Common use of Notice of Default, Litigation or Event of Loss Clause in Contracts

Notice of Default, Litigation or Event of Loss. Promptly, and in any event within three Business Days after the Borrower or any of its Subsidiaries obtains knowledge thereof, notice of (i) the occurrence of any event which constitutes a Default or an Event of Default, which notice shall specify the nature thereof, the period of existence thereof and what action the Borrower proposes to take with respect thereto, (ii) any litigation or governmental investigation or proceeding pending or threatened (x) against the Borrower or any of its Subsidiaries which, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect or (y) with respect to the Transaction or any Credit Document, (iii) any event of loss in respect of any vessel and (iv) any other event, change or circumstance that has had, or could reasonably be expected to have, a Material Adverse Effect.

Notice of Default, Litigation or Event of Loss. Promptly, and in any event within three Business Days after the Borrower Parent or any of its Subsidiaries obtains knowledge thereof, notice of (i) the occurrence of any event which constitutes a Default or an Event of Default, which notice shall specify the nature thereof, the period of existence thereof and what action the Parent and the Borrower proposes propose to take with respect thereto, (ii) any litigation or governmental investigation or proceeding pending or threatened (x) against the Borrower Parent or any of its Subsidiaries which, either individually or in the aggregate, could would reasonably be expected to have a Material Adverse Effect or (y) with respect to the Transaction or any Credit Document, (iii) any event Event of loss Loss in respect of any vessel Collateral Rig and (iv) any other event, change or circumstance that has had, or could would reasonably be expected to have, a Material Adverse Effect.

Notice of Default, Litigation or Event of Loss. Promptly, and in any event within three Business Days after the Borrower Holdings or any of its Subsidiaries obtains knowledge thereof, notice of (i) the occurrence of any event which constitutes a Default or an Event of Default, which notice shall specify the nature thereof, the period of existence thereof and what action the Borrower proposes to take with respect thereto, (ii) any litigation or governmental investigation or proceeding pending or threatened (x) against the Borrower Holdings or any of its Subsidiaries which, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect or (y) with respect to the Transaction or any Credit Document, (iii) any event of loss in respect of any vessel Mortgaged Vessel and (iv) any other event, change or circumstance that has had, or could reasonably be expected to have, a Material Adverse Effect.

Notice of Default, Litigation or Event of Loss. Promptly, and in any event within three Business Days after the Borrower Parent or any of its Subsidiaries obtains knowledge thereof, notice of (i) the occurrence of any event which constitutes a Default or an Event of Default, which notice shall specify the nature thereof, the period of existence thereof and what action the Parent and the Borrower proposes propose to take with respect thereto, (ii) any litigation or governmental investigation or proceeding pending or threatened (x) against the Borrower Parent or any of its Subsidiaries which, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect or (y) with respect to the Transaction or any Credit Document, (iii) any event Event of loss Loss in respect of any vessel Collateral Rig and (iv) any other event, change or circumstance that has had, or could reasonably be expected to have, a Material Adverse Effect.

Notice of Default, Litigation or Event of Loss. Promptly, and in any event within three Business Days after the Borrower Holdings or any of its Subsidiaries obtains knowledge thereof, notice of (i) the occurrence of any event which constitutes a Default or an Event of Default, which notice shall specify the nature thereof, the period of existence thereof and what action the Borrower proposes to take with respect thereto, (ii) any litigation or governmental investigation or proceeding pending or threatened (x) against the Borrower Holdings or any of its Subsidiaries which, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect or (y) with respect to the Transaction any Vessel Acquisition or any Credit Document, (iii) any event Event of loss Loss in respect of any vessel Mortgaged Vessel and (iv) any other event, change or circumstance that has had, or could reasonably be expected to have, a Material Adverse Effect.

Notice of Default, Litigation or Event of Loss. Promptly, and in any event within three Business Days after the Borrower Holdings or any of its Subsidiaries obtains knowledge thereof, notice of (i) the occurrence of any event which constitutes a Default or an Event of Default, which notice shall specify the nature thereof, the period of existence thereof and what action the Borrower proposes to take with respect thereto, (ii) any litigation or governmental investigation or proceeding pending or threatened (x) against the Borrower Holdings or any of its Subsidiaries which, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect or (y) with respect to the Transaction Vessel Acquisition, the DeepOcean Acquisition or any Credit Document, (iii) any event Event of loss Loss in respect of any vessel Mortgaged Vessel and (iv) any other event, change or circumstance that has had, or could reasonably be expected to have, a Material Adverse Effect.

Notice of Default, Litigation or Event of Loss. Promptly, and in any event within three Business Days after the Borrower Holdings or any of its Subsidiaries obtains knowledge thereof, notice of (i) the occurrence of any event which constitutes a Default or an Event of Default, which notice shall specify the nature thereof, the period of existence thereof and what action the Borrower proposes Borrowers propose to take with respect thereto, (ii) any litigation or governmental investigation or proceeding pending or threatened (x) against the Borrower Holdings or any of its Subsidiaries which, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect or (y) with respect to the Transaction a Vessel Acquisition or any Credit Document, (iii) any event Event of loss Loss in respect of any vessel Mortgaged Vessel and (iv) any other event, change or circumstance that has had, or could reasonably be expected to have, a Material Adverse Effect.

Notice of Default, Litigation or Event of Loss. Promptly, and in any event within three Business Days after the Borrower Parent or any of its Subsidiaries obtains knowledge thereof, notice of (i) the occurrence of any event which constitutes a Default or an Event of Default, which notice shall specify the nature thereof, the period of existence thereof and what action the Parent and each Borrower proposes propose to take with respect thereto, (ii) any litigation or governmental investigation or proceeding pending or threatened (x) against the Borrower Parent or any of its Subsidiaries which, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect or (y) with respect to the Transaction or any Credit Document, (iii) any event Event of loss Loss in respect of any vessel Collateral Vessel and (iv) any other event, change or circumstance that has had, or could reasonably be expected to have, a Material Adverse Effect.