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.
Appears in 4 contracts
Samples: First Lien Preferred Fleet Mortgage (Global Geophysical Services Inc), Second Lien Preferred Fleet Mortgage (Global Geophysical Services Inc), First Lien Preferred Fleet Mortgage (Global Geophysical Services Inc)
Possession Until Default. Until an Event event of Default default shall have happened and shall have continued for the time, if any, specified with reference thereto in Article II III hereinabove, Mortgagee shall permit Mortgagor and Mortgagor shall have the right to possess, use, manage, operate and enjoy the Vessels Vessel and to take, collect and receive, and use the freights, issues, rents, income and profits thereof and apply the same to all legitimate uses.
Appears in 1 contract
Samples: Preferred Fleet Mortgage (Global Geophysical Services Inc)
