Common use of INTERIM PROTECTION OF SERVICE AND PRESERVATION OF SECURITY Clause in Contracts

INTERIM PROTECTION OF SERVICE AND PRESERVATION OF SECURITY. 4 On the Agent issuing the Notice of Event of Default (and the LICENSEE has not cured the default for a period of 30 days) as hereinabove provided or in other circumstances which in the considered opinion of the Agent is likely to affect adversely and substantially the Lenders’ security, the Lenders shall be entitled to institute protective legal proceedings for a receivership to preserve and protect their security. In the first instance, the Agent shall notify the LICENSOR, to assume such receivership and operate the service, pending the transfer/assignment /endorsement of the LICENCE as provided herein but in the event LICENSOR declines to assume receivership, the Lenders shall be entitled to the appointment of a Receiver, with or without the intervention of the Court, of the Project and the receivables pending the transfer/ assignment/endorsement of the LICENCE in accordance with this AGREEMENT by the LICENSOR. The receivership shall be co-terminus with the transfer/assignment/ endorsement of the LICENCE to a Selectee. The Receiver shall be responsible for protecting the assets in receivership and rendering a true and proper account of the receivership to the Agent in accordance with the terms of its appointment. The Receiver shall make best efforts to protect the subscriber base of the Network and continue the Service, in accordance with the LICENCE obligations. Such a Receiver can be appointed by consent of the LICENSOR and the Lenders as herein contained, or in a legal proceeding for appointment of a Receiver, notwithstanding that no recovery or mortgage suit or any suit or proceeding for enforcement of the Lenders' Security is instituted by the Lenders. Such an action for appointment of the Receiver or Court Receiver as above shall be without prejudice to the other rights and remedies of the Lenders under the Loan Agreements.

Appears in 8 contracts

Samples: Licence Agreement for Provision of Unified Access Services, Licence Agreement for Unified Access Services, Licence Agreement for Internet Services

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INTERIM PROTECTION OF SERVICE AND PRESERVATION OF SECURITY. 4 On the Agent issuing the Notice of Event of Default (and the LICENSEE has not cured the default for a period of 30 days) as hereinabove provided or in other circumstances which in the considered opinion of the Agent is likely to affect adversely and substantially the Lenders’ security, the Lenders shall be entitled to institute protective legal proceedings for a receivership to preserve and protect their security. In the first instance, the Agent shall notify the LICENSOR, to assume such receivership and operate the service, pending the transfer/assignment /endorsement of the LICENCE LICENSE as provided herein but in the event LICENSOR declines to assume receivership, the Lenders shall be entitled to the appointment of a Receiver, with or without the intervention of the Court, of the Project and the receivables pending the transfer/ assignment/endorsement of the LICENCE LICENSE in accordance with this AGREEMENT by the LICENSOR. The receivership shall be co-terminus with the transfer/assignment/ endorsement of the LICENCE LICENSE to a Selectee. The Receiver shall be responsible for protecting the assets in receivership and rendering a true and proper account of the receivership to the Agent in accordance with the terms of its appointment. The Receiver shall make best efforts to protect the subscriber base of the Network and continue the Service, in accordance with the LICENCE LICENSE obligations. Such a Receiver can be appointed by consent of the LICENSOR and the Lenders as herein contained, or in a legal proceeding for appointment of a Receiver, notwithstanding that no recovery or mortgage suit or any suit or proceeding for enforcement of the Lenders' Security is instituted by the Lenders. Such an action for appointment of the Receiver or Court Receiver as above shall be without prejudice to the other rights and remedies of the Lenders under the Loan Agreements.

Appears in 2 contracts

Samples: License Agreement for Provision of Commercial Public Mobile Radio Trunking Service (Pmrts), License Agreement for Provision of Commercial Public Mobile Radio Trunking Service (Pmrts)

INTERIM PROTECTION OF SERVICE AND PRESERVATION OF SECURITY. 4 On the Agent issuing the Notice of Event of Default (and the LICENSEE has not cured the default for a period of 30 days) as hereinabove provided or in other circumstances which in the considered opinion of the Agent is likely to affect adversely and substantially the Lenders’ security, the Lenders shall be entitled to institute protective legal proceedings for a receivership to preserve and protect their security. In the first instance, the Agent shall notify the LICENSOR, to assume such receivership and operate the service, pending the transfer/assignment /endorsement assignment/endorsement of the LICENCE as provided herein but in the event LICENSOR declines to assume receivership, the Lenders shall be entitled to the appointment of a Receiver, with or without the intervention of the Court, of the Project and the receivables pending the transfer/ transfer/assignment/endorsement of the LICENCE in accordance with this AGREEMENT by the LICENSOR. The receivership shall be co-terminus with the transfer/assignment/ assignment/endorsement of the LICENCE to a Selectee. The Receiver shall be responsible for protecting the assets in receivership and rendering a true and proper account of the receivership to the Agent in accordance with the terms of its appointment. The Receiver shall make best efforts to protect the subscriber base of the Network and continue the Service, in accordance with the LICENCE obligations. Such a Receiver can be appointed by consent of the LICENSOR and the Lenders as herein contained, or in a legal proceeding for appointment of a Receiver, notwithstanding that no recovery or mortgage suit or any suit or proceeding for enforcement of the Lenders' Security is instituted by the Lenders. Such an action for appointment of the Receiver or Court Receiver as above shall be without prejudice to the other rights and remedies of the Lenders under the Loan Agreements.

Appears in 1 contract

Samples: Licensing Agreement (Videsh Sanchar Nigam LTD)

INTERIM PROTECTION OF SERVICE AND PRESERVATION OF SECURITY. 4 On the Agent issuing the Notice of Event of Default (and the LICENSEE has not cured the default for a period of 30 days) as hereinabove provided or in other circumstances which in the considered opinion of the Agent is likely to affect adversely and substantially the Lenders’ security, the Lenders shall be entitled to institute protective legal proceedings for a receivership to preserve and protect their security. In the first instance, the Agent shall notify the LICENSOR, to assume such receivership and operate the serviceservice , pending the transfer/assignment /endorsement / endorsement of the LICENCE as provided herein but in the event LICENSOR declines to assume receivership, the Lenders shall be entitled to the appointment of a Receiver, with or without the intervention of the Court, of the Project and the receivables pending the transfer/ assignment/assignment / endorsement of the LICENCE in accordance with this AGREEMENT by the LICENSOR. The receivership shall be co-terminus with the transfer/assignment/ assignment/endorsement of the LICENCE to a Selectee. The Receiver shall be responsible for protecting the assets assents in receivership and rendering a true and proper account of the receivership to the Agent in accordance with the terms of its appointment. The Receiver shall make best efforts to protect the subscriber base of the Network and continue the Service, in accordance with the LICENCE obligations. Such a Receiver can cab be appointed by consent of the LICENSOR L;ICENSOR and the Lenders as herein contained, or in a legal proceeding for appointment of a Receiver, notwithstanding that no recovery or mortgage suit or any suit or proceeding for enforcement of the Lenders' Security is instituted by the Lenders. Such an action for appointment of the Receiver or Court Receiver as above shall be without prejudice to the other rights and remedies of the Lenders under the Loan Agreements.

Appears in 1 contract

Samples: Licence Agreement for Provision of Unified Access Services

INTERIM PROTECTION OF SERVICE AND PRESERVATION OF SECURITY. 4 On Appointment of a Receiver 17.8.1 In every case of the Agent Lenders issuing a Substitution Notice and Xxxxxxxx refusing to take over the Notice of Event of Default (Project and the LICENSEE has Power Producer failing to operate the Project in accordance with Article 17.4 above and Procurer not cured the default for a period of 30 days) electing to act as hereinabove provided or in other circumstances which in the considered opinion of the Agent is likely to affect adversely and substantially the Lenders’ securityReceiver as per Article 17.8 below, the Lenders shall be entitled to may institute protective legal proceedings for appointment of a receivership receiver (the “Receiver”) to maintain, preserve and protect their security. In the first instance, assets held as security by the Agent shall notify Lenders if such right is granted under the LICENSOR, terms of the Financing agreements. 17.8.2 Provided that in event of Procurer refusing to assume such receivership take over the Project and the Power Producer failing to operate the serviceProject in accordance with Article 17.4 above, pending and if the transfer/assignment /endorsement assets of the LICENCE as provided herein but Project are, in the event LICENSOR declines to assume receivershipopinion of Procurer, necessary and required for the Lenders operation and maintenance of the Project, Procurer shall be entitled to elect to act as the Receiver for the purposes of this Article and be entitled to maintain, preserve and protect the said assets by engaging an operator/service provider to act on their behalf and the Lenders and Power Producer hereby consent and agree to the same. Upon Procurer so intimating the Power Producer and the Lender’s representative their desire to act as Receiver, the Power Producer and the Lender’s representative shall co-operate with Procurer to facilitate the same. 17.8.3 Upon appointment of a the Court appointed Receiver or Procurer acting as Receiver, with or without all the intervention of Receivables received by such Receiver shall be deposited by the Court, of Receiver in the Project bank account jointly designated by PROCURER and the receivables pending the transfer/ assignment/endorsement of the LICENCE in accordance with this AGREEMENT by the LICENSOR. The receivership shall be co-terminus with the transfer/assignment/ endorsement of the LICENCE to a SelecteeLenders. The Receiver shall be responsible for protecting the assets in receivership and rendering shall render a true and proper account of the receivership to the Agent lenders in accordance with the terms of its appointment. The . 17.8.4 When acting as a Receiver shall make best efforts to protect the subscriber base of the Network and continue the Service, or operator in accordance with the LICENCE obligationsthis Article 17.8 or Article 17.4, Procurer shall be entitled to be remunerated for such services as may be determined by Central Electricity Regulatory Commission. Such a Receiver can be appointed by consent of the LICENSOR and the Lenders Furthermore, when acting as herein contained, or in a legal proceeding for appointment of a Receiver, notwithstanding that no recovery or mortgage suit Procurer shall not be liable to the Lenders, the Lenders’ Representative, Power Producer or any suit third party for any default under the PPA, damage or proceeding for enforcement of the Lenders' Security is instituted by the Lenders. Such an action for appointment of the Receiver or Court Receiver as above shall be without prejudice loss to the Power Station or for any other rights and remedies reason whatsoever, except for wilful default of the Lenders under the Loan AgreementsProcurer.

Appears in 1 contract

Samples: Power Purchase Agreement (Ppa)

INTERIM PROTECTION OF SERVICE AND PRESERVATION OF SECURITY. 4 On Appointment of a Receiver 17.8.1 In every case of the Agent Lenders issuing a Substitution Notice and Procurer refusing to take over the Notice of Event of Default (Project and the LICENSEE has Power Producer failing to operate the Project in accordance with Article17.4 above and Procurer not cured the default for a period of 30 days) electing to act as hereinabove provided or in other circumstances which in the considered opinion of the Agent is likely to affect adversely and substantially the Lenders’ securityReceiver as per Article17.8 below, the Lenders shall be entitled to may institute protective legal proceedings for appointment of a receivership receiver (the “Receiver”) to maintain, preserve and protect their security. In the first instance, assets held as security by the Agent shall notify Lenders if such right is granted under the LICENSOR, terms of the Financing agreements. 17.8.2 Provided that in event of Procurer refusing to assume such receivership take over the Project and the Power Producer failing to operate the serviceProject in accordance with Article17.4 above, pending and if the transfer/assignment /endorsement assets of the LICENCE as provided herein but Project are, in the event LICENSOR declines to assume receivershipopinion of Procurer, necessary and required for the Lenders operation and maintenance of the Project, Procurer shall be entitled to elect to act as the Receiver for the purposes of this Article and be entitled to maintain, preserve and protect the said assets by engaging an operator/service provider to act on their behalf and the Lenders and Power Producer hereby consent and agree to the same. Upon Procurer so intimating the Power Producer and the Lender‟s representative their desire to act as Receiver, the Power Producer and the Lender‟s representative shall co-operate with Procurer to facilitate the same. 17.8.3 Upon appointment of a the Court appointed Receiver or Procurer acting as Receiver, with or without all the intervention of Receivables received by such Receiver shall be deposited by the Court, of Receiver in the Project bank account jointly designated by PROCURER and the receivables pending the transfer/ assignment/endorsement of the LICENCE in accordance with this AGREEMENT by the LICENSOR. The receivership shall be co-terminus with the transfer/assignment/ endorsement of the LICENCE to a SelecteeLenders. The Receiver shall be responsible for protecting the assets in receivership and rendering shall render a true and proper account of the receivership to the Agent lenders in accordance with the terms of its appointment. The . 17.8.4 When acting as a Receiver shall make best efforts to protect the subscriber base of the Network and continue the Service, or operator in accordance with the LICENCE obligationsthis Article17.8 or Article17.4, Procurer shall be entitled to be remunerated for such services as may be determined by Central Electricity Regulatory Commission. Such a Receiver can be appointed by consent of the LICENSOR and the Lenders Furthermore, when acting as herein contained, or in a legal proceeding for appointment of a Receiver, notwithstanding that no recovery or mortgage suit Procurer shall not be liable to the Lenders, the Lenders‟ Representative, Power Producer or any suit third party for any default under the PPA, damage or proceeding for enforcement of the Lenders' Security is instituted by the Lenders. Such an action for appointment of the Receiver or Court Receiver as above shall be without prejudice loss to the Power Station or for any other rights and remedies reason whatsoever, except for wilful default of the Lenders under the Loan AgreementsProcurer.

Appears in 1 contract

Samples: Power Purchase Agreement (Ppa)

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INTERIM PROTECTION OF SERVICE AND PRESERVATION OF SECURITY. 4 On In the Agent issuing event of the Notice Senior Lenders notify MMRDA and the Concessionaire of the Event of Default (and the LICENSEE Concessionaire has not cured the default for a period of 30 days) as hereinabove provided or in other special circumstances which in affecting the considered opinion security of the Agent is likely to affect adversely and substantially the Senior Lenders’ security, the Senior Lenders shall be entitled to institute protective legal proceedings for a receivership (the "Receiver") to maintain, preserve and protect their securitythe assets (other than the Concession Agreement including the Concession) held as security by the Senior Lenders provided always that such receiver shall be MMRDA if such assets are in the opinion of MMRDA necessary and required for the operation and maintenance of the MRTS Project and the Parties hereby consent and agree to the same. The Lenders’ Representative shall in such an event notify MMRDA to assume receivership of the assets held as security and MMRDA shall operate and maintain the same pending the substitution of the Concessionaire by the Selectee. In the first instanceevent MMRDA does not assume receivership and declines the request of the Lenders’ Representative, the Agent Lenders’ Representative shall notify the LICENSOR, to assume such receivership for itself and operate the service, pending the transfer/assignment /endorsement each of the LICENCE as provided herein but in the event LICENSOR declines to assume receivershipSenior Lenders, the Lenders shall be entitled to seek the appointment of a Receiver, with or without Court Receiver for the intervention Concessionaire's assets held as security and MMRDA shall operate and maintain the same pending substitution as aforesaid and/or the takeover of the Court, of Concession Agreement including the Project Concession and the receivables pending the transfer/ assignment/endorsement of the LICENCE MRTS Project in accordance with the Concession Agreement or this AGREEMENT Agreement by the LICENSORMMRDA. The receivership All the receivables shall be co-terminus deposited by the Receiver in the Escrow Account and shall be dealt with in accordance with the transfer/assignment/ endorsement of the LICENCE to a SelecteeConcession Agreement. The Receiver shall be responsible for protecting the assets in receivership and rendering shall render a true and proper account of the receivership to the Agent Senior Lenders in accordance with the terms of its appointment. The Receiver shall make best efforts to protect operate and maintain the subscriber base of the Network and continue the ServiceMRTS Project, in accordance with the LICENCE obligationsobligations of the Concessionaire under the Concession Agreement. Such a Receiver can Any person other than MMRDA may be appointed by as Receiver only with the prior consent of the LICENSOR and the Lenders as herein contained, or MMRDA. in a legal proceeding declaratory suit for appointment of a Receiver, notwithstanding that no recovery or mortgage suit or any suit or proceeding for enforcement of the Senior Lenders' Security security under the Financing Documents is instituted by the Lenders. Such an ’ Representative for itself or the Senior Lenders, any action for appointment of the MMRDA as Receiver or appointment of an Independent Court Receiver as above shall be without prejudice to for the other rights and remedies of MMRDA, and of the Senior Lenders under the Loan AgreementsFinancing Documents.

Appears in 1 contract

Samples: Substitution Agreement

INTERIM PROTECTION OF SERVICE AND PRESERVATION OF SECURITY. 4 On Appointment of a Receiver 1.83.1 In every case of the Agent Lenders issuing a Substitution Notice and Xxxxxxxx refusing to take over the Notice of Event of Default (Project and the LICENSEE has SPD failing to operate the Project in accordance with Article 1.79 above and Procurer not cured the default for a period of 30 days) electing to act as hereinabove provided or in other circumstances which in the considered opinion of the Agent is likely to affect adversely and substantially the Lenders’ securityReceiver as per Article 1.83 below, the Lenders shall be entitled to may institute protective legal proceedings for appointment of a receivership receiver (the to maintain, preserve and protect their security. In the first instance, assets held as security by the Agent shall notify Lenders if such right is granted under the LICENSOR, terms of the Financing agreements. 1.83.2 Provided that in event of Xxxxxxxx refusing to assume such receivership take over the Project and the SPD failing to operate the serviceProject in accordance with Article 1.79 above, pending and if the transfer/assignment /endorsement assets of the LICENCE as provided herein but Project are, in the event LICENSOR declines to assume receivershipopinion of Procurer, necessary and required for the Lenders operation and maintenance of the Project, Procurer shall be entitled to elect to act as the Receiver for the purposes of this Article and be entitled to maintain, preserve and protect the said assets by engaging an operator/service provider to act on their behalf and the Lenders and SPD hereby consent and agree to the same. Upon Procurer so intimating the SPD and the representative their desire to act as Receiver, the SPD and the representative shall co-operate with Procurer to facilitate the same. 1.83.3 Upon appointment of a the Court appointed Receiver or Procurer acting as Receiver, with or without all the intervention of Receivables received by such Receiver shall be deposited by the Court, of Receiver in the Project bank account jointly designated by PROCURER and the receivables pending the transfer/ assignment/endorsement of the LICENCE in accordance with this AGREEMENT by the LICENSOR. The receivership shall be co-terminus with the transfer/assignment/ endorsement of the LICENCE to a SelecteeLenders. The Receiver shall be responsible for protecting the assets in receivership and rendering shall render a true and proper account of the receivership to the Agent lenders in accordance with the terms of its appointment. The . 1.83.4 When acting as a Receiver shall make best efforts to protect the subscriber base of the Network and continue the Service, or operator in accordance with the LICENCE obligationsthis Article 1.83 or Article 1.79, Procurer shall be entitled to be remunerated for such services as may be determined by Central Electricity Regulatory Commission. Such a Receiver can be appointed by consent of the LICENSOR and the Lenders Furthermore, when acting as herein contained, or in a legal proceeding for appointment of a Receiver, notwithstanding that no recovery or mortgage suit Procurer shall not be liable to the Lenders, the Representative, SPD or any suit third party for any default under the PPA, damage or proceeding for enforcement of the Lenders' Security is instituted by the Lenders. Such an action for appointment of the Receiver or Court Receiver as above shall be without prejudice loss to the Power Station or for any other rights and remedies reason whatsoever, except for wilful default of the Lenders under the Loan AgreementsProcurer.

Appears in 1 contract

Samples: Power Purchase Agreement (Ppa)

INTERIM PROTECTION OF SERVICE AND PRESERVATION OF SECURITY. 4 On Appointment of a Receiver 16.8.1 In every case of the Agent Lenders issuing a Substitution Notice and Procurer refusing to take over the Notice of Event of Default (Project and the LICENSEE has Power Producer failing to operate the Project in accordance with Article 16.4 above and Procurer not cured the default for a period of 30 days) electing to act as hereinabove provided or in other circumstances which in the considered opinion of the Agent is likely to affect adversely and substantially the Lenders’ securityReceiver as per Article 16.8 below, the Lenders shall be entitled to may institute protective legal proceedings for appointment of a receivership receiver (the “Receiver”) to maintain, preserve and protect their security. In the first instance, assets held as security by the Agent shall notify Lenders if such right is granted under the LICENSOR, terms of the Financing PPAs. 16.8.2 Provided that in event of Procurer refusing to assume such receivership take over the Project and the Power Producer failing to operate the serviceProject in accordance with Article 16.4 above, pending and if the transfer/assignment /endorsement assets of the LICENCE as provided herein but Project are, in the event LICENSOR declines to assume receivershipopinion of Procurer, necessary and required for the Lenders operation and maintenance of the Project, Procurer shall be entitled to elect to act as the Receiver for the purposes of this Article and be entitled to maintain, preserve and protect the said assets by engaging an operator/service provider to act on their behalf and the Lenders and Power Producer hereby consent and agree to the same. Upon Procurer so intimating the Power Producer and the Lender’s representative their desire to act as Receiver, the Power Producer and the Lender’s representative shall co-operate with Procurer to facilitate the same. 16.8.3 Upon appointment of a the Court appointed Receiver or Procurer acting as Receiver, with or without all the intervention of Receivables received by such Receiver shall be deposited by the Court, of Receiver in the Project bank account jointly designated by PROCURER and the receivables pending the transfer/ assignment/endorsement of the LICENCE in accordance with this AGREEMENT by the LICENSOR. The receivership shall be co-terminus with the transfer/assignment/ endorsement of the LICENCE to a SelecteeLenders. The Receiver shall be responsible for protecting the assets in receivership and rendering shall render a true and proper account of the receivership to the Agent lenders in accordance with the terms of its appointment. The . 16.8.4 When acting as a Receiver shall make best efforts to protect the subscriber base of the Network and continue the Service, or operator in accordance with the LICENCE obligationsthis Article 16.8 or Article 16.4, Procurer shall be entitled to be remunerated for such services as may be determined by Central Electricity Regulatory Commission. Such a Receiver can be appointed by consent of the LICENSOR and the Lenders Furthermore, when acting as herein contained, or in a legal proceeding for appointment of a Receiver, notwithstanding that no recovery or mortgage suit Procurer shall not be liable to the Lenders, the Lenders’ Representative, Power Producer or any suit third party for any default under the PPA, damage or proceeding for enforcement of the Lenders' Security is instituted by the Lenders. Such an action for appointment of the Receiver or Court Receiver as above shall be without prejudice loss to the Power Station or for any other rights and remedies reason whatsoever, except for wilful default of the Lenders under the Loan AgreementsProcurer.

Appears in 1 contract

Samples: Power Purchase Agreement

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