Private appointment Sample Clauses
A Private Appointment clause allows parties to designate a specific individual or entity to act in a particular role, such as an arbitrator, trustee, or agent, without the need for public or court involvement. Typically, this clause outlines the process for selecting and appointing the private party, the scope of their authority, and any conditions or limitations on their role. By enabling the parties to privately select and empower a trusted individual, the clause streamlines decision-making, maintains confidentiality, and avoids the delays and publicity associated with formal legal proceedings.
Private appointment. The Holder may, at any time after the lien hereof has become enforceable and whether or not the Holder shall itself or through its agents have taken possession of the Mortgaged Property or taken any other actions or steps with regard thereto, appoint by instrument in writing a Receiver of the Mortgaged Property. Any such Receiver shall have all of the powers, remedies and rights set forth in Section 13.1, and the powers, remedies and rights of the Holder hereunder, in addition to those possessed by a receiver or receiver-manager, as applicable, at law or in equity, unless any of such powers, remedies and rights are expressly limited in the instrument appointing the Receiver or in amendments thereto. The Holder may appoint one or more Receivers hereunder and may remove any such Receiver or Receivers and appoint another or others in his or their stead from time to time. Any Receiver appointed by the Holder may but need not be appointed or supervised in any way by a court, and may be appointed with or without bond or security. Every such Receiver shall be entitled to reasonable and customary remuneration and the Holder may direct the payment thereof out of the Mortgaged Property or the proceeds thereof in priority to payment of the Obligations.
Private appointment. The Secured Party may, at any time after the lien hereof has become enforceable and whether or not the Secured Party shall itself or through its officers, employees, agents or solicitors have taken possession of the Collateral or taken any other actions or steps with regard thereto, appoint by instrument in writing a Receiver over all or any portion of the Collateral. Any such Receiver shall have all of the powers, remedies and rights set forth in Section 7.1 hereof, and the powers, remedies and rights of the Secured Party hereunder, in addition to those possessed by a receiver or receiver- manager, as applicable, at law or in equity, unless any of such powers, remedies and rights are expressly limited in the instrument appointing the Receiver or in amendments thereto. The Secured Party may appoint one or more Receivers hereunder and may remove any such Receiver or Receivers and appoint another or others in his or their stead from time to time. Any Receiver so appointed may be an officer or employee of the Secured Party. Any Receiver appointed by the Secured Party need not be appointed, ratified, or supervised in any way by a court, and may be appointed with or without bond or security. The Secured Party may from time to time fix the remuneration of every such Receiver, and direct the payment thereof out of the Collateral or the proceeds thereof in priority to payment of the Obligations.