Resignation of a Guarantor. (a) The Borrower may request that a Guarantor ceases to be a Guarantor after the Ship owned by it has been sold or becomes a Total Loss and the Borrower has complied with the provisions of Clause 7.5 (Mandatory prepayment) by delivering to the Agent a Resignation Letter.
Appears in 2 contracts
Samples: Facility Agreement (Eagle Bulk Shipping Inc.), Credit Agreement (Eagle Bulk Shipping Inc.)
Resignation of a Guarantor. (a) The Borrower may request that a Guarantor ceases to be a Guarantor after the Ship owned by it has been sold or becomes become a Total Loss and the Borrower has complied with the provisions of Clause 7.5 (Mandatory prepayment) by delivering to the Agent a Resignation Letter.
Appears in 1 contract
Resignation of a Guarantor. (a) The Borrower may request that a Guarantor ceases to be a Guarantor after the Ship owned by it has been sold or becomes a Total Loss and the Borrower has complied with the provisions of Clause 7.5 (Mandatory prepayment) by delivering to the DIP Agent a Resignation Letter.
Appears in 1 contract
Samples: Possession Credit Agreement (Eagle Bulk Shipping Inc.)
