Performance of Shipowner's Agreements by the Administrator Sample Clauses

Performance of Shipowner's Agreements by the Administrator. (a) If the Shipowner shall fail to perform any of its agreements hereunder or under the Mortgage or the Financial Agreement, the Administrator may, in its discretion, at any time during the continuance of an event which by itself, with the passage of time, or the giving of notice, would constitute a Default, perform all acts and make all necessary expenditures to remedy such failure. Notwithstanding the foregoing, the Administrator shall not be obligated to (and shall not be liable for the failure to) perform such acts and make such expenditures. All funds advanced and expenses and damages incurred by the Administrator relating to such compliance shall constitute a debt due from the Shipowner to the Administrator and shall be secured hereunder and under the Mortgage prior to the Administrator's Note and shall be repaid by the Shipowner upon demand, together with interest at the Obligation rate plus 2%.
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Related to Performance of Shipowner's Agreements by the Administrator

  • Adoption of Subsequent Orders to Incorporate Terms That a State Mortgage Regulator, if deemed necessary under the laws and regulations of the corresponding Participating State, may issue a separate administrative order to adopt and incorporate the terms and conditions of this Agreement. A State Mortgage Regulator may sua sponte issue such subsequent order without the review and approval of Respondent provided the subsequent order does not amend, alter, or otherwise change the terms of the Agreement. In the event a subsequent order amends, alters, or otherwise changes the terms of the Agreement, the terms of the Agreement, as set forth herein, will control.

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  • To the Administrator An Administrator Expenses Payment not to exceed $ except for a showing of good cause and as approved by the Court. To the extent the Administration Expenses are less or the Court approves payment less than $ , the Administrator will retain the remainder in the Net Settlement Amount.

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