Common use of Operation of Property by Mortgagee Clause in Contracts

Operation of Property by Mortgagee. Upon the occurrence and during the continuance of any Event of Default, and in addition to all other rights of Mortgagee, Mortgagee shall have the following rights and powers (but no obligation): (i) To enter upon and take possession of any of the Realty Collateral and exclude Mortgagor therefrom; (ii) To hold, use, administer, manage and operate the Realty Collateral to the extent that Mortgagor could do so, and without any liability to Mortgagor in connection with such operations; and (iii) To the extent that Mortgagor could do so, to collect, receive and receipt for all Hydrocarbons produced and sold from the Realty Collateral, to make repairs, to purchase machinery and equipment, to conduct workover operations, to drill additional wxxxx, and to exercise every power, right and privilege of Mortgagor with respect to the Realty Collateral. Mortgagee may designate any person, firm, corporation or other entity to act on its behalf in exercising the foregoing rights and powers. When and if the expenses of such operation and development (including costs of unsuccessful workover operations or additional wxxxx) have been paid, and the Obligations have been paid, the Realty Collateral shall be returned to Mortgagor (providing there has been no foreclosure sale).

Operation of Property by Mortgagee. Upon the occurrence and during the continuance of any an Event of Default, and in addition to all other rights of Mortgagee, Mortgagee shall have the following rights and powers (but no obligation): (i) To enter upon and take possession of any of the Realty Collateral and exclude Mortgagor therefrom; (ii) To hold, use, administer, manage and operate the Realty Collateral to the extent that Mortgagor could do so, and without any liability to Mortgagor in connection with such operations; and (iii) To the extent that Mortgagor could do so, to collect, receive and receipt for all Hydrocarbons produced and sold from the Realty Collateral, to make repairs, to purchase machinery and equipment, to conduct workover operations, to drill additional wxxxxxxxxx, and to exercise every power, right and privilege of Mortgagor with respect to the Realty Collateral. Mortgagee may designate any person, firm, corporation or other entity to act on its behalf in exercising the foregoing rights and powers. When and if the expenses of such operation and development (including costs of unsuccessful workover operations or additional wxxxxxxxxx) have been paid, and all of the Obligations have been paidfully and finally paid and discharged in full, all Hedge Contracts with Credit Parties have been terminated or unwound, all Commitments have been terminated or expired, all Letters of Credit have terminated or expired, and all obligations of the Issuing Lender and the Senior Lenders in respect of Letters of Credit have been terminated, the Realty Collateral shall be returned to Mortgagor (providing there has been no foreclosure sale).

Operation of Property by Mortgagee. Upon the occurrence and during the continuance of any an Event of Default, and in addition to all other rights of Mortgagee, Mortgagee shall have the following rights and powers (but no obligation): (i) To enter upon and take possession of any of the Realty Collateral to the extent that Mortgagor could do so or to the extent otherwise permitted by applicable law and exclude Mortgagor therefrom; (ii) To hold, use, administer, manage and operate the Realty Collateral to the extent that Mortgagor could do so, and without any liability to Mortgagor in connection with such operations; and (iii) To the extent that Mortgagor could do so, to collect, receive and receipt for all Hydrocarbons produced and sold from the Realty Collateral, to make repairs, to purchase machinery and equipment, to conduct workover operations, to drill additional wxxxxwells, and to exercise every power, right and privilege of Mortgagor with respect to the Realty Collateral. Mortgagee may designate any person, firm, corporation or other entity Person to act on its behalf in exercising the foregoing rights and powers. When and if the expenses of such operation and development (including costs of unsuccessful workover operations or additional wxxxxwells) have been paid, and the Obligations have been paidno Event of Default is continuing, the Realty Collateral shall be returned to Mortgagor (providing there has been no foreclosure sale).

Operation of Property by Mortgagee. Upon the occurrence and during the continuance continuation of any an Event of Default, and in addition to all other rights of Mortgagee, Mortgagee shall have the following rights and powers (but no obligation):) to the full extent not prohibited by applicable Governmental Requirement: (i) To enter upon and take possession of any of the Realty Collateral and exclude Mortgagor therefrom; (ii) To hold, use, administer, manage manage, and operate the Realty Collateral to the extent that Mortgagor could do so, and without any liability to Mortgagor in connection with such operations; and (iii) To the extent that Mortgagor could do so, to collect, receive receive, and receipt for all Hydrocarbons produced and sold from the Realty Collateral, to make repairs, to purchase machinery and equipment, to conduct workover operations, to drill additional wxxxxxxxxx, and to exercise every power, right right, and privilege of Mortgagor with respect to the Realty Collateral. Mortgagee may designate any person, firm, corporation or other entity Person to act on its behalf in exercising the foregoing rights and powers. When and if the expenses of such operation and development (including costs of unsuccessful workover operations or additional wxxxxxxxxx) have been paid, paid and the Secured Obligations have been paidindefeasibly paid in full, the Realty Collateral shall be returned to Mortgagor (providing there has been no foreclosure sale).

Operation of Property by Mortgagee. Upon the occurrence and during the continuance of any an Event of Default, and in addition to all other rights of Mortgagee, Mortgagee shall have the following rights and powers (but no obligation): (i) To enter upon and take possession of any of the Realty Collateral and exclude Mortgagor therefrom; (ii) To hold, use, administer, manage and operate the Realty Collateral to the extent that Mortgagor could do so, and without any liability to Mortgagor in connection with such operations; and (iii) To the extent that Mortgagor could do so, to collect, receive and receipt for all Hydrocarbons produced and sold from the Realty Collateral, to make repairs, to purchase machinery and equipment, to conduct workover operations, to drill additional wxxxxxxxxx, and to exercise every power, right and privilege of Mortgagor with respect to the Realty Collateral. Mortgagee may designate any person, firm, corporation or other entity to act on its behalf in exercising the foregoing rights and powers. When and if the expenses of such operation and development (including costs of unsuccessful workover operations or additional wxxxxxxxxx) have been paid, and all of the Obligations have been paidfully and finally paid and discharged in full, all Hedge Contracts with Credit Parties have been terminated or unwound, all Commitments have been terminated or expired, all Letters of Credit have terminated or expired, and all obligations of the Issuing Lender and the Lenders in respect of Letters of Credit have been terminated, the Realty Collateral shall be returned to Mortgagor (providing there has been no foreclosure sale).