Assumption re Event of Default. Unless the Agent has been notified by any Security Party that an Event of Default, or event which with the giving of notice or lapse of time, or both, would constitute an Event of Default, has occurred and is continuing, or has been notified by a Lender that such Lender considers that an Event of Default or such an event (specifying in detail the nature thereof) has occurred and is continuing, except as otherwise provided in Section 15.14 hereof, the Agent shall be entitled to assume that no Event of Default, or event which with the giving of notice or lapse of time, or both, would constitute an Event of Default, has occurred and is continuing. In the event that the Agent shall have been notified by any Security Party or any Lender in the manner set forth in the preceding sentence of any Event of Default or of an event which with the giving of notice or lapse of time, or both, would constitute an Event of Default, the Agent shall notify the Lenders and shall take action and assert such rights under the Financing Documents as the Majority Lenders shall request in writing.
Appears in 4 contracts
Samples: Term Loan and Revolving Credit Facility Agreement (Marine Transport Corp), Term Loan and Revolving Credit Facility Agreement (Marine Transport Corp), Term Loan and Revolving Credit Facility Agreement (Marine Transport Corp)
