Additional Default Rights Sample Clauses

Additional Default Rights. Without prejudice to Charterer’s other remedies under this Charter or otherwise, in the event that Owner repeatedly fails to maintain and operate the Vessel in accordance with the requirements of this Charter, such as being Off-Hire for substantial periods or failing to perform voyages, loadings, and discharges in accordance with the performance warranties to a degree that such failure, if continued, would result in a material breach of Owner’s obligation under this Charter and such failure is not cured to the satisfaction of Charterer within ***** days of Charterer’s notifying Owner of such failure, then (subject to section 23.1(c)) Charterer shall have the right to require Owner to replace the Manager of the Vessel with another Manager that is satisfactory to the Charterer. Any increase in operating costs shall be for Owner’s account and Hire will continue to be paid by Charterer in accordance with the terms hereof, excluding such increase. Alternatively, at Charterer’s election, Charterer on giving not less than ***** days’ notice to Owner, shall have the right to convert this Charter into a bareboat charter for a term equal to the then unexpired portion of the Term and to appoint a technical shipmanager of Charterer’s choice (subject to such shipmanager having experience in the operation of LNG tankers and to the approval of such appointment by Owner, such approval not to be unreasonably withheld) to provide crew and to manage the Vessel. Such bareboat charter shall be on the terms of BARECON “89”, amended as appropriate, but shall provide that: (a) bareboat charterhire shall be payable in the amount of the then Financial Cost Component, and the Additional Cost Component of Hire, reduced by any reasonable additional costs incurred by Charterer as a result of Charter operating the Vessel in excess of the Operating Cost Component of Hire applicable from time to time during such period; (b) the insurance of the Vessel shall continue to be arranged by Owner in accordance with the requirements of Schedule IV to this Charter; provided that Charterer shall reimburse Owner for the cost of the Compulsory Insurances; and (c) in the event that Owner fails to make timely payment of premium or calls relating to the insurances, or the Vessel shall cease for any reason to be validly and properly insured as required by Schedule IV to this Charter, then Charterer may take over the responsibility of paying for and arranging the insurances on the Vessel, which shall cont...
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Related to Additional Default Rights

  • Optional Defaults If any Event of Default referred to in Section 7.1, 7.2, 7.3, 7.4, 7.5, 7.6, 7.7, 7.8, 7.9 or 7.10 hereof shall occur, Agent may, with the consent of the Required Lenders, and shall, at the written request of the Required Lenders, give written notice to Borrowers to:

  • Event of Default; Notice (a) The Guarantee Trustee shall, within 90 days after the occurrence of an Event of Default, transmit by mail, first class postage prepaid, to the Holders, notices of all Events of Default known to the Guarantee Trustee, unless such defaults have been cured before the giving of such notice, provided, that, except in the case of a default in the payment of a Guarantee Payment, the Guarantee Trustee shall be protected in withholding such notice if and so long as the Board of Directors, the executive committee or a trust committee of directors and/or Responsible Officers of the Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders.

  • Guarantee Event of Default; Notice (a) The Guarantee Trustee shall, within 90 days after the occurrence of a Guarantee Event of Default actually known to a Responsible Officer of the Guarantee Trustee, transmit by mail, first class postage prepaid, to the Holders of the Securities, notices of all such Guarantee Events of Default, unless such defaults have been cured before the giving of such notice; provided, that the Guarantee Trustee shall be protected in withholding such notice if and so long as a Responsible Officer of the Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Securities.

  • Events of Default; Notice (a) The Guarantee Trustee shall, within 90 days after the occurrence of an Event of Default, transmit by mail, first class postage prepaid, to the Holders of the Capital Securities and the Guarantor, notices of all Events of Default actually known to a Responsible Officer of the Guarantee Trustee, unless such defaults have been cured before the giving of such notice, provided, however, that the Guarantee Trustee shall be protected in withholding such notice if and so long as a Responsible Officer of the Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Capital Securities.

  • Additional Event of Default The following will constitute an additional Event of Default with respect to Party B: "NOTE ACCELERATION NOTICE. A Note Acceleration Notice is served on Party B in relation to the Relevant Notes."

  • Event of Default; Waiver The Holders of a Majority in Liquidation Amount of the Preferred Securities may, on behalf of the Holders, waive any past Event of Default and its consequences. Upon such waiver, any such Event of Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Guarantee Agreement, but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent therefrom.

  • Lenders’ Rights upon Event of Default If an Event of Default under this Loan Agreement shall occur and be continuing, the Lender shall have no rights to assets of the Borrower other than: (a) contributions (other than contributions of Common Stock) that are made by the ESOP sponsor to enable the Borrower to meet its obligations pursuant to this Loan Agreement and earnings attributable to the investment of such contributions and (b) “Eligible Collateral” (as defined in the Pledge Agreement); provided, however, that: (i) the value of the Borrower’s assets transferred to the Lender following an Event of Default in satisfaction of the due and unpaid amount of the Loan shall not exceed the amount in default (without regard to amounts owing solely as a result of any acceleration of the Loan); (ii) the Borrower’s assets shall be transferred to the Lender following an Event of Default only to the extent of the failure of the Borrower to meet the payment schedule of the Loan; and (iii) all rights of the Lender to the Common Stock purchased with the proceeds of the Loan covered by the Pledge Agreement following an Event of Default shall be governed by the terms of the Pledge Agreement.

  • Additional Events of Default The parties hereto acknowledge, confirm and agree that the failure of Borrower or any Guarantor to comply with any of the covenants, conditions and agreements contained herein or in any other agreement, document or instrument at any time executed by Borrower or any Guarantor in connection herewith shall constitute an Event of Default under the Financing Agreements.

  • Default Notice As soon as possible and in any event within two days after the occurrence of each Default or any event, development or occurrence reasonably likely to have a Material Adverse Effect continuing on the date of such statement, a statement of the chief financial officer of the Borrower setting forth details of such Default and the action that the Borrower has taken and proposes to take with respect thereto.

  • Event of Default Remedies If an Event of Default shall have occurred and be continuing, Secured Party may from time to time in its discretion, without limitation and without notice except as expressly provided below:

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