Arrest By Third Party. (a) Subject to the provisions of Article --------------------- III, Section (2)(g) hereof and any rights of the Charterer (including under Article 7 of the Charter), in the event that an Indenture Event of Default shall have occurred and be continuing and the Vessel shall be arrested or detained by a marshal or other officer of any court of law, equity or admiralty jurisdiction in any country of the world or by any government or other authority and shall not be released from arrest or detention within thirty (30) days from the date of arrest or detention, the Shipowner hereby authorizes the Mortgagee, in the name of the Shipowner, to apply for and receive possession of and to take possession of the Vessel with all of the rights and powers that the Shipowner might have, possess and exercise in any such event. This authorization is irrevocable.
Appears in 5 contracts
Samples: Lease and Security Agreement (Mobil Corp), Lease and Security Agreement (Mobil Corp), Lease, and Security Agreement (Mobil Corp)
