Possession Until Default. Until one or more of the events of default hereinafter described shall happen, the Shipowner (a) shall be suffered and permitted to retain actual possession and use of the Vessel and (b) shall have the right, from time to time, in its discretion, and without application to the Mortgagee, and without obtaining a release thereof by the Mortgagee, to dispose of, free from the lien hereof, any boilers, engines, machinery, masts, spars, sails, rigging, boats, anchors, chains, tackle, apparel, furniture, fittings or equipment or any other appurtenances of the Vessel that are no longer useful, necessary, profitable or advantageous in the operation of the Vessel, first or simultaneously replacing the same by new boilers, engines, machinery, masts, spars, sails, rigging, boats, anchors, chains, tackle, apparel, furniture, fittings, equipment, or other appurtenances of substantially equal value to the Shipowner, which shall forthwith become subject to the lien of this Mortgage as a first priority mortgage thereon.
Possession Until Default. Until some one or more of the Events of Default shall have happened, the Mortgagor shall be suffered and permitted to retain actual possession of the Mortgaged Property, and to manage, operate and use the same and any part thereof, with the rights and franchises appertaining thereto, and to collect, receive, take, use and enjoy the rents, revenues, issues, earnings, income, products and profits thereof or therefrom, subject to the provisions of this Mortgage.
Possession Until Default. Until some one or more of the Events of De- fault shall have happened, the Mortgagor shall be suffered and permitted to retain ac- tual possession of the Mortgaged Property, and to manage, operate and use the same and any part thereof, with the rights and xxxx- chises appertaining thereto, and to collect, receive, take, use and enjoy the rents, reve- nues, issues, earnings, income, proceeds, products and profits thereof or therefrom, subject to the provisions of this Mortgage.
Possession Until Default. Until an Event of Default shall have happened and shall have continued for the time, if any, specified with reference thereto in Article II hereinabove, Mortgagee shall permit Mortgagor and Mortgagor shall have the right to possess, use, manage, operate and enjoy the Vessels and to take, collect and receive, and use the freights, issues, rents, income and profits thereof and apply the same to all legitimate uses.
Possession Until Default. Unless one or more Events of Default shall have occurred and be continuing, the Shipowner (a) shall be suffered and permitted to retain actual possession and use of the Rig and (b) shall have the right, from time to time, in its discretion, and without application to the Mortgagee, and without obtaining a release thereof by the Mortgagee, to dispose of, free from the lien hereof, any boilers, engines, machinery, masts, spars, sails, rigging, boats, anchors, cables, chains, tackle, capstans, outfit, tools, pumps and pumping equipment, apparel, furniture, drilling equipment, fittings, equipment, spare parts or any other appurtenances of the Rig that are no longer useful, necessary, profitable or advantageous in the operation of the Rig, promptly replacing the same (except to the extent that, individually or in the aggregate, any removal shall not materially diminish the value of the Rig) by new boilers, engines, machinery, masts, spars, sails, rigging, boats, anchors, cables, chains, tackle, capstans, outfit, tools, pumps and pumping equipment, apparel, furniture, drilling equipment, fittings, equipment, spare parts or other appurtenances of substantially equal value to the Shipowner and free from any Lien (other than Permitted Collateral Liens) in favor of an Person other than the Mortgagee, which shall forthwith become subject to the lien of this Mortgage.
Possession Until Default. Until an Event of Default shall occur and be continuing, except as otherwise provided in this Guaranty and Security Agreement, the Loan Agreement or other Loan Documents, each Parent shall have the right to possession and enjoyment of the Collateral for the purpose of conducting the ordinary course of its business, subject to and upon the terms hereof and of the Loan Agreement and other Finance Documents.
Possession Until Default. Unless an Event of Default shall have occurred and is continuing, Owner shall be permitted to retain actual possession and use of the Vessel.
Possession Until Default. Until an Event of Default shall occur and be continuing, except as otherwise provided in this Agreement, Debtor will have the right to the possession and enjoyment of the Collateral owned by it for the purpose of conducting the ordinary course of its business.
Possession Until Default. Until an Event of Default shall have occurred and shall have continued for the time, if any, specified with reference thereto in Article II above, Mortgagee shall permit Mortgagor and Mortgagor shall have the right to possess, use, manage, operate and enjoy each Vessel.
Possession Until Default. Until an Event of Default shall occur and be continuing, except as otherwise provided in this Agreement, the Credit Agreement or other Loan Documents, the Grantors shall have the right to possession and enjoyment of the Collateral for the purpose of conducting the ordinary course of their respective businesses, subject to and upon the terms hereof and of the Credit Agreement and other Loan Documents.
