Common use of Notification of Certain Events Clause in Contracts

Notification of Certain Events. The Borrower shall immediately notify the Security Trustee by letter, of: (a) its entry into any agreement or arrangement for the postponement of any date on which any Earnings are due, the reduction of the amount of any Earnings or otherwise for the release or adverse alteration of any right of the Borrower to any Earnings; (b) its entry into a demise charter in respect of the Ship for any period; (c) its entry into any time or consecutive voyage charter in respect of the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 12 months; (d) any casualty which is or is likely to become a Major Casualty; (e) any occurrence as a result of which the Ship has become or is, by the passing of time or otherwise, likely to become a Total Loss; (f) any requirement, condition or recommendation made by any insurer or classification society or by any competent authority which is not immediately complied with in accordance with its terms; (g) any arrest or detention of the Ship, any exercise or purported exercise of any lien on the Ship or its Earnings or any requisition of the Ship for hire; (h) any intended dry docking of the Ship; (i) any Environmental Claim made against the Borrower or in connection with the Ship, or any Environmental Incident; (j) any claim for breach of the ISM Code or the ISPS Code being made against the Borrower, the Approved Managers or otherwise in connection with the Ship; or (k) any other matter, event or incident, actual or threatened, the effect of which will or could lead to the ISM Code or the ISPS Code not being complied with, and the Borrower shall keep the Security Trustee advised in writing on a regular basis and in such detail as the Security Trustee shall require of the Borrower's, the Approved Managers' or any other person's response to any of those events or matters.

Notification of Certain Events. The Borrower shall immediately procure that each Owner shall as soon as it becomes aware of any of the events referred to in this Clause 13.11 notify the Security Trustee Lender by letterfax, confirmed forthwith by letter of: (a) its entry into any agreement or arrangement for the postponement of any date on which any Earnings are due, the reduction of the amount of any Earnings or otherwise for the release or adverse alteration of any right of the Borrower to any Earnings; (b) its entry into a demise charter in respect of the Ship for any period; (c) its entry into any time or consecutive voyage charter in respect of the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 12 months; (d) any casualty which is or is likely to be or to become a Major Casualty; (eb) any occurrence as a result of which the Ship owned by it has become or is, by the passing of time or otherwise, likely to become a Total Loss; (fc) any requirement, condition requirement or recommendation made by any insurer or classification society or by any competent authority which is not immediately complied with in accordance with its termsterms (including without limitation, any time limit specified by any insurer or classification society or any competent authority); (gd) any arrest or detention of the ShipShip owned by it (if the arrest or detention has not been released within 3 Business Days of its imposition or the Borrower or the relevant Owner considers that the arrest or detention will not be released within 3 Business Day of its imposition), any exercise or purported exercise of any lien on the that Ship or its her Earnings or her Insurances or any requisition of the that Ship for hire; (he) any intended dry docking of the ShipShip owned by it which the Owner knows, or reasonably determines, will or may exceed (or has exceeded) 10 days in total; (if) any Environmental Claim made against the Borrower that Owner or in connection with the ShipShip owned by it, or any Environmental Incident; (jg) any claim for breach of the ISM Code or the ISPS Code being made against that Owner and, to the Borrowerextent that that Owner is aware of such claim, the Approved Managers Manager or otherwise in connection with the ShipShip owned by it; or (kh) any other matter, event or incident, actual or threatened, the effect of which will or could lead to the ISM Code or the ISPS Code not being complied with, and the Borrower that Owner shall keep the Security Trustee Lender advised in writing on a regular basis and in such detail as the Security Trustee Lender shall require of the Borrower's, the Approved Managers' that Owner’s or any other person's ’s response to any of those events or matters.

Notification of Certain Events. The Each Borrower shall immediately notify the Security Trustee by letter, of: (a) its entry into any agreement or arrangement for the postponement of any date on which any Earnings are due, the reduction of the amount of any Earnings or otherwise for the release or adverse alteration of any right of the that Borrower to any Earnings; (b) its entry into a demise charter in respect of the that Ship for any period; (c) the exercise or, as the case me be, non-exercise of the Optional Extension in respect of the Initial Approved Charter in relation to the Ship owned by that Borrower; (d) its entry into any time or consecutive voyage charter in respect of the that Ship (other than any Initial Approved Charter) for a term which exceeds, or which by virtue of any optional extensions may exceed, 12 11 months; (de) any casualty which is or is likely to be or to become a Major Casualty; (ef) any occurrence as a result of which the Ship owned by it has become or is, by the passing of time or otherwise, likely to become a Total Loss; (fg) any requirement, overdue condition or recommendation made by any insurer or classification society or by any competent authority which is not immediately complied with in accordance with its terms; (gh) any arrest or detention of the that Ship, any exercise or purported exercise of any lien on the Ship or its Earnings or any requisition of the that Ship for hire; (hi) any intended unscheduled dry docking of the that Ship; (ij) any Environmental Claim made against the that Borrower or in connection with the that Ship, or any Environmental Incident; (jk) any claim for breach of the ISM Code or the ISPS Code being made against the that Borrower, the any Approved Managers Manager or otherwise in connection with the that Ship; or (kl) any other matter, event or incident, actual or threatened, the effect of which will or could lead to the ISM Code or the ISPS Code not being complied with, and the that Borrower shall keep the Security Trustee advised in writing on a regular basis and in such detail as the Security Trustee shall require of the that Borrower's’s, the any Approved Managers' Manager’s or any other person's ’s response to any of those events or matters.

Notification of Certain Events. The Each Borrower shall immediately notify (and shall procure in respect of paragraph (a) of this Clause 14.11 that each Collateral Owner shall) immediately notify (and (i) in respect of subparagraphs 14.12(a) and 14.12(b). such notice shall be as soon as practicable after the entry into such time or consecutive voyage charter and (ii) in respect of sub-paragraph (fg), such notice shall be reasonably in advance of the relevant event or circumstance set out therein) the Security Trustee by letterfax and email, of: (a) its entry into any agreement or arrangement for the postponement in respect of any date on which Tasman Ship and Ship B, any Earnings are due, the reduction of the amount of any Earnings time or otherwise for the release or adverse alteration of any right of the Borrower to any Earnings; (b) its entry into a demise consecutive voyage charter in respect of that Tasman Ship or. as the case may be, Ship for any periodB; (ca) its entry into otherwise in respect of Ship A, any time or consecutive voyage charter in respect of the Ship owned by it permitted without the prior written consent of the Agent (acting with the authorisation of the Majority Lenders) pursuant to Clause 14.12(a); (b) in respect of Ship A or Ship B, any time or consecutive voyage charter in respect of the Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 12 months; (dc) any casualty which is or is likely to become a Major Casualty; (ed) any occurrence as a result of which the Ship owned by it has become or is, by the passing of time or otherwise, likely to become a Total Loss; (fe) any requirement, condition requirement or recommendation made by any insurer or classification society or by any competent authority which is not immediately complied with in accordance with its termswith; (gf) any arrest or detention of the ShipShip owned by it, any exercise or purported exercise of any lien on the that Ship or its Earnings or any requisition of the that Ship for hire; (hg) any intended dry docking of the ShipShip owned by it; (ih) any Environmental Claim made against the that Borrower or in connection with the ShipShip owned by it, or any Environmental Incident; (ji) any claim for breach of the ISM Code or the ISPS Code being made against the that Borrower, the an Approved Managers Manager or otherwise in connection with the ShipShip owned by it; or (kj) any other matter, event or incident, actual or threatened, the effect of which will or could lead to the ISM Code or the ISPS Code not being complied with, and the Borrower that Xxxxxxxx shall keep the Security Trustee advised in writing on a regular basis and in such detail as the Security Trustee shall require of the that Borrower's’s, the Approved Managers' Managers or any other person's ’s response to any of those events or matters.

Notification of Certain Events. The Each Borrower shall shall, in relation to the Vessel owned by it, immediately notify the Security Trustee Agent by letteremail, of: (a) its entry into any agreement or arrangement for the postponement of any date on which any Earnings are due, the reduction of the amount of any Earnings or otherwise for the release or adverse alteration of any right of the Borrower to any Earnings; (b) its entry into a demise charter in respect of the Ship for any period; (c) its entry into any time or consecutive voyage charter in respect of the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 12 months; (d) any casualty relating to that Vessel which is or is likely to be or to become a Major Casualty; (eb) any occurrence as a result of which the Ship that Vessel has become or is, by the passing of time or otherwise, likely to become a Total Loss; (fc) any requirement, condition requirement or recommendation made by any insurer or classification society the Classification Society or by any competent authority which is not immediately complied with in accordance with its termswith; (gd) the conduct of any required works and repairs to each of the Vessels in order to ensure compliance with the Clause 23.3 (Repair and classification); (e) any arrest or detention of the Shipthat Xxxxxx, any exercise or purported exercise of any lien on the Ship that Vessel or its Earnings or any requisition of the Ship that Vessel for hire; (hf) any intended dry docking of the Shipthat Vessel; (ig) any Environmental Claim made against the any Borrower or in connection with the Shipany Vessel, or any Environmental Incident; (jh) any claim for breach of the ISM Code or the ISPS Code being made against the any Borrower, the any Approved Managers Manager or otherwise in connection with the Ship; orthat Vessel; (ki) any actual or threatened withdrawal, suspension, cancellation or modification of the ISSC; and (j) any other matter, event or incident, actual or threatened, the effect of which will or could lead to the ISM Code or the ISPS Code not being complied with, and the Borrower Borrowers shall keep the Security Trustee Agent advised in writing on a regular basis and in such detail as the Security Trustee Agent shall require of the Borrower'sBorrowers’, the Approved Managers' ’ or any other person's ’s response to any of those events or matters, provided that no notification shall be required and no breach of this Clause shall result in relation to a condition or recommendation of class or required works or repairs existing, or any arrests existing, at the date of delivery under the relevant MOA provided that the same is remedied and repaired on or before 1 January 2020.

Notification of Certain Events. The Borrower Each Guarantor shall immediately upon acquiring knowledge thereof notify the Security Trustee DIP Agent by fax, confirmed forthwith by letter, of: (a) its entry into any agreement or arrangement for the postponement of any date on which any Earnings are due, the reduction of the amount of any Earnings or otherwise for the release or adverse alteration of any right of the Borrower casualty to any Earnings; (b) its entry into a demise charter in respect of the Ship for any period; (c) its entry into any time or consecutive voyage charter in respect of the Ship for a term which exceeds, or which owned by virtue of any optional extensions may exceed, 12 months; (d) any casualty it which is or is likely to be or to become a Major Casualty; (eb) any occurrence as a result of which the Ship owned by it has become or is, by the passing of time or otherwise, likely to become a Total Loss; (fc) any requirement, condition requirement or recommendation affecting class made in relation to the Ship owned by it by any insurer or classification society or by any competent authority which is not immediately complied with in accordance during the specified period given to such Guarantor to comply with its termssuch requirement or recommendation; (gd) any arrest or detention of the ShipShip owned by it, any exercise or purported exercise of any lien on the that Ship or its Earnings or any requisition of the that Ship for hire; (he) any intended dry docking of the ShipShip owned by it (in respect of which notification by fax only shall be required); (i) any actual or alleged non-compliance with Environmental Laws or with Authorizations pursuant to Environmental Laws, (ii) any material notice received relating to Environmental Laws, (iii) any circumstances that arise whereby any remedial action with respect to environmental, health or safety matters is reasonably likely to be required or (iv) any material Environmental Claim made against the Borrower or in connection with the Ship, or any material Environmental Incident, and in each case such notice must include details of the steps such Obligor is pursuing to remedy or mitigate any adverse impacts, and shall provide the DIP Agent with periodic reports on the progress of any remedy undertaken; (jg) any claim for breach of the ISM Code or the ISPS Code being made against the Borrowerthat Guarantor, the Approved Managers Manager or otherwise in connection with the ShipShip owned by it; or (kh) any other matter, event or incident, actual or threatened, the effect of which will or could lead to the ISM Code or the ISPS Code not being complied with, and the Borrower that Guarantor shall keep the Security Trustee DIP Agent advised in writing on a regular basis and in such detail as the Security Trustee DIP Agent shall require of the Borrower'sthat Guarantor’s, the Approved Managers' Manager’s or any other person's ’s response to any of those events or matters.

Notification of Certain Events. The Borrower Company shall immediately procure that each Vessel Owner shall, in respect of the Collateral Vessel owned by it, as soon as practically possible notify the Security Trustee by letterNotes Administrative Agent in writing, of: (a) its entry into any agreement or arrangement for the postponement of any date on which any Earnings are due, the reduction of the amount of any Earnings or otherwise for the release or adverse alteration of any right of the Borrower to any Earnings; (b) its entry into a demise charter in respect of the Ship for any period; (c) its entry into any time or consecutive voyage charter in respect of the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 12 months; (d) any casualty to that Collateral Vessel which is or is likely to become a Major Casualty; (eb) any occurrence as a result of which the Ship that Collateral Vessel has become or is, by the passing of time or otherwise, likely to become a Total Loss; (fc) any requirement, condition requisition of that Collateral Vessel for hire; (d) any overdue requirement or recommendation made in relation to that Collateral Vessel by any insurer or classification society or by any competent authority which is not immediately complied with in accordance with its termsauthority; (ge) any arrest or detention of the Ship, that Collateral Vessel or any exercise or purported exercise of any lien on that Collateral Vessel or the Ship or its Earnings or any requisition of the Ship for hireEarnings; (hf) any non-scheduled intended dry docking of the Shipthat Collateral Vessel; (ig) any material Environmental Claim made against the Borrower that Vessel Owner or in connection with the Shipthat Collateral Vessel, or any Environmental Incident; (jh) any material claim for breach of the ISM Code or the ISPS Code being made against the Borrower, the Approved Managers that Vessel Owner or otherwise in connection with the Shipthat Collateral Vessel; or (ki) upon becoming aware of it, any material claim for breach of the ISM Code or the ISPS Code being made against an Approved Manager in connection with that Collateral Vessel; or (j) any other matter, event or incident, actual or threatened, the effect of which will or could lead to the ISM Code or the ISPS Code not being materially complied with; and (k) any deactivation or layup of that Collateral Vessel and any return to service of any Collateral Vessel following any period of deactivation or layup; in each case, and the Borrower shall keep the Security Trustee advised in writing on a regular basis and in such detail as the Security Trustee Notes Administrative Agent shall require of the Borroweras to that Vessel Owner's, the any such Approved Managers' Manager's or any other person's response to any of those events or matters.

Notification of Certain Events. The Each Borrower shall shall, in respect of the Ship owned by it (and in case of paragraphs (f), (h) and (i) below in respect of each ship operated by the Group), immediately notify the Security Trustee Facility Agent by email, confirmed forthwith by letter, of: (a) its entry into any agreement Ship that is off hire at any time for a period of more than 30 consecutive days whether in accordance with the terms of a Charter or arrangement for the postponement other contract of any date on which any Earnings are due, the reduction of the amount of any Earnings employment or otherwise for the release or adverse alteration of any right of the Borrower to any Earningsotherwise; (b) its entry into a demise charter in respect of the Ship for any period; (c) its entry into any time or consecutive voyage charter in respect of the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 12 months; (d) any casualty to that Ship which is or is likely to be or to become a Major Casualty; (ec) any occurrence as a result of which the that Ship has become or is, by the passing of time or otherwise, likely to become a Total Loss; (fd) any requirement, condition requisition of that Ship for hire; (e) any requirement or recommendation made in relation to that Ship by any insurer or classification society or by any competent authority which is not immediately complied with in accordance with its termswithin the specified period, if applicable; (gf) any arrest or detention of the that Ship, any exercise or purported exercise of any lien on the that Ship or its Earnings or any requisition of the that Ship for hirehire and, in the case of each ship operated by the Group, where such arrest, detention or exercise or purported exercise of any lien continues for a period of more than 10 days and the arrest, detention or lien is reasonably likely to have a Material Adverse Effect; (g) any intended dry docking of that Ship; (h) any intended dry docking of the Ship; (i) any Environmental Claim made against the that Borrower or in connection with that Ship (or against the Ship, owner of a ship operated by the Group or that other ship) or any Environmental IncidentIncident other than where such Environmental Claim is in relation to a ship operated by the Group and is vexatious or frivolous and is withdrawn or dismissed within 20 days of the date it arises; (ji) any claim for breach of the ISM Code or the ISPS Code being made against the that Borrower, the an Approved Managers Manager or otherwise in connection with that Ship (or against the Shipowner of a ship operated by the Group or that other ship in relation to amounts in aggregate of more than $3,000,000 in relation to each individual member of the Group); or (kj) any other matter, event or incident, actual or threatened, the effect of which will or could lead to the ISM Code or the ISPS Code not being complied with, and the each Borrower shall keep the Security Trustee Facility Agent advised in writing on a regular basis and in such detail as the Security Trustee Facility Agent shall require of the as to that Borrower's’s, the any such Approved Managers' Manager’s or any other person's ’s response to any of those events or matters.

Notification of Certain Events. The Borrower shall immediately notify the Security Trustee Facility Agent by letter, email of: (a) its entry into any agreement or arrangement for the postponement of any date on which any Earnings are due, the reduction of the amount of any Earnings or otherwise for the release or adverse alteration of any right of the Borrower casualty to any Earnings; (b) its entry into a demise charter in respect of the Ship for any period; (c) its entry into any time or consecutive voyage charter in respect of the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 12 months; (d) any casualty which is or is likely to be or to become a Major Casualty; (eb) any occurrence as a result of which the Ship has become or is, by the passing of time or otherwise, likely to become a Total Loss; (fc) any requisition of the Ship for hire; (d) any requirement, condition or recommendation made in relation to the Ship by any insurer insurer, or classification society society, Approved Flag or PSC or by any competent authority which is not immediately complied with in accordance with its terms; (ge) any arrest or detention of the Ship, Ship or any exercise or purported exercise of any lien on the Ship or its Earnings or any requisition of the Ship for hireEarnings; (hf) any intended dry docking of the Ship; (ig) any Environmental Claim made against the Borrower or in connection with the Ship, or any Environmental Incident; (jh) any claim for breach of the ISM Code or the ISPS Code being made against the Borrower, the an Approved Managers Manager or otherwise in connection with the Ship; or; (ki) any other matter, event or incident, actual or threatened, the effect of which will or could lead to the ISM Code or the ISPS Code not being complied with; (j) any notice, or the Borrower becoming aware, of any claim, action, suit, proceeding or investigation against any Transaction Obligor, any member of the Group or any Approved Manager or any of their respective directors, officers or employees with respect to Sanctions; or (k) any circumstances which could give rise to a breach of any representation or undertaking in this Agreement, or any Event of Default, relating to Sanctions, and the Borrower shall keep the Security Trustee Facility Agent advised in writing on a regular basis and in such detail as the Security Trustee Facility Agent shall require of as to the Borrower's, the any such Approved Managers' Manager's or any other person's response to any of those events or matters.

Notification of Certain Events. The Each Borrower shall immediately notify the Security Trustee by fax or Email, confirmed forthwith by letter, of: (a) its entry into any agreement or arrangement for the postponement of any date on which any Earnings are due, the reduction of the amount of any Earnings or otherwise for the release or adverse alteration of any right of the Borrower to any Earnings; (b) its entry into a demise charter in respect of the Ship for any period; (c) its entry into any time or consecutive voyage charter in respect of the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 12 months; (d) any casualty which is or is likely to be or to become a Major Casualty; (eb) any occurrence as a result of which the Ship owned by it has become or is, by the passing of time or otherwise, likely to become a Total Loss; (fc) any requirement, requirement or condition or recommendation made by any insurer or classification society or by any competent authority which is not immediately complied with in accordance with its terms; 0103218-0000004 NY:20884372.11 77 (d) any facts or matters that such Borrower has knowledge of or becomes aware of which may result in or have resulted in any overdue condition of class or recommendation (in each case affecting class), or a change, suspension, discontinuance, withdrawal or expiry of that Ship's class under the rules or terms and conditions of that Borrower's or that Ship's membership of the Classification Society; (ge) any arrest or detention of the ShipShip owned by it, any exercise or purported exercise of any lien Security Interest on the that Ship or its the Earnings or any requisition of the that Ship for hire; (hf) any intended dry docking of the ShipShip owned by it; (ig) any material Environmental Claim made against the that Borrower or in connection with the ShipShip owned by it, or any material Environmental Incident; (jh) any legal or administrative action taken by any Sanctions Authority against or affecting any Security Party or any Ship; (i) any claim for breach of the ISM Code or the ISPS Code being made against the that Borrower, the Approved Managers Manager or otherwise in connection with the Ship owned by it which may result in the withdrawal of the Safety Management Certificate, the Document of Compliance or the ISSC applicable to that Ship, the Relevant Borrower or, as the case may be, the Approved Manager; or (kj) any other matter, event or incident, actual or threatened, the effect of which will or could lead to the ISM Code or the ISPS Code not being complied with, ; and the that Borrower shall keep the Security Trustee advised in writing on a regular basis and in such detail as the Security Trustee shall require of the that Borrower's, the Approved Managers' Manager's or any other person's response to any of those events or matters.

Notification of Certain Events. The Each Borrower shall immediately notify the Security Trustee by letter, fax of: (a) its entry into any agreement or arrangement for the postponement of any date on which any Earnings are due, the reduction of the amount of any Earnings or otherwise for the release or adverse alteration of any right of the Borrower to any Earnings; (b) its entry into a demise charter in respect of the Ship for any period; (c) its entry into any time or consecutive voyage charter in respect of the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 12 months; (d) any casualty which is or is likely to become a Major Casualty; (eb) any occurrence as a result of which the Ship owned by that Borrower has become or is, by the passing of time or otherwise, likely to become a Total Loss; (fc) any requirement, condition requirement or recommendation made by any insurer or classification society any Approved Classification Society or by any competent authority which is not immediately complied with in accordance with its terms; (gd) any arrest or detention of the that Ship, any exercise or purported exercise of any lien on the that Ship or its Earnings or any requisition of the that Ship for hirehire unless in the case of an arrest or detention or the exercise or purported exercise of any lien, that Borrower has, within 5 Business Days from the occurrence of the relevant event, discharged the arrest, detention or lien; (he) any intended dry docking of the Shipthat Ship which is expected to last at least 30 days; (if) any Environmental Claim made against the that Borrower or in connection with the that Ship, or any Environmental IncidentIncident which may or is likely to result in an Environmental Claim; (jg) any claim for breach of the ISM Code or the ISPS Code being made against the that Borrower, the relevant Approved Managers Manager or otherwise in connection with that Ship which may result in the withdrawal of the Safety Management Certificate, the Document of Compliance or the ISSC applicable to that Ship, that Borrower or, as the case may be, that Approved Manager; or (kh) any other matter, event or incident, actual or threatened, the effect of which will or could lead to the ISM Code withdrawal of the Safety Management Certificate, the Document of Compliance or the ISPS Code not being complied withISSC applicable to any Ship, a Borrower or, as the case may be, that Approved Manager, and the that Borrower shall keep the Security Trustee advised in writing on a regular basis and in such detail as the Security Trustee shall reasonably require of the that Borrower's’s, the that Approved Managers' Manager’s or any other person's ’s response to any of those events or matters.

Notification of Certain Events. The Each Borrower shall shall, in respect of the Ship owned by it, immediately notify the Security Trustee Facility Agent by fax, confirmed forthwith by letter, of: (a) its entry into any agreement or arrangement for the postponement of any date on which any Earnings are due, the reduction of the amount of any Earnings or otherwise for the release or adverse alteration of any right of the Borrower to any Earnings; (b) its entry into a demise charter in respect of the Ship for any period; (c) its entry into any time or consecutive voyage charter in respect of the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 12 months; (d) any casualty to that Ship which is or is likely to be or to become a Major Casualty; (eb) any occurrence as a result of which the that Ship has become or is, by the passing of time or otherwise, likely to become a Total Loss; (fc) any requisition of that Ship for hire; (d) any requirement, condition or recommendation made in relation to that Ship by any insurer insurer, classification society, Approved Flag or classification society PSC or by any competent authority which is not immediately complied with in accordance with its termswith; (ge) any arrest or detention of the Ship, that Ship or any exercise or purported exercise of any lien on the that Ship or its Earnings or any requisition of the Ship for hireEarnings; (hf) any intended dry docking of the that Ship; (ig) any Environmental Claim made against the that Borrower or in connection with the that Ship, or any Environmental Incident; (jh) any claim for breach of the ISM Code or the ISPS Code being made against the that Borrower, the an Approved Managers Manager or otherwise in connection with the that Ship; or (ki) any other matter, event or incident, actual or threatened, the effect of which will or could lead to the ISM Code or the ISPS Code not being complied with; (j) any notice, or such Borrower becoming aware, of any claim, action, suit, proceeding or investigation against any Transaction Obligor, any of its Subsidiaries or any of their respective directors, officers, employees or agents with respect to Sanctions; or (k) any circumstances which could give rise to a breach of any representation or undertaking in this Agreement, or any Event of Default, relating to Sanctions, and the each Borrower shall keep the Security Trustee Facility Agent advised in writing on a regular basis and in such detail as the Security Trustee Facility Agent shall require of the as to that Borrower's’s, the any such Approved Managers' Manager’s or any other person's ’s response to any of those events or matters.

Notification of Certain Events. The Each Borrower shall (and shall procure in respect of paragraph (a) of this Clause 14.11 that each Collateral Owner shall) immediately notify (and (i) in respect of sub-paragraphs 14.12(a) and 14.12(b), such notice shall be as soon as practicable after the entry into such time or consecutive voyage charter and (ii) in respect of sub-paragraph (g), such notice shall be reasonably in advance of the relevant event or circumstance set out therein) the Security Trustee by letterfax and email, of: (a) its entry into any agreement or arrangement for the postponement in respect of any date on which Tasman Ship and Ship B, any Earnings are duetime or consecutive voyage charter in respect of that Tasman Ship or, as the reduction of the amount of any Earnings or otherwise for the release or adverse alteration of any right of the Borrower to any Earningscase may be, Ship B; (b) its entry into a demise charter in respect of the Ship for any period; (c) its entry into A or Ship B, any time or consecutive voyage charter in respect of the Ship for a term which exceeds, or which owned by virtue it permitted without the prior written consent of any optional extensions may exceed, 12 monthsthe Agent (acting with the authorisation of the Majority Lenders) pursuant to Clause 14.12(a); (dc) any casualty which is or is likely to become a Major Casualty; (ed) any occurrence as a result of which the Ship owned by it has become or is, by the passing of time or otherwise, likely to become a Total Loss; (fe) any requirement, condition requirement or recommendation made by any insurer or classification society or by any competent authority which is not immediately complied with in accordance with its termswith; (gf) any arrest or detention of the ShipShip owned by it, any exercise or purported exercise of any lien on the that Ship or its Earnings or any requisition of the that Ship for hire; (hg) any intended dry docking of the ShipShip owned by it; (ih) any Environmental Claim made against the that Borrower or in connection with the ShipShip owned by it, or any Environmental Incident; (ji) any claim for breach of the ISM Code or the ISPS Code being made against the that Borrower, the an Approved Managers Manager or otherwise in connection with the ShipShip owned by it; or (k) any other matter, event or incident, actual or threatened, the effect of which will or could lead to the ISM Code or the ISPS Code not being complied with, and the Borrower shall keep the Security Trustee advised in writing on a regular basis and in such detail as the Security Trustee shall require of the Borrower's, the Approved Managers' or any other person's response to any of those events or matters.

Notification of Certain Events. The Each Borrower shall immediately notify the Security Trustee by letter, of: (a) its any letting of the Ship owned by it on demise charter for any period; (b) any entry into any time or consecutive voyage charter in respect of the Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 11 months; (c) any entry into any agreement or arrangement for the postponement of any date on which any Earnings are due, ; the reduction of the amount of any Earnings or otherwise for the release or adverse alteration of any right of the that Borrower to any Earnings; (b) its entry into a demise charter in respect of the Ship for any period; (c) its entry into any time or consecutive voyage charter in respect of the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 12 months; (d) any casualty which is or is likely to be or to become a Major Casualty; (e) any occurrence as a result of which the Ship owned by it has become or is, by the passing of time or otherwise, likely to become a Total Loss; (f) any requirement, overdue condition or recommendation made by any insurer or classification society or by any competent authority which is not immediately complied with in accordance with its terms; (g) any arrest or detention of the that Ship, any exercise or purported exercise of any lien on the that Ship or its Earnings or any requisition of the that Ship for hire; (h) any intended unscheduled dry docking of the that Ship; (i) any Environmental Claim made against the that Borrower or in connection with the that Ship, or any Environmental Incident; (j) any claim for breach of the ISM Code or the ISPS Code being made against the that Borrower, the Approved Managers Manager or otherwise in connection with the that Ship; or (k) any other matter, event or incident, actual or threatened, incident the effect of which will or could lead to the ISM Code or the ISPS Code not being complied with, and the that Borrower shall keep the Security Trustee advised in writing on a regular basis and in such detail as the Security Trustee shall require of the that Borrower's’s, the Approved Managers' Manager’s or any other person's ’s response to any of those events or matters.

Notification of Certain Events. The Each Borrower shall immediately notify the Security Trustee by fax or Email, confirmed forthwith by letter, of: (a) its entry into any agreement or arrangement for the postponement of any date on which any Earnings are due, the reduction of the amount of any Earnings or otherwise for the release or adverse alteration of any right of the Borrower to any Earnings; (b) its entry into a demise charter in respect of the Ship for any period; (c) its entry into any time or consecutive voyage charter in respect of the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 12 months; (d) any casualty which is or is likely to be or to become a Major Casualty; (eb) any occurrence as a result of which the Ship owned by it has become or is, by the passing of time or otherwise, likely to become a Total Loss; (fc) any requirement, requirement or condition or recommendation made by any insurer or classification society or by any competent authority which is not immediately complied with in accordance with its terms; (gd) any arrest or detention of the ShipShip owned by it, any exercise or purported exercise of any lien Security Interest on the that Ship or its the Earnings or any requisition of the that Ship for hire; (he) any intended dry docking of the ShipShip owned by it; (if) any material Environmental Claim made against the that Borrower or in connection with the ShipShip owned by it, or any material Environmental Incident; (jg) any legal or administrative action taken by any Sanctions Authority against or affecting any Security Party or any Ship; (h) any claim for breach of the ISM Code or the ISPS Code being made against the that Borrower, the Approved Managers Manager or otherwise in connection with the Ship owned by it which may result in the withdrawal of the Safety Management Certificate, the Document of Compliance or the ISSC applicable to that Ship, the Relevant Borrower or, as the case may be, the Approved Manager; or (ki) any other matter, event or incident, actual or threatened, the effect of which will or could lead to the ISM Code or the ISPS Code not being complied with, ; and the Borrower that Xxxxxxxx shall keep the Security Trustee advised in writing on a regular basis and in such detail as the Security Trustee shall require of the that Borrower's’s, the Approved Managers' Manager’s or any other person's ’s response to any of those events or matters.

Notification of Certain Events. The Each Borrower shall immediately notify (and in respect of sub-paragraph (f), such notice shall be reasonably in advance) the Security Trustee by letterfax and email, of: (a) its entry into any agreement or arrangement for the postponement in respect of any date on which Tasman Ship, any Earnings are due, time or consecutive voyage charter otherwise permitted without the reduction prior written consent of the amount of any Earnings or otherwise for Agent (acting with the release or adverse alteration of any right authorisation of the Borrower Majority Lenders) pursuant to any EarningsClause 14.12(a); (b) its entry into a demise charter in respect of the Ship for any period; (c) its entry into A or Ship B, any time or consecutive voyage charter in respect of the Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 12 months; (dc) any casualty which is or is likely to become a Major Casualty; (ed) any occurrence as a result of which the Ship owned by it has become or is, by the passing of time or otherwise, likely to become a Total Loss; (fe) any requirement, condition requirement or recommendation made by any insurer or classification society or by any competent authority which is not immediately complied with in accordance with its termswith; (gf) any arrest or detention of the ShipShip owned by it, any exercise or purported exercise of any lien on the that Ship or its Earnings or any requisition of the that Ship for hire; (hg) any intended dry docking of the ShipShip owned by it; (ih) any Environmental Claim made against the that Borrower or in connection with the ShipShip owned by it, or any Environmental Incident; (ji) any claim for breach of the ISM Code or the ISPS Code being made against the that Borrower, the an Approved Managers Manager or otherwise in connection with the ShipShip owned by it; or (kj) any other matter, event or incident, actual or threatened, the effect of which will or could lead to the ISM Code or the ISPS Code not being complied with, and the that Borrower shall keep the Security Trustee advised in writing on a regular basis and in such detail as the Security Trustee shall require of the that Borrower's’s, the Approved Managers' Managers or any other person's ’s response to any of those events or matters.

Notification of Certain Events. The Borrower shall immediately procure that each Owner shall as soon as it becomes aware of any of the events referred to in this Clause 14.11 notify the Security Trustee Agent by letterfax, confirmed forthwith by letter of: (a) its entry into any agreement or arrangement for the postponement of any date on which any Earnings are due, the reduction of the amount of any Earnings or otherwise for the release or adverse alteration of any right of the Borrower to any Earnings; (b) its entry into a demise charter in respect of the Ship for any period; (c) its entry into any time or consecutive voyage charter in respect of the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 12 months; (d) any casualty which is or is likely to be or to become a Major Casualty; (eb) any occurrence as a result of which the Ship owned by it has become or is, by the passing of time or otherwise, likely to become a Total Loss; (fc) any requirement, condition requirement or recommendation made by any insurer or classification society or by any competent authority which is not immediately complied with in accordance with its termsterms (including without limitation, any time limit specified by any insurer or classification society or any competent authority); (gd) any arrest or detention of the ShipShip owned by it (if the arrest or detention has not been released within 3 Business Days of its imposition or the Borrower or the relevant Owner considers that the arrest or detention will not be released within 3 Business Day of its imposition), any exercise or purported exercise of any lien on the that Ship or its her Earnings or her Insurances or any requisition of the that Ship for hire; (he) any intended dry docking of the ShipShip owned by it which the Owner knows, or reasonably determines, will or may exceed (or has exceeded) 15 days in total; (if) any Environmental Claim made against the Borrower that Owner or in connection with the ShipShip owned by it, or any Environmental Incident; (jg) any claim for breach of the ISM Code or the ISPS Code being made against that Owner and, to the Borrowerextent that that Owner is aware of such claim, the Approved Managers Manager or otherwise in connection with the ShipShip owned by it; or (kh) any other matter, event or incident, actual or threatened, the effect of which will or could lead to the ISM Code or the ISPS Code not being complied with, and the Borrower that Owner shall keep the Security Trustee Agent advised in writing on a regular basis and in such detail as the Security Trustee Agent shall require of the Borrower's, the Approved Managers' that Owner’s or any other person's ’s response to any of those events or matters.

Notification of Certain Events. The Borrower shall procure that each Owner shall immediately notify the Security Trustee by letter, fax of: (a) its entry into any agreement or arrangement for the postponement of any date on which any Earnings are due, the reduction of the amount of any Earnings or otherwise for the release or adverse alteration of any right of the Borrower to any Earnings; (b) its entry into a demise charter in respect of the Ship for any period; (c) its entry into any time or consecutive voyage charter in respect of the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 12 months; (d) any casualty which is or is likely to become a Major Casualty; (eb) any occurrence as a result of which the Ship owned by it has become or is, by the passing of time or otherwise, likely to become a Total Loss; (fc) any requirement, condition requirement or recommendation made by any insurer or classification society or by any competent authority which is not immediately complied with in accordance with its terms; (gd) any arrest or detention of the ShipShip owned by it, any exercise or purported exercise of any lien on the that Ship or its Earnings or any requisition of the that Ship for hirehire unless in the case of an arrest or detention or the exercise or purported exercise of any lien, the Borrower has, within 5 Business Days from the occurrence of the relevant event, discharged the arrest, detention or lien; (he) any intended dry docking of the ShipShip owned by it which is expected to last at least 30 days; (if) any Environmental Claim for an amount exceeding $2,000,000 (or the equivalent in any other currency) made against the Borrower that Owner or in connection with the ShipShip owned by it, or any Environmental IncidentIncident which may or is likely to result in an Environmental Claim for an amount exceeding $2,000,000 (or the equivalent in any other currency); (jg) any claim for breach of the ISM Code or the ISPS Code being made against the Borrowerthat Owner, the Approved Managers Manager or otherwise in connection with the Ship owned by it which may result in the withdrawal of the Safety Management Certificate, the Document of Compliance or the ISSC applicable to that Ship, the relevant Owner or, as the case may be, the Approved Manager; or (kh) any other matter, event or incident, actual or threatened, the effect of which will or could lead to the ISM Code withdrawal of the Safety Management Certificate, the Document of Compliance or the ISPS Code not being complied withISSC applicable to any Ship, an Owner or, as the case may be, the Approved Manager, and the Borrower that Owner shall keep the Security Trustee advised in writing on a regular basis and in such detail as the Security Trustee shall reasonably require of the Borrower'sthat Owner’s, the Approved Managers' Manager’s or any other person's ’s response to any of those events or matters.

Notification of Certain Events. The Each Borrower shall immediately notify the Security Trustee by letterin writing, of: (a) its entry into any agreement or arrangement for the postponement of any date on which any Earnings are due, the reduction of the amount of any Earnings or otherwise for the release or adverse alteration of any right of the that Borrower to any Earnings; (b) its entry into a demise charter in respect of the that Ship for any period; (c) its entry into any time or consecutive voyage charter in respect of the that Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 12 months;; immediately upon becoming aware of:- (d) any casualty which is or is likely to be or to become a Major Casualty; (e) any occurrence as a result of which the Ship owned by it has become or is, by the passing of time or otherwise, likely to become a Total Loss; (f) any requirement, condition or overdue recommendation made by any insurer or classification society or by any competent authority which is not immediately complied with in accordance with its termswithin the time limits imposed by that insurer or classification society or authority; (g) any arrest or detention of the that Ship, any exercise or purported exercise of any lien on the that Ship or its Earnings or any requisition of the that Ship for hire; (h) any intended scheduled dry docking of the that Ship; (i) any Environmental Claim made against the that Borrower or in connection with the that Ship, or any Environmental Incident; (j) any claim for breach of the ISM Code or the ISPS Code being made against the that Borrower, the Approved Managers or otherwise in connection with the that Ship; or (k) any other matter, event or incident, actual or threatened, the effect of which will or could lead to the ISM Code or the ISPS Code not being complied with, and the that Borrower shall keep the Security Trustee advised in writing on a regular basis and in such detail as the Security Trustee shall require of the that Borrower's, the Approved Managers' or any other person's response to any of those events or matters.

Notification of Certain Events. The Borrower shall immediately procure that each Owner shall as soon as it becomes aware of any of the events referred to in this Clause 14.11 notify the Security Trustee Agent by letterfax, confirmed forthwith by letter of: (a) its entry into any agreement or arrangement for the postponement of any date on which any Earnings are due, the reduction of the amount of any Earnings or otherwise for the release or adverse alteration of any right of the Borrower to any Earnings; (b) its entry into a demise charter in respect of the Ship for any period; (c) its entry into any time or consecutive voyage charter in respect of the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 12 months; (d) any casualty which is or is likely to be or to become a Major Casualty; (eb) any occurrence as a result of which the Ship owned by it has become or is, by the passing of time or otherwise, likely to become a Total Loss; (fc) any requirement, condition requirement or recommendation made by any insurer or classification society or by any competent authority which is not immediately complied with in accordance with its termsterms (including without limitation, any time limit specified by any insurer or classification society or any competent authority); (gd) any arrest or detention of the ShipShip owned by it (if the arrest or detention has not been released within 3 Business Days of its imposition or the Borrower or the relevant Owner considers that the arrest or detention will not be released within 3 Business Day of its imposition), any exercise or purported exercise of any lien on the that Ship or its her Earnings or her Insurances or any requisition of the that Ship for hire; (he) any intended dry docking of the ShipShip owned by it which the Owner knows, or reasonably determines, will or may exceed (or has exceeded) 10 days in total; (if) any Environmental Claim made against the Borrower that Owner or in connection with the ShipShip owned by it, or any Environmental Incident; (jg) any claim for breach of the ISM Code or the ISPS Code being made against that Owner and, to the Borrowerextent that that Owner is aware of such claim, the Approved Managers Manager or otherwise in connection with the ShipShip owned by it; or (kh) any other matter, event or incident, actual or threatened, the effect of which will or could lead to the ISM Code or the ISPS Code not being complied with, and the Borrower that Owner shall keep the Security Trustee Agent advised in writing on a regular basis and in such detail as the Security Trustee Agent shall require of the Borrower's, the Approved Managers' that Owner’s or any other person's ’s response to any of those events or matters.

Notification of Certain Events. The Each Borrower shall immediately notify the Security Trustee by letter, of: (a) its entry into a demise charter in respect of the Ship owned by it for any period; (b) its entry into any time or consecutive voyage charter in respect of the Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 12 months; (c) any casualty which is a Major Casualty; (d) any occurrence as a result of which the Ship owned by it has become a Total Loss; (e) any requirement, condition or recommendation made by any insurer or classification society or by any competent authority which is not immediately complied with; (f) any arrest or detention of that Ship, any exercise or purported exercise of any lien on that Ship or its Earnings or any requisition of that Ship for hire; (g) any intended dry docking of that Ship; (h) any Environmental Claim made against that Borrower or in connection with that Ship, or any Environmental Incident; (i) any claim for breach of the ISM Code or the ISPS Code being made against that Borrower, the Approved Manager or otherwise in connection with that Ship; (j) any other matter, event or incident, actual or threatened, the effect of which will or could lead to the ISM Code or the ISPS Code not being complied with; or (k) its entry into any agreement or arrangement for the postponement of any date on which any Earnings are due, the reduction of the amount of any Earnings or otherwise for the release or adverse alteration of any right of the that Borrower to any Earnings; (b) its entry into a demise charter in respect of the Ship for any period; (c) its entry into any time or consecutive voyage charter in respect of the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 12 months; (d) any casualty which is or is likely to become a Major Casualty; (e) any occurrence as a result of which the Ship has become or is, by the passing of time or otherwise, likely to become a Total Loss; (f) any requirement, condition or recommendation made by any insurer or classification society or by any competent authority which is not immediately complied with in accordance with its terms; (g) any arrest or detention of the Ship, any exercise or purported exercise of any lien on the Ship or its Earnings or any requisition of the Ship for hire; (h) any intended dry docking of the Ship; (i) any Environmental Claim made against the Borrower or in connection with the Ship, or any Environmental Incident; (j) any claim for breach of the ISM Code or the ISPS Code being made against the Borrower, the Approved Managers or otherwise in connection with the Ship; or (k) any other matter, event or incident, actual or threatened, the effect of which will or could lead to the ISM Code or the ISPS Code not being complied with, and the that Borrower shall keep the Security Trustee advised in writing on a regular basis and in such detail as the Security Trustee shall require of the that Borrower's, the Approved Managers' Manager's or any other person's response to any of those events or matters.

Notification of Certain Events. The Each Borrower shall immediately notify the Security Trustee by letter, of: (a) its entry into any agreement or arrangement for the postponement of any date on which any Earnings are due, the reduction of the amount of any Earnings or otherwise for the release or adverse alteration of any right of the that Borrower to any Earnings; (b) its entry into a demise charter in respect of the that Ship for any period; (c) its entry into any time or consecutive voyage charter in respect of the that Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 12 11 months; (d) any casualty which is or is likely to be or to become a Major Casualty; (e) any occurrence as a result of which the Ship owned by it has become or is, by the passing of time or otherwise, likely to become a Total Loss; (f) any requirement, condition or recommendation made by any insurer or classification society or by any competent authority which is not immediately complied with in accordance with its termswith; (g) any arrest or detention of the that Ship, any exercise or purported exercise of any lien on the that Ship or its Earnings or any requisition of the that Ship for hire; (h) any intended dry docking of the that Ship; (i) any Environmental Claim made against the that Borrower or in connection with the that Ship, or any Environmental Incident; (j) any claim for breach of the ISM Code or the ISPS Code being made against the that Borrower, the Approved Managers or otherwise in connection with the that Ship; or (k) any other matter, event or incident, actual or threatened, the effect of which will or could lead to the ISM Code or the ISPS Code not being complied with, and the that Borrower shall keep the Security Trustee advised in writing on a regular basis and in such detail as the Security Trustee shall require of the that Borrower's, the Approved Managers' or any other person's response to any of those events or matters.