Common use of Power of Sale Clause in Contracts

Power of Sale. (a) Notwithstanding any other provision of this Current Issuer Deed of Charge, the Current Issuer Secured Obligations shall be deemed to have become due and payable for the purposes of Section 101 of the 1925 Act and Article 8 of the Jersey Security Law and (to the extent applicable) the statutory power of sale and of appointing a receiver and other powers which are conferred on mortgagees under the 1925 Act as varied or extended by this Current Issuer Deed of Charge shall be deemed to arise immediately after execution of this Current Issuer Deed of Charge. (b) Section 103 of the 1925 Act shall not apply to this Current Issuer Deed of Charge and forthwith after the security has become enforceable in accordance with Clause 7.2 (Enforceable) the statutory power of sale, as extended by this Current Issuer Deed of Charge, and all other powers shall become immediately exercisable without notice to the Current Issuer and the provisions of the 1925 Act regulating the power of sale shall, so far as they relate to the Current Issuer Charged Property, be varied and extended accordingly.

Power of Sale. (a) Notwithstanding any other provision of this Current Issuer Second Priority Funding Deed of Charge, the Current Issuer Funding Secured Obligations shall be deemed to have become due and payable for the purposes of Section 101 of the 1925 Act and Article 8 of the Jersey Security Law Law, and (to the extent applicable) the statutory power of sale and of appointing a receiver and other powers which are conferred on mortgagees under the 1925 Act as varied or extended by this Current Issuer Second Priority Funding Deed of Charge shall be deemed to arise immediately after execution of this Current Issuer Deed of ChargeDeed. (b) Section 103 of the 1925 Act shall not apply to this Current Issuer Deed of Charge and forthwith after the security has become enforceable in accordance with Clause 7.2 6.2 (Enforceable) the statutory power of sale, as extended by this Current Issuer Second Priority Funding Deed of Charge, and all other powers shall become immediately exercisable without notice to the Current Issuer Funding and the provisions of the 1925 Act regulating the power of sale shall, so far as they relate to the Current Issuer Funding Charged Property, be varied and extended accordingly.