Common use of Waivers of Default Clause in Contracts

Waivers of Default. (a) If the Secretary shall not have assumed the Shipowner's rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.09 of the Indenture, and if the Secretary determines that an event which, with the passage of time, would become a Payment Default, has been remedied within 30 days after the occurrence of such event, upon a Request by the Shipowner, the Secretary shall waive the consequences of such event. (b) If the Secretary shall not have assumed the Shipowner's rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.09 of the Indenture, and if the Secretary shall have determined prior to payment of the Guarantees that a Payment Default has been remedied after the expiration of the aforesaid 30-day period, but prior to the date of demand by the Indenture Trustee or an Obligee for payment under the Guarantees, upon a Request by the Shipowner, the Secretary shall waive such Default. (c) If the Secretary shall have determined prior to the expiration of the period required for payment of the Guarantees that a Payment Default had not occurred or has been subsequently remedied by the Shipowner (and if the Secretary shall not have assumed the Shipowner's rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.09 of the Indenture and prior to any payment of Guarantees), the Secretary shall notify the Indenture Trustee and the Shipowner of such determination, and, the Secretary shall waive such Default. (d) The Secretary, in its sole discretion, may waive any Security Default or any event which by itself, or with the passage of time or the giving of notice, or both, would give rise to a Security Default; provided that, such Default is waived prior to the Secretary giving to the Indenture Trustee the Secretary's Notice. (e) The Secretary shall notify the Shipowner and the Indenture Trustee in writing of any determinations made under paragraphs (a), (b), and (c) of this Section, and the Secretary shall waive the consequences of any such Default, and annul any declaration under Section 6.02, and the consequences thereof. (f) No waiver under this Section shall extend to or affect any subsequent or other Default, nor impair any rights or remedies consequent thereon. (g) No waiver under this Section shall be deemed to have occurred because the Secretary shall have assumed the Shipowner's rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.09

Waivers of Default. The Trustee shall waive any Default hereunder and its consequences and rescind any declaration of acceleration of principal upon the written request of the Owners of at least a majority in aggregate principal amount of all Outstanding Bonds; provided, however, that there shall not be waived any Default hereunder unless and until the Trustee shall have received written notice from the Credit Provider that the Credit Facility has been reinstated in full; and provided further that any Default under subsection (d) of Section 9.01 hereof may only be waived upon the written request of the Credit Provider; provided, however, that the corresponding event of default under the Reimbursement Agreement shall have been rescinded by the Credit Provider (and in such case the consent of the Owners of the Bonds shall not be required); and provided further that there shall not be waived any Default specified in subsection (a) If the Secretary shall not have assumed the Shipowner's rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.09 of the Indenture, and if the Secretary determines that an event which, with the passage of time, would become a Payment Default, has been remedied within 30 days after the occurrence of such event, upon a Request by the Shipowner, the Secretary shall waive the consequences of such event. or (b) If of Section 9.01 hereof unless, prior to such waiver or rescission, the Secretary Company shall not have assumed caused to be paid to the Shipowner's rights Trustee (i) all arrears of principal and duties under interest (other than principal of or interest on the Indenture Bonds which became due and payable by declaration of acceleration), with interest at the Obligationsrate then borne by the Bonds on overdue installments, to the extent permitted by law, and made any payments in default under the terms of Section 6.09 (ii) all fees and expenses of the IndentureTrustee in connection with such Default. In case of any waiver or rescission described above, and if or in case any proceeding taken by the Secretary Trustee on account of any such Default shall have been discontinued or concluded or determined prior to payment of adversely, then and in every such case the Guarantees that a Payment Default has been remedied after the expiration of the aforesaid 30-day period, but prior to the date of demand by the Indenture Trustee or an Obligee for payment under the Guarantees, upon a Request by the ShipownerIssuer, the Secretary shall waive such Default. (c) If the Secretary shall have determined prior to the expiration of the period required for payment of the Guarantees that a Payment Default had not occurred or has been subsequently remedied by the Shipowner (and if the Secretary shall not have assumed the Shipowner's rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.09 of the Indenture and prior to any payment of Guarantees), the Secretary shall notify the Indenture Trustee and the Shipowner Owners of Bonds shall be restored to their former positions and rights hereunder, respectively, but no such determination, and, the Secretary shall waive such Default. (d) The Secretary, in its sole discretion, may waive any Security Default waiver or any event which by itself, or with the passage of time or the giving of notice, or both, would give rise to a Security Default; provided that, such Default is waived prior to the Secretary giving to the Indenture Trustee the Secretary's Notice. (e) The Secretary shall notify the Shipowner and the Indenture Trustee in writing of any determinations made under paragraphs (a), (b), and (c) of this Section, and the Secretary shall waive the consequences of any such Default, and annul any declaration under Section 6.02, and the consequences thereof. (f) No waiver under this Section rescission shall extend to or affect any subsequent or other Default, nor or impair any rights or remedies right consequent thereon. (g) No waiver under this Section . Notwithstanding the foregoing, no waiver, rescission or annulment of a Default hereunder shall be deemed to made if the Credit Provider shall theretofore have occurred because the Secretary shall have assumed the Shipowner's rights and duties honored in full a drawing under the Indenture and the Obligations, and made any payments Credit Facility in default under the terms respect of Section 6.09such Default.

Waivers of Default. (a) If the Secretary Mortgagee shall not have assumed the ShipownerMortgagor's rights and duties under the Indenture Note Purchase Agreement and the Obligations, Note and made any payments in default under the terms of Section 6.09 of the IndentureChapter 537, and if the Secretary Mortgagee determines that an event which, with the passage of time, would become a Payment Default, has been remedied within 30 thirty (30) days after the occurrence of such event, upon a Request by the ShipownerMortgagor, the Secretary Mortgagee shall waive the consequences of such event. (b) If the Secretary Mortgagee shall not have assumed the ShipownerMortgagor's rights and duties under the Indenture Note Purchase Agreement and the Obligations, Note and made any payments in default under the terms of Section 6.09 of the IndentureChapter 537, and if the Secretary Mortgagee shall have determined prior to payment of the Guarantees Guarantee that a Payment Default has been remedied within thirty (30) days after the expiration occurrence of the aforesaid 30-day periodsuch event, but prior to the date of demand by the Indenture Trustee or an Obligee a Holder for payment under the GuaranteesGuarantee, upon a Request by the ShipownerMortgagor, the Secretary Mortgagee shall waive such Default. (c) If the Secretary Mortgagee shall have determined prior to the expiration of the period required for payment of the Guarantees Guarantee that a Payment Default had not occurred or has been subsequently remedied by the Shipowner Mortgagor (and if the Secretary Mortgagee shall not have assumed the ShipownerMortgagor's rights and duties under the Indenture Note Purchase Agreement and the Obligations, Note and made any payments in default under the terms of Section 6.09 of the Indenture Chapter 537 and prior to any payment of Guaranteesthe Guarantee), the Secretary Mortgagee shall notify the Indenture Trustee Holder and the Shipowner Mortgagor of such determination, and, the Secretary Mortgagee shall waive such Default. (d) The SecretaryMortgagee, in its sole discretion, may waive any Security Default or any event which by itself, or with the passage of time or the giving of notice, or both, would give rise to a Security Default; provided that, such Default is waived prior to the Secretary giving to the Indenture Trustee the Secretary's Notice. (e) The Secretary Mortgagee shall notify the Shipowner Mortgagor and the Indenture Trustee Holder in writing of any determinations made under paragraphs Subsections (a), (b), and (c) of this Section, and the Secretary Mortgagee shall waive the consequences of any such Default, and annul any declaration under Section 6.025.02 of this Mortgage, and the consequences thereof. (f) No waiver under this Section shall extend to or affect any subsequent or other Default, nor impair any rights or remedies consequent thereon. (g) No waiver under this Section shall be deemed to have occurred because the Secretary Mortgagee shall have assumed the ShipownerMortgagor's rights and duties under the Indenture Note Purchase Agreement and the Obligations, Note and made any payments in default under the terms of Section 6.09Chapter 537.

Waivers of Default. The Trustee shall waive any Default hereunder and its consequences and rescind any declaration of acceleration of principal upon the written request of the Owners of (a) If more than two-thirds (2/3) in aggregate principal amount of all Outstanding Bonds in respect of which default in the Secretary shall not have assumed the Shipowner's rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.09 of the Indenture, and if the Secretary determines that an event which, with the passage of time, would become a Payment Default, has been remedied within 30 days after the occurrence of such event, upon a Request by the Shipowner, the Secretary shall waive the consequences of such event. (b) If the Secretary shall not have assumed the Shipowner's rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.09 of the Indenture, and if the Secretary shall have determined prior to payment of the Guarantees that a Payment Default has been remedied after the expiration of the aforesaid 30-day period, but prior to the date of demand by the Indenture Trustee principal or an Obligee for payment under the Guarantees, upon a Request by the Shipowner, the Secretary shall waive such Default. (c) If the Secretary shall have determined prior to the expiration of the period required for payment of the Guarantees that a Payment Default had not occurred or has been subsequently remedied by the Shipowner (and if the Secretary shall not have assumed the Shipowner's rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.09 of the Indenture and prior to any payment of Guarantees), the Secretary shall notify the Indenture Trustee and the Shipowner of such determination, and, the Secretary shall waive such Default. (d) The Secretary, in its sole discretion, may waive any Security Default or any event which by itself, or with the passage of time or the giving of noticeinterest, or both, would give rise to a Security exists or (b) more than two-thirds (2/3) in aggregate principal amount of Outstanding Bonds in the case of any other Default; provided thatPROVIDED, such HOWEVER, that there shall not be waived any Default is waived prior to hereunder unless and until the Secretary giving to Trustee shall have received written notice from the Indenture Trustee Bank that the Secretary's Notice. Letter of Credit has been reinstated in full; and PROVIDED FURTHER that any Default under subsection (e) The Secretary of SECTION 9.01 hereof may only be waived upon the written request of the Bank (and in such case the consent of the Owners of the Bonds shall notify the Shipowner not be required); and the Indenture Trustee PROVIDED FURTHER that there shall not be waived any Default specified in writing of any determinations made under paragraphs subsection (a) or (b) of SECTION 9.01 hereof unless prior to such waiver or rescission, the Company shall have caused to be paid to the Trustee (i) all arrears of principal and interest (other than principal of or interest on the Bonds which became due and payable by declaration of acceleration), (b)with interest at the rate then borne by the Bonds on overdue installments, to the extent permitted by law, and (cii) all expenses of this Sectionthe Trustee in connection with such Default. In case of any waiver or rescission described above, and or in case any proceeding taken by the Secretary shall waive the consequences Trustee on account of any such DefaultDefault shall have been discontinued or concluded or determined adversely, then and annul any declaration under Section 6.02in every such case the Issuer, the Trustee and the consequences thereof. (f) No Owners of Bonds shall be restored to their former positions and rights hereunder, respectively, but no such waiver under this Section or rescission shall extend to or affect any subsequent or other Default, nor or impair any rights or remedies right consequent thereon. (g) No waiver under this Section . Notwithstanding the foregoing, no waiver, rescission or annulment of a Default hereunder shall be deemed to made without the Bank's consent if the Bank shall theretofore have occurred because the Secretary shall have assumed the Shipowner's rights and duties honored in full a drawing under the Indenture and the Obligations, and made any payments Letter of Credit in default under the terms respect of Section 6.09such Default.

Waivers of Default. (a) If the Secretary shall not have assumed the Shipowner's rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.09 of the Indenture, and if the Secretary determines that an event which, with the passage of time, would become a Payment Default, has been remedied within 30 days after the occurrence of such event, upon a Request by the Shipowner, the Secretary shall waive the consequences of such event. (b) If the Secretary shall not have assumed the Shipowner's rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.09 of the Indenture, and if the Secretary shall have determined prior to payment of the Guarantees that a Payment Default has been remedied after the expiration of the aforesaid 30-day period, but prior to the date of demand by the Indenture Trustee or an Obligee for payment under the Guarantees, upon a Request by the Shipowner, the Secretary shall waive such Default. (c) If the Secretary shall have determined prior to the expiration of the period required for payment of the Guarantees that a Payment Default had not occurred or has been subsequently remedied by the Shipowner (and if the Secretary shall not have assumed the Shipowner's rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.09 of the Indenture and prior to any payment of Guarantees), the Secretary shall notify the Indenture Trustee and the Shipowner of such determination, and, the Secretary shall waive such Default. (d) The Secretary, in its sole discretion, may waive any Security Default or any event which by itself, or with the passage of time or the giving of notice, or both, would give rise to a Security Default; provided thatPROVIDED THAT, such Default is waived prior to the Secretary giving to the Indenture Trustee the Secretary's Notice. (e) The Secretary shall notify the Shipowner and the Indenture Trustee in writing of any determinations made under paragraphs (a), (b), ) and (c) of this Section, and the Secretary shall waive the consequences of any such Default, and annul any declaration under Section 6.02, and the consequences thereof. (f) No waiver under this Section shall extend to or affect any subsequent or other Default, nor impair any rights or remedies consequent thereon. (g) No waiver under this Section shall be deemed to have occurred because the Secretary shall have assumed the Shipowner's rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.096.09 of the Indenture.

Waivers of Default. The Trustee shall waive any Default hereunder and its consequences and rescind any declaration of acceleration of principal upon the written request of the Owners of at least a majority in aggregate principal amount of all Outstanding Bonds; provided, however, that there shall not be waived any Default hereunder unless and until the Trustee shall have received written notice from the Credit Provider that the Credit Facility has been reinstated in full; and provided further that any Default under subsection (d) of Section 9.01 hereof may only be waived upon the written request of the Credit Provider (and in such case the consent of the Owners of the Bonds shall not be required); and provided further that there shall not be waived any Default specified in subsection (a) If the Secretary shall not have assumed the Shipowner's rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.09 of the Indenture, and if the Secretary determines that an event which, with the passage of time, would become a Payment Default, has been remedied within 30 days after the occurrence of such event, upon a Request by the Shipowner, the Secretary shall waive the consequences of such event. or (b) If of Section 9.01 hereof unless prior to such waiver or rescission, the Secretary Company shall not have assumed caused to be paid to the Shipowner's rights Trustee (i) all arrears of principal and duties under interest (other than principal of or interest on the Indenture Bonds which became due and payable by declaration of acceleration), with interest at the Obligationsrate then borne by the Bonds on overdue installments, to the extent permitted by law, and made any payments in default under the terms of Section 6.09 (ii) all fees and expenses of the IndentureTrustee in connection with such Default. In case of any waiver or rescission described above, and if or in case any proceeding taken by the Secretary Trustee on account of any such Default shall have been discontinued or concluded or determined prior to payment of adversely, then and in every such case the Guarantees that a Payment Default has been remedied after the expiration of the aforesaid 30-day period, but prior to the date of demand by the Indenture Trustee or an Obligee for payment under the Guarantees, upon a Request by the ShipownerIssuer, the Secretary shall waive such Default. (c) If the Secretary shall have determined prior to the expiration of the period required for payment of the Guarantees that a Payment Default had not occurred or has been subsequently remedied by the Shipowner (and if the Secretary shall not have assumed the Shipowner's rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.09 of the Indenture and prior to any payment of Guarantees), the Secretary shall notify the Indenture Trustee and the Shipowner Owners of Bonds shall be restored to their former positions and rights hereunder, respectively, but no such determination, and, the Secretary shall waive such Default. (d) The Secretary, in its sole discretion, may waive any Security Default waiver or any event which by itself, or with the passage of time or the giving of notice, or both, would give rise to a Security Default; provided that, such Default is waived prior to the Secretary giving to the Indenture Trustee the Secretary's Notice. (e) The Secretary shall notify the Shipowner and the Indenture Trustee in writing of any determinations made under paragraphs (a), (b), and (c) of this Section, and the Secretary shall waive the consequences of any such Default, and annul any declaration under Section 6.02, and the consequences thereof. (f) No waiver under this Section rescission shall extend to or affect any subsequent or other Default, nor or impair any rights or remedies right consequent thereon. (g) No waiver under this Section . Notwithstanding the foregoing, no waiver, rescission or annulment of a Default hereunder shall be deemed to made if the Credit Provider shall theretofore have occurred because the Secretary shall have assumed the Shipowner's rights and duties honored in full a drawing under the Indenture and the Obligations, and made any payments Credit Facility in default under the terms respect of Section 6.09such Default.

Waivers of Default. (a) If the Secretary Administrator shall not have assumed the Shipowner's rights and duties under the Indenture Note Purchase Agreement and the Obligations, Note and made any payments in default under the terms of Section 6.09 of the IndentureChapter 537, and if the Secretary Administrator determines that an event which, with the passage of time, would become a Payment Default, has been remedied within 30 thirty (30) days after the occurrence of such event, upon a Request by the Shipowner, the Secretary Administrator shall waive the consequences of such event. (b) If the Secretary Administrator shall not have assumed the Shipowner's rights and duties under the Indenture Note Purchase Agreement and the Obligations, Note and made any payments in default under the terms of Section 6.09 of the IndentureChapter 537, and if the Secretary Administrator shall have determined prior to payment of the Guarantees Guarantee that a Payment Default has been remedied within thirty (30) days after the expiration occurrence of the aforesaid 30-day periodsuch event, but prior to the date of demand by the Indenture Trustee or an Obligee Holder for payment under the GuaranteesGuarantee, upon a Request by the Shipowner, the Secretary Administrator shall waive such Default. (c) If the Secretary Administrator shall have determined prior to the expiration of the period required for payment of the Guarantees Guarantee that a Payment Default had not occurred or has been subsequently remedied by the Shipowner (and if the Secretary Administrator shall not have assumed the Shipowner's rights and duties under the Indenture Note Purchase Agreement and the Obligations, Note and made any payments in default under the terms of Section 6.09 of the Indenture Chapter 537 and prior to any payment of Guaranteesthe Guarantee), the Secretary Administrator shall notify the Indenture Trustee Holder and the Shipowner of such determination, and, the Secretary Administrator shall waive such Default. (d) The SecretaryAdministrator, in its sole discretion, may waive any Security Default or any event which by itself, or with the passage of time or the giving of notice, or both, would give rise to a Security Default; provided thathowever, that if the Administrator (i) shall not have assumed the Shipowner's rights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537, and if the Administrator determines that an event which, with the passage of time, would become a Security Default, has been remedied within the time provided herein, upon a Request by the Shipowner, the Administrator shall waive the consequences of such event; and (ii) If the Administrator shall have determined that a Security Default is waived prior to had not occurred or has been subsequently remedied by the Secretary giving to Shipowner and if the Indenture Trustee Administrator shall not have given an Administrator’s Notice and assumed the SecretaryShipowner's Noticerights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537 and has not made any payment on the Guarantee, the Administrator shall waive such Default. (e) The Secretary Administrator shall notify the Shipowner and the Indenture Trustee in writing of any determinations made under paragraphs Subsections (a), (b), (c) and (cd) of this Section, and the Secretary Administrator shall waive the consequences of any such Default, and annul any declaration under Section 6.0214.02 of the Agreement, and the consequences thereof. (f) No waiver under this Section shall extend to or affect any subsequent or other Default, nor impair any rights or remedies consequent thereon. (g) No waiver under this Section shall be deemed to have occurred because the Secretary Administrator shall have assumed the Shipowner's rights and duties under the Indenture Note Purchase Agreement and the Obligations, Note and made any payments in default under the terms of Section 6.09Chapter 537.

Waivers of Default. (a) If the Secretary shall not have assumed the Shipowner's rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.09 of the Indenture, and if the Secretary determines that an event which, with the passage of time, would become a Payment Default, has been remedied within 30 days after the occurrence of such event, upon a Request by the Shipowner, the Secretary shall waive the consequences of such event. (b) If the Secretary shall not have assumed the Shipowner's rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.09 of the Indenture, and if the Secretary shall have determined prior to payment of the Guarantees that a Payment Default has been remedied after the expiration of the aforesaid 30-day period, but prior to the date of demand by the Indenture Trustee or an Obligee for payment under the Guarantees, upon a Request by the Shipowner, the Secretary shall waive such Default. (c) If the Secretary shall have determined prior to the expiration of the period required for payment of the Guarantees that a Payment Default had not occurred or has been subsequently remedied by the Shipowner (and if the Secretary shall not have assumed the Shipowner's rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.09 of the Indenture and prior to any payment of Guarantees), the Secretary shall notify the Indenture Trustee and the Shipowner of such determination, and, the Secretary shall waive such Default. (d) The Secretary, in its sole discretion, may waive any Security Default or any event which by itself, or with the passage of time or the giving of notice, or both, would give rise to a Security Default; provided that, such Default is waived prior to the Secretary giving to the Indenture Trustee the Secretary's Notice. (e) The Secretary shall notify the Shipowner and the Indenture Trustee in writing of any determinations made under paragraphs (a), (b), ) and (c) of this Sectionsection, and the Secretary shall waive the consequences of any such Default, and annul any declaration under Section 6.02, and the consequences thereof. (f) No waiver under this Section shall extend to or affect any subsequent or other Default, nor impair any rights or remedies consequent thereon. (g) No waiver under this Section shall be deemed to have occurred because the Secretary shall have assumed the Shipowner's rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.096.09 of the Indenture.

Waivers of Default. The Trustee shall waive any Default hereunder and its consequences and rescind any declaration of acceleration of principal upon the written request of the Owners of at least a majority in aggregate principal amount of all Outstanding Bonds; provided, however, that there shall not be waived any Default hereunder unless and until the Trustee shall have received written notice from the Credit Provider that the Credit Facility has been reinstated in full; and provided further that any Default under subsection (d) of Section 9.01 hereof may only be waived upon the written request of the Credit Provider provided, however, that the corresponding event of default under the Reimbursement Agreement shall have been rescinded by the Credit Provider (and in such case the consent of the Owners of the Bonds shall not be required); and provided further that there shall not be waived any Default specified in subsection (a) If the Secretary shall not have assumed the Shipowner's rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.09 of the Indenture, and if the Secretary determines that an event which, with the passage of time, would become a Payment Default, has been remedied within 30 days after the occurrence of such event, upon a Request by the Shipowner, the Secretary shall waive the consequences of such event. or (b) If of Section 9.01 hereof unless, prior to such waiver or rescission, the Secretary Company shall not have assumed caused to be paid to the Shipowner's rights Trustee (i) all arrears of principal and duties under interest (other than principal of or interest on the Indenture Bonds which became due and payable by declaration of acceleration), with interest at the Obligationsrate then borne by the Bonds on overdue installments, to the extent permitted by law, and made any payments in default under the terms of Section 6.09 (ii) all fees and expenses of the IndentureTrustee in connection with such Default. In case of any waiver or rescission described above, and if or in case any proceeding taken by the Secretary Trustee on account of any such Default shall have been discontinued or concluded or determined prior to payment of adversely, then and in every such case the Guarantees that a Payment Default has been remedied after the expiration of the aforesaid 30-day period, but prior to the date of demand by the Indenture Trustee or an Obligee for payment under the Guarantees, upon a Request by the ShipownerIssuer, the Secretary shall waive such Default. (c) If the Secretary shall have determined prior to the expiration of the period required for payment of the Guarantees that a Payment Default had not occurred or has been subsequently remedied by the Shipowner (and if the Secretary shall not have assumed the Shipowner's rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.09 of the Indenture and prior to any payment of Guarantees), the Secretary shall notify the Indenture Trustee and the Shipowner Owners of Bonds shall be restored to their former positions and rights hereunder, respectively, but no such determination, and, the Secretary shall waive such Default. (d) The Secretary, in its sole discretion, may waive any Security Default waiver or any event which by itself, or with the passage of time or the giving of notice, or both, would give rise to a Security Default; provided that, such Default is waived prior to the Secretary giving to the Indenture Trustee the Secretary's Notice. (e) The Secretary shall notify the Shipowner and the Indenture Trustee in writing of any determinations made under paragraphs (a), (b), and (c) of this Section, and the Secretary shall waive the consequences of any such Default, and annul any declaration under Section 6.02, and the consequences thereof. (f) No waiver under this Section rescission shall extend to or affect any subsequent or other Default, nor or impair any rights or remedies right consequent thereon. (g) No waiver under this Section . Notwithstanding the foregoing, no waiver, rescission or annulment of a Default hereunder shall be deemed to made if the Credit Provider shall theretofore have occurred because the Secretary shall have assumed the Shipowner's rights and duties honored in full a drawing under the Indenture and the Obligations, and made any payments Credit Facility in default under the terms respect of Section 6.09such Default.

Waivers of Default. (a) If the Secretary shall not have assumed the Shipowner's rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.09 of the Indenture, and if the Secretary determines that an event which, with the passage of time, would become a Payment Default, has been remedied within 30 days after the occurrence of such event, upon a Request by the Shipowner, the Secretary shall waive the consequences of such event. (b) If the Secretary shall not have assumed the Shipowner's rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.09 of the Indenture, and if the Secretary shall have determined prior to payment of the Guarantees that a Payment Default has been remedied after the expiration of the aforesaid 30-day period, but prior to the date of demand by the Indenture Trustee or an Obligee for payment under the Guarantees, upon a Request by the Shipowner, the Secretary shall waive such Default. (c) If the Secretary shall have determined prior to the expiration of the period required for payment of the Guarantees that a Payment Default had not occurred or has been subsequently remedied by the Shipowner (and if the Secretary shall not have assumed the Shipowner's rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.09 of the Indenture and prior to any payment of Guarantees), the Secretary shall notify the Indenture Trustee and the Shipowner of such determination, and, the Secretary shall waive such Default. (d) The Secretary, in its sole discretion, may waive any Security Default or any event which by itself, or with the passage of time or the giving of notice, or both, would give rise to a Security Default; provided that, such Default is waived prior to the Secretary giving to the Indenture Trustee the Secretary's Notice. (e) The Secretary shall notify the Shipowner and the Indenture Trustee in writing of any determinations made under paragraphs (a), (b), and (c) of this Section, and the Secretary shall waive the consequences of any such Default, and annul any declaration under Section 6.02, and the consequences thereof. (f) No waiver under this Section shall extend to or affect any subsequent or other Default, nor impair any rights or remedies consequent thereon. (g) No waiver under this Section shall be deemed to have occurred because the Secretary shall have assumed the Shipowner's rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.096.09 of the Indenture.

Waivers of Default. (a) If Subject to the Secretary provisions of the last paragraph of Section 802 hereof, the Trustee may in its discretion waive any Default hereunder and its consequences and rescind any declaration of acceleration of principal, and shall not have assumed do so upon the Shipowner's rights and duties under written request of the Indenture Bank and the Obligations, and made any payments Owners of (1) more than two-thirds (2/3) in default under aggregate principal amount of all Outstanding Notes in respect of which Default in the terms of Section 6.09 of the Indenture, and if the Secretary determines that an event which, with the passage of time, would become a Payment Default, has been remedied within 30 days after the occurrence of such event, upon a Request by the Shipowner, the Secretary shall waive the consequences of such event. (b) If the Secretary shall not have assumed the Shipowner's rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.09 of the Indenture, and if the Secretary shall have determined prior to payment of the Guarantees that a Payment Default has been remedied after the expiration of the aforesaid 30-day period, but prior to the date of demand by the Indenture Trustee principal or an Obligee for payment under the Guarantees, upon a Request by the Shipowner, the Secretary shall waive such Default. (c) If the Secretary shall have determined prior to the expiration of the period required for payment of the Guarantees that a Payment Default had not occurred or has been subsequently remedied by the Shipowner (and if the Secretary shall not have assumed the Shipowner's rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.09 of the Indenture and prior to any payment of Guarantees), the Secretary shall notify the Indenture Trustee and the Shipowner of such determination, and, the Secretary shall waive such Default. (d) The Secretary, in its sole discretion, may waive any Security Default or any event which by itself, or with the passage of time or the giving of noticeinterest, or both, would give rise to a Security exists or (2) more than two-thirds (2/3) in aggregate principal amount of all Outstanding Notes in the case of any other Default; provided thatprovided, such however, that any Default is waived prior to the Secretary giving to the Indenture Trustee the Secretary's Notice. under subsection (e) The Secretary of Section 801 hereof may only be waived upon the written request of the Bank (and in such case the consent of the Owners of the Notes shall notify not be required); and provided further that there shall not be waived any Default in the Shipowner payment of the principal of or interest on any Outstanding Notes unless prior to such waiver or rescission, all arrears of principal and interest (other than principal of or interest on the Indenture Notes which became due and payable by declaration of acceleration), with interest at the Late Payment Rate on overdue installments, to the extent permitted by law, and all expenses of the Trustee in writing connection with such Default shall have been paid or provided for. In case of any determinations made under paragraphs (a)waiver or rescission described above, (b), and (c) of this Section, and or in case any proceeding taken by the Secretary shall waive the consequences Trustee on account of any such DefaultDefault shall have been discontinued or abandoned or determined adversely, then and annul any declaration under Section 6.02in every such case the Issuer, the Trustee and the consequences thereof. (f) No Owners of Notes shall be restored to their former positions and rights hereunder, respectively, but no such waiver under this Section or rescission shall extend to or affect any subsequent or other Default, nor or impair any rights or remedies right consequent thereon. (g. Section 812. Notice of Defaults under Section 801(g); Opportunity to Cure Such Defaults. Anything herein to the contrary notwithstanding, no Default under Section 801(g) No waiver under this Section hereof shall be deemed a Default until notice of such Default shall be given to have occurred because the Secretary Issuer, the Guarantor and the Company by the Trustee or by the Owners of not less than twenty-five percent (25%) in aggregate principal amount of all Outstanding Notes, and the Issuer, the Guarantor and the Company shall have assumed had thirty (30) days after receipt of such notice to correct said Default or to cause said Default to be corrected and shall not have corrected said Default or caused said Default to be corrected within the Shipowner's rights applicable period; provided, however, if said Default be such that it cannot be corrected within the applicable period, it shall not constitute a Default if corrective action is instituted by the Issuer, the Guarantor or the Company within the applicable period and duties diligently pursued until the Default is corrected. With regard to any Default concerning which notice is given to the Issuer, the Guarantor and the Company under the Indenture provisions of this Section, the Issuer hereby grants the Guarantor and the ObligationsCompany full authority for account of the Issuer to perform any covenant or obligation alleged in said notice to constitute a Default, in the name and made stead of the Issuer with full power to do any payments in default under and all things and acts to the terms same extent that the Issuer could do and perform any such things and acts and with power of Section 6.09substitution.

Waivers of Default. (a) If the Secretary shall not have assumed the Shipowner's ’s rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.09 of the Indenture, and if the Secretary determines that an event which, with the passage of time, would become a Payment Default, has been remedied within 30 days after the occurrence of such event, upon a Request by the Shipowner, the Secretary shall waive the consequences of such event. (b) If the Secretary shall not have assumed the Shipowner's Shipowners rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.09 of the Indenture, and if the Secretary shall have determined prior to payment of the Guarantees that a Payment Default has been remedied after the expiration of the aforesaid 30-day period, but prior to the date of demand by the Indenture Trustee or an Obligee for payment under the Guarantees, upon a Request by the Shipowner, the Secretary shall waive such Default. (c) If the Secretary shall have determined prior to the expiration of the period required for payment of the Guarantees that a Payment Default had not occurred or has been subsequently remedied by the Shipowner (and if the Secretary shall not have assumed the Shipowner's Shipowners rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.09 of the Indenture and prior to any payment of Guarantees), the Secretary shall notify the Indenture Trustee and the Shipowner of such determination, and, the Secretary shall waive such Default. (d) The Secretary, in its sole discretion, may waive any Security Default or any event which by itself, or with the passage of time or the giving of notice, or both, would give rise to a Security Default; provided that, such Default is waived prior to the Secretary giving to the Indenture Trustee the Secretary's ’s Notice. (e) The Secretary shall notify the Shipowner and the Indenture Trustee in writing of any determinations made under paragraphs (a), (b), and (c) of this Section, and the Secretary shall waive the consequences of any such Default, and annul any declaration under Section 6.02, and the consequences thereof. (f) No waiver under this Section shall extend to or affect any subsequent or other Default, nor impair any rights or remedies consequent thereon. (g) No waiver under this Section shall be deemed to have occurred because the Secretary shall have assumed the Shipowner's Shipowners rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.096.09 of the Indenture.

Waivers of Default. (a) If Prior to the Secretary shall not have assumed the Shipowner's rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.09 declaration of the Indenture, and if ------------------ acceleration of the Secretary determines that an event which, with maturity of all the passage of time, would become a Payment Default, has been remedied within 30 days after the occurrence of such event, upon a Request by the ShipownerNotes as provided in Section 4.01, the Secretary shall waive the consequences holders of such event. (b) If the Secretary shall not have assumed the Shipowner's rights and duties under the Indenture and the Obligations, and made any payments more than 50% in default under the terms of Section 6.09 aggregate unpaid principal amount of the IndentureNotes at the time outstanding may, on behalf of the holders of all the Notes, waive any past Default and if its consequences, except a Default in the Secretary shall have determined prior to payment of the Guarantees that a Payment Default has been remedied after the expiration principal of or interest on any of the aforesaid 30Notes or Make-day periodWhole Amount, if any, but prior to the date of demand by the Indenture Trustee or an Obligee for payment under the Guarantees, upon a Request by the Shipowner, the Secretary shall waive no such Default. (c) If the Secretary shall have determined prior to the expiration of the period required for payment of the Guarantees that a Payment Default had not occurred or has been subsequently remedied by the Shipowner (and if the Secretary shall not have assumed the Shipowner's rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.09 of the Indenture and prior to any payment of Guarantees), the Secretary shall notify the Indenture Trustee and the Shipowner of such determination, and, the Secretary shall waive such Default. (d) The Secretary, in its sole discretion, may waive any Security Default or any event which by itself, or with the passage of time or the giving of notice, or both, would give rise to a Security Default; provided that, such Default is waived prior to the Secretary giving to the Indenture Trustee the Secretary's Notice. (e) The Secretary shall notify the Shipowner and the Indenture Trustee in writing of any determinations made under paragraphs (a), (b), and (c) of this Section, and the Secretary shall waive the consequences of any such Default, and annul any declaration under Section 6.02, and the consequences thereof. (f) No waiver under this Section shall extend to or affect any subsequent Default or other Default, nor impair any rights or remedies right consequent thereon. . At any time after any Notes have been declared due and payable or have automatically become due and payable pursuant to Section 4.01, the holders of not less than a majority of the aggregate principal amount of the Notes then outstanding, by written notice to the Company and the Trustee, may rescind and annul any such declaration and its consequences if (ga) the Company or the Guarantor has paid all overdue interest - on the Notes, all principal of and Make-Whole Amount, if any, on any Notes that are due and payable and are unpaid other than by reason of such declaration, and all interest on such overdue principal and Make-Whole Amount, if any, and (to the extent permitted by applicable law) any overdue interest in respect of the Notes, at the Default Rate, (b) all Events of Default and Defaults, other than - non-payment of amounts that have become due solely by reason of such declaration, have been cured or have been waived pursuant to this Indenture, and (c) no judgment or decree has been entered for the payment of any monies due - pursuant hereto or to the Notes. No waiver rescission and annulment under this Section 4.05 will extend to or affect any subsequent Event of Default or Default or impair any right consequent thereon. No course of dealing and no delay on the part of any holder of any Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder's rights, powers or remedies. No right, power or remedy conferred by this Agreement or by any Note upon any holder thereof shall be deemed exclusive of any other right, power or remedy referred to have occurred because herein or therein or now or hereafter available at law, in equity, by statute or otherwise. Without limiting the Secretary shall have assumed obligations of the Shipowner's rights and duties under the Indenture Company and the ObligationsGuarantor under Section 7 of the Note Purchase Agreements, the Company or the Guarantor will pay to the holder of each Note on demand such further amount as shall be sufficient to cover all costs and made expenses of such holder incurred in any payments in default enforcement or collection under the terms of Section 6.09this Article IV, including, without limitation, reasonable attorneys' fees, expenses and disbursements.

Waivers of Default. (a) If the Secretary shall not have assumed the Shipowner's ’s rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.09 of the Indenture, and if the Secretary determines that an event which, with the passage of time, would become a Payment Default, has been remedied within 30 days after the occurrence of such event, upon a Request by the Shipowner, the Secretary shall waive the consequences of such event. (b) If the Secretary shall not have assumed the Shipowner's ’s rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.09 of the Indenture, and if the Secretary shall have determined prior to payment of the Guarantees that a Payment Default has been remedied after the expiration of the aforesaid 30-day period, but prior to the date of demand by the Indenture Trustee or an Obligee for payment under the Guarantees, upon a Request by the Shipowner, the Secretary shall waive such Default. (c) If the Secretary shall have determined prior to the expiration of the period required for payment of the Guarantees that a Payment Default had not occurred or has been subsequently remedied by the Shipowner (and if the Secretary shall not have assumed the Shipowner's ’s rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.09 of the Indenture and prior to any payment of Guarantees), the Secretary shall notify the Indenture Trustee and the Shipowner of such determination, and, the Secretary shall waive such Default. (d) The Secretary, in its sole discretion, may waive any Security Default or any event which by itself, or with the passage of time or the giving of notice, or both, would give rise to a Security Default; provided that, such Default is waived prior to the Secretary giving to the Indenture Trustee the Secretary's ’s Notice. (e) The Secretary shall notify the Shipowner and the Indenture Trustee in writing of any determinations made under paragraphs (a), (b), and (c) of this Section, and the Secretary shall waive the consequences of any such Default, and annul any declaration under Section 6.02, and the consequences thereof. (f) No waiver under this Section shall extend to or affect any subsequent or other Default, nor impair any rights or remedies consequent thereon. (g) No waiver under this Section shall be deemed to have occurred because the Secretary shall have assumed the Shipowner's ’s rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.096.09 of the Indenture.

Waivers of Default. (a) If the Secretary Administrator shall not have assumed the Shipowner's rights and duties under the Indenture Note Purchase Agreement and the Obligations, Note and made any payments in default under the terms of Section 6.09 of the IndentureChapter 537, and if the Secretary Administrator determines that an event which, with the passage of time, would become a Payment Default, has been remedied within 30 thirty (30) days after the occurrence of such event, upon a Request by the Shipowner, the Secretary Administrator shall waive the consequences of such event. (b) If the Secretary Administrator shall not have assumed the Shipowner's rights and duties under the Indenture Note Purchase Agreement and the Obligations, Note and made any payments in default under the terms of Section 6.09 of the IndentureChapter 537, and if the Secretary Administrator shall have determined prior to payment of the Guarantees Guarantee that a Payment Default has been remedied within thirty (30) days after the expiration occurrence of the aforesaid 30-day periodsuch event, but prior to the date of demand by the Indenture Trustee or an Obligee Holder for payment under the GuaranteesGuarantee, upon a Request by the Shipowner, the Secretary Administrator shall waive such Default. (c) If the Secretary Administrator shall have determined prior to the expiration of the period required for payment of the Guarantees Guarantee that a Payment Default had not occurred or has been subsequently remedied by the Shipowner (and if the Secretary Administrator shall not have assumed the Shipowner's rights and duties under the Indenture Note Purchase Agreement and the Obligations, Note and made any payments in default under the terms of Section 6.09 of the Indenture Chapter 537 and prior to any payment of Guaranteesthe Guarantee), the Secretary Administrator shall notify the Indenture Trustee Holder and the Shipowner of such determination, and, the Secretary Administrator shall waive such Default. (d) The SecretaryAdministrator, in its sole discretion, may waive any Security Default or any event which by itself, or with the passage of time or the giving of notice, or both, would give rise to a Security Default; provided thathowever, that if the Administrator (i) shall not have assumed the Shipowner's rights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537, and if the Administrator determines that an event which, with the passage of time, would become a Security Default, has been remedied within the time provided herein, upon a Request by the Shipowner, the Administrator shall waive the consequences of such event; and (ii) If the Administrator shall have determined that a Security Default is waived prior to had not occurred or has been subsequently remedied by the Secretary giving to Shipowner and if the Indenture Trustee Administrator shall not have given an Administrator’s Notice and assumed the SecretaryShipowner's Noticerights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537 and has not made any payment on the Guarantee, the Administrator shall waive such Default. (e) The Secretary Administrator shall notify the Shipowner and the Indenture Trustee in writing of any determinations made under paragraphs Subsections (a), (b), (c) and (cd) of this Section, and the Secretary Administrator shall waive the consequences of any such Default, and annul any declaration under Section 6.0214.02 of this Agreement, and the consequences thereof. (f) No waiver under this Section shall extend to or affect any subsequent or other Default, nor impair any rights or remedies consequent thereon. (g) No waiver under this Section shall be deemed to have occurred because the Secretary Administrator shall have assumed the Shipowner's rights and duties under the Indenture Note Purchase Agreement and the Obligations, Note and made any payments in default under the terms of Chapter 537. u) The lead in paragraph in Section 6.0914.04 is hereby amended to read in its entirety as follows:

Waivers of Default. (a) If the Secretary Administrator shall not have assumed the Shipowner's rights and duties under the Indenture Note Purchase Agreement and the Obligations, Note and made any payments in default under the terms of Section 6.09 of the IndentureChapter 537, and if the Secretary Administrator determines that an event which, with the passage of time, would become a Payment Default, has been remedied within 30 thirty (30) days after the occurrence of such event, upon a Request by the Shipowner, the Secretary Administrator shall waive the consequences of such event. (b) If the Secretary Administrator shall not have assumed the Shipowner's rights and duties under the Indenture Note Purchase Agreement and the Obligations, Note and made any payments in default under the terms of Section 6.09 of the IndentureChapter 537, and if the Secretary Administrator shall have determined prior to payment of the Guarantees Guarantee that a Payment Default has been remedied within thirty (30) days after the expiration occurrence of the aforesaid 30-day periodsuch event, but prior to the date of demand by the Indenture Trustee or an Obligee Holder for payment under the GuaranteesGuarantee, upon a Request by the Shipowner, the Secretary Administrator shall waive such Default. (c) If the Secretary Administrator shall have determined prior to the expiration of the period required for payment of the Guarantees Guarantee that a Payment Default had not occurred or has been subsequently remedied by the Shipowner (and if the Secretary Administrator shall not have assumed the Shipowner's rights and duties under the Indenture Note Purchase Agreement and the Obligations, Note and made any payments in default under the terms of Section 6.09 of the Indenture Chapter 537 and prior to any payment of GuaranteesGuarantee), the Secretary Administrator shall notify the Indenture Trustee Holder and the Shipowner of such determination, and, the Secretary Administrator shall waive such Default. (d) The SecretaryAdministrator, in its sole discretion, may waive any Security Default or any event which by itself, or with the passage of time or the giving of notice, or both, would give rise to a Security Default; provided that, such Default is waived prior to the Secretary giving to the Indenture Trustee the Secretary's Notice. (e) The Secretary Administrator shall notify the Shipowner and the Indenture Trustee in writing of any determinations made under paragraphs Subsections (a), (b), and (c) of this Section, and the Secretary Administrator shall waive the consequences of any such Default, and annul any declaration under Section 6.0214.02 of this Agreement, and the consequences thereof. (f) No waiver under this Section shall extend to or affect any subsequent or other Default, nor impair any rights or remedies consequent thereon. (g) No waiver under this Section shall be deemed to have occurred because the Secretary Administrator shall have assumed the Shipowner's rights and duties under the Indenture Note Purchase Agreement and the Obligations, Note and made any payments in default under the terms of Section 6.09Chapter 537.

Waivers of Default. (a) If the Secretary shall not have assumed the Shipowner's rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.09 of the Indenture, and if the Secretary determines that an event which, with the passage of time, would become a Payment Default, has been remedied within 30 days after the occurrence of such event, upon a Request by the Shipowner, the Secretary shall waive the consequences of such event. (b) If the Secretary shall not have assumed the Shipowner's rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.09 of the Indenture, and if the Secretary shall have determined prior to payment of the Guarantees that a Payment Default has been remedied after the expiration of the aforesaid 30-day period, but prior to the date of demand by the Indenture Trustee or an Obligee for payment under the Guarantees, upon a Request by the Shipowner, the Secretary shall waive such Default. (c) If the Secretary shall have determined prior to the expiration of the period required for payment of the Guarantees that a Payment Default had not occurred or has been subsequently remedied by the Shipowner (and if the Secretary shall not have assumed the Shipowner's rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.09 of the Indenture and prior to any payment of Guarantees), the Secretary shall notify the Indenture Trustee and the Shipowner of such determination, and, the Secretary shall waive such Default. (d) The Secretary, in its sole discretion, may waive any Security Default or any event which by itself, or with the passage of time or the giving of notice, or both, would give rise to a Security Default; provided thatPROVIDED THAT, such Default is waived prior to the Secretary giving to the Indenture Trustee the Secretary's Notice. (e) The Secretary shall notify the Shipowner and the Indenture Trustee in writing of any determinations made under paragraphs (a), (b), and (c) of this Section, and the Secretary shall waive the consequences of any such Default, and annul any declaration under Section 6.02, and the consequences thereof. (f) No waiver under this Section shall extend to or affect any subsequent or other Default, nor impair any rights or remedies consequent thereon. (g) No waiver under this Section shall be deemed to have occurred because the Secretary shall have assumed the Shipowner's rights and duties under the Indenture and the Obligations, and made any payments in default under the terms of Section 6.096.09 of the Indenture.