Common use of Procedure for Enforcement Clause in Contracts

Procedure for Enforcement. Section 8.01. Upon receipt of a notice and instructions provided for in Section 4.01 hereof, the Trustee shall proceed to exercise such rights and remedies available to it under the Mortgages as the Agent shall, from time to time, instruct it to exercise. Section 8.02. If so instructed by the Agent, the Trustee shall, in connection with any Enforcement, employ attorneys, experts, consultants, managers, security guards, insurance brokers, inspectors or any other Persons or entities deemed desirable by the Agent. Section 8.03. If so instructed by the Agent, the Trustee shall file such suits or actions or bring such proceedings before any court or agency in connection with the enforcement of the Mortgages or any of them in its own name in its capacity as Trustee, or shall join in any such suits, actions or proceedings as co-plaintiff with the Agent, the Lenders or the Issuing Banks or any Secured Hedge Provider, as the case may be, as the Agent deems necessary or desirable. The conduct of such suits, actions or proceedings shall be in accordance with instructions from the Agent. Section 8.04. If so instructed by the Agent, the Trustee shall, in connection with any Enforcement, provided the same be lawful, do any or all of the following: (a) operate the Vessels under any of the Mortgages; (b) conduct a private sale of any Vessel or other collateral covered by any of the Mortgages and execute and deliver an appropriate xxxx of sale transferring title to such Vessel to a purchaser thereof at such a private sale; (c) bid upon or purchase any Vessel at any judicial sale or other auction, provided that the Agent shall have made funds available in advance to the Trustee for this purpose; and (d) operate any Vessel acquired by it as a result of an Enforcement. Section 8.05. Upon the acquisition of title to any Vessel, as contemplated by Section 8.04 above, the Trustee shall have no obligation to protect, conserve or deal with such Vessel, except as so specifically instructed by the Agent in writing. Section 8.06. The Agent shall pay all costs and expenses incurred in connection with any Enforcement, and the Trustee may, in its discretion, require that the Agent make funds available to the Trustee to satisfy any such cost or expense prior to the time of incurring such cost or expense.

Procedure for Enforcement. Section SECTION 8.01. Upon receipt of a notice and instructions provided for in Section 4.01 hereof, the Trustee shall proceed to exercise such rights and remedies available to it under the Mortgages Mortgages, and the other Credit Documents as the Agent (acting upon the written instructions of the Required Secured Creditors) shall, from time to time, instruct it to exercise. Section SECTION 8.02. If so instructed by the AgentAgent (acting upon the written instructions of the Required Secured Creditors), the Trustee shall, in connection with any Enforcementenforcement, employ attorneys, experts, consultants, managers, security guards, surveyors, insurance brokers, inspectors or any other Persons persons or entities deemed desirable by the Agent. Section SECTION 8.03. If so instructed by the AgentAgent (acting upon the written instructions of the Required Secured Creditors), the Trustee shall file such suits or actions or bring such proceedings before any court or agency in connection with the enforcement of the Mortgages or any of them and the other Credit Documents in its own name in its capacity as Trustee, or shall join in any such suits, actions or proceedings as co-plaintiff with the Agent, the Lenders or the Issuing Banks or any Secured Hedge ProviderLenders, as the case may be, as the Agent deems necessary or desirable. The conduct of such suits, actions or proceedings shall be in accordance with instructions from the Agent. Section SECTION 8.04. If so instructed by the AgentAgent (acting upon the written instructions of the Required Secured Creditors), the Trustee shall, in connection with any Enforcement, provided the same be lawful, do any or all of the following: (a) operate Operate the Vessels under any of the Mortgages; (b) conduct Conduct a private sale of any Vessel or other collateral covered by any of the Mortgages and execute and deliver an appropriate xxxx bill of sale transferring title to such Vessel to a purchaser thereof xxxreof at such a private sale; (c) bid Bid upon or purchase any a Vessel at any judicial sale or other auction, provided that the Agent Secured Creditors shall have made funds available in advance to the Trustee for this purpose; and (d) operate any Operate a Vessel acquired by it as a result of an Enforcementenforcement. Section SECTION 8.05. Upon the acquisition of title to any a Vessel, as contemplated by Section 8.04 above, the Trustee shall have no obligation to protect, conserve or deal with such the Vessel, except as so specifically instructed by the Agent (acting upon the written instructions of the Required Secured Creditors) in writing. Section 8.06. The Agent shall pay all costs and expenses incurred in connection with any Enforcement, and the Trustee may, in its discretion, require that the Agent make funds available to the Trustee to satisfy any such cost or expense prior to the time of incurring such cost or expense.

Procedure for Enforcement. Section SECTION 8.01. Upon receipt of a notice and instructions provided for in Section 4.01 hereof, the Trustee shall proceed to exercise such rights and remedies available to it under the Mortgages Mortgages, and the other Credit Documents as the Agent (acting upon the written instructions of the Required Secured Creditors) shall, from time to time, instruct it to exercise. Section SECTION 8.02. If so instructed by the AgentAgent (acting upon the written instructions of the Required Secured Creditors), the Trustee shall, in connection with any Enforcementenforcement, employ attorneys, experts, consultants, managers, security guards, surveyors, insurance brokers, inspectors or any other Persons persons or entities deemed desirable by the Agent. Section SECTION 8.03. If so instructed by the AgentAgent (acting upon the written instructions of the Required Secured Creditors), the Trustee shall file such suits or actions or bring such proceedings before any court or agency in connection with the enforcement of the Mortgages or any of them and the other Credit Documents in its own name in its capacity as Trustee, or shall join in any such suits, actions or proceedings as co-plaintiff with the Agent, the Lenders or the Issuing Banks or any Secured Hedge ProviderLenders, as the case may be, as the Agent deems necessary or desirable. The conduct of such suits, actions or proceedings shall be in accordance with instructions from the Agent. Section SECTION 8.04. If so instructed by the AgentAgent (acting upon the written instructions of the Required Secured Creditors), the Trustee shall, in connection with any Enforcement, provided the same be lawful, do any or all of the following: (a) operate Operate the Vessels under any of the Mortgages; (b) conduct Conduct a private sale of any Vessel or other collateral covered by any of the Mortgages and execute and deliver an appropriate xxxx of sale transferring title to such Vessel to a purchaser thereof at such a private sale; (c) bid Bid upon or purchase any a Vessel at any judicial sale or other auction, provided that the Agent Secured Creditors shall have made funds available in advance to the Trustee for this purpose; and (d) operate any Operate a Vessel acquired by it as a result of an Enforcementenforcement. Section SECTION 8.05. Upon the acquisition of title to any a Vessel, as contemplated by Section 8.04 above, the Trustee shall have no obligation to protect, conserve or deal with such the Vessel, except as so specifically instructed by the Agent (acting upon the written instructions of the Required Secured Creditors) in writing. Section 8.06. The Agent shall pay all costs and expenses incurred in connection with any Enforcement, and the Trustee may, in its discretion, require that the Agent make funds available to the Trustee to satisfy any such cost or expense prior to the time of incurring such cost or expense.

Procedure for Enforcement. Section 8.01. Upon receipt of a notice and instructions provided for in Section 4.01 hereof, the Trustee shall proceed to exercise such rights and remedies available to it under the Mortgages applicable Ship Security Instruments as the Administrative Agent shall, from time to time, instruct it to exercise. The Administrative Agent acknowledges that it cannot require the Trustee to operate a Ship or to sell any Ship to a person who is not a citizen of the United States within the meaning of Section 2 of the Shipping Act, 1916, as amended, without the prior approval of MARAD in any case where such consent is required by law or to do any other act which is not lawful for mortgagees of United States Ships. Section 8.02. If so instructed by the Administrative Agent, the Trustee shall, in connection with any Enforcement, employ attorneys, experts, consultants, managers, security guards, surveyors, insurance brokers, inspectors or any other Persons persons or entities deemed desirable by the Administrative Agent. Section 8.03. If so instructed by the Administrative Agent, the Trustee shall file such suits or actions or bring such proceedings before any court or agency in connection with the enforcement of the Mortgages or any of them Ship Security Instruments in its own name in its capacity as Trustee, or shall join in any such suits, actions or proceedings as co-plaintiff with the Agent, the Lenders or the Issuing Banks or any Secured Hedge Provider, Administrative Agent as the case may be, as the Administrative Agent deems necessary or desirable. The conduct of such suits, actions or proceedings shall be in accordance with instructions from the Administrative Agent. Section 8.04. If so instructed by the Administrative Agent, the Trustee shall, in connection with any Enforcement, provided the same be lawful, do any or all of the following: (a) operate the Vessels under Operate any or all of the MortgagesShips under the applicable Ship Security Instrument; (b) conduct Conduct a private sale of any Vessel Ship or other collateral covered by any of the Mortgages a Ship Security Instrument and execute and deliver an appropriate xxxx of sale transferring title to such Vessel any Ship or Ships to a purchaser thereof at such a private sale; (c) bid Bid upon or purchase any Vessel Ship or Ships at any judicial sale or other auction, provided that the Administrative Agent shall have made funds available in advance to the Trustee for this purpose; and (d) operate Operate any Vessel or all of the Ships acquired by it as a result of an Enforcement. Section 8.05. Upon the acquisition of title to any Vesselthe Ship or Ships, as contemplated by Section 8.04 above, the Trustee shall have no obligation to protect, conserve or deal with such Vesselany Ship, except as so specifically instructed by the Administrative Agent in writing. Section 8.06. The Borrower on behalf of the Administrative Agent shall pay all costs and expenses incurred in connection with any Enforcement, and the Trustee may, in its discretion, require that the Agent Borrower make funds available to the Trustee to satisfy any such cost or expense prior to the time of incurring such cost or expense.