Common use of Confirmation of no default Clause in Contracts

Confirmation of no default. The Borrower will, within 2 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by 2 directors of the Borrower and which: (a) states that no Event of Default or Potential Event of Default has occurred; or (b) states that no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.14 from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10 per cent. of the Loan or (if no Advance has been made) Commitments exceeding 10 per cent of the Total Commitments; and this Clause 11.14 does not affect the Borrower’s obligations under Clause 11.15.

Appears in 2 contracts

Sources: Loan Agreement (Paragon Shipping Inc.), Loan Agreement (Paragon Shipping Inc.)

Confirmation of no default. The Borrower will, within 2 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by 2 directors the authorised representative or a director of the Borrower and which: (a) states that no Event of Default or Potential Event of Default has occurred; or (b) states that no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.14 10.14 from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10 per cent. of the Loan aggregate of the Facilities or (if no Advance none of the Advances has been madeborrowed) Commitments exceeding 10 per cent cent. of the Total Commitments; and this Clause 11.14 10.14 does not affect the Borrower’s obligations under Clause 11.1510.15.

Appears in 2 contracts

Sources: Loan Agreement (Navios Maritime Holdings Inc.), Loan Agreement (Navios Maritime Acquisition CORP)

Confirmation of no default. The Borrower will, within 2 two Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by 2 directors an authorised representative of the Borrower and which: (a) states that no Event of Default or Potential Event of Default has occurred; or (b) states that no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.14 (Confirmation of no default) from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10 per cent. of the Loan or (if no Advance has Advances have been made) Commitments exceeding 10 per cent cent. of the Total Commitments; and this Clause 11.14 (Confirmation of no default )does not affect the Borrower’s obligations under Clause 11.1511.15 (Notification of default).

Appears in 1 contract

Sources: Loan Agreement (Navios Maritime Acquisition Corp)

Confirmation of no default. The Borrower will, within 2 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by 2 directors the chief financial officer of the Borrower and which: (a) states that no Event of Default or Potential Event of Default has occurred; or (b) states that no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.14 from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10 per cent. of the Loan or (if no Advance the Loan has not been made) Commitments exceeding 10 per cent of the Total Commitments; and this Clause 11.14 does not affect the Borrower’s 's obligations under Clause 11.15.

Appears in 1 contract

Sources: Loan Agreement (Paragon Shipping Inc.)

Confirmation of no default. The Borrower will, within 2 two Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by 2 directors an authorised representative of the Borrower and which: (a) states that no Event of Default or Potential Event of Default has occurred; or (b) states that no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.14 (Confirmation of no default) from time to time but only if asked to do so by a Lender or Lenders ▇▇▇▇▇▇▇ having Contributions exceeding 10 per cent. of the Loan or (if no Advance has been made) Commitments exceeding 10 per cent cent. of the Total Commitments; and this Clause 11.14 (Confirmation of no default) does not affect the Borrower’s 's obligations under Clause 11.1511.15 (Notification of default).

Appears in 1 contract

Sources: Loan Agreement (Navios Maritime Partners L.P.)

Confirmation of no default. The Each Borrower will, within 2 two Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by 2 directors an officer of the that Borrower and which: (a) states that no Event of Default or Potential Event of Default has occurred; or (b) states that no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.14 (Confirmation of no default) from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10 per cent. of the Loan or (if no Advance has Advances have been made) Commitments exceeding 10 per cent cent. of the Total Commitments; and this Clause 11.14 (Confirmation of no default) does not affect the Borrower’s Borrowers’ obligations under Clause 11.1511.15 (Notification of default).

Appears in 1 contract

Sources: Loan Agreement (Castor Maritime Inc.)

Confirmation of no default. The Borrower will, within 2 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by 2 directors of the Borrower and which: (a) states that no Event of Default or Potential Event of Default has occurred; or (b) states that no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.14 11.13 from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10 per cent. , of the Loan or (if no Advance the Loan has not been madeadvanced) Commitments exceeding 10 per cent of the Total Commitments; and this Clause 11.14 11.13 does not affect the Borrower’s 's obligations under Clause 11.1511.14.

Appears in 1 contract

Sources: Loan Agreement (Paragon Shipping Inc.)

Confirmation of no default. The Borrower will, within 2 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by 2 directors an authorised signatory of the Borrower and which: (a) states that no Event of Default or Potential Event of Default has occurred; or (b) states that no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.14 11.15 from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10 per cent. , of the Loan or (if no Advance the Loan has not been made) Commitments exceeding 10 per cent of the Total Commitments; and this Clause 11.14 11.15 does not affect the Borrower’s obligations under Clause 11.1511.16.

Appears in 1 contract

Sources: Loan Agreement (DryShips Inc.)

Confirmation of no default. The Each Borrower will, within 2 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by 2 directors of the that Borrower and which: (a) states that no Event of Default or Potential Event of Default has occurredoccurred and is continuing; or (b) states that no Event of Default or Potential Event of Default has occurredoccurred and is continuing, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.14 from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10 50 per cent. of the Loan or (if no Advance none of the Advances has been madeborrowed) Commitments exceeding 10 per cent cent. of the Total Commitments; and this Clause 11.14 does not affect the Borrower’s Borrowers' obligations under Clause 11.15.

Appears in 1 contract

Sources: Loan Agreement (Seanergy Maritime Holdings Corp.)

Confirmation of no default. The Borrower will, within 2 3 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by 2 directors an authorised officer of the Borrower and which: (a) states that no Event of Default or Potential Event of Default has occurred; or (b) states that no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.14 12.15 from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10 per cent. of the aggregate of the Loan or (if no Advance has been madeis outstanding at the relevant time) Commitments exceeding 10 per cent cent. of the aggregate of the Total Commitments; and this Clause 11.14 12.15 does not affect the Borrower’s obligations under Clause 11.1512.16.

Appears in 1 contract

Sources: Loan Agreement (Danaos Corp)

Confirmation of no default. The Borrower Borrowers will, within 2 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by 2 directors of the each Borrower and which: (a) states that no Event of Default or Potential Latent Event of Default has occurred; or (b) states that no Event of Default or Potential Latent Event of Default has occurred, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.14 11.13 from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10 per cent. of the Loan or (if no Advance the Loan has not been made) Commitments exceeding 10 per cent of the Total Commitments; and this Clause 11.14 11.13 does not affect the Borrower’s Borrowers’ obligations under Clause 11.1511.14.

Appears in 1 contract

Sources: Loan Agreement (Scorpio Tankers Inc.)

Confirmation of no default. The Borrower will, within 2 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by 2 directors of the Borrower and which: (a) states that no Event of Default or Potential Event of Default has occurred; or (b) states that no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.14 11.13 from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10 per cent. of the Loan or (if no Advance has been made) Commitments exceeding 10 per cent of the Total Commitments; and this Clause 11.14 11.13 does not affect the Borrower’s 's obligations under Clause 11.1511.14.

Appears in 1 contract

Sources: Loan Agreement (Paragon Shipping Inc.)

Confirmation of no default. The Borrower will, within 2 two Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by 2 directors an authorised representative of the Borrower and which: (a) states that no Event of Default or Potential Event of Default has occurred; or (b) states that no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.14 (Confirmation of no default) from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10 per cent. of the Loan or (if no Advance has been made) Commitments exceeding 10 per cent cent. of the Total Commitments; and this Clause 11.14 (Confirmation of no default) does not affect the Borrower’s obligations under Clause 11.15▇▇▇▇▇▇ 11.15 (Notification of default).

Appears in 1 contract

Sources: Loan Agreement (Navios Maritime Partners L.P.)

Confirmation of no default. The Each Borrower will, within 2 5 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by 2 directors the authorised representative or senior officer of the that Borrower and which: (a) states that no Potential Event of Default or Potential Event of Default has occurredoccurred and is continuing; or (b) states that no Potential Event of Default or Potential Event of Default has occurredoccurred and is continuing, except for a specified event or matter, of which all material details are given. The Agent may serve requests under this Clause 11.14 from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10 per cent. , of the Loan or (if no Advance Tranches have Tranche has been made) Commitments exceeding 10 per cent cent, of the Total Commitments; and this Clause 11.14 does not affect the Borrower’s Borrowers’ obligations under Clause 11.15.

Appears in 1 contract

Sources: Amending and Restating Deed (Global Ship Lease, Inc.)