Common use of Powers Exercisable by Trustee or Receiver Clause in Contracts

Powers Exercisable by Trustee or Receiver. In case the Collateral (other than any cash, Cash Equivalents, securities and other personal property held by, or required to be deposited or pledged with, the Collateral Trustee hereunder or under the Security Documents) shall be in the possession of a receiver or trustee lawfully appointed, the powers hereinbefore in this Article Twelve conferred upon the Co-Issuers and the Secured Guarantors with respect to the withdrawal or application of Trust Monies may be exercised by such receiver or trustee, in which case a certificate signed by such receiver or trustee shall be deemed the equivalent of any Officer’s Certificate required by this Article Twelve. If the Collateral Trustee shall be in possession of any of the Collateral hereunder or under any of the Security Documents, such powers may be exercised by the Collateral Trustee, as directed by the Trustee, in its discretion.

Powers Exercisable by Trustee or Receiver. In case the Collateral (other than any cash, Cash Equivalents, securities and other personal property held by, or required to be deposited or pledged with, the Collateral Trustee hereunder or under the Security Documents) shall be in the possession of a receiver or trustee lawfully appointed, the powers hereinbefore in this Article Twelve conferred upon the Co-Issuers and the Secured Mortgaged Vessel Guarantors with respect to the withdrawal or application of Trust Monies may be exercised by such receiver or trustee, in which case a certificate signed by such receiver or trustee shall be deemed the equivalent of any Officer’s Certificate required by this Article Twelve. If the Collateral Trustee shall be in possession of any of the Collateral hereunder or under any of the Security Documents, such powers may be exercised by the Collateral Trustee, as directed by the Trustee, in its discretion.

Powers Exercisable by Trustee or Receiver. In case the Collateral (other than any cash, Cash Equivalents, securities and other personal property held by, or required to be deposited or pledged with, the Collateral Trustee hereunder or under the Security DocumentsDocuments or with the trustee, mortgagee or holder of a Prior Lien) shall be in the possession of a receiver or trustee lawfully appointed, the powers hereinbefore in this Article Twelve Eleven conferred upon the Co-Issuers and the Secured Guarantors Company with respect to the withdrawal or application of Trust Monies Moneys may be exercised by such receiver or trustee, in which case a certificate signed by such receiver or trustee shall be deemed the equivalent of any Officer’s Officers' Certificate required by this Article TwelveEleven. If the Collateral Trustee shall be in possession of any of the Collateral hereunder or under any of the Security Documents, such powers may be exercised by the Collateral Trustee, as directed by the Trustee, in its discretion.

Powers Exercisable by Trustee or Receiver. In case the Collateral (other than any cash, Cash EquivalentsMarketable Securities, securities and other personal property held by, or required to be deposited or pledged with, the Collateral Trustee hereunder or under the Security DocumentsDocuments or with the trustee, mortgagee or other holder of a Prior Lien) shall be in the possession of a receiver or trustee lawfully appointed, the powers hereinbefore in this Article Twelve 12 conferred upon the Co-Issuers Company and the Secured Guarantors any Pledgor, as applicable, with respect to the withdrawal or application of Trust Monies may be exercised by such receiver or trustee, in which case a certificate signed by such receiver or trustee shall be deemed the equivalent of any Officer’s Officers' Certificate required by this Article Twelve12. If the Collateral Trustee shall be in possession of any of the Collateral hereunder or under any of the Security Documents, such powers may be exercised by the Collateral Trustee, as directed by the Trustee, in its discretion.

Powers Exercisable by Trustee or Receiver. In case the Mortgaged Collateral (other than any cash, Cash Equivalents, securities and other personal property held by, or required to be deposited or pledged with, the Collateral Trustee hereunder or under the Security DocumentsAgreements) shall be in the possession of a receiver or trustee lawfully appointed, the powers hereinbefore in this Article Twelve 13 conferred upon the Co-Issuers Company, the Subsidiary Guarantors and the Secured Guarantors Pledgors with respect to the withdrawal or application of Trust Monies Moneys may be exercised by such receiver or trustee, in which case a certificate signed by such receiver or trustee shall be deemed the equivalent of any Officer’s Officers' Certificate required by this Article Twelve13. If the Collateral Trustee shall be in possession of any of the Mortgaged Collateral hereunder or under any of the Security Documents, such powers may be exercised by the Collateral Trustee, as directed by the Trustee, Trustee in its discretion.

Powers Exercisable by Trustee or Receiver. In case the Mortgaged Collateral (other than any cash, Cash Equivalentscash equivalents, securities and other personal property held by, or required to be deposited or pledged with, the Collateral Trustee hereunder or under the Security DocumentsAgreements) shall be in the possession of a receiver or trustee lawfully appointed, the powers hereinbefore in this Article Twelve 13 conferred upon the Co-Issuers Company, the Subsidiary Guarantors and the Secured Guarantors Pledgors with respect to the withdrawal or application of Trust Monies Moneys may be exercised by such receiver or trustee, in which case a certificate signed by such receiver or trustee shall be deemed the equivalent of any Officer’s Officers' Certificate required by this Article Twelve13. If the Collateral Trustee shall be in possession of any of the Mortgaged Collateral hereunder or under any of the Security Documents, such powers may be exercised by the Collateral Trustee, as directed by the Trustee, Trustee in its discretion.

Powers Exercisable by Trustee or Receiver. In case the Collateral (other than any cash, Cash Equivalents, securities and other personal property held by, or required to be deposited or pledged with, the Collateral Trustee Security Agent hereunder or under the Security Documents) shall be in the possession of a receiver or trustee lawfully appointed, the powers hereinbefore in this Article Twelve conferred upon the Co-Issuers Issuer and the Secured Mortgaged Guarantors with respect to the withdrawal or application of Trust Monies may be exercised by such receiver or trustee, in which case a certificate signed by such receiver or trustee shall be deemed the equivalent of any Officer’s Certificate required by this Article Twelve. If the Collateral Trustee Security Agent shall be in possession of any of the Collateral hereunder or under any of the Security Documents, such powers may be exercised by the Collateral TrusteeSecurity Agent, as directed by the Trustee, acting on the instructions of the Holders of a majority in its discretion.aggregate principal amount of the Notes outstanding. Global Ship Lease, Inc. Indenture Page 166

Powers Exercisable by Trustee or Receiver. In case the any Collateral (other than any cash, Cash Equivalentscash equivalents, securities and other personal property held by, or required to be deposited or pledged with, the Trustee or the Collateral Trustee Agent hereunder or under the Security Documents) shall be in the possession of a receiver or trustee lawfully appointed, the powers hereinbefore in this Article Twelve 12 conferred upon the Co-Issuers Company and the Secured Guarantors with respect to the withdrawal or application of Trust Monies Moneys may be exercised by such receiver or trustee, in which case a certificate signed by such receiver or trustee shall be deemed the equivalent of any Officer’s Officers' Certificate required by this Article Twelve12. If the Trustee or the Collateral Trustee Agent shall be in possession of any of the Collateral hereunder or under any of the Security Documents, such powers may be exercised by the Trustee or the Collateral TrusteeAgent, as directed by the Trusteeapplicable, in its sole discretion.

Powers Exercisable by Trustee or Receiver. In case the Mortgaged Collateral (other than any cash, Cash Equivalentscash equivalents, securities and other personal property held by, or required to be deposited or pledged with, the Collateral Trustee hereunder or under the Security DocumentsAgreements) shall be in the possession of a receiver or trustee lawfully appointed, the powers hereinbefore in this Article Twelve 13 conferred upon the Co-Issuers Company and the Secured Subsidiary Guarantors with respect to the withdrawal or application of Trust Monies Moneys may be exercised by such receiver or trustee, in which case a certificate signed by such receiver or trustee shall be deemed the equivalent of any Officer’s Officers' Certificate required by this Article Twelve13. If the Collateral Trustee shall be in possession of any of the Mortgaged Collateral hereunder or under any of the Security Documents, such powers may be exercised by the Collateral Trustee, as directed by the Trustee, Trustee in its sole discretion.

Powers Exercisable by Trustee or Receiver. In case the Collateral (other than any cash, Cash Equivalents, securities and other personal property held by, or required to be deposited or pledged with, the Collateral Trustee hereunder or under the Security DocumentsDocuments or with the trustee, mortgagee or other holder of a Lien permitted by the Security Documents to be prior to the Security Interests) shall be in the possession of a receiver or trustee lawfully appointed, the powers hereinbefore in this Article Twelve XII conferred upon the Co-Issuers and Company or the Secured Guarantors relevant Guarantor with respect to the withdrawal or application of Trust Monies Moneys may be exercised by such receiver or trustee, in which case a certificate signed by such receiver or trustee shall be deemed the equivalent of any Officer’s Officers' Certificate required by this Article TwelveXII. If the Collateral Trustee shall be in possession of any of the Collateral hereunder or under any of the Security Documents, such powers may be exercised by the Collateral Trustee, as directed by the Trustee, in its discretion.

Powers Exercisable by Trustee or Receiver. In Subject to the Intercreditor Agreement, in case the Collateral (other than any cash, Cash Equivalentscash equivalents, securities and other personal property held by, or required to be deposited or pledged with, the Trustee or the Collateral Trustee Agent hereunder or under the Security Documents) shall be in the possession of a receiver or trustee lawfully appointed, the powers hereinbefore in this Article Twelve 12 conferred upon the Co-Issuers Company and the Secured Subsidiary Guarantors with respect to the withdrawal or application of Trust Monies Moneys may be exercised by such receiver or trustee, in which case a certificate signed by such receiver or trustee shall be deemed the equivalent of any Officer’s Officers' Certificate required by this Article Twelve12. If the Trustee or the Collateral Trustee Agent shall be in possession of any of the Collateral hereunder or under any of the Security Documents, such powers may be exercised by the Trustee or the Collateral TrusteeAgent, as directed by the Trusteeapplicable, in its sole discretion.

Powers Exercisable by Trustee or Receiver. In case the Collateral (other than any cash, Cash Equivalents, securities and other personal property held by, or required to be deposited or pledged with, the Collateral Trustee Agent hereunder or under the Security DocumentsDocuments or with the trustee, mortgagee or other holder of a Prior Lien) shall be in the possession of a receiver or trustee lawfully appointed, the powers hereinbefore in this Article Twelve XII conferred upon the Co-Issuers and Company or the Secured Guarantors relevant Guarantor with respect to the withdrawal or application of Trust Monies Moneys may be exercised by such receiver or trustee, in which case a certificate signed by such receiver or trustee shall be deemed the equivalent of any Officer’s Officers' Certificate required by this Article TwelveXII. If the Collateral Trustee Agent shall be in possession of any of the Collateral hereunder or under any of the Security Documents, such powers may be exercised by the Collateral Trustee, as directed by the TrusteeAgent, in its discretion.

Powers Exercisable by Trustee or Receiver. In case the Notes Collateral (other than any cash, Cash Equivalentscash equivalents, securities and other personal property held by, or required to be deposited or pledged with, the Collateral Trustee hereunder or under the Security Documents) shall be in the possession of a receiver or trustee lawfully appointed, the powers hereinbefore in this Article Twelve 12 conferred upon the Co-Issuers Company and the Secured Subsidiary Guarantors with respect to the withdrawal or application of Trust Monies Moneys may be exercised by such receiver or trustee, in which case a certificate signed by such receiver or trustee shall be deemed the equivalent of any Officer’s Officers' Certificate required by this Article Twelve12. If the Collateral Trustee shall be in possession of any of the Notes Collateral hereunder or under any of the Security Documents, such powers may be exercised by the Collateral Trustee, as directed by the Trustee, Trustee in its sole discretion.

Powers Exercisable by Trustee or Receiver. In Subject to the Intercreditor Agreement, in case the Collateral (other than any cash, Cash Equivalentscash equivalents, securities and other personal property held by, or required to be deposited or pledged with, the Trustee or the Collateral Trustee hereunder or under the Security Collateral Documents) shall be in the possession of a receiver or trustee lawfully appointed, the powers hereinbefore in this Article Twelve XIII conferred upon the Co-Issuers Company and the Secured Subsidiary Guarantors with respect to the withdrawal or application of Trust Monies Moneys may be exercised by such receiver or trustee, in which case a certificate signed by such receiver or trustee shall be deemed the equivalent of any Officer’s Officers’ Certificate required by this Article TwelveXIII. If the Trustee or the Collateral Trustee shall be in possession of any of the Collateral hereunder or under any of the Security Collateral Documents, such powers may be exercised by the Trustee or the Collateral Trustee, as directed by the Trusteeapplicable, in its sole discretion.

Powers Exercisable by Trustee or Receiver. In case the Collateral (other than any cash, Cash Equivalents, securities and other personal property held by, or required to be deposited or pledged with, the Collateral Trustee hereunder or under the Security Documents) shall be in the possession of a receiver or trustee lawfully appointed, the powers hereinbefore in this Article Twelve conferred upon the Co-Issuers and the Secured Mortgaged Vessel Guarantors with respect to the withdrawal or application of Trust Monies may be exercised by such receiver or trustee, in which case a certificate signed by such receiver or trustee shall be deemed the equivalent of any Officer’s Officers’ Certificate required by this Article Twelve. If the Collateral Trustee shall be in possession of any of the Collateral hereunder or under any of the Security Documents, such powers may be exercised by the Collateral Trustee, as directed by the Trustee, in its discretion.

Powers Exercisable by Trustee or Receiver. In case the Collateral (other than any cash, Cash Equivalents, securities and other personal property held by, or required to be deposited or pledged with, the Collateral Trustee hereunder or under the Security Collateral Documents) shall be in the possession of a receiver or trustee lawfully appointed, the powers hereinbefore in this Article Twelve 11 conferred upon the Co-Issuers Company and the Secured Guarantors with respect to the withdrawal or application of Trust Monies Moneys may be exercised by such receiver or trustee, in which case a certificate signed by such receiver or trustee shall be deemed the equivalent of any Officer’s Officers' Certificate required by this Article Twelve11. Such certificate need not state that no Event of Default has occurred and is continuing. If the Collateral Trustee shall be in possession of any of the Collateral hereunder or under any of the Security Collateral Documents, such powers may be exercised by the Collateral Trustee, as directed by the Trustee, Trustee in its sole discretion.

Powers Exercisable by Trustee or Receiver. In case the Collateral (other than any cash, Cash Equivalents, securities and other personal property held by, or required to be deposited or pledged with, the Collateral Trustee hereunder or under the Security DocumentsDocuments or with the trustee, mortgagee or holder of a Prior Lien) shall be in the possession of a receiver or trustee lawfully appointed, the powers hereinbefore in this Article Twelve XI conferred upon the Co-Issuers and the Secured Guarantors Company with respect to the withdrawal or application of Trust Monies Moneys may be exercised by such receiver or trustee, in which case a certificate signed by such receiver or trustee shall be deemed the equivalent of any Officer’s Officers' Certificate required by this Article TwelveXI. If the Collateral Trustee shall be in possession of any of the Collateral 168 hereunder or under any of the Security Documents, such powers may be exercised by the Collateral Trustee, as directed by the Trustee, in its discretion.