Common use of POSSESSION AND OPERATION OF PROPERTY Clause in Contracts

POSSESSION AND OPERATION OF PROPERTY. Subject to the rights of the First Beneficiary under the First Priority Documents to the extent then in effect, if an Event of Default shall have occurred, in addition to all other rights herein conferred, the Beneficiaries may have a receiver appointed or cause Trustee to enter on the Property, either in person or by agent, and take possession and charge of the Property, collect the Rents and have a receiver appointed for such purposes.