Further Novation Events Sample Clauses

Further Novation Events. Each of the following shall be a Further Novation Event for the purpose of this Agreement: 17.3.1 any Termination Event or Mandatory Prepayment Event occurs prior to the Delivery Date; 17.3.2 the Delivery Date does not occur on or before the Commitment Expiry Date; 17.3.3 if (a) the Ship is rejected by the Lessor upon the request of the Supervisor or (b) the Novated Building Contract is terminated or rescinded for any reason or becomes capable of immediate termination or rescission in accordance with article VIII thereof or (c) consequent upon a total loss of the Ship as envisaged by article XVII of the Novated Building Contract unless the Lessor is satisfied in its reasonable opinion that the Ship can be rebuilt in accordance with the specification by the Commitment Expiry Date or (d) the Builder becomes entitled to terminate or rescind the Novated Building Contract or the Builder purports to rescind or terminate the Novated Building Contract under article XI thereof; 17.3.4 the Lessee fails to pay when due any Contribution Payment due to the Lessor under clause 3.10 of this Agreement; 17.3.5 prior to the Delivery Date the Builder makes a claim against the Lessor under the Novated Building Contract (unless the claim arises as a result of Lessor Misconduct) and: (a) such claim is not settled in a manner acceptable to the Lessor acting reasonably on the earlier of the Delivery Date and the date falling thirty (30) days after the making of that claim; and (b) the Lessor is not secured to its reasonable satisfaction in respect of any Loss it may suffer as a direct result of that claim; 17.3.6 prior to the Delivery Date the Supervisor commences proceedings against the Builder under the Novated Building Contract and the Lessor has not given its consent to such proceedings pursuant to clause 4.9 of the Supervision Agreement; 17.3.7 the Supervisor is in breach of any of its obligations to the Lessor pursuant to the Supervision Agreement or the Supervisor is otherwise acting outside the scope of its authority under the Supervision Agreement in a manner materially detrimental to the rights and interests of the Lessor; 17.3.8 the Refund Guarantor fails to comply with any of its obligations under the Refund Guarantee; or 17.3.9 the conditions precedent to the Lessor’s obligation to make payment of any Instalment or to Delivery are not fulfilled or waived and such failure has, or in the reasonable opinion of the Lessor, is reasonably likely to have a material adverse ...
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Related to Further Novation Events

  • Termination Events If the Early Termination Date results from a Termination Event:—

  • Events of Default and Termination Events The following Events of Default and Termination Events shall apply to Party A and Party B as set forth below:

  • Additional Disruption Events Change in Law: Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by adding the words “(including, for the avoidance of doubt and without limitation, adoption or promulgation of new regulations authorized or mandated by existing statute)” after the word “regulation” in the second line thereof.

  • Actions following an Event of Default On, or at any time after, the occurrence and during the continuation of an Event of Default: (a) the Agent may, and if so instructed by the Majority Lenders, the Agent shall: (i) serve on the Borrowers a notice stating that all or part of the Commitments and of the other obligations of each Lender to the Borrowers under this Agreement are cancelled; and/or (ii) serve on the Borrowers a notice stating that all or part of the Loan together with accrued interest and all other amounts accrued or owing under this Agreement are immediately due and payable or are due and payable on demand; and/or (iii) take any other action which, as a result of the Event of Default or any notice served under paragraph (i) or (ii), the Agent and/or the Lenders are entitled to take under any Finance Document or any applicable law; and/or (b) the Security Trustee may, and if so instructed by the Agent, acting with the authorisation of the Majority Lenders, the Security Trustee shall take any action which, as a result of the Event of Default or any notice served under paragraph (a)(i) or (a)(ii), the Security Trustee, the Agent and/or the Lenders and/or the Swap Counterparties are entitled to take under any Finance Document or any applicable law.

  • Additional Events of Default Section 4.1 For purposes of this Supplemental Indenture and the Notes, in addition to the Events of Default set forth in Section 501 of the Indenture, each of the following also shall constitute an “Event of Default:” (a) default in the payment of the principal of or any premium on the Notes at Maturity; (b) there shall occur a default under any bond, debenture, note or other evidence of indebtedness of the Company, or under any mortgage, indenture or other instrument of the Company (including a default with respect to Securities of any series other than that series) under which there may be issued or by which there may be secured any indebtedness of the Company (or by any Subsidiary, the repayment of which the Company has guaranteed or for which the Company is directly responsible or liable as obligor or guarantor), whether such indebtedness now exists or shall hereafter be created, which default shall constitute a failure to pay an aggregate principal amount exceeding $10,000,000 of such indebtedness when due and payable after the expiration of any applicable grace period with respect thereto and shall have resulted in such indebtedness in an aggregate principal amount exceeding $10,000,000 becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, without such indebtedness having been discharged, or such acceleration having been rescinded or annulled, within a period of 10 days after there shall have been given, by first class mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least a majority in principal amount of the Outstanding Notes a written notice specifying such default and requiring the Company to cause such indebtedness to be discharged or cause such acceleration to be rescinded or annulled and stating that such notice is a “Notice of Default” under the Indenture; and (c) the entry by a court of competent jurisdiction of one or more judgments, orders or decrees against the Company or any of its Subsidiaries in an aggregate amount (excluding amounts covered by insurance) in excess of $10,000,000 and such judgments, orders or decrees remain undischarged, unstayed and unsatisfied in an aggregate amount (excluding amounts covered by insurance) in excess of $10,000,000 for a period of 30 consecutive days. Section 4.2 Notwithstanding any provisions to the contrary in the Indenture, upon the acceleration of the Notes in accordance with Section 502 of the Indenture, the amount immediately due and payable in respect of the Notes shall equal the Outstanding principal amount thereof, plus accrued and unpaid interest, plus the Make-Whole Amount.

  • Action upon Certain Failures of the Servicer and upon Event of Default In the event that the Trustee shall have actual knowledge of any failure of the Servicer specified in Section 8.01(a) or (b) which would become an Event of Default upon the Servicer's failure to remedy the same after notice, the Trustee shall give notice thereof to the Servicer. If the Trustee shall have knowledge of an Event of Default, the Trustee shall give prompt written notice thereof to the Certificateholders.

  • Certain Events of Default The following Events of Default will apply to the parties as specified below, and the definition of “Event of Default” in Section 14 is deemed to be modified accordingly: Section 5(a) (i) (Failure to Pay or Deliver) will apply to Party A and Party B. Section 5(a)(ii) (Breach of Agreement) will not apply to Party A or Party B. Section 5(a)(iii) (Credit Support Default) will not apply to Party A or Party B. Section 5(a)(iv) (Misrepresentation) will not apply to Party A or Party B. Section 5(a)(v) (Default under Specified Transaction) will not apply to Party A or Party B. Section 5(a)(vi) (Cross Default) will not apply to Party A or Party B. Section 5(a)(vii) (Bankruptcy) will apply to Party A and Party B; provided that clause (2) thereof shall not apply to Party B. Section 5(a)(viii) (Merger without Assumption) will apply to Party A and Party B.

  • Action Upon Certain Failures of the Master Servicer and Upon Event of Default In the event that a Responsible Officer of the Trustee shall have actual knowledge of any action or inaction of the Master Servicer that would become an Event of Default upon the Master Servicer’s failure to remedy the same after notice, the Trustee shall give prompt written notice thereof to the Master Servicer.

  • Definition of Events of Default “Event of Default” means the occurrence of any of the following:

  • Acceleration Events Each of the following events shall constitute an “Acceleration Event”:

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