Default Under The Indenture Clause Samples

Default Under The Indenture. (a) In the event of any Indenture Default, the Indenture Trustee or any Holder of an Outstanding Obligation may demand, in accordance with the provisions of Section 6.02 of the Indenture, on behalf of the Holders of all the Obligations then Outstanding, payment by the Secretary of the unpaid principal and interest to the date of payment on all Outstanding Obligations. (b) Within 30 days from the date of any demand for payment made pursuant to paragraph (a) of this Section, the Secretary shall pay to the Indenture Trustee as agent and attorney-in-fact for the Holders of the Outstanding Obligations, all the unpaid interest to the date of such payment on, and the unpaid balance of the principal of, all Outstanding Obligations as aforesaid in full, in cash; provided that, in the case of a demand made as a result of a Payment Default, the Secretary shall not be required to make such payment if (i) prior to such demand the Secretary shall have assumed the Obligations pursuant to Section 6.09 of the Indenture or (ii) prior to the expiration of such 30-day period subsequent to such demand and prior to any payment of the Guarantees by the Secretary, he shall find there was no Payment Default or that such Payment Default had been remedied prior to such demand, and in any such case the Guarantees shall remain in full force and effect. The Secretary shall give prompt written notice to the Shipowner and the Indenture Trustee of each such finding.

Default Under The Indenture. Notwithstanding any provisions in this Escrow Agreement to the contrary, upon receipt by the Escrow Agent of a notice from any of the Trustee, the Collateral Trustee, the Warrant Agent, the Owner Trustee, the Administrator or Holders or Beneficial Holders of at least 25% in aggregate principal amount of the Senior Notes then outstanding that a Default or an Event of Default has occurred, then the Escrow Agent shall not remit the Remaining Earnings to the Company unless and until (i) the Escrow Agent receives written notice from the Trustee that such Default or Event of Default has been cured or waived and (ii) the Company provides to the Escrow Agent an Officers' Certificate certifying that there is then no Default or Event of Default that has occurred and that is then continuing which has not been cured or waived. Notwithstanding any provision in this Escrow Agreement to the contrary, upon receipt of a notice from any of the Trustee or the Holders or Beneficial Holders of at least 25% of the then outstanding Senior Notes that the Senior Notes have been or thereby are declared to be due and payable immediately, the Escrow Agent shall forthwith remit all Remaining Earnings to the Trustee for application in accordance with Section 6.10 of the Indenture.