Common use of Notification and effect of illegality Clause in Contracts

Notification and effect of illegality. On the Lender notifying the Borrowers under Clause 22.1, the Commitment shall terminate; and thereupon or, if later, on the date specified in the Lender’s notice under Clause 22.1 as the date on which the notified event would become effective the Borrowers shall prepay the Loan in full in accordance with Clause 7.

Appears in 8 contracts

Samples: Agreement (DryShips Inc.), Loan Agreement (DryShips Inc.), Loan Agreement (Scorpio Bulkers Inc.)

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Notification and effect of illegality. On the Lender notifying the Borrowers Borrower under Clause 22.114.1, the Commitment shall terminate; and thereupon or, if later, on the date specified in the Lender’s notice under Clause 22.1 14.1 as the date on which the notified event would become effective the Borrowers Borrower shall prepay the Loan in full in accordance with Clause 7full.

Appears in 7 contracts

Samples: Purchase, Sale and Contribution Agreement (Golar LNG Partners LP), Agreement (Exmar Energy Partners LP), Agreement (Golar LNG Partners LP)

Notification and effect of illegality. On the Lender notifying the Borrowers under Clause 22.1, the Commitment shall terminate; and thereupon or, if later, on the date specified in the Lender’s 's notice under Clause 22.1 as the date on which the notified event would become effective the Borrowers shall prepay the Loan in full in accordance with Clause 7.

Appears in 6 contracts

Samples: Agreement (TBS International LTD), Agreement (Diana Shipping Inc.), Loan Agreement (StealthGas Inc.)

Notification and effect of illegality. On the Lender notifying the Borrowers Borrower under Clause 22.1, the Commitment shall terminate; and thereupon or, if later, on the date specified in the Lender’s notice under Clause 22.1 as the date on which the notified event would become effective effective, the Borrowers Borrower shall prepay the Loan in full in accordance with Clause 7.

Appears in 6 contracts

Samples: Loan Agreement (Danaos Corp), Loan Agreement (Box Ships Inc.), Loan Agreement (Box Ships Inc.)

Notification and effect of illegality. On the Lender notifying the Borrowers Borrower under Clause 22.1, the Commitment Lender's obligation to make the Loan available shall terminate; and thereupon or, if later, on the date specified in the Lender’s 's notice under Clause 22.1 as the date on which the notified event would become effective the Borrowers Borrower shall prepay the Loan in full in accordance with Clause 7.

Appears in 4 contracts

Samples: Loan Agreement (Euroseas Ltd.), Loan Agreement (Euroseas Ltd.), Loan Agreement (Euroseas Ltd.)

Notification and effect of illegality. On the Lender notifying the Borrowers Borrower under Clause 22.1, the Commitment shall terminate; and thereupon or, if later, on the date specified in the Lender’s notice under Clause 22.1 as the date on which the notified event would become effective the Borrowers Borrower shall prepay the Loan in full in accordance with Clause 7.

Appears in 4 contracts

Samples: Loan Agreement (Box Ships Inc.), Loan Agreement (Poseidon Containers Holdings Corp.), Loan Agreement (DryShips Inc.)

Notification and effect of illegality. On the Lender notifying the Borrowers Borrower under Clause 22.1, the Commitment shall terminate; and thereupon or, if later, on the date specified in the Lender’s 's notice under Clause 22.1 as the date on which the notified event would become effective the Borrowers Borrower shall prepay the Loan in full in accordance with Clause 7.

Appears in 3 contracts

Samples: Loan Agreement (Star Cosmo Llc.), Agreement (Star Bulk Carriers Corp.), Agreement (Star Bulk Carriers Corp.)

Notification and effect of illegality. On the Lender Agent notifying the Borrowers under Clause 22.123.2, the Notifying Lender's Commitment shall terminate; and thereupon or, if later, on the date specified in the Notifying Lender’s 's notice under Clause 22.1 23.1 as the date on which the notified event would become effective the Borrowers shall prepay the Loan in full Notifying Lender's Contribution in accordance with Clause 78.

Appears in 3 contracts

Samples: Agreement (Dynagas LNG Partners LP), Loan Agreement, Loan Agreement (Dynagas LNG Partners LP)

Notification and effect of illegality. On the Lender notifying the Borrowers Borrower under Clause 22.1, the Commitment shall terminate; and thereupon or, if later, on the date specified in the Lender’s 's notice under Clause 22.1 as the date on which the notified event would become effective effective, the Borrowers Borrower shall prepay the Loan in full in accordance with Clause 7.

Appears in 3 contracts

Samples: Agreement (Paragon Shipping Inc.), Loan Agreement (Paragon Shipping Inc.), Loan Agreement (Box Ships Inc.)

Notification and effect of illegality. On the Lender notifying the Borrowers under Clause 22.123.1, the Commitment shall terminate; and thereupon or, if later, on the date specified in the Lender’s 's notice under Clause 22.1 23.1 as the date on which the notified event would become effective the Borrowers shall prepay the Loan Advances in full in accordance with Clause 7.

Appears in 2 contracts

Samples: Loan Agreement (B Plus H Ocean Carriers LTD), Loan Agreement (B Plus H Ocean Carriers LTD)

Notification and effect of illegality. On the a Lender notifying the Borrowers under Clause 22.117.1, the such Lxxxxx’s obligation to make available its Commitment shall terminate; and thereupon or, if later, on the date specified in the such Lender’s notice under Clause 22.1 17.1 as the date on which the notified event would become effective effective, the Borrowers shall prepay to such Lender that portion of the Loan in full in accordance with then due and payable to such Lender plus all amounts otherwise payable under Clause 7.7.8. 18 ASSIGNMENTS AND PARTICIPATIONS; CHANGES IN LENDING OFFICE

Appears in 2 contracts

Samples: Loan Agreement (TBS International LTD), Loan Agreement (TBS International LTD)

Notification and effect of illegality. On the Lender notifying the Borrowers Borrower under Clause 22.1, the Commitment Lender’s obligation to advance the Loan shall terminate; and thereupon or, if later, on the date specified in the Lender’s notice under Clause 22.1 as the date on which the notified event would become effective effective, the Borrowers Borrower shall prepay the Loan in full in accordance with Clause 7.

Appears in 2 contracts

Samples: Loan Agreement, Loan Agreement (Capital Product Partners L.P.)

Notification and effect of illegality. On the Lender Agent notifying the Borrowers under Clause 22.123.2, the Notifying Lender’s Commitment shall terminate; and thereupon or, if later, on the date specified in the Notifying Lender’s notice under Clause 22.1 23.1 as the date on which the notified event would become effective the Borrowers shall prepay the Loan in full Notifying Lender’s Contribution in accordance with Clause 78.

Appears in 2 contracts

Samples: Loan Agreement (Dynagas LNG Partners LP), Loan Agreement

Notification and effect of illegality. On the Lender notifying the Borrowers Borrower under Clause 22.1, the Commitment Lender’s obligation to make the Loan available to the Borrower shall terminate; and thereupon or, if later, on the date specified in the Lender’s notice under Clause 22.1 as the date on which the notified event would become effective the Borrowers Borrower shall prepay the Loan in full in accordance with Clause 7.

Appears in 2 contracts

Samples: Loan Agreement (NewLead Holdings Ltd.), Agreement (NewLead Holdings Ltd.)

Notification and effect of illegality. On the Lender notifying the Borrowers Borrower under Clause 22.1, the Commitment Lender's obligation to make the Loan shall terminate; and thereupon or, if later, on the date specified in the Lender’s 's notice under Clause 22.1 as the date on which the notified event would become effective the Borrowers Borrower shall prepay the Loan in full in accordance with Clause 7.

Appears in 2 contracts

Samples: Loan Agreement (TBS International LTD), Loan Agreement (StealthGas Inc.)

Notification and effect of illegality. On the Lender notifying the Borrowers Borrower under Clause 22.123.1, the Commitment shall terminate; and thereupon or, if later, on the date specified in the Lender’s notice under Clause 22.1 23.1 as the date on which the notified event would become effective the Borrowers Borrower shall prepay the Loan Facility in full in accordance with Clause 7.

Appears in 2 contracts

Samples: Facility Agreement (Gala Properties Inc.), Loan Agreement (Diana Shipping Inc.)

Notification and effect of illegality. On the Lender notifying the Borrowers Borrower under Clause 22.1, the Commitment Lender’s obligation to make the Loan shall terminate; and thereupon or, if later, on the date specified in the Lender’s notice under Clause 22.1 as the date on which the notified event would become effective the Borrowers Borrower shall prepay the Loan in full in accordance with Clause 7.

Appears in 2 contracts

Samples: Loan Agreement (Tsakos Energy Navigation LTD), Loan Agreement (Tsakos Energy Navigation LTD)

Notification and effect of illegality. On the Lender notifying the Borrowers Borrower under Clause 22.123.1, the Commitment Lender’s obligation to make any further Advances shall terminate; and thereupon or, if later, on the date specified in the Lender’s notice under Clause 22.1 23.1 as the date on which the notified event would become effective the Borrowers Borrower shall prepay the Loan in full in accordance with Clause 7.

Appears in 2 contracts

Samples: Loan Agreement (General Maritime Corp / MI), Loan Agreement (Arlington Tankers Ltd.)

Notification and effect of illegality. On the Lender notifying the Borrowers under Clause 22.1, the Commitment Lender's obligation to make any further Advances shall terminate; and thereupon or, if later, on the date specified in the Lender’s 's notice under Clause 22.1 as the date on which the notified event would become effective the Borrowers shall prepay the Loan in full in accordance with Clause 7.

Appears in 1 contract

Samples: Loan Agreement (Mc Shipping Inc)

Notification and effect of illegality. On the a Lender notifying the Borrowers Borrower under Clause 22.121.1, the such Lender’s obligation to make available its Commitment shall terminate; and thereupon or, if later, on the date specified in the such Lender’s notice under Clause 22.1 21.1 as the date on which the notified event would become effective effective, the Borrowers Borrower shall prepay to such Lender that portion of the Loan in full in accordance with then due and payable to such Lender plus all amounts otherwise payable under Clause 7.

Appears in 1 contract

Samples: Loan Agreement (Ultrapetrol Bahamas LTD)

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Notification and effect of illegality. On the Lender notifying the Borrowers Borrower under Clause 22.121.1, the Commitment Lender’s obligation to advance the Loan shall terminate; and thereupon or, if later, on the date specified in the Lender’s notice under Clause 22.1 21.1 as the date on which the notified event would become effective the Borrowers Borrower shall prepay the Loan in full in accordance with Clause 7.

Appears in 1 contract

Samples: Loan Agreement (Pyxis Tankers Inc.)

Notification and effect of illegality. On the Lender notifying the Borrowers Borrower under Clause 22.121.1, the Commitment shall terminate; and thereupon or, if later, on the date specified in the Lender’s 's notice under Clause 22.1 21.1 as the date on which the notified event would become effective the Borrowers Borrower shall prepay the Loan in full in accordance with Clause 76.

Appears in 1 contract

Samples: Agreement (DryShips Inc.)

Notification and effect of illegality. On the Lender notifying the Borrowers Borrower under Clause 22.121.1, the Commitment shall terminate; and thereupon or, if later, on the date specified in the Lender’s 's notice under Clause 22.1 21.1 as the date on which the notified event would become effective the Borrowers Borrower shall prepay the Loan in full in accordance with Clause 7.

Appears in 1 contract

Samples: Loan Agreement (Diana Shipping Inc.)

Notification and effect of illegality. On the Lender notifying the Borrowers Borrower under Clause 22.119.1, the Commitment Lender’s obligation to make any further Utilisations shall terminate; and thereupon or, if later, on the date specified in the Lender’s notice under Clause 22.1 19.1 as the date on which the notified event would become effective the Borrowers Borrower shall prepay the Loan in full in accordance with Clause 711.

Appears in 1 contract

Samples: Loan Agreement (Aegean Marine Petroleum Network Inc.)

Notification and effect of illegality. On the Lender notifying the Borrowers Borrower under Clause 22.114.1, the Commitment shall terminate; and thereupon or, if later, on the date specified in the Lender’s 's notice under Clause 22.1 14.1 as the date on which the notified event would become effective the Borrowers Borrower shall prepay the Loan in full in accordance with Clause 7full.

Appears in 1 contract

Samples: Agreement (Golar LNG LTD)

Notification and effect of illegality. On the Lender notifying the Borrowers Borrower under Clause 22.121.1, the Commitment Lender’s obligation to make any further Utilisations shall terminate; and thereupon or, if later, on the date specified in the Lender’s notice under Clause 22.1 21.1 as the date on which the notified event would become effective the Borrowers Borrower shall prepay the Loan in full in accordance with Clause 713.

Appears in 1 contract

Samples: Agreement (Aegean Marine Petroleum Network Inc.)

Notification and effect of illegality. On the Lender notifying the Borrowers Borrower under Clause 22.123.1, the Commitment Lender’s obligation to make the Loan shall terminate; and thereupon or, if later, on the date specified in the Lender’s notice under Clause 22.1 23.1 as the date on which the notified event would become effective the Borrowers Borrower shall prepay the Loan in full in accordance with Clause 78.

Appears in 1 contract

Samples: Loan Agreement (Tsakos Energy Navigation LTD)

Notification and effect of illegality. On the Lender notifying the Borrowers under Clause 22.1, the Commitment shall terminate; and thereupon or, if later, on the date specified in the Lender’s 's notice under Clause 22.1 as the date on which the notified event would become effective the Borrowers shall prepay the Loan Advances in full in accordance with Clause 7.

Appears in 1 contract

Samples: Loan Agreement (B Plus H Ocean Carriers LTD)

Notification and effect of illegality. On the Lender notifying the Borrowers under Clause 22.1, the Commitment Lender's obligation to make the Loan shall terminate; and thereupon or, if later, on the date specified in the Lender’s 's notice under Clause 22.1 as the date on which the notified event would become effective the Borrowers shall prepay the Loan in full in accordance with Clause 7.

Appears in 1 contract

Samples: Loan Agreement (EuroDry Ltd.)

Notification and effect of illegality. On the Lender notifying the Borrowers Borrower under Clause 22.121.1, the Commitment shall terminate; and thereupon or, if later, on the date specified in the Lender’s notice under Clause 22.1 21.1 as the date on which the notified event would become effective the Borrowers Borrower shall prepay the Loan in full in accordance with Clause 76.

Appears in 1 contract

Samples: Loan Agreement (DryShips Inc.)

Notification and effect of illegality. On the a Lender notifying the Borrowers Borrower under Clause 22.118.1, the such Lender’s obligation to make available its Commitment shall terminate; and thereupon or, if later, on the date specified in the such Lender’s notice under Clause 22.1 18.1 as the date on which the notified event would become effective effective, the Borrowers Borrower shall prepay to such Lender that portion of the Loan in full in accordance with then due and payable to such Lender plus all amounts otherwise payable under Clause 7.

Appears in 1 contract

Samples: Loan Agreement (Oceanfreight Inc.)

Notification and effect of illegality. On the Lender Agent notifying the Borrowers under Clause 22.123.2, the Notifying Xxxxxx’s Commitment shall terminate; and thereupon or, if later, on the date specified in the LenderNotifying Xxxxxx’s notice under Clause 22.1 23.1 as the date on which the notified event would become effective the Borrowers shall prepay the Loan in full Notifying Lender’s Contribution in accordance with Clause 78.

Appears in 1 contract

Samples: Loan Agreement (Product Shipping Ltd.)

Notification and effect of illegality. On the Lender notifying the Borrowers Borrower under Clause 22.125.1, the Commitment shall terminate; and thereupon or, if later, on the date specified in the Lender’s notice under Clause 22.1 25.1 as the date on which the notified event would become effective the Borrowers Borrower shall prepay the Loan in full in accordance with Clause 7.

Appears in 1 contract

Samples: Loan Agreement (Knightsbridge Tankers LTD)

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