Common use of Notification of defaults (etc) Clause in Contracts

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). Each The 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 the Ship in excess of $750,000.

Notification of defaults (etc). Each Borrower 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, 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 Clause 15 of the Time Charter; and (iii) any damage or injury caused by or to a the Ship in excess of $750,0001,500,000.

Notification of defaults (etc). Each The 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 Clause 15 of the Time Charter; and (iii) any damage or injury caused by or to a the Ship in excess of $750,0001,500,000.