Owners’ default. (i) The Managers shall be entitled to terminate the Agreement with immediate effect by notice in writing if any moneys payable by the Owners under this Agreement and/or the owners of any associated vessel, details of which are listed in Annex “D”, shall not have been received in the Managers’ nominated account within ten running days of receipt by the Owners of the Managers written request or if the Vessel is repossessed by the Mortgagees.
(ii) If the Owners:
(a) fail to meet their obligations under sub-clauses 5.2 and 5.3 of this Agreement for any reason within their control, or
(b) proceed with the employment of or continue to employ the Vessel in the carriage of contraband, blockade running, or in an unlawful trade, or on a voyage which in the reasonable opinion of the Managers is unduly hazardous or improper, the Managers may give notice of the default to the Owners, requiring them to remedy it as soon as practically possible. In the event that the Owners fail to remedy it within a reasonable time to the satisfaction of the Managers, the Managers shall be entitled to terminate the Agreement with immediate effect by notice in writing.
Owners’ default. The following shall, at the election of Manager, constitute events of default by Owner under this Agreement (each such event being referred to herein as an "Owner's Default"):
(i) The failure of Owner to pay any amount to Manager provided for herein for a period of ten (10) days after written notice by Manager of such failure to pay.
(ii) Failure of Owner to keep or perform any duty, obligation, covenant or agreement of Owner under this Agreement (other than the obligation to pay that is the subject of paragraph (i) above) and such failure continues for a period of thirty (30) days after receipt of written notice thereof from Manager; provided, however, if such failure cannot reasonably be remedied or corrected within such thirty (30) day period, then such thirty (30) day period shall be extended for such additional period as may be reasonably required to cure such default but only if Owner promptly commences to cure such default and continues thereafter with all due diligence to complete such a cure to the satisfaction of Manager.
(iii) The occurrence of a default under or other termination of the Percentage Lease.
(iv) Failure of Fee Owner to keep or perform any duty, obligation, covenant or agreement of Fee Owner under the "Comfort Letter" of even date herewith from Manager to Fee Owner agreed to and accepted by Fee Owner (the "Comfort Letter") relating to the Hotel and such failure continues for a period of thirty (30) days after receipt of written notice thereof from Manager; provided, however, if such failure cannot reasonably be remedied or corrected within such thirty (30) day period, then such thirty (30) day period shall be extended for such additional period as may be reasonably required to cure such default, but only if Fee Owner promptly commences to cure such default and continues thereafter with all due diligence to complete such a cure to the satisfaction of Manager.
(v) The occurrence of an "Event of Default" (as defined in the Acquisition Mortgage Documents (as herein defined)) under the Acquisition Mortgage Documents. On the occurrence of any Owner's Default, Manager shall have the right to terminate this Agreement by written notice to Owner, in addition to its rights to seek damages or other remedies available to it at law or in equity.
Owners’ default. (i) The Managers shall be entitled to terminate the Agreement with immediate effect by notice in writing if any moneys payable by the Owners under this Agreement shall not have been received in the Managers’ nominated account within ten running days of receipt by the Owners of the Managers’ written request or if the Vessel is repossessed by the Mortgagees.
(ii) If the Owners: proceed with the employment of or continue to employ the Vessel in the carriage of contraband, blockade running, or in an unlawful trade, or on a voyage which in the reasonable opinion of the Managers is unduly hazardous or improper, the Managers may give notice of the default to the Owners, requiring them to remedy it as soon as practically possible. In the event that the Owners fail to remedy it within a reasonable time to the satisfaction of the Managers, the Managers shall be entitled to terminate the Agreement with immediate effect by notice in writing.
Owners’ default. (a) If, in the absence of any Termination Event which is continuing, the Vessel is arrested or otherwise detained as a result of the Owners' direct actions or omissions, the Owners shall at their own expense take all reasonable steps, including the provision of bail, to procure that the Vessel is released within a reasonable period of time.
Owners’ default. If the Owner shall default in performing any of the provisions of this lease to be performed by the Owner, the Tenant shall not pursue any available remedies (except to secure an order or judgment of court restraining or enjoining each such default) until the Tenant shall provide Owner with sixty (60) days advance written notice thereof specifying each such default.
Owners’ default. (i) The Managers shall be entitled to terminate the Agreement with immediate effect by notice in writing if any moneys payable by the Owners under this Agreement shall not have been received in the Managers’ nominated account within ten running days of receipt by the Owners of the Managers’ written request or if the Vessel is repossessed by the Mortgagees.
(ii) If the Owners:
(a) Fail to meet their obligations under sub-clauses 5.2 of this Agreement for any reason within their control, or
(b) Proceed with the employment of or continue to employ the Vessel in the contraband, blockade running, or in an unlawful trade, or on a voyage which in the reasonable opinion of the Managers is unduly hazardous or improper, the Managers may give notice of the default to the Owners, requiring them to remedy it as soon as practically possible. In event that the Owners fail to remedy it within a reasonable time to the satisfaction of the Managers, the Managers shall be entitled to terminate the Agreement with immediate effect by notice in writing.
Owners’ default. Owner shall be in default of its obligations under this Agreement if any of the following events occurs:
(i) In the event of failure by Owner to pay to Builder any installments which are properly payable pursuant to Section 3, Paragraph 2(b) of this Agreement or the failure of the Owner to perform or breach of any of the other material covenants, agreements, or undertakings on its part to be performed under this Agreement, provided that the Builder shall give notice to the Owner as to such failure and the Owner shall not, within seven (7) days in the case of failure to pay or to take delivery of the Platform when completed under the terms of this Agreement and thirty (30) days in the case of other defaults after being so notified, cure such failure to perform or breach;
(ii) Owner goes into liquidation, whether voluntary or compulsory, or enters into a scheme of arrangement, or makes a general assignment of its assets for the benefit of its creditors, or a receiver or receivers of any kind whatsoever, whether temporary or permanent, is appointed for the property of Owner, or Owner institutes proceedings for its reorganization or the institution of such proceedings by creditors and approval thereof by the court, whether proposed by a creditor, a stockholder or any other person whomsoever, or Owner suffers any execution against a major portion of its assets which is not satisfied within seven (7) days, or Owner fails generally, or admits in writing its inability, to pay its debts generally as they become due.
Owners’ default. If the Owner has entered into a Sale and Purchase Agreement in relation to the Vessel but subsequently, in breach of that agreement, fails to complete the purchase in circumstances in which the purchas- er is entitled to the return of all or substantially all of the deposit, the Owner shall pay NYA the Agreed Commission in full on the Asking Price.
Owners’ default. In relation to any Listing Agreement, if the Owner has entered into a Sale and Purchase Agreement in relation to the Vessel but subsequently, in breach of that agreement, fails to complete the purchase in circumstances in which the purchaser is entitled to the return of all or substantially all of the deposit, the Owner shall pay the Broker the Agreed Commission in full on the Asking Price.
Owners’ default. (i) The Managers shall be entitled to terminate the Agreement with immediate effect by notice in writing if any moneys payable by the Owners under this Agreement and/or the owners of any associated vessel, details of which are listed in Annex “D”, shall not have been received in the Managers’ nominated account within ten running days of receipt by the Owners of the Managers written request or if the Vessel is repossessed by the Mortgagees or if the Owners fail to comply to the reasonable satisfaction of the Managers with the requirements of clause 6.
(ii) If the Owners:
(a) fail to meet their obligations under sub-clauses 5.2 and 5.3 of this Agreement for any reason within their control, or
(b) proceed with the employment of or continue to employ the Vessel in the carriage of contraband, blockade running, or in an unlawful trade, or on a voyage which in the reasonable opinion of the Managers is unduly hazardous or improper, the Managers may give notice of the default to the Owners, requiring them to remedy it as soon as practically possible. In the event that the Owners fail to remedy it within a reasonable time to the satisfaction of the Managers, the Managers shall be entitled to terminate the Agreement with immediate effect by notice in writing.
