Common use of Mortgagee's Right to Cure Clause in Contracts

Mortgagee's Right to Cure. Without prejudice to any other rights of the Mortgagee hereunder: (i) in the event that the provisions of Section 5(B) hereof or any of them shall not be complied with, the Mortgagee shall be at liberty, but not obligated, to effect and thereafter to replace, maintain and renew all such Insurances upon the Vessel as it in its sole discretion may deem advisable; (ii) in the event that the provisions of Section 5(C) and/or 5(D) hereof or any of them shall not be complied with, the Mortgagee shall be at liberty, but not obligated, to arrange for the carrying out of such repairs and/or surveys as it deems expedient or necessary; and (iii) in the event that the provisions of Section 5(F) hereof or any of them shall not be complied with, the Mortgagee shall be at liberty, but not obligated, to pay and discharge all such debts, damages and liabilities as are therein mentioned and/or to take any such measures as it deems expedient or necessary for the purpose of securing the release of the Vessel; Any and all expenses incurred by the Mortgagee (including fees of counsel) in respect of its performances under the foregoing sub-sections (i), (ii) and (iii) shall be paid by the Owner on demand, with interest thereon at the rate provided for in Section 5(Q) hereof from the date when such expenses were incurred by the Mortgagee.

Mortgagee's Right to Cure. Without prejudice to any other rights of the Mortgagee hereunder: (i) in the event that the provisions of Section 5(B) hereof or any of them shall not be complied with, the Mortgagee shall be at liberty, but not obligated, to effect and thereafter to replace, maintain and renew all such Insurances upon the Vessel as it in its sole discretion may deem advisable; (ii) in the event that the provisions of Section 5(C) and/or 5(D) hereof or any of them shall not be complied with, the Mortgagee shall be at liberty, but not obligated, to arrange for the carrying out of such repairs and/or surveys as it deems expedient or necessary; and (iii) in the event that the provisions of Section 5(F) hereof or any of them shall not be complied with, the Mortgagee shall be at liberty, but not obligated, to pay and discharge all such debts, damages and liabilities as are therein mentioned and/or to take any such measures as it deems expedient or necessary for the purpose of securing the release of the Vessel; Any and all expenses incurred by the Mortgagee (including fees of counsel) in respect of its performances under the foregoing sub-sections subsections (i), (ii) and (iii) shall be paid by the Owner on demand, with interest thereon at the rate provided for in Section 5(Q5(P) hereof from the date when such expenses were incurred by the Mortgagee.

Mortgagee's Right to Cure. Without prejudice to any ------------------------- other rights of the Mortgagee hereunder: (i) in the event that the provisions of Section 5(B) hereof or any of them shall not be complied with, the Mortgagee shall be at liberty, but not obligated, to effect and thereafter to replace, maintain and renew all such Insurances upon the Vessel as it in its sole discretion may deem advisable; (ii) in the event that the provisions of Section 5(C) and/or 5(D) hereof or any of them shall not be complied with, the Mortgagee shall be at liberty, but not obligated, to arrange for the carrying out of such repairs and/or surveys as it deems expedient or necessary; and (iii) in the event that the provisions of Section 5(F) hereof or any of them shall not be complied with, the Mortgagee shall be at liberty, but not obligated, to pay and discharge all such debts, damages and liabilities as are therein mentioned and/or to take any such measures as it deems expedient or necessary for the purpose of securing the release of the Vessel; Any and all expenses incurred by the Mortgagee (including fees of counsel) in respect of its performances under the foregoing sub-sections subsections (i), (ii) ), and (iii) shall be paid by the Owner on demand, with interest thereon at the rate provided for in Section 5(Q5(P) hereof from the date when such expenses were incurred by the Mortgagee.

Mortgagee's Right to Cure. Without prejudice to any other rights rights, powers and remedies of the Mortgagee hereunder: (i) in the event that the provisions relating to the maintenance of Section 5(Binsurance on the Vessel under the Credit Documents or any of them shall not be complied with, the Mortgagee shall be at liberty, but not obligated and as often as may be necessary, to cure any such noncompliance, including, without limitation, to effect and thereafter to replace, maintain and renew all such insurances upon the Vessel as it in its sole discretion may deem necessary or advisable in order to procure the compliance with such provisions or alternatively, to require the Vessel (at the Owner’s risk) to remain in, or to proceed to and remain in, a port designated by the Mortgagee until such provisions are fully complied with; (ii) in the event that the provisions of Sections 5(C), 5(F) and/or 5(G), and/or 5(J) hereof or any of them shall not be complied with, the Mortgagee shall be at liberty, but not obligatedobligated and as often as may be necessary, to effect and thereafter to replacearrange for the carrying out of such repairs, maintain and renew all such Insurances upon the Vessel changes and/or surveys as it deems reasonably expedient or necessary in its sole discretion may deem advisable;order to procure the compliance with such provisions; and (iiiii) in the event that the provisions of Section 5(C) and/or 5(D5(I) hereof or any of them shall not be complied with, the Mortgagee shall be at liberty, but not obligated, to arrange for the carrying out of such repairs and/or surveys obligated and as it deems expedient or often as may be necessary; and (iii) in the event that the provisions of Section 5(F) hereof or any of them shall not be complied with, the Mortgagee shall be at liberty, but not obligated, to pay and discharge all such debts, damages and liabilities as are therein mentioned and/or to take any such measures as it deems reasonably expedient or necessary for the purpose of securing the release of the Vessel; Vessel in order to procure the compliance with such provisions. Any and all reasonable expenses incurred by the Mortgagee (including reasonable fees and expenses of counsel) in respect of its performances under the foregoing sub-sections (i), (ii) and (iii) shall be paid by the Owner on demand, with interest thereon at the rate provided for in Section 5(Q) hereof from the date when such expenses were incurred by the Mortgageedemand and shall constitute Secured Obligations hereunder.

Mortgagee's Right to Cure. Without prejudice to any other rights rights, powers and remedies of the Mortgagee hereunder: (i) in the event that the provisions of Section 5(B) hereof 4.25 of the Indenture or any of them shall not be complied with, the Mortgagee shall be at liberty, but not obligatedobligated and as often as may be necessary, to cure any such noncompliance, including, without limitation, to effect and thereafter to replace, maintain and renew all such Insurances upon the Vessel as it in its sole discretion may deem advisablenecessary or advisable in order to procure the compliance with such provisions or alternatively, to require the Vessel (at the Owner’s risk) to remain in, or to proceed to and remain in, a port designated by the Mortgagee until such provisions are fully complied with; (ii) in the event that the provisions of Section Sections 5(C) and/or 5(D) hereof or any of them shall not be complied with, the Mortgagee shall be at liberty, but not obligatedobligated and as often as may be necessary, to arrange for the carrying out of such repairs repairs, changes and/or surveys as it deems reasonably expedient or necessarynecessary in order to procure the compliance with such provisions; and (iii) in the event that the provisions of Section 5(F) hereof or any of them shall not be complied with, the Mortgagee shall be at liberty, but not obligatedobligated and as often as may be necessary, to pay and discharge all such debts, damages and liabilities as are therein mentioned and/or to take any such measures as it deems reasonably expedient or necessary for the purpose of securing the release of the Vessel; Vessel in order to procure the compliance with such provisions. Any and all expenses incurred by the Mortgagee (including fees and expenses of counsel) in respect of its performances under the foregoing sub-sections (i), (ii) and (iii) shall be paid by the Owner on demand, with interest thereon at the rate provided for in Section 5(Q) hereof from the date when such expenses were incurred by the Mortgageedemand and shall constitute Secured Obligations hereunder.

Mortgagee's Right to Cure. 8.1 Without prejudice to any other rights of the Mortgagee hereunder: (i) 8.1.1 in the event that the provisions of Section 5(B) Clause ☒6.1.2 hereof or any of them shall not be complied with, the Mortgagee shall be at liberty, but not obligated, to effect and thereafter to replace, maintain and renew all such Insurances upon the Vessel as it in its sole discretion may deem advisable; (ii) 8.1.2 in the event that the provisions of Section 5(C) Clause 6.1.3 and/or 5(D) 6.1.4 hereof or any of them shall not be complied with, the Mortgagee shall be at liberty, but not obligated, to arrange for the carrying out of such repairs and/or surveys as it deems expedient or necessary; and (iii) 8.1.3 in the event that the provisions of Section 5(F) Clause 6.1.6 hereof or any of them shall not be complied with, the Mortgagee shall be at liberty, but not obligated, to pay and discharge all such debts, damages and liabilities as are therein mentioned and/or to take any such measures as it deems expedient or necessary for the purpose of securing the release of the Vessel; ; 8.2 Any and all expenses incurred by the Mortgagee (including fees of counsel) in respect of its performances under the foregoing sub-sections (i)☒8.1.1, (ii) 8.1.2 and (iii) 8.1.3 shall be paid by the Owner on demand, with interest thereon at the rate provided for in Section 5(Q) Clause 6.1.17 hereof from the date when such expenses were incurred by the Mortgagee.

Mortgagee's Right to Cure. Without prejudice to any other rights of the Mortgagee hereunder: (i) in the event that the provisions of Section 5(B) hereof or any of them shall not be complied with, the Mortgagee shall be at liberty, but not obligated, to effect and thereafter to replace, maintain and renew all such Insurances upon the Vessel as it in its sole discretion may deem advisable; (ii) in the event that the provisions of Section 5(C) and/or 5(D) hereof or any of them shall not be complied with, the Mortgagee shall be at liberty, but not obligated, to arrange for the carrying out of such repairs and/or surveys as it deems expedient or necessary; and (iii) in the event that the provisions of Section 5(F) hereof or any of them shall not be complied with, the Mortgagee shall be at liberty, but not obligated, to pay and discharge all such debts, damages and liabilities as are therein mentioned and/or to take any such measures as it deems expedient or necessary for the purpose of securing the release of the Vessel; ; (iv) Any and all expenses incurred by the Mortgagee (including fees of counsel) in respect of its performances under the foregoing sub-sections (i), (ii) and (iii) shall be paid by the Owner on demand, with interest thereon at the rate provided for in Section 5(Q) hereof from the date when such expenses were incurred by the Mortgagee.

Mortgagee's Right to Cure. (A) The Trustee shall without prejudice to its other rights and powers hereunder be entitled (but not bound) at any time and as often as may be necessary to take any such action as it may in its absolute discretion think fit for the purpose of protecting the security created by this Mortgage, the Indenture and the other Security Agreements and each and every expense or liability so incurred by the Trustee in or about the protection of the security shall be repayable to it by the Owner on demand together with interest thereon at the Default Rate. (B) Without prejudice to any other rights the generality of the Mortgagee hereunderforegoing: (i) in the event that the provisions of Section 5(BClause 3(U) hereof or any of them shall not be complied with, the Mortgagee Trustee shall be at liberty, but not obligated, liberty to effect and thereafter to replace, maintain and renew all such Insurances upon the [the/each] Vessel as it in its sole discretion it may deem advisablethink fit; (ii) in the event that the provisions of Section 5(CClauses 3(H) and/or 5(D(I) hereof or any of them shall not be complied with, the Mortgagee Trustee shall be at liberty, but not obligated, liberty to arrange for the carrying out of such repairs and/or surveys as it deems expedient or necessary; and; (iii) in the event that the provisions of Section 5(FClause 3(K) hereof or any of them shall are not be complied with, the Mortgagee Trustee shall be at liberty, but not obligated, liberty to pay and discharge all such debts, damages and liabilities as are therein mentioned and/or to take any such measures as it deems expedient or necessary for the purpose of securing the release of the relevant Vessel; Any and all expenses each and every expense or liability so incurred by the Mortgagee (including fees of counsel) in respect of its performances under the foregoing sub-sections (i), (ii) and (iii) Trustee shall be paid by recoverable from the Owner on demand, with interest thereon at the rate provided for in Section 5(Q) hereof from the date when such expenses were incurred by the Mortgageeas hereinbefore provided.

Mortgagee's Right to Cure. (A) The Trustee shall without prejudice to its other rights and powers hereunder be entitled (but not bound) at any time and as often as may be necessary to take any such action as it may in its absolute discretion think fit for the purpose of protecting the security created by this Mortgage, the Indenture and the other Security Agreements and each and every expense or liability so incurred by the Trustee in or about the protection of the security shall be repayable to it by the Owner on demand together with interest thereon at the Default Rate. (B) Without prejudice to any other rights the generality of the Mortgagee hereunderforegoing: (i) in the event that the provisions of Section 5(BClause 3(U) hereof or any of them shall not be complied with, the Mortgagee Trustee shall be at liberty, liberty (but shall not be obligated, ) to effect and thereafter to replace, maintain and renew all such Insurances upon the [the/each] Vessel as it in its sole discretion it may deem advisablethink fit; (ii) in the event that the provisions of Section 5(CClauses 3(H) and/or 5(D(I) hereof or any of them shall not be complied with, the Mortgagee Trustee shall be at liberty, liberty (but shall not be obligated, ) to arrange for the carrying out of such repairs and/or surveys as it deems expedient or necessary; and; (iii) in the event that the provisions of Section 5(FClause 3(K) hereof or any of them shall are not be complied with, the Mortgagee Trustee shall be at liberty, liberty (but shall not be obligated, ) to pay and discharge all such debts, damages and liabilities as are therein mentioned and/or to take any such measures as it deems expedient or necessary for the purpose of securing the release of the relevant Vessel; Any and all expenses each and every expense or liability so incurred by the Mortgagee (including fees of counsel) in respect of its performances under the foregoing sub-sections (i), (ii) and (iii) Trustee shall be paid by recoverable from the Owner on demand, with interest thereon at the rate provided for in Section 5(Q) hereof from the date when such expenses were incurred by the Mortgageeas hereinbefore provided.

Mortgagee's Right to Cure. Without prejudice to any other rights of the Mortgagee hereunder:: SK 0 I 029 0083 6034319 v5 (i) in the event that the provisions of Section 5(B) hereof or any of them shall not be complied with, the Mortgagee shall be at liberty, but not obligated, to effect and thereafter to replace, maintain and renew all such Insurances upon the Vessel as it in its sole discretion may deem advisable; (ii) in the event that the provisions of Section 5(C) and/or 5(D) hereof or any of them shall not be complied with, the Mortgagee shall be at liberty, but not obligated, to arrange for the carrying out of such repairs and/or surveys as it deems expedient or necessary; and (iii) in the event that the provisions of Section 5(F) hereof or any of them shall not be complied with, the Mortgagee shall be at liberty, but not obligated, to pay and discharge all such debts, damages and liabilities as are therein mentioned and/or to take any such measures as it deems expedient or necessary for the purpose of securing the release of the Vessel; Any and all expenses incurred by the Mortgagee (including fees of counsel) in respect of its performances under the foregoing sub-sections subsections (i), (ii) and (iii) shall be paid by the Owner on demand, with interest thereon at the rate provided for in Section 5(Q5(P) hereof from the date when such expenses were incurred by the Mortgagee.

Mortgagee's Right to Cure. Without prejudice to any other rights of the Mortgagee hereunder: (i) in the event that the provisions of Section 5(B) hereof or any of them shall not be complied with, the Mortgagee shall be at libertylibe1iy, but not obligated, to effect and thereafter to replace, maintain and renew all such Insurances upon the Vessel as it in its sole discretion may deem advisable; (ii) in the event that the provisions of Section 5(C) and/or 5(D) hereof or any of them shall not be complied with, the Mortgagee shall be at liberty, but not obligated, to arrange attune for the carrying out of such repairs and/or surveys as it deems expedient or necessary; and (iii) in the event that the provisions of Section 5(F) hereof or any of them shall not be complied with, the Mortgagee shall be at liberty, but not obligated, to pay and discharge all such debts, damages and liabilities as are therein mentioned and/or to take any such measures as it deems expedient or necessary for the purpose of securing the release of the Vessel; Any and all expenses incurred by the Mortgagee (including fees of counsel) in respect of its performances under the foregoing sub-sections subsections (i), (ii) and (iii) shall be paid by the Owner on demand, with interest thereon at the rate provided for in Section 5(Q5(P) hereof from the date when such expenses were incurred by the Mortgagee.

Mortgagee's Right to Cure. Without prejudice to any other rights of the Mortgagee hereunder: (i) in the event that the provisions of Section 5(B) hereof or any of them shall not be complied with, the Mortgagee shall be at liberty, but not obligated, to effect and thereafter to replace, maintain and renew all such Insurances upon the Vessel Vessels as it in its sole discretion may deem advisable; (ii) in the event that the provisions of Section 5(C) and/or 5(D) hereof or any of them shall not be complied with, the Mortgagee shall be at liberty, but not obligated, to arrange for the carrying out of such repairs and/or surveys as it deems expedient or necessary; and (iii) in the event that the provisions of Section 5(F) hereof or any of them shall not be complied with, the Mortgagee shall be at liberty, but not obligated, to pay and discharge all such debts, damages and liabilities as are therein mentioned and/or to take any such measures as it deems expedient or necessary for the purpose of securing the release of the Vesselsuch Vessels; Any and all expenses incurred by the Mortgagee (including fees of counsel) in respect of its performances under the foregoing sub-sections subsections (i), (ii) ), and (iii) shall be paid by the Owner on demand, with interest thereon at the rate provided for in Section 5(Q5(P) hereof from the date when such expenses were incurred by the Mortgagee.