Common use of Power to remedy Clause in Contracts

Power to remedy. If a Chargor fails to perform any term affecting its Material Real Property upon the occurrence and during the continuance of an Event of Default and upon notice by the Collateral Agent of its intent to exercise remedies, that Chargor must allow the Collateral Agent or its agents and contractors: (a) to enter any part of its Material Real Property; (b) to comply with or object to any notice served on that Chargor in respect of its Material Real Property; and (c) to take any action as the Collateral Agent may reasonably consider necessary to prevent or remedy any breach of any such term or to comply with or object to any such notice. That Chargor must promptly following request by the Collateral Agent pay the costs and expenses of the Collateral Agent or its agents and contractors reasonably incurred in connection with any action taken by it under this Subclause.

Power to remedy. If a Chargor fails to perform any covenant or stipulation or any term of this Deed affecting its Material Real Property upon the occurrence and during the continuance of an Event of Default and upon notice by the Collateral Agent of its intent to exercise remediesMortgaged Property, that Chargor must allow the Collateral Agent or its agents and contractors: (a) to enter any part of its Material Real Mortgaged Property; (b) to comply with or object to any notice served on that Chargor in respect of its Material Real Mortgaged Property; and (c) to take any action as the Collateral Agent may reasonably consider necessary or desirable to prevent or remedy any breach of any such covenant, stipulation or term or to comply with or object to any such notice. That Chargor must promptly following immediately on request by the Collateral Agent pay the costs and expenses of the Collateral Agent or its agents and contractors reasonably incurred in connection with any action taken by it under this Subclause.