Common use of Confirmation of no default Clause in Contracts

Confirmation of no default. The Borrowers will, within five (5) Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by a director, an officer or a duly authorized person of the Borrowers and which states that: (i) no Event of Default or Potential Event of Default has occurred; or (ii) no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.1(c) from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10% of the Loan or (if no Advances have been made) Commitments exceeding 10% of the Total Commitments, and this Clause 11.1(c) does not affect the Borrowers’ obligations under Clause 11.1(b).

Appears in 6 contracts

Samples: Loan Agreement (Pangaea Logistics Solutions Ltd.), Loan Agreement (Pangaea Logistics Solutions Ltd.), Loan Agreement (Pangaea Logistics Solutions Ltd.)

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Confirmation of no default. The Borrowers Each Borrower will, within five (5) two Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by a director, an officer or a duly authorized person the officer(s) of the Borrowers that Borrower and which states thatwhich: (ia) states that no Event of Default or Potential Event of Default has occurred; or (iib) states that no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.1(c) 11.14 from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10% 10 per cent. of the Loan or (if no Advances have been made) Commitments exceeding 10% 10 per cent. of the Total Commitments, ; and this Clause 11.1(c) 11.14 does not affect the Borrowers’ obligations under Clause 11.1(b)11.15.

Appears in 5 contracts

Samples: Loan Agreement (Navios Maritime Partners L.P.), Loan Agreement (Navios Maritime Acquisition CORP), Loan Agreement (Navios Maritime Partners L.P.)

Confirmation of no default. The Borrowers Borrower will, within five (5) 2 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by a director, an officer or a duly authorized person 2 directors of the Borrowers Borrower and which states thatwhich: (ia) states that no Event of Default or Potential Event of Default has occurred; or (iib) states that no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.1(c) 11.13 from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10% 10 per cent. of the Loan or (if no Advances have Advance has been made) Commitments exceeding 10% 10 per cent of the Total Commitments, ; and this Clause 11.1(c) 11.13 does not affect the Borrowers’ Borrower’s obligations under Clause 11.1(b)11.14.

Appears in 4 contracts

Samples: Loan Agreement (Paragon Shipping Inc.), Loan Agreement (Paragon Shipping Inc.), Loan Agreement (Paragon Shipping Inc.)

Confirmation of no default. The Borrowers Each Borrower will, within five (5) 2 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by a director, an officer the authorised representative or a duly authorized person director of the Borrowers that Borrower and which states thatwhich: (ia) states that no Event of Default or Potential Event of Default has occurred; or (iib) states that no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.1(c) 11.15 from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10% 10 per cent. of the Loan or (if no Advances Tranches have been made) Commitments exceeding 10% 10 per cent. of the Total Commitments, ; and this Clause 11.1(c) 11.15 does not affect the Borrowers' obligations under Clause 11.1(b)11.16.

Appears in 3 contracts

Samples: Amending and Restating Agreement (Box Ships Inc.), Loan Agreement (Box Ships Inc.), Amending and Restating Agreement (Box Ships Inc.)

Confirmation of no default. The Borrowers Borrower will, within five (5) 2 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by a director, an officer or a duly authorized person 2 directors of the Borrowers Borrower and which states thatwhich: (ia) states that no Event of Default or Potential Event of Default has occurred; or (iib) states that no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.1(c) 11.14 from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10% 10 per cent. of the Loan or (if no Advances have the Advance has not been made) Commitments exceeding 10% 10 per cent. of the Total Commitments, ; and this Clause 11.1(c) 11.14 does not affect the Borrowers’ Borrower's obligations under Clause 11.1(b)11.15.

Appears in 3 contracts

Samples: Loan Agreement (EuroDry Ltd.), Loan Agreement (EuroDry Ltd.), Loan Agreement (Euroseas Ltd.)

Confirmation of no default. The Borrowers Each Borrower will, within five (5) 2 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by a director, an officer or a duly authorized person 2 directors of the Borrowers that Borrower and which states thatwhich: (ia) states that no Event of Default or Potential Event of Default has occurred; or (iib) states that no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.1(c) 11.14 from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10% 10 per cent. of the Loan or (if no Advances have the Loan hasn't been madedrawn) Commitments exceeding 10% 10 per cent of the Total Commitments, ; and this Clause 11.1(c) 11.14 does not affect the Borrowers' obligations under Clause 11.1(b)11.15.

Appears in 3 contracts

Samples: Loan Agreement (Diana Shipping Inc.), Loan Agreement (Diana Shipping Inc.), Loan Agreement (Diana Shipping Inc.)

Confirmation of no default. The Borrowers Borrower will, within five (5) 2 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by a director, an officer or a duly authorized person director of the Borrowers Borrower and which states that:(based on its most recent annual or interim financial statements): (ia) states that no Event of Default or Potential Event of Default has occurred; or (iib) states that no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.1(c) 11.14 from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10% 10 per cent. of the Loan or (if no Advances have the Loan has not been madeadvanced) Commitments exceeding 10% 10 per cent of the Total Commitments, ; and this Clause 11.1(c) 11.14 does not affect the Borrowers’ Borrower's obligations under Clause 11.1(b)11.15.

Appears in 2 contracts

Samples: Loan Agreement (Star Bulk Carriers Corp.), Loan Agreement (Star Bulk Carriers Corp.)

Confirmation of no default. The Borrowers Borrower will, within five two (52) Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by a director, an officer or a duly authorized person of the Borrowers Borrower and which states that: (i) no Event of Default or Potential Event of Default has occurred; or (ii) no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.1(c) from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 1033% of the Loan or (if no Advances have been made) Commitments exceeding 1033% of the Total Commitments, and this Clause 11.1(c) does not affect the Borrowers’ Borrower’s obligations under Clause 11.1(b).

Appears in 2 contracts

Samples: Loan Agreement (Scorpio Tankers Inc.), Loan Agreement (Scorpio Tankers Inc.)

Confirmation of no default. The Borrowers will, within five (5) Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by a director, an officer or a duly authorized person of the Borrowers each Borrower and which states that: (i) no Event of Default or Potential Event of Default has occurred; or (ii) no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.1(c) from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10% of the Loan or (if no Advances have been made) Commitments exceeding 10% of the Total Commitments, and this Clause 11.1(c) does not affect the Borrowers’ Borrower’s obligations under Clause 11.1(b).

Appears in 2 contracts

Samples: Loan Agreement (Pangaea Logistics Solutions Ltd.), Loan Agreement (Pangaea Logistics Solutions Ltd.)

Confirmation of no default. The Borrowers Each Borrower will, within five (5) 2 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by a director, an officer or a duly authorized person 2 directors of the Borrowers that Borrower and which states thatwhich: (ia) states that no Event of Default or Potential Event of Default has occurred; or (iib) states that no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.1(c) 11.14 from time to time but no more than 4 times in any 12 month period and then only if asked to do so by a Lender or Lenders having Contributions exceeding 10% 50 per cent. of the Loan or (if no Advances have an Advance has been made) Commitments exceeding 10% 50 per cent. of the Total Commitments, ; and this Clause 11.1(c) 11.14 does not affect the Borrowers' obligations under Clause 11.1(b)11.15.

Appears in 2 contracts

Samples: Loan Agreement, Loan Agreement (Dynagas LNG Partners LP)

Confirmation of no default. The Borrowers Borrower will, within five two (52) Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by a director, an officer or a duly authorized person of the Borrowers Borrower and which states that: (i) no Event of Default or Potential Event of Default has occurred; or (ii) no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.1(c) from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 1040% of the Loan or (if no Advances have been made) Commitments exceeding 1040% of the Total Commitments, and this Clause 11.1(c) does not affect the Borrowers’ Borrower’s obligations under Clause 11.1(b).

Appears in 2 contracts

Samples: Loan Agreement (Dorian LPG Ltd.), Loan Agreement (Dorian LPG Ltd.)

Confirmation of no default. The Borrowers Borrower will, within five (5) Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by a director, an officer or a duly authorized person of the Borrowers Borrower and which states that: (i) no Event of Default or Potential Event of Default has occurred; or (ii) no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.1(c) from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10% of the Loan or (if no Advances have Advance has been made) Commitments exceeding 10% of the Total Commitments, and this Clause 11.1(c) does not affect the Borrowers’ Borrower’s obligations under Clause 11.1(b).

Appears in 2 contracts

Samples: Loan Agreement (Pangaea Logistics Solutions Ltd.), Loan Agreement (Pangaea Logistics Solutions Ltd.)

Confirmation of no default. The Borrowers will, within five two (52) Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by a director, an officer or a duly authorized person of the Borrowers and which states that: (i) no Event of Default or Potential Event of Default has occurred; or (ii) no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.1(c) from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10% of the Loan or (if no Advances have been made) Commitments exceeding 10% of the Total Commitments, and this Clause 11.1(c) does not affect the Borrowers’ obligations under Clause 11.1(b).

Appears in 2 contracts

Samples: Loan Agreement (Pangaea Logistics Solutions Ltd.), Loan Agreement (Quartet Holdco Ltd.)

Confirmation of no default. The Borrowers Each Borrower will, within five (5) 2 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by a director, an officer or a duly authorized person any director of the Borrowers that Borrower and which states thatwhich: (ia) states that no Event of Default or Potential Event of Default has occurred; or (iib) states that no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.1(c) 11.14 from time to time but no more than 4 times in any 12 month period and then only if asked to do so by a Lender or Lenders having Contributions exceeding 10% 50 per cent. of the Loan or (or, if no Advances have an Advance has been made) , Commitments exceeding 10% 50 per cent. of the Total Commitments, ; and this Clause 11.1(c) 11.14 does not affect the Borrowers’ obligations under Clause 11.1(b)11.15.

Appears in 2 contracts

Samples: Loan Agreement (Dynagas LNG Partners LP), Loan Agreement

Confirmation of no default. The Borrowers Each Borrower will, within five (5) 2 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by a director, an officer or a duly authorized person of the Borrowers that Borrower and which states thatwhich: (ia) states that no Event of Default or Potential Event of Default has occurred; or (iib) states that no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.1(c) 11.14 from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10% 10 per cent. of the Loan or (if no Advances have the Loan has not been made) Commitments exceeding 10% 10 per cent of the Total Commitments, ; and this Clause 11.1(c) 11.14 does not affect the Borrowers' obligations under Clause 11.1(b)11.15.

Appears in 2 contracts

Samples: Loan Agreement (Diana Shipping Inc.), Loan Agreement (Diana Shipping Inc.)

Confirmation of no default. The Borrowers Borrower will, within five (5) 2 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by a director, an officer or a duly authorized person director of the Borrowers Borrower and which states that:(based on its most recent annual or interim financial statements): (ia) states that no Event of Default or Potential Event of Default has occurred; or (iib) states that no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.1(c) 11.14 from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10% 10 per cent. of the Loan or (if no Advances have Tranche has been madeadvanced) Commitments exceeding 10% 10 per cent of the Total Commitments, ; and this Clause 11.1(c) 11.14 does not affect the Borrowers’ Borrower’s obligations under Clause 11.1(b)11.15.

Appears in 2 contracts

Samples: Loan Facility Agreement (Star Bulk Carriers Corp.), Loan Facility Agreement (Star Bulk Carriers Corp.)

Confirmation of no default. The Borrowers Each Borrower will, within five (5) 2 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by a director, an officer the authorised representative or a duly authorized person director of the Borrowers that Borrower and which states thatwhich: (ia) states that no Event of Default or Potential Event of Default has occurred; or (iib) states that no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.1(c) 11.14 from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10% 10 per cent. of the Loan or (if no Advances have neither of the Tranches has been madeadvanced) Commitments exceeding 10% 10 per cent. of the Total Commitments, ; and this Clause 11.1(c) 11.14 does not affect the Borrowers' obligations under Clause 11.1(b)11.15.

Appears in 2 contracts

Samples: Loan Agreement (Star Bulk Management Inc.), Loan Agreement (Star Bulk Management Inc.)

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Confirmation of no default. The Borrowers Each Borrower will, within five (5) 2 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by a director, an officer the authorised representative or a duly authorized person director of the Borrowers that Borrower and which states thatwhich: (ia) states that no Event of Default or Potential Event of Default has occurred; or (iib) states that no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.1(c) 11.14 from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10% 10 per cent. of the Loan or (if no neither of the Advances have been madedrawn down) Commitments exceeding 10% 10 per cent. of the Total Commitments, ; and this Clause 11.1(c) 11.14 does not affect the Borrowers’ obligations under Clause 11.1(b)11.15.

Appears in 2 contracts

Samples: Loan Agreement, Loan Agreement (Navios Maritime Partners L.P.)

Confirmation of no default. The Borrowers Borrower will, within five (5) 2 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by 2 directors (in their capacity as directors and not in a director, an officer or a duly authorized person personal capacity) of the Borrowers Borrower and which states thatwhich: (ia) states that such directors have no knowledge that any Event of Default or Potential Event of Default has occurred; or (iib) states that no such directors have no knowledge that any Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.1(c) 11.13 from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10% 10 per cent. of the Loan or (if no Advances have the Loan has not been made) Commitments exceeding 10% 10 per cent of the Total Commitments, ; and this Clause 11.1(c) 11.12 does not affect the Borrowers’ Borrower’s obligations under Clause 11.1(b)11.13.

Appears in 2 contracts

Samples: Loan Agreement (Britannia Bulk PLC), Loan Agreement (Britannia Bulk Holdings Inc)

Confirmation of no default. The Borrowers Borrower will, within five three (53) Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by a director, an officer or a duly authorized person of the Borrowers Borrower and which states that: (i) no Event of Default or Potential Event of Default has occurred; or (ii) no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.1(c) from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 1033% of the Loan or (if no Advances have been made) Commitments exceeding 1033% of the Total Commitments, and this Clause 11.1(c) does not affect the Borrowers’ Borrower’s obligations under Clause 11.1(b).

Appears in 2 contracts

Samples: Loan Agreement (Scorpio Tankers Inc.), Loan Agreement (Scorpio Tankers Inc.)

Confirmation of no default. The Borrowers Each Borrower will, within five (5) 5 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by a director, an officer the authorised representative or a duly authorized person director of the Borrowers that Borrower and which states thatwhich: (ia) states that no Potential Event of Default or Event of Default has occurred and is continuing; or (b) states that no Potential Event of Default has occurred; or (ii) no Event of Default or Potential Event of Default has occurredoccurred and is continuing, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.1(c) 11.15 from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10% 10 per cent. of the Loan or (if no Advances Tranches have been made) Commitments exceeding 10% 10 per cent. of the Total Commitments, ; and this Clause 11.1(c) 11.15 does not affect the Borrowers’ obligations under Clause 11.1(b)11.16.

Appears in 1 contract

Samples: Amending and Restating Agreement (Poseidon Containers Holdings Corp.)

Confirmation of no default. The Borrowers Borrower will, within five (5) 2 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by a director, an officer or a duly authorized person director of the Borrowers Borrower and which states that:(based on its most recent annual or interim financial statements): (ia) states that no Event of Default or Potential Event of Default has occurred; or (iib) states that no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.1(c) 11.14 from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10% 10 per cent. of the Loan or (if no Advances have Advance has been made) Commitments exceeding 10% 10 per cent. of the Total Commitments, ; and this Clause 11.1(c) 11.14 does not affect the Borrowers’ Borrower’s obligations under Clause 11.1(b)11.15.

Appears in 1 contract

Samples: Loan Agreement (Star Bulk Carriers Corp.)

Confirmation of no default. The Borrowers Each Borrower will, within five (5) 5 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by a director, an the authorised representative or senior officer or a duly authorized person of the Borrowers that Borrower and which states thatwhich: (ia) states that no Potential Event of Default or Event of Default has occurred and is continuing; or (b) states that no Potential Event of Default has occurred; or (ii) no Event of Default or Potential Event of Default has occurredoccurred and is continuing, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.1(c) 11.14 from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10% 10 per cent, of the Loan or (if no Advances Tranches have been made) Commitments exceeding 10% 10 per cent, of the Total Commitments, ; and this Clause 11.1(c) 11.14 does not affect the Borrowers’ obligations under Clause 11.1(b)11.15.

Appears in 1 contract

Samples: Loan Agreement (Global Ship Lease, Inc.)

Confirmation of no default. The Borrowers Borrower will, within five (5) Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by a director, the authorised representative of the Borrower or an officer or a duly authorized person of the Borrowers Borrower’s general partner and which states thatwhich: (ia) states that no Event of Default or Potential Event of Default has occurred; or (iib) states that no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.1(c) 11.14 from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10% 10 per cent. of the Loan or (if no Advances have the Loan has not been madeadvanced) or Commitments exceeding 10% 10 per cent. of the Total Commitments, Commitments and this Clause 11.1(c) 11.14 does not affect the Borrowers’ Borrower’s obligations under Clause 11.1(b)11.15.

Appears in 1 contract

Samples: Loan Agreement (Capital Product Partners L.P.)

Confirmation of no default. The Borrowers Borrower will, within five (5) 5 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by a director, an officer or a duly authorized person 2 directors of the Borrowers Borrower and which states thatwhich: (ia) states that no Event of Default or Potential Event of Default has occurredoccurred which is continuing; or (iib) states that no Event of Default or Potential Event of Default has occurredoccurred which is continuing, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.1(c) 11.11 from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10% 10 per cent. of the Loan or (if no Advances have the Loan has not been made) Commitments exceeding 10% 10 per cent of the Total Commitments, ; and this Clause 11.1(c) 11.11 does not affect the Borrowers’ Borrower’s obligations under Clause 11.1(b)11.12.

Appears in 1 contract

Samples: Loan Agreement (Crude Carriers Corp.)

Confirmation of no default. The Borrowers Each Borrower will, within five (5) 2 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by a director, an officer or a duly authorized person any director of the Borrowers that Borrower and which states thatwhich: (ia) states that no Event of Default or Potential Event of Default has occurred; or (iib) states that no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.1(c) 11.14 from time to time but no more than 4 times in any 12 month period and then only if asked to do so by a Lender or Lenders having Contributions exceeding 10% 50 per cent. of the Loan or (or, if no Advances have an Advance has been made) , Commitments exceeding 10% 50 per cent. of the Total Commitments, ; and this Clause 11.1(c) 11.14 does not affect the Borrowers' obligations under Clause 11.1(b)11.15.

Appears in 1 contract

Samples: Loan Agreement (Dynagas LNG Partners LP)

Confirmation of no default. The Borrowers Borrower will, within five (5) 2 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by 2 directors (in their capacity as directors and not in a director, an officer or a duly authorized person personal capacity) of the Borrowers Borrower and which states thatwhich: (ia) states that such directors have no knowledge that any Event of Default or Potential Event of Default has occurred; or (iib) states that such directors have no knowledge that any Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.1(c) 11.13 from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10% 20 per cent. of the Loan or (if no Advances have the Loan has not been made) Commitments exceeding 10% 20 per cent of the Total Commitments, ; and this Clause 11.1(c) 11.13 does not affect the Borrowers’ Borrower’s obligations under Clause 11.1(b)11.14.

Appears in 1 contract

Samples: Loan Agreement (Britannia Bulk Holdings Inc)

Confirmation of no default. The Borrowers Borrower will, within five (5) 2 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by a director, an officer or a duly authorized person director of the Borrowers Borrower and which states that:(based on its most recent annual or interim financial statements): (ia) states that no Event of Default or Potential Event of Default has occurred; or (iib) states that no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.1(c) 11.14 from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10% 10 per cent. of the Loan or (if no Advances have Tranche has been madeadvanced) Commitments exceeding 10% 10 per cent. of the Total Commitments, ; and this Clause 11.1(c) 11.14 does not affect the Borrowers’ Borrower’s obligations under Clause 11.1(b)11.15.

Appears in 1 contract

Samples: Loan Agreement (Star Bulk Carriers Corp.)

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