Common use of Libel or Attachment Clause in Contracts

Libel or Attachment. If a libel is filed against the Vessel or if the Vessel shall be attached, levied upon or taken into custody by virtue of any proceeding in any court or tribunal, the Mortgagor will promptly notify the Mortgagee thereof by telegram, cable or facsimile, confirmed by letter addressed to the Mortgagee, and within fifteen (15) days after any such libel, levy, attachment or taking into custody, Mortgagor will use its best efforts to cause the Vessel to be released and will promptly notify the Mortgagee of such release in the manner aforesaid. In the event that the Vessel shall not be released within such fifteen (15) day period, the Mortgagor does hereby authorize and empower the Mortgagee, in the name of the Mortgagor, or its successor or assigns, to apply for and receive possession of and to take possession of the Vessel with all the rights and powers that the Mortgagor, or its successors or assigns, might have, possess or exercise in any such event; and this power of attorney shall be irrevocable and may be exercised not only by the Mortgagee hereinabove named but also by any one such appointee or the appointees of the Mortgagee, with full power of substitution, to the same extent as if the said appointee or appointees had been named as one of the attorneys above named by express designation.

Libel or Attachment. If a libel any legal action is filed against the Vessel or if the Vessel shall be attached, arrested, levied upon or taken into custody by virtue of any proceeding in any court or tribunal, the Mortgagor will promptly notify the Mortgagee thereof by telegram, cable or facsimile, confirmed by letter addressed to the Mortgagee, and within fifteen thirty (1530) days after any such libelaction (other than (i) an action involving claims less than $1,000,000 or (ii) an action involving claims equal to or in excess of $1,000,000 and where the Mortgagee has not received a reservation of rights notice, or similar communication from its insurer contesting or denying coverage), levy, attachment attachment, arrest, or taking into custody, Mortgagor will use its best efforts to cause the Vessel to be released and will promptly notify the Mortgagee of such release in the manner aforesaid. In the event that the Vessel shall not be released within thirty (30) days after such fifteen (15) day periodaction, levy, attachment, arrest or action to take the Vessel into custody, Mortgagor does hereby authorize and empower the Mortgagee, in the name of the Mortgagor, or its successor or assigns, to apply for and receive possession of and to take possession of the Vessel with all the rights and powers that the Mortgagor, or its successors or assigns, might have, possess or exercise in any such event; and this power of attorney shall be irrevocable and may be exercised not only by the Mortgagee hereinabove named but also by any one such appointee or the appointees of the Mortgagee, with full power of substitution, to the same extent as if the said appointee or appointees had been named as one of the attorneys above named by express designation.

Libel or Attachment. If a libel or any similar legal action is filed against the Vessel or if the Vessel shall be attached, levied upon or taken into custody by virtue of any proceeding in any court or tribunal, the Mortgagor will promptly notify the Mortgagee thereof by telegram, cable or facsimile, confirmed by letter addressed to the Mortgagee, and within fifteen thirty (1530) days after any such libellibel (other than (i) a libel involving claims less than $2,500,000 or (ii) a libel involving claims equal to or in excess of $2,500,000 and where the Mortgagee has not received a reservation of rights notice, or similar communication from its insurance carrier contesting or denying coverage), levy, attachment or taking into custody, Mortgagor will use its best efforts to cause the Vessel to be released and will promptly notify the Mortgagee of such release in the manner aforesaid. In the event that the Vessel shall not be released within such fifteen (15) day perioddays after such libel, levy, attachment or action to take the Vessel into custody, or at any time Mortgagee receives a Notice of Entitlement to Terminate with respect to any such libel, levy, attachment, or action to take the Vessel into custody, Mortgagor does hereby authorize and empower the Mortgagee, in the name of the Mortgagor, or its successor or assigns, to apply for and receive possession of and to take possession of the Vessel with all the rights and powers that the Mortgagor, or its successors or assigns, might have, possess or exercise in any such event; and this power of attorney shall be irrevocable and may be exercised not only by the Mortgagee hereinabove named but also by any one such appointee or the appointees of the Mortgagee, with full power of substitution, to the same extent as if the said appointee or appointees had been named as one of the attorneys above named by express designation.

Libel or Attachment. If a libel is or complaint be filed against the Vessel or if the Vessel shall be is otherwise attached, levied upon or taken into custody or sequestered by virtue of any legal proceeding in any court or tribunalby a government or other authority, the Mortgagor Shipowner will promptly notify the Mortgagee thereof by telegramfacsimile, telex, cable or facsimiletelegram, as appropriate, confirmed by letter addressed to the Mortgageeletter, at its office, and within fifteen thirty (1530) days after of any arrest arising out of such libel, levy, attachment libel or taking into custody, Mortgagor complaint will use its best efforts to cause the such Vessel to be released and all Liens thereon (other than Permitted Liens) to be discharged and will promptly notify the Mortgagee of such release thereof in the manner aforesaid. In the event that the Vessel shall Shipowner does not be released appear in such action by filing a claim of owner or similar pleading within such fifteen thirty (1530) day period, the Mortgagor Shipowner does hereby authorize and empower the Mortgagee, in the name of the MortgagorShipowner, or its successor or assigns, to apply for and receive possession of and to take possession of the Vessel with all the rights and powers that the MortgagorShipowner, or its successors or assigns, might have, possess or exercise in any such event; and this power of attorney shall be irrevocable and may be exercised not only by the Mortgagee hereinabove named but also by any one such appointee or the appointees of the Mortgagee, with full power of substitution, to the same extent as if the said appointee or appointees had been named as one of the attorneys above named by express designation. The Shipowner will notify the Mortgagee within three (3) Business Days after it has become known to the Shipowner of any average or salvage incurred by the Vessel.

Libel or Attachment. If a libel or complaint is filed against any of the Vessel Vessels or if any of the Vessel shall be Vessels is otherwise attached, levied upon or taken into custody or sequestered by virtue of any legal proceeding in any court or tribunalby a government or other authority, the Mortgagor Shipowner will promptly notify the Mortgagee thereof by telegramfacsimile, telex, cable or facsimiletelegram, as appropriate, confirmed by letter addressed to the Mortgageeletter, at its office, and within fifteen thirty (1530) days after of any arrest arising out of such libel, levy, attachment libel or taking into custody, Mortgagor complaint will use its best efforts to cause the such Vessel to be released and all Liens thereon (other than Excepted Liens) to be discharged and will promptly notify the Mortgagee of such release thereof in the manner aforesaid. In the event that the Vessel shall Shipowner does not be released appear in such action by filing a claim of owner or similar pleading within such fifteen thirty (1530) day periodperiod or otherwise provide replacement Collateral acceptable to the Administrative Agent in accordance with Section 8.16 of the Credit Agreement, the Mortgagor Shipowner does hereby authorize and empower the Mortgagee, in the name of the MortgagorShipowner, or its their successor or assigns, to apply for and receive possession of Xxxxx Fargo, et al. September , 2006 and to take possession of the such Vessel with all the rights and powers that the MortgagorShipowner, or its their successors or assigns, might have, possess or exercise in any such event; and this power of attorney shall be irrevocable and may be exercised not only by the Mortgagee hereinabove named but also by any one such appointee or the appointees of the Mortgagee, with full power of substitution, to the same extent as if the said appointee or appointees had been named as one of the attorneys above named by express designation. The Shipowner will notify the Mortgagee within three (3) Business Days after it has become known to the chief executive officer, the chief operating officer or the chief financial officer of the Shipowner of any average or salvage incurred by any of the Vessels.

Libel or Attachment. If a libel is or complaint be filed against the any Vessel or if the any Vessel shall be is otherwise attached, levied upon or taken into custody or sequestered by virtue of any legal proceeding in any court or tribunalby a government or other authority, the Mortgagor Shipowner will promptly notify the Mortgagee thereof by telegramfacsimile, telex, cable or facsimiletelegram, as appropriate, confirmed by letter addressed to the Mortgageeletter, at its office, and within fifteen thirty (1530) days after of any arrest arising out of such libel, levy, attachment libel or taking into custody, Mortgagor complaint will use its best efforts to cause the such Vessel to be released and all Liens thereon (other than Permitted Liens) to be discharged and will promptly notify the Mortgagee of such release thereof in the manner aforesaid. In the event that the Vessel shall Shipowner does not be released appear in such action by filing a claim of owner or similar pleading within such fifteen thirty (1530) day period, the Mortgagor Shipowner does hereby authorize and empower the Mortgagee, in the name of the MortgagorShipowner, or its successor or assigns, to apply for and receive possession of and to take possession of the such Vessel with all the rights and powers that the MortgagorShipowner, or its successors or assigns, might have, possess or exercise in any such event; and this power of attorney shall be irrevocable and may be exercised not only by the Mortgagee hereinabove named but also by any one such appointee or the appointees of the Mortgagee, with full power of substitution, to the same extent as if the said appointee or appointees had been named as one of the attorneys above named by express designation. The Shipowner will notify the Mortgagee within three (3) Business Days after it has become known to the Shipowner of any average or salvage incurred by any Vessel.

Libel or Attachment. If a libel is or complaint be filed against the Vessel or if the Vessel shall be is otherwise attached, levied upon or taken into custody or sequestered by virtue of any legal proceeding in any court or tribunalby a government or other authority, the Mortgagor Shipowner will promptly notify the Mortgagee thereof by telegramfacsimile, telex, cable or facsimiletelegram, as appropriate, confirmed by letter addressed to the Mortgageeletter, at its office, and within fifteen thirty (1530) days after of any arrest arising out of such libel, levy, attachment libel or taking into custody, Mortgagor complaint will use its best efforts to cause the such Vessel to be released and all Liens thereon (other than Permitted Liens) to be discharged and will promptly notify the Mortgagee of such release thereof in the manner aforesaid. In the event that the Vessel shall Shipowner does not be released appear in such action by filing a claim of owner or similar pleading within such fifteen thirty (1530) day period, the Mortgagor Shipowner does hereby authorize and empower the Mortgagee, in the name of the MortgagorShipowner, or its successor or assigns, to apply for and receive possession of and to take possession of the such Vessel with all the rights and powers that the MortgagorShipowner, or its successors or assigns, might have, possess or exercise in any such event; and this power of attorney shall be irrevocable and may be exercised not only by the Mortgagee hereinabove named but also by any one such appointee or the appointees of the Mortgagee, with full power of substitution, to the same extent as if the said appointee or appointees had been named as one of the attorneys above named by express designation. The Shipowner will notify the Mortgagee within three (3) Business Days after it has become known to the Shipowner of any average or salvage incurred by the Vessel.

Libel or Attachment. If a libel is filed against the any Vessel or if the any Vessel shall be attached, levied upon or taken into custody by virtue of any proceeding in any court or tribunal, the Mortgagor will promptly notify the Mortgagee thereof by telegram, cable or facsimile, confirmed by letter addressed to the Mortgagee, and within fifteen (15) days after any such libel, levy, attachment or taking into custody, Mortgagor will use its best efforts to cause the such Vessel to be released and will promptly notify the Mortgagee of such release in the manner aforesaid. In the event that the such Vessel shall not be released within such fifteen (15) day period, the Mortgagor does hereby authorize and empower the Mortgagee, in the name of the Mortgagor, or its successor or assigns, to apply for and receive possession of and to take possession of the such Vessel with all the rights and powers that the Mortgagor, or its successors or assigns, might have, possess or exercise in any such event; and this power of attorney shall be irrevocable and may be exercised not only by the Mortgagee hereinabove named but also by any one such appointee or the appointees of the Mortgagee, with full power of substitution, to the same extent as if the said appointee or appointees had been named as one of the attorneys above named by express designation.

Libel or Attachment. If a libel or complaint is filed against any of the Vessel or if the Vessel shall be attached, levied upon or taken into custody Vessels in rem by virtue of any legal proceeding in any court or tribunalby a government or other authority, the Mortgagor relevant Shipowner will promptly notify the Mortgagee Administrative Agent thereof by telegram, cable or facsimilefacsimile as appropriate, confirmed by letter addressed to the Mortgageeletter, at its address, as specified in Section 11.02, and within thirty (30) days of any arrest arising out of such libel or complaint, or fifteen (15) days after any the request of the Administrative Agent (in each case, or by such libellater date as the Administrative Agent may agree to in its sole discretion), levy, attachment or taking into custody, Mortgagor will use its best efforts to cause the such Vessel to be released and all Liens thereon (other than Permitted Liens) to be discharged and will promptly notify the Mortgagee of such release Administrative Agent thereof in the manner aforesaid. In the event that the Vessel shall Shipowner does not be released appear in such action by filing a claim of owner or similar pleading within such fifteen thirty (1530) day period (or such longer period) or otherwise provide replacement Vessel Collateral acceptable to the Administrative Agent in accordance with this Agreement, the Mortgagor relevant Shipowner does hereby authorize and empower the MortgageeAdministrative Agent, in the name of the Mortgagorsuch Shipowner, or its successor their successors or assigns, to apply for and receive possession of and to take possession of such Vessel (or authorize and empower the Vessel Administrative Agent to direct the Collateral Agent to apply for and receive possession of and to take possession of such Vessel) with all the rights and powers that the MortgagorShipowner, or its their successors or assigns, might have, possess or exercise in any such event; and this power of attorney shall be irrevocable and may be exercised not only by the Mortgagee hereinabove named Administrative Agent (or by the Collateral Agent at the direction of the Administrative Agent) but also by any one such appointee or the appointees of the MortgageeAdministrative Agent, (or the Collateral Agent) with full power of substitution, to the same extent as if the said appointee or appointees had been named as one of the attorneys above named by express designation. The relevant Shipowner will notify the Administrative Agent in writing within three (3) Business Days (or by such later date as the Administrative Agent may agree to in its sole discretion) after it has become known to the chief executive officer, the chief operating officer or the chief financial officer of the relevant Shipowner of any arrest, detention, average or salvage incurred by any of the Vessels.