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

Powers Exercisable Notwithstanding Event of Default. In case an Event of Default shall have occurred and shall be continuing, the Company or the relevant Guarantor, while in possession of the Collateral (other than cash, Cash Equivalents, securities and other personal property held by, or required to be deposited or pledged with, the Trustee hereunder or under the Security Documents or with the trustee, mortgagee or other holder of a Lien permitted by the Security Documents to be prior to the Security Interests), may do any of the things enumerated in Sections 12.2 and 12.3 if the Holders of a majority in aggregate principal amount of the Securities outstanding, by appropriate action of such Holders, 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 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)(i) or (ii).

Powers Exercisable Notwithstanding Event of Default. In case of a Default or an Event of Default shall have occurred and shall be continuing, the Company Trustee or the relevant GuarantorCollateral Trustee, as the case may be, while in possession of the Collateral (other than including the cash, Cash Equivalents, securities and other personal property held by, or required to be deposited or pledged with, the Collateral Trustee hereunder or under the Security Documents or with the trustee, mortgagee or other holder of a Lien permitted by the Security Documents to be prior to the Security InterestsDocuments), may do any of the things enumerated in Sections 12.2 and 12.3 Section 12.02 at the request of the Company and/or the applicable Mortgaged Vessel Guarantor, if the Holders of a majority in aggregate principal amount of the Securities Notes outstanding, by appropriate action of such Holders, 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)(i) or (ii).

Powers Exercisable Notwithstanding Event of Default. In case a Default or an Event of Default shall have occurred and shall be continuing, the Company Trustee or the relevant GuarantorCollateral Trustee, as the case may be, while in possession of the Collateral (other than including the cash, Cash Equivalents, securities and other personal property held by, or required to be deposited or pledged with, the Collateral Trustee hereunder or under the Security Documents or with the trustee, mortgagee or other holder of a Lien permitted by the Security Documents to be prior to the Security InterestsDocuments), may do any of the things enumerated in Sections 12.2 and 12.3 Section 12.02 at the request of the Company and/or the applicable Mortgaged Vessel Guarantor, if the Holders of a majority in aggregate principal amount of the Securities Notes outstanding, by appropriate action of such Holders, 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)(i) or (ii).

Powers Exercisable Notwithstanding Event of Default. In case a Default or an Event of Default shall have occurred and shall be continuing, the Company Trustee or the relevant GuarantorSecurity Agent, as the case may be, while in possession of the Collateral (other than cash, Cash Equivalents, securities and other personal property including the Trust Monies held by, or required to be deposited or pledged with, the Trustee Security Agent hereunder or under the Security Documents or with the trusteeDocuments), mortgagee or other holder of a Lien permitted by the Security Documents to be prior may, subject to the Security Interests)Intercreditor Agreement, may do any of the things enumerated in Sections 12.2 and 12.3 Section 12.02 at the request of the Issuer and/or the applicable Mortgaged Guarantor, if the Holders of a majority in aggregate principal amount of the Securities Notes outstanding, by appropriate action of such Holders, 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)(i) or (ii).