but without limitation the amount representing the financed second instalment of the SACE Premium)Loan, all accrued interest and all other amounts accrued or owing under this Agreement are immediately due and payable or are due and payable on demand; and/or
(ciii) take any other action which, as a result of the Event of Default or any notice served under paragraph (ai) or (bii), the Agent and/or the Lenders are entitled to take under any Finance Document or any applicable law.; and/or
Appears in 1 contract
Samples: Amending and Restating Agreement
Actions following an Event of Default. On, or at any time after, the occurrence of an Event of Default Default:
(a) the Agent may, and if so instructed by the Majority Lenders, the Agent shall:
(ai) serve on the Borrower a notice stating that the Commitments and all other obligations of each Lender to the Borrower under this Agreement are terminated; and/or
(bii) serve on the Borrower a notice stating that the Loan (including but without limitation the amount representing the financed second instalment of the SACE Premium)Loan, all accrued interest and all other amounts accrued or owing under this Agreement are immediately due and payable or are due and payable on demand; and/or
(ciii) take any other action which, as a result of the Event of Default or any notice served under paragraph (ai) or (b)ii) above, the Agent and/or the Lenders are entitled to take under any Finance Document or any applicable law.; and/or
Appears in 1 contract
Actions following an Event of Default. On, or at any time after, the occurrence of an Event of Default and while the Event of Default is continuing:
(a) the Agent may, and if so instructed by the Majority Lenders, the Agent shall:
(ai) serve on the Borrower Borrowers a notice stating that the Commitments and all other obligations of each Lender to the Borrower Borrowers under this Agreement are terminated; and/or
(bii) serve on the Borrower Borrowers a notice stating that the Loan (including but without limitation the amount representing the financed second instalment of the SACE Premium)Loans, all accrued interest and all other amounts accrued or owing under this Agreement are immediately due and payable or are due and payable on demand; and/or
(ciii) take any other action which, as a result of the Event of Default or any notice served under paragraph (ai) or (bii), the Agent and/or the Lenders are entitled to take under any Finance Document or any applicable law.; and/or
Appears in 1 contract
Samples: Amending and Restating Agreement (TBS International PLC)
Actions following an Event of Default. On, or at any time after, the occurrence of an Event of Default Default:
(a) the Facility Agent may, and if so instructed by the Majority Lenders, the Facility Agent shall:
(ai) serve on the Borrower a notice stating that the Commitments and all other obligations of each Lender to the Borrower under this Agreement are terminated; and/or
(bii) serve on the Borrower a notice stating that the Loan (including but without limitation the amount representing the financed second instalment of the SACE Premium)Loan, all accrued interest and all other amounts accrued or owing under this Agreement are immediately due and payable or are due and payable on demand; and/or
(ciii) take any other action which, as a result of the Event of Default or any notice served under paragraph (ai) or (b)ii) above, the Facility Agent and/or the Lenders are entitled to take under any Finance Document or any applicable law.; and/or
Appears in 1 contract
Samples: Loan Agreement
