Common use of Protection and Maintenance of Security Clause in Contracts

Protection and Maintenance of Security. Section 8.1 The Mortgagee shall without prejudice to its other rights and powers hereunder be entitled (but not bound) at any time and as often as may be necessary to take any such action as it may in its absolute discretion think fit for the purpose of protecting the security created by this Deed and the other Secured Debt Documents and each and every reasonable and documented expense or liability so incurred by the Mortgagee in or about the protection of the security shall be repayable to it by the Owner on demand together with interest thereon at the Default Rate from the date of demand until the date of actual receipt whether before or after any relevant judgment. Section 8.2 Without prejudice to the generality of the foregoing: 8.2.1 if the provisions of Section 5.1 or any of them are not complied with the Mortgagee shall be at liberty to effect and thereafter to maintain all such insurances upon the Vessel as it in its discretion may think fit; 8.2.2 if the provisions of Sections 6.1.1 and 6.1.3 or any of them are not complied with the Mortgagee shall be at liberty to arrange for the carrying out of such repairs and/or surveys as it deems expedient or necessary; 8.2.3 if the provisions of Section 6.1.8 or any of them are not complied with the Mortgagee shall be at liberty to pay and discharge all such debts, damages and liabilities, taxes, assessments, charges, fines, penalties, tolls, dues and other outgoings as are therein mentioned and/or take any such measures as it deems expedient or necessary for the purpose of securing the release of the Vessel; and 8.2.4 if the Mortgagee receives notice of any security created or arising after the date of this Deed in respect of the Vessel (other than a Permitted Lien) or makes demand of the Owner for payment of any or all of the Secured Obligations in accordance with the Secured Debt Documents: (a) the Mortgagee may open a new account or accounts in respect of any or all of the Secured Obligations (and if it does not do so it shall be treated as if it had done so at the time it received such notice or made such demand); and (b) thereafter any amounts paid by the Owner to the Mortgagee in respect of the Secured Obligations, or realised or recovered by the Mortgagee under this Deed, shall be credited (or be treated as having been credited) to a new account and not as having been applied in or towards payment of all or any of the Secured Obligations and each and every expense or liability so incurred by the Mortgagee shall be recoverable from the Owner as provided in Section 7.1 together with interest thereon at the Default Rate.

Protection and Maintenance of Security. Section 8.1 The Mortgagee shall without prejudice to its other rights and powers hereunder be entitled (but not bound) at any time and as often as may be necessary to take any such action as it may in its absolute discretion think fit for the purpose of protecting the security created by this Deed and the other Secured Debt Documents and each and every reasonable and documented expense or liability so incurred by the Mortgagee in or about the protection of the security shall be repayable to it by the Owner on demand together with interest thereon at the Default Rate from the date of demand until the date of actual receipt whether before or after any relevant judgment. Section 8.2 Without prejudice to the generality of the foregoing: 8.2.1 if the provisions of Section 5.1 or any of them are not complied with the Mortgagee shall be at liberty to effect and thereafter to maintain all such insurances upon the Vessel as it in its discretion may think fit; 8.2.2 if the provisions of Sections 6.1.1 and 6.1.3 or any of them are not complied with the Mortgagee shall be at liberty to arrange for the carrying out of such repairs and/or surveys as it deems expedient or necessary; 8.2.3 if the provisions of Section 6.1.8 or any of them are not complied with the Mortgagee shall be at liberty to pay and discharge all such debts, damages and liabilities, taxes, assessments, charges, fines, penalties, tolls, dues and other outgoings as are therein mentioned and/or take any such measures as it deems expedient or necessary for the purpose of securing the release of the Vessel; and 8.2.4 if the Mortgagee receives notice of any security created or arising after the date of this Deed in respect of the Vessel (other than a Permitted Lien) or makes demand of the Owner for payment of any or all of the Secured Obligations in accordance with the Secured Debt Documents: (a) the Mortgagee may open a new account or accounts in respect of any or all of the Secured Obligations (and if it does not do so it shall be treated as if it had done so at the time it received such notice or made such demand); and (b) thereafter any amounts paid by the Owner to the Mortgagee in respect of the Secured Obligations, or realised or recovered by the Mortgagee under this Deed, shall be credited (or be treated as having been credited) to a new account and not as having been applied in or towards payment of all or any of the Secured Obligations and each and every expense or liability so incurred by the Mortgagee shall be recoverable from the Owner as provided in Section 7.1 together with interest thereon at the Default Rate.

Protection and Maintenance of Security. Section 8.1 7.1 The Mortgagee Trustee shall without prejudice to its other rights and powers hereunder be entitled (but not bound) at any time and as often as may be necessary to take any such action as it may in its absolute discretion think fit for the purpose of protecting the security created by this Deed and the other Secured Debt Security Documents and each and every reasonable and documented expense or liability so incurred by the Mortgagee Trustee and/or the Beneficiaries in or about the protection of the security shall be repayable to it the Trustee by the Owner on demand together with interest thereon at the Default Rate from the date of demand until the date of actual receipt whether before or after any relevant judgment. Section 8.2 7.2 Without prejudice to the generality of the foregoing:foregoing:- 8.2.1 (A) if the provisions of Section 5.1 clause 4.1 hereof or any of them are not complied with the Mortgagee Trustee shall be at liberty to effect and thereafter to maintain all such insurances upon the Vessel as it in its discretion it may think fit; 8.2.2 (B) if the provisions of Sections 6.1.1 clause 5.1(C) and 6.1.3 5.1(D) hereof or any of them are not complied with the Mortgagee Trustee shall be at liberty to arrange for the carrying out of such repairs and/or surveys as it deems expedient or necessary;; and 8.2.3 (C) if the provisions of Section 6.1.8 clause 5.1(E) hereof or any of them are not complied with the Mortgagee Trustee shall be at liberty to pay and discharge all such debts, damages and liabilities, taxes, assessments, charges, fines, penalties, tolls, dues and other outgoings liabilities as are therein mentioned and/or to take any such measures as it deems expedient or necessary for the purpose of securing the release of the Vessel; and 8.2.4 if the Mortgagee receives notice of any security created or arising after the date of this Deed in respect of the Vessel (other than a Permitted Lien) or makes demand of the Owner for payment of any or all of the Secured Obligations in accordance with the Secured Debt Documents: (a) the Mortgagee may open a new account or accounts in respect of any or all of the Secured Obligations (and if it does not do so it shall be treated as if it had done so at the time it received such notice or made such demand); and (b) thereafter any amounts paid by the Owner to the Mortgagee in respect of the Secured Obligations, or realised or recovered by the Mortgagee under this Deed, shall be credited (or be treated as having been credited) to a new account and not as having been applied in or towards payment of all or any of the Secured Obligations and each and every expense or liability so incurred by the Mortgagee Trustee and/or the Beneficiaries shall be recoverable from the Owner as provided in Section clause 7.1 hereof together with interest thereon at the Default Rate.

Protection and Maintenance of Security. Section 8.1 (1) The Mortgagee shall without prejudice to its other rights and powers hereunder be entitled (but not bound) at any time and as often as may be necessary to take any such action as it may in its absolute discretion think fit for the purpose of protecting the security created by this Deed and the other Secured Debt Security Documents and each and every reasonable and documented expense or liability so incurred by the Mortgagee in or about the protection of the security shall be repayable to it by the Owner on demand together with interest thereon at the Default Rate from the date of demand until the date of actual receipt whether before or after any relevant judgment. Section 8.2 (2) Without prejudice to the generality of the foregoing:foregoing:- 8.2.1 (1) if the provisions of Section 5.1 clause 4.1 hereof or any of them are not complied with the Mortgagee shall be at liberty to effect and thereafter to maintain all such insurances upon the Vessel as it in its discretion it may think fit; 8.2.2 (2) if the provisions of Sections 6.1.1 clause 5.1(C) and 6.1.3 5.1(D) hereof or any of them are not complied with the Mortgagee shall be at liberty to arrange for the carrying out of such repairs and/or surveys as it deems expedient or necessary;; and 8.2.3 (3) if the provisions of Section 6.1.8 clause 5.1(E) hereof or any of them are not complied with the Mortgagee shall be at liberty to pay and discharge all such debts, damages and liabilities, taxes, assessments, charges, fines, penalties, tolls, dues and other outgoings liabilities as are therein mentioned and/or to take any such measures as it deems expedient or necessary for the purpose of securing the release of the Vessel; and 8.2.4 if the Mortgagee receives notice of any security created or arising after the date of this Deed in respect of the Vessel (other than a Permitted Lien) or makes demand of the Owner for payment of any or all of the Secured Obligations in accordance with the Secured Debt Documents: (a) the Mortgagee may open a new account or accounts in respect of any or all of the Secured Obligations (and if it does not do so it shall be treated as if it had done so at the time it received such notice or made such demand); and (b) thereafter any amounts paid by the Owner to the Mortgagee in respect of the Secured Obligations, or realised or recovered by the Mortgagee under this Deed, shall be credited (or be treated as having been credited) to a new account and not as having been applied in or towards payment of all or any of the Secured Obligations and each and every expense or liability so incurred by the Mortgagee shall be recoverable from the Owner as provided in Section clause 7.1 hereof together with interest thereon at the Default Rate.

Protection and Maintenance of Security. Section 8.1 7.1 The Mortgagee shall without prejudice to its other rights and powers hereunder be entitled (but not bound) at any time and as often as may be necessary to take any such action as it may in its absolute discretion think fit for the purpose of protecting the security created by this Deed and the other Secured Debt Security Documents and each and every reasonable and documented expense or liability so incurred by the Mortgagee in or about the protection of the security shall be repayable to it by the Owner on demand together with interest thereon at the Default Rate from the date of demand until the date of actual receipt whether before or after any relevant judgment. Section 8.2 7.2 Without prejudice to the generality of the foregoing:foregoing:- 8.2.1 (A) if the provisions of Section 5.1 clause 4.1 hereof or any of them are not complied with the Mortgagee shall be at liberty to effect and thereafter to maintain all such insurances upon the Vessel as it in its discretion it may think fit; 8.2.2 (B) if the provisions of Sections 6.1.1 clause 5.1(C) and 6.1.3 5.1(D) hereof or any of them are not complied with the Mortgagee shall be at liberty to arrange for the carrying out of such repairs and/or surveys as it deems expedient or necessary;; and 8.2.3 (C) if the provisions of Section 6.1.8 clause 5.1(E) hereof or any of them are not complied with the Mortgagee shall be at liberty to pay and discharge all such debts, damages and liabilities, taxes, assessments, charges, fines, penalties, tolls, dues and other outgoings liabilities as are therein mentioned and/or to take any such measures as it deems expedient or necessary for the purpose of securing the release of the Vessel; and 8.2.4 if the Mortgagee receives notice of any security created or arising after the date of this Deed in respect of the Vessel (other than a Permitted Lien) or makes demand of the Owner for payment of any or all of the Secured Obligations in accordance with the Secured Debt Documents: (a) the Mortgagee may open a new account or accounts in respect of any or all of the Secured Obligations (and if it does not do so it shall be treated as if it had done so at the time it received such notice or made such demand); and (b) thereafter any amounts paid by the Owner to the Mortgagee in respect of the Secured Obligations, or realised or recovered by the Mortgagee under this Deed, shall be credited (or be treated as having been credited) to a new account and not as having been applied in or towards payment of all or any of the Secured Obligations and each and every expense or liability so incurred by the Mortgagee shall be recoverable from the Owner as provided in Section clause 7.1 hereof together with interest thereon at the Default Rate.