Common use of Powers Exercisable Notwithstanding Event of Default Clause in Contracts

Powers Exercisable Notwithstanding Event of Default. In case a Default or an Event of Default shall have occurred and shall be continuing, the Administrative Agent, while in possession of the Collateral (including the cash, Cash Equivalents, securities and other personal property held by, or required to be deposited or pledged with, the Administrative Agent hereunder or under the Security Documents), may do any of the things enumerated in this Section 10.20 at the request of the Company and/or the applicable Mortgaged Vessel Guarantor, if the Majority Facility Lenders, by appropriate action of such Lenders, shall consent to such action, in which event any certificate filed under any of such Sections shall omit the statement to the effect that no Default or Event of Default has occurred and is continuing.

Powers Exercisable Notwithstanding Event of Default. In case a Default or an Event of Default shall have occurred and shall be continuing, the Administrative Agent, while in possession of the Collateral (including the cash, Cash Equivalents, securities and other personal property held by, or required to be deposited or pledged with, the Administrative Agent hereunder or under the Security Documents), may do any of the things enumerated in this Section 10.20 at the request of the Company and/or the applicable Mortgaged Vessel Secured Guarantor, if the Majority Facility Lenders, by appropriate action of such Lenders, shall consent to such action, in which event any certificate filed under any of such Sections shall omit the statement to the effect that no Default or Event of Default has occurred and is continuing.

Powers Exercisable Notwithstanding Event of Default. In case a Default or an Event of Default shall have occurred and shall be continuing, the Administrative AgentCompany or any Guarantor, as applicable, while in possession of the Collateral (including the other than cash, Cash Equivalents, securities Notes and other personal property held by, or required to be deposited or pledged with, the Administrative Collateral Agent or the Trustee hereunder or under the Security DocumentsDocuments or with the trustee, mortgagee or other holder of a Prior Lien), may do any of the things enumerated in this Section 10.20 at the request of the Company and/or the applicable Mortgaged Vessel Guarantor, Sections 12.2 and 12.3 if the Majority Facility LendersHolders, by appropriate action of such Lendersholders, shall consent to such action, in which event any certificate filed under any of such Sections shall omit the statement to the effect that no Default or Event of Default has occurred and is continuing. This Section 12.5 shall not apply, however, during the continuance of an Event of Default of the type specified in Section 6.1(a) or (b).