Common use of Possession Until Default Clause in Contracts

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. Unless Until one or more of the Events of Default hereinafter described shall have occurred and be continuinghappen, 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 MortgageeShipowner, which shall forthwith become subject to the lien of this MortgageMortgage as a first priority mortgage thereon.

Possession Until Default. Unless Until one or more Events of Default the events of default hereinafter described shall have occurred and be continuinghappen, 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 MortgageeShipowner, which shall forthwith become subject to the lien of this MortgageMortgage as a first priority mortgage thereon.