Common use of Notification of satisfaction of conditions precedent Clause in Contracts

Notification of satisfaction of conditions precedent. (a) The Facility Agent shall notify the Borrowers and the Lenders promptly upon being satisfied as to the satisfaction of the conditions precedent referred to in Clause 4.1 (Initial conditions precedent) and Clause 4.2 (Further conditions precedent). (b) Other than to the extent that the Majority Lenders notify the Facility Agent in writing to the contrary before the Facility Agent gives the notification described in paragraph (a) above, the Lenders authorise (but do not require) the Facility Agent to give that notification. The Facility Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification.

Appears in 14 contracts

Samples: Term Loan Facility (Navios Maritime Partners L.P.), Loan Agreement (Ardmore Shipping Corp), Facility Agreement (Navios Maritime Partners L.P.)

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Notification of satisfaction of conditions precedent. (a) The Facility Agent shall notify the Borrowers Borrower and the Lenders promptly upon being satisfied as to the satisfaction of the conditions precedent referred to in Clause 4.1 (Initial conditions precedent) and Clause 4.2 (Further conditions precedent). (b) Other than to the extent that the Majority Lenders notify the Facility Agent in writing to the contrary before the Facility Agent gives the notification described in paragraph (a) above, the Lenders authorise (but do not require) the Facility Agent to give that notification. The Facility Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification.

Appears in 2 contracts

Samples: Facility Agreement (Euroseas Ltd.), Term Loan Facility (DryShips Inc.)

Notification of satisfaction of conditions precedent. (a) The Facility Agent shall notify the Borrowers and the Lenders promptly upon being satisfied as to the satisfaction of the conditions precedent referred to in Clause 4.1 (Initial conditions precedent) and ), Clause 4.2 (Further conditions precedent). (b) Other than to the extent that the Majority Lenders notify the Facility Agent in writing to the contrary before the Facility Agent gives the notification described in paragraph (a) above, the Lenders authorise (but do not require) the Facility Agent to give that notification. The Facility Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification.

Appears in 1 contract

Samples: Term Loan Facility (Navios Maritime Partners L.P.)

Notification of satisfaction of conditions precedent. (a) The Facility Agent shall notify the Borrowers and the Lenders promptly upon being satisfied as to the satisfaction of the conditions precedent referred to in Clause 4.1 (Initial conditions precedent) and Clause 4.2 (Further conditions precedent). (b) Other than to the extent that the Majority Lenders notify the Facility Agent in writing to the contrary before the Facility Agent gives the notification described in paragraph (a) above, the Lenders authorise (but do not require) the Facility Agent to give that notification. The Facility Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification.

Appears in 1 contract

Samples: Term Loan Facility (Star Bulk Carriers Corp.)

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Notification of satisfaction of conditions precedent. (a) The Facility Agent shall notify the Borrowers Borrower and the Lenders promptly upon being satisfied as to the satisfaction of the conditions precedent referred to in Clause 4.1 (Initial conditions precedent) and Clause 4.2 (Further conditions precedent). (b) Other than to the extent that the Majority Lenders notify the Facility Agent in writing to the contrary before the Facility Agent gives the notification described in paragraph (a) above, all the Lenders authorise (but do not require) the Facility Agent to give that notification. The Facility Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notificationnotification unless directly caused by the gross negligence or wilful misconduct of the Facility Agent.

Appears in 1 contract

Samples: Addendum to First Preferred Marshall Islands Mortgage (Ocean Rig UDW Inc.)

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