Common use of Notification of Events Clause in Contracts

Notification of Events. The Mortgagor shall give notice as soon as possible to the Mortgagee, by cable, telex or other similar mechanical means, from the nearest place offering any such services, of any accident which may involve repairs costing ONE MILLION US DOLLARS (US$1,000,000.00) or more, loss of class, seizure in time of peace and/or war, bottomry, average and salvage, as well as of any assistance whatsoever that may be rendered to the Vessel by third parties, and of any legal proceedings that may be commenced against the Vessel, and in no event later than forty-eight (48) hours after becoming aware of the occurrence of any of the events mentioned in this clause.