Notification of defaults (etc). The Borrower shall promptly notify the Agent, upon becoming aware of the same, of:
(i) the occurrence of an Event of Default or of any Potential Event of Default or any other event (including any litigation) which, if adversely determined, is reasonably likely to materially adversely affect any Security Party’s ability to perform its obligations under a Charter and each Finance Document and Master Agreement to which it is or is to become a party;
(ii) any default by any party to a Charter; and
(iii) any damage or injury caused by or to a Ship in excess of $5,000,000.
Notification of defaults (etc). Each Borrower shall promptly notify the Agent, and the Agent shall promptly notify the Lenders, upon becoming aware of the same, of:
(i) the occurrence of an Event of Default or of any Potential Event of Default or any other event (including any litigation) which might adversely affect its ability or the Time Charterer’s ability to perform its obligations under the Time Charter, or any Security Party’s ability to perform its obligations under each Finance Document to which it is or is to become a party;
(ii) any default, or any interruption in the performance whether or not the same constitutes a default, by any party to the Time Charter, including any off hire in excess of 96 hours under clause 15 of the Time Charter; and
(iii) any damage or injury caused by or to a Ship in excess of $750,000.
Notification of defaults (etc). The Borrowers shall promptly notify the Agent, upon becoming aware of the same, of:
(i) the occurrence of an Event of Default or of any Potential Event of Default or any other event (including any litigation) which might adversely affect its ability or the Time Charterer’s ability to perform its obligations under the Time Charter, the Time Charter Guarantor’s ability to perform its obligations (if any) under the Time Charter, the Time Charterer’s or the Sub-Time Charterer’s ability to perform its obligations under the Sub-Time Charter, or any Security Party’s ability to perform its obligations under each Finance Document to which it is or is to become a party;
(ii) any default, or any interruption in the performance whether or not the same constitutes a default, by any party to the Time Charter or the Sub-Time Charter; and
(iii) any damage or injury caused by or to the Ship in excess of $1,500,000.
Notification of defaults (etc). The Borrowers shall promptly notify the Agent, upon becoming aware of the same, of:
(i) the occurrence of an Event of Default or of any Potential Event of Default or any other event (including any litigation) which is reasonably likely to have a Material Adverse Effect;
(ii) any default by any party to a Charter; and
(iii) any damage or injury caused by or to the Ship in excess of $5,000,000.
Notification of defaults (etc). The Borrower and the Guarantors shall promptly notify the Agent, upon becoming aware of the same (unless the Borrower and the Guarantors are already aware that the Agent has ben notified of the same), of:
(i) the occurrence of an Event of Default or of any Potential Event of Default or any other event (including any litigation) which is reasonably likely to materially adversely affect any Security Party’s ability to perform its obligations under each Finance Document to which it is or is to become a party; and
(ii) any damage or injury caused by or to a Vessel in excess of $1,000,000.
Notification of defaults (etc). The Borrowers shall promptly notify the Agent, upon becoming aware of the same, of:
(i) the occurrence of an Event of Default or of any Potential Event of Default or any other event (including any litigation) which might adversely affect any Security Party’s ability to perform its obligations under a Time Charter, a COA or a Finance Document to which it is or is to become a party;
(ii) any default, or any interruption in the performance whether or not the same constitutes a default lasting more than 5 consecutive days, by any party to a Time Charter or a COA; and
(iii) any damage or injury caused by or to a Ship in excess of $500,000.
Notification of defaults (etc). The Parent undertakes to notify the Lender of:
(a) any Default or Event of Default immediately upon becoming aware of its occurrence;
(b) any litigation, arbitration or administrative proceedings or claims in which any Material Company is concerned or to which it is a party involving a sum in excess of L100,000 immediately upon becoming aware that it is so concerned or on becoming a party;
(c) any Security (other than a Permitted Security Interest) attaching to any of the assets of any Material Company; and
(d) any company becoming or ceasing to be a Material Company.
Notification of defaults (etc). The Borrowers and the Guarantor shall promptly notify the Agent, upon becoming aware of the same, of:
(i) the occurrence of an Event of Default or of any Potential Event of Default or any other event (including any litigation and/or arbitration) which, if adversely determined, is reasonably likely to materially adversely affect any Security Party’s ability to perform its obligations under a Charter and each Finance Document and Master Agreement to which it is or is to become a party;
(ii) any Change of Control;
(iii) any default by any party to a Charter; and
(iv) any damage or injury caused by or to a Ship in excess of $5,000,000.
Notification of defaults (etc). The Borrowers shall promptly notify the Agent, and the Agent shall promptly notify the Lenders, upon becoming aware of the same, of:
(i) the occurrence of an Event of Default or of any Potential Event of Default or any other event (including any litigation) which might adversely affect its ability or the Time Charterer’s ability to perform its obligations under the Time Charter, the Time Charter Guarantor’s ability to perform its obligations (if any) under the Time Charter, the Time Charterer’s or the Sub-Time Charterer’s ability to perform its obligations under the Sub-Time Charter, or any Security Party’s ability to perform its obligations under each Finance Document to which it is or is to become a party;
(ii) any default, or any interruption in the performance whether or not the same constitutes a default, by any party to the Time Charter or the Sub-Time Charter, including any off hire in excess of 96 hours under Clause 15 of the Time Charter; and
(iii) any damage or injury caused by or to the Ship in excess of $1,500,000.
Notification of defaults (etc). The Borrower and each of the Guarantors shall promptly notify the Agent, upon becoming aware of the same, of: