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

Notice of Default, Material Litigation or Event of Loss. Promptly, and in any event within five Business Days after any Credit Party obtains actual knowledge thereof, notice of (i) the occurrence of any event which constitutes a Default or Event of Default which notice shall specify the nature thereof, the period of existence thereof and what action the Parent Guarantor proposes to take with respect thereto, (ii) any material litigation or governmental investigation or proceeding pending or threatened against the Parent Guarantor or any of its Subsidiaries, (iii) any Event of Loss in respect of any Collateral Vessel, (iv) any damage or injury caused by or to a Collateral Vessel in excess of $5,000,000, and (v) any material default under any Permitted Charter.

Notice of Default, Material Litigation or Event of Loss. Promptly, and in any event within five Business Days after any Credit Party the Borrower obtains actual knowledge thereof, notice of (i) the occurrence of any event which constitutes a Default or Event of Default which notice shall specify the nature thereof, the period of existence thereof and what action the Parent Guarantor Borrower proposes to take with respect thereto, (ii) any material litigation or governmental investigation or proceeding pending or threatened against the Parent Guarantor Borrower or any of its Subsidiaries, (iii) any Event of Loss in respect of any Collateral Vessel, (iv) any damage or injury caused by or to a Collateral Vessel in excess of $5,000,000, and (v) any material default under any Intra-Group Charter or Permitted Third Party Charter.

Notice of Default, Material Litigation or Event of Loss. Promptly, and in any event within five Business Days after any Credit Party obtains actual knowledge thereof, notice of (i) the occurrence of any event which constitutes a Default or Event of Default which notice shall specify the nature thereof, the period of existence thereof and what action the Parent Guarantor Borrower proposes to take with respect thereto, (ii) any material litigation or governmental investigation or proceeding pending or threatened against the Parent Guarantor Borrower or any of its Subsidiaries, (iii) any Event of Loss in respect of any Collateral Vessel, (iv) any damage or injury caused by or to a Collateral Vessel in excess of $5,000,0002,500,000, and (v) any material default under any Permitted Charter.

Notice of Default, Material Litigation or Event of Loss. Promptly, and in any event within five three (3) Business Days after any Credit Party the Borrower obtains actual knowledge thereof, notice of (i) the occurrence of any event which constitutes a Default or Event of Default which notice shall specify the nature thereof, the period of existence thereof and what action the Parent Guarantor Borrower proposes to take with respect thereto, (ii) any material litigation or governmental investigation or proceeding pending or threatened against the Parent Guarantor Borrower or any of its SubsidiariesSubsidiary Guarantor, (iii) any Event of Loss in respect of any Collateral Vessel, (iv) any damage or injury caused by or to a Collateral Vessel in excess of $5,000,000, and (v) any material default under any Permitted Chartercharter relating to a Collateral Vessel.

Notice of Default, Material Litigation or Event of Loss. Promptly, and in any event within five Business Days after any Credit Party obtains actual knowledge thereof, notice of (i) the occurrence of any event which constitutes a Default or Event of Default which notice shall specify the nature thereof, the period of existence thereof and what action the Parent Corporate Guarantor proposes to take with respect thereto, (ii) any material litigation or governmental investigation or proceeding pending or threatened against the Parent Guarantor Corporate Guarantor, the Borrower or any of its their respective Subsidiaries, (iii) any Event of Loss in respect of any Collateral Vessel, (iv) any damage or injury caused by or to a Collateral Vessel in excess of $5,000,000750,000, and (v) any material default under any Permitted Charter.