Common use of Cure of Defaults Clause in Contracts

Cure of Defaults. Subject to the terms of the Indenture, if at any time after an Event of Default and prior to the actual sale of the Ship by the Mortgagee or prior to any enforcement or foreclosure proceedings, the Shipowner offers completely to cure all Events of Default and to pay all expenses, advances and damages to the Mortgagee consequent on such Events of Default, with interest with respect to the Shipowner's obligations as provided herein or in the Indenture or the Working Capital Facility Agreement as set forth therein, then the Mortgagee may, but shall not be required to, accept such offer and payment and restore the Shipowner to its former position, but such action, if taken, shall not affect any subsequent Event of Default or impair any rights consequent thereon.

Cure of Defaults. Subject to the terms of the Indenture, if at any time after an Event of Default and prior to the actual sale of the Ship Vessel by the Mortgagee or prior to any enforcement or foreclosure proceedings, the Shipowner offers completely to cure all Events of Default and to pay all expenses, advances and damages to the Mortgagee consequent on such Events of Default, with interest with respect to the Shipowner's obligations as provided herein or in the Indenture or the Working Capital Facility Agreement as set forth therein, then the Mortgagee may, but shall not be required to, accept such offer and payment and restore the Shipowner to its former position, but such action, if taken, shall not affect any subsequent Event of Default or impair any rights consequent thereon.