Confirmation and Undertaking. 7.1 Each of the Security Parties confirms that all of its respective obligations under or pursuant to each of the Security Documents to which it is a party remain in full force and effect, despite the amendments to the Original Facility Agreement made in this Second Supplemental Agreement, as if all references in any of the Security Documents to the Original Facility Agreement (however described) were references to the Original Facility Agreement as amended and supplemented by this Second Supplemental Agreement. 7.2 The definition of any term defined in any of the Finance Documents shall, to the extent necessary, be modified to reflect the amendments to the Original Facility Agreement made in this Second Supplemental Agreement. 7.3 For the avoidance of doubt, each of the Security Parties confirms that, if the Borrower and/or the Corporate Guarantor do not comply with any provision of this Second Supplemental Agreement, such event or circumstance shall constitute an Event of Default under clause 14.1.2 of the Facility Agreement. 7.4 With effect from 31 December 2008, the Lender waives all Events of Default that may have occurred between 31 December 2008 and 30 March 2009 (inclusive) under any of the Security Documents relating to: 7.4.1 any breach of clause 11.14 (Additional Security) of the Facility Agreement; 7.4.2 any breach of clause 13.2.22 (Financial Covenants) of the Facility Agreement; or 7.4.3 any breach of clause 6.10 of the Corporate Guarantee; or 7.4.4 the payment of any dividend prior to the date of this First Supplemental Agreement. This Clause does not affect any right of the Lender in relation to (i) any Default or Event of Default that occurs from and including 31 March 2009 and is not covered by this First Supplemental Agreement and (ii) any Default or Event of Default which occurs after 31 March 2010.
Appears in 3 contracts
Samples: Secured Multi Currency Reducing Revolving Credit Facility Agreement (Safe Bulkers, Inc.), Secured Multi Currency Reducing Revolving Credit Facility Agreement (Safe Bulkers, Inc.), Secured Multi Currency Reducing Revolving Credit Facility Agreement (Safe Bulkers, Inc.)
Confirmation and Undertaking. 7.1 Each of the Security Parties confirms that all of its respective obligations under or pursuant to each of the Security Documents to which it is a party remain in full force and effect, despite the amendments to the Original Facility Agreement made in this Second First Supplemental Agreement, as if all references in any of the Security Documents to the Original Facility Agreement (however described) were references to the Original Facility Agreement as amended and supplemented by this Second First Supplemental Agreement.
7.2 The definition of any term defined in any of the Finance Documents shall, to the extent necessary, be modified to reflect the amendments to the Original Facility Agreement made in this Second First Supplemental Agreement.
7.3 For the avoidance of doubt, each of the Security Parties confirms that, if the Borrower and/or the Corporate Guarantor do not comply with any provision of this Second First Supplemental Agreement, such event or circumstance shall constitute an Event of Default under clause 14.1.2 of the Facility Agreement.
7.4 With effect from 31 December 2008, the Lender waives all Events of Default that may have occurred between 31 December 2008 and 30 March 2009 (inclusive) under any of the Security Documents relating to:
7.4.1 any breach of clause 11.14 (Additional Security) of the Facility Agreement;
7.4.2 any breach of clause 13.2.22 13.2.21 (Financial Covenants) of the Facility Agreement; or
7.4.3 any breach of clause 6.10 of the Corporate Guarantee; or
7.4.4 the payment of any dividend prior to the date of this First Supplemental Agreement. This Clause does not affect any right of the Lender in relation to (i) any Default or Event of Default that occurs from and including 31 March 2009 and is not covered by this First Supplemental Agreement and (ii) any Default or Event of Default which occurs after 31 March 2010.
Appears in 2 contracts
Samples: Secured Multi Currency Reducing Revolving Credit Facility Agreement (Safe Bulkers, Inc.), Secured Multi Currency Reducing Revolving Credit Facility Agreement (Safe Bulkers, Inc.)
Confirmation and Undertaking. 7.1 Each of the Security Parties confirms that all of its respective obligations under or pursuant to each of the Security Documents to which it is a party remain in full force and effect, despite the amendments to the Original Facility Agreement made in this Second Third Supplemental Agreement, as if all references in any of the Security Documents to the Original Facility Agreement (however described) were references to the Original Facility Agreement as amended and supplemented by this Second Third Supplemental Agreement.
7.2 The definition of any term defined in any of the Finance Documents shall, to the extent necessary, be modified to reflect the amendments to the Original Facility Agreement made in this Second Third Supplemental Agreement.
7.3 For the avoidance of doubt, each of the Security Parties confirms that, if the Borrower and/or the Corporate Guarantor do not comply with any provision of this Second Third Supplemental Agreement, such event or circumstance shall constitute an Event of Default under clause 14.1.2 of the Facility Agreement.
7.4 With effect from 31 December 2008, the Lender waives all Events of Default that may have occurred between 31 December 2008 and 30 March 2009 (inclusive) under any of the Security Documents relating to:
7.4.1 any breach of clause 11.14 (Additional Security) of the Facility Agreement;
7.4.2 any breach of clause 13.2.22 (Financial Covenants) of the Facility Agreement; or
7.4.3 any breach of clause 6.10 of the Corporate Guarantee; or
7.4.4 the payment of any dividend prior to the date of this First Supplemental Agreement. This Clause does not affect any right of the Lender in relation to (i) any Default or Event of Default that occurs from and including 31 March 2009 and is not covered by this First Supplemental Agreement and (ii) any Default or Event of Default which occurs after 31 March 2010.
Appears in 1 contract
Samples: Secured Multi Currency Reducing Revolving Credit Facility Agreement (Safe Bulkers, Inc.)