Common use of Power of Trustee to borrow Clause in Contracts

Power of Trustee to borrow. The Trustee may, upon the occurrence of an Event of Default, and the Security being enforceable, with the consent in writing of the Majority Debenture Holder(s) in a meeting convened in accordance with the provisions set out in the Third Schedule hereunder written, raise or borrow moneys on the security of the Secured Assets or any part thereof ranking pari passu with or subservient to these presents: (a) for the purpose of making any payment under or by virtue of these presents; (b) in relation to the exercise of any powers, duties or obligations of the Trustee or the Receiver; (c) otherwise in relation to the Secured Assets or these presents; (d) for the purpose of paying off or discharging any mortgages or charges for the time being on the Secured Assets or any part thereof; and / or (e) any costs, charges and expenses which shall be incurred by the Trustee under or by virtue of these presents

Power of Trustee to borrow. The Trustee may, upon the occurrence of an Event of Default, and the Security being enforceable, with the consent in writing of the Majority Debenture Holder(s) in a meeting convened in accordance with the provisions set out in the Third Schedule hereunder written, raise or borrow moneys on the security of the Secured Assets or any part thereof ranking pari passu with or subservient to these presents: (a) for the purpose of making any payment under or by virtue of these presents; (b) in relation to the exercise of any powers, duties or obligations of the Trustee or the Receiver; (c) otherwise in relation to the Secured Assets or these presents; (d) for the purpose of paying off or discharging any mortgages or charges for the time being on the Secured Assets or any part thereof; and / or (e) any costs, charges and expenses which shall be incurred by the Trustee under or by virtue of these presents