Common use of Proviso Clause in Contracts

Proviso. (i) It is hereby agreed that each of the events set out in Clause 16.1(i), (vi), (vii), (viii), (ix), (xiii) and (xiv) shall not be an Event of Default if it occurs in relation to the Initial Charterer after the termination of the Initial Charter as a result of the obligations thereunder having been fully performed by the Initial Charterer in accordance with the terms specified therein; and (ii) It is hereby agreed that if any Event of Default occurs only in relation to the Initial Charterer or Subsequent Charterer and within 15 days thereafter alternative arrangements in form and substance satisfactory to the Agent and the Instructing Group, as determined in their sole discretion, are entered into to provide alternative security for the performance by the Borrower of its obligations hereunder, then the Agent, on instruction of the Instructing Group, may agree that the event of circumstances giving rise to such Event of Default shall not be treated as an Event of Default.

Proviso. (i) It is hereby agreed that each of the events set out in Clause 16.1(i), (vi), (vii), (viii), (ix), (xiii) and (xiv) shall not be an Event of Default if it occurs in relation to the Initial Charterer after the termination of the Initial Charter as a result of the obligations thereunder having been fully performed by the Initial Charterer in accordance with the terms specified therein; and (ii) It is hereby agreed that if any Event of Default occurs only in relation to the Initial Charterer or the Subsequent Charterer and within 15 days thereafter alternative arrangements in form and substance satisfactory to the Agent and the Instructing Group, as determined in their sole discretion, are entered into to provide alternative security for the performance by the Borrower of its obligations hereunder, then the Agent, on instruction of the Instructing Group, may agree that the event of circumstances giving rise to such Event of Default shall not be treated as an Event of Default.

Proviso. (i) It is hereby agreed that each of the events set out in Clause 16.1(i), (vi), (vii), (viii), (ix), (xiii) and (xiv) shall not be an Event of Default if it occurs in relation to the Initial Charterer after the termination of the Initial Charter as a result of the obligations thereunder having been fully performed by the Initial Charterer in accordance with the terms specified therein; and. (ii) It is hereby agreed that if any Event of Default occurs only in relation to the Initial Charterer or the Subsequent Charterer and within 15 days thereafter alternative arrangements in form and substance satisfactory to the Agent and the Instructing Group, as determined in their sole discretion, are entered into to provide alternative security for the performance by the Borrower of its obligations hereunder, then the Agent, on instruction of the Instructing Group, may agree that the event of circumstances giving rise to such Event of Default shall not be treated as an Event of Default.