Common use of REMEDIES AFTER DEFAULT Clause in Contracts

REMEDIES AFTER DEFAULT. (a) In the event of a Default, and before and after the payment of the Guarantees or the assumption by the Secretary of the Shipowner's rights and duties under the Indenture and the Obligations, and the making of any payments in default under the terms of Section 6.09 of the Indenture, the Secretary shall have the right to take the Vessel without legal process wherever the same may be (and the Shipowner or other Person in possession shall forthwith surrender possession of the Vessel to the Secretary upon demand) and hold, lay up, lease, charter, operate, or otherwise use the Vessel for such time and upon such terms as the Secretary may reasonably deem to be in the Secretary's best interest, accounting only for the net profits, if any, arising from the use of the Vessel, and charging against all receipts from the use of the Vessel, all reasonable charges and expenses relating to the Vessel's use. (b) Upon either (i) payment of the Guarantees or (ii) the Secretary's assumption of the Shipowner's rights and duties under the Indenture and the Obligations, and the making of any payments in default under Section 6.09 of the Indenture, the Secretary shall have the right to: (1) Exercise all the rights and remedies in foreclosure and otherwise given to mortgagees the laws of the United States, the country of documentation of the Vessel, or such other country in which the Vessel may be located at the time of the foreclosure; (2) Bring suit at law, in equity or in admiralty to recover judgment for any and all amounts due under the Secretary's Note, this Security Agreement and the Mortgage, collect the same out of any and all of Shipowner's property, whether or not the same is subject to the lien of the Mortgage, and in connection therewith, obtain a decree ordering the sale of the Vessel in accordance with paragraph (b)(4) of this Section; (3) Have a receiver of the Vessel appointed as a matter of right in any suit under this Section (and any such receiver may have the rights of the Secretary under paragraph (b)(4) of this Section; (4) Sell the Vessel, free from any claim of the Shipowner, by a public extrajudicial sale, held at such time and place and in such manner as the Secretary may reasonably deem advisable, after twice publishing notice of the time and place of such sale prior to the proposed sale in the Authorized Newspapers to the Shipowner. Such publication and mailing is to be made at least 10 Business Days prior to the date fixed for such sale; PROVIDED THAT, such sale may be adjourned from time to time without further publication or notice (other than announcement at the time and place appointed for such sale or adjourned sale). It shall not be necessary to bring the Vessel to the place appointed for such sale or adjourned sale; (5) Accept a conveyance of title to, and to take without legal process (and the Shipowner or other Person in possession shall forthwith surrender possession to the Secretary), the whole or any part of the Vessel and the Security wherever the same may be, and to take possession of and to hold the same; (6) In the Secretary's discretion, take any and all action authorized by Sections 1105(c), 1105(e) and 1108(b) of the Act and any and all action provided for, or authorized, or permitted by, or with respect to the Increased Security; (7) Receive, in the event of an actual or constructive total loss, or an agreed or compromised total loss, or a requisition of title to or use of the Vessel, all insurance or other payments therefor to which the Shipowner would otherwise be entitled, such insurance moneys to be applied by the Secretary in accordance with Section 6.05; and (8) Pursue to final collection of all the claims arising under this Security Agreement, and to collect such claims from, the Increased Security. (c) The Shipowner hereby irrevocably appoints the Secretary the true and lawful attorney of the Shipowner, in its name and stead, to make all necessary transfers of the whole or any part of the Increased Security in connection with a sale, use or other disposition pursuant to Section 6.04(a) or 6.04(b), and for that purpose to execute all necessary instruments of assignment and transfer. Nevertheless, the Shipowner shall, if so requested by the Secretary in writing, ratify and confirm such sale by executing and delivering to any purchaser of the whole or any part of the Increased Security, such proper bill of sale, conveyance, instrument of transfer, or release as may bx xxsignated in such request. (d) No remedy shall be exclusive of any other remedy, and each and every remedy shall be cumulative and in addition to any other remedy. (e) No delay or omission to exercise any right or remedy shall impair any such right or remedy or shall be deemed to be a waiver of any Default. (f) The exercise of any right or remedy shall not constitute an election of remedies by the Secretary. (g) If the Secretary discontinues any proceeding, the rights and remedies of the Secretary and of the Shipowner shall be as though no such proceeding had been taken.

REMEDIES AFTER DEFAULT. (a) In the event of a Default, and before and after the payment of the Guarantees or the assumption by the Secretary of the Shipowner's rights and duties under the Indenture and the Obligations, and the making of any payments in default under the terms of Section 6.09 of the Indenture, the Secretary shall have the right to take the Vessel Vessels without legal process wherever the same may be (and the Shipowner or other Person in possession shall forthwith surrender possession of the Vessel Vessels to the Secretary upon demand) and hold, lay up, lease, charter, operate, or otherwise use the Vessel Vessels for such time and upon such terms as the Secretary may reasonably deem to be in the Secretary's best interest, accounting only for the net profits, if any, arising from the use of the VesselVessels, and charging against all receipts from the use of the VesselVessels, all reasonable charges and expenses relating to the such Vessel's use. (b) Upon either (i) payment of the Guarantees or (ii) the Secretary's assumption of the Shipowner's rights and duties under the Indenture and the Obligations, and the making of any payments in default under Section 6.09 of the Indenture, the Secretary shall have the right to: (1) Exercise all the rights and remedies in foreclosure and otherwise given to mortgagees the laws of the United States, the country of documentation of the Vessel, or such other country in which the Vessel may be located at the time of the foreclosureby Chapter 313; (2) Bring suit at law, in equity or in admiralty to recover judgment for any and all amounts due under the Secretary's Note, this Security Agreement and the Mortgage, collect the same out of any and all of Shipowner's property, whether or not the same is subject to the lien of the Mortgage, and in connection therewith, obtain a decree ordering the sale of the any Vessel in accordance with paragraph (b)(4) of this Section; (3) Have a receiver of the Vessel Vessels appointed as a matter of right in any suit under this Section (and any such receiver may have the rights of the Secretary under paragraph (b)(4) of this Section); (4) Sell the any Vessel, free from any claim of the Shipowner, by a public extrajudicial sale, held at such time and place and in such manner as the Secretary may reasonably deem advisable, after twice publishing notice of the time and place of such sale prior to the proposed sale in the Authorized Newspapers to the Shipowner. Such publication and mailing is to be made at least 10 Business Days prior to the date fixed for such sale; PROVIDED THATprovided that, such sale may be adjourned from time to time without further publication or notice (other than announcement at the time and place appointed for to such sale or adjourned sale). It shall not be necessary to bring the any such Vessel to the place appointed for such sale or adjourned sale; (5) Accept a conveyance of title to, and to take without legal process (and the Shipowner or other Person in possession shall forthwith surrender possession to the Secretary), the whole or any part of the any Vessel and the Security wherever the same may be, and to take possession of and to hold the same; (6) In the Secretary's discretion, take any and all action authorized by Sections 1105(c), 1105(e) and 1108(b) of the Act and any and all action provided for, or authorized, or permitted by, or with respect to the Increased Security; (7) Receive, in the event of an actual or constructive total loss, or an agreed or compromised total loss, or a requisition of title to or use of the any Vessel, all insurance or other payments therefor to which the Shipowner would otherwise be entitled, such insurance moneys to be applied by the Secretary in accordance with Section 6.05; and (8) Pursue to final collection of all the claims arising under this Security Agreement, Agreement and to collect such claims from, the Increased Security. (c) The Shipowner hereby irrevocably appoints the Secretary the true and lawful attorney of the Shipowner, in its name and stead, to make all necessary transfers of the whole or any part of the Increased Security in connection with a sale, use or other disposition pursuant to Section 6.04(a) or 6.04(b), and for that purpose to execute all necessary instruments of assignment and transfer. Nevertheless, the Shipowner shall, if so requested by the Secretary in writing, ratify and confirm such sale by executing and delivering to any purchaser of the whole or any part of the Increased Security, such proper bill of xx sale, conveyance, instrument of transfer, or release as may bx xxsignated be designated in such request. (d) No remedy shall be exclusive of any other remedy, and each and every remedy shall be cumulative and in addition to any other remedy. (e) No delay or omission to exercise any right or remedy shall impair any such right or remedy or shall be deemed to be a waiver of any Default. (f) The exercise of any right or remedy shall not constitute an election of remedies by the Secretary. (g) If the Secretary discontinues any proceeding, the rights and remedies of the Secretary and of the Shipowner shall be as though no such proceeding had been taken.

REMEDIES AFTER DEFAULT. (a) In the event of a Default, and before and after the payment of the Guarantees or the assumption by the Secretary of the Shipowner's Shipowners rights and duties under the Indenture and the Obligations, and the making of any payments in default under the terms of Section 6.09 of the Indenture, the Secretary shall have the right to take the Vessel Vessels without legal process wherever the same may be (and the Shipowner or other Person in possession shall forthwith surrender possession of the Vessel Vessels to the Secretary upon demand) and hold, lay up, lease, charter, operate, or otherwise use the Vessel Vessels for such time and upon such terms as the Secretary may reasonably deem to be in the Secretary's ’s best interest, accounting only for the net profits, if any, arising from the use of the VesselVessels, and charging against all receipts from the use of the VesselVessels, all reasonable charges and expenses relating to the such Vessel's ’s use. (b) Upon either (i) payment of the Guarantees or (ii) the Secretary's ’s assumption of the Shipowner's ’s rights and duties under the Indenture and the Obligations, and the making of any payments in default under Section 6.09 of the Indenture, the Secretary shall have the right to: (1) Exercise all the rights and remedies in foreclosure and otherwise given to mortgagees the laws of the United States, the country of documentation of the Vessel, or such other country in which the Vessel may be located at the time of the foreclosureby Chapter 313; (2) Bring suit at law, in equity or in admiralty to recover judgment for any and all amounts due under the Secretary's ’s Note, this Security Agreement and the Mortgage, collect the same out of any and all of Shipowner's ’s property, whether or not the same is subject to the lien of the Mortgage, and in connection therewith, obtain a decree ordering the sale of the any Vessel in accordance with paragraph (b)(4) of this Section; (3) Have a receiver of the Vessel Vessels appointed as a matter of right in any suit under this Section (and any such receiver may have the rights of the Secretary under paragraph (b)(4) of this Section); (4) Sell the any Vessel, free from any claim of the Shipowner, by a public extrajudicial sale, held at such time and place and in such manner as the Secretary may reasonably deem advisable, after twice publishing notice of the time and place of such sale prior to the proposed sale in the Authorized Newspapers Newspaper to the Shipowner. Such publication and mailing is to be made at least 10 Business Days prior to the date fixed for such sale; PROVIDED THATprovided that, such sale may be adjourned from time to time without further publication or notice (other than announcement at the time and place appointed for to such sale or adjourned sale). It shall not be necessary to bring the any such Vessel to the place appointed for such sale or adjourned sale; (5) Accept a conveyance of title to, and to take without legal process (and the Shipowner or other Person in possession shall forthwith surrender possession to the Secretary), the whole or any part of the any Vessel and the Security wherever the same may be, and to take possession of and to hold the same; (6) In the Secretary's ’s discretion, take any and all action authorized by Sections 1105(c), 1105(e) and 1108(b) of the Act and any and all action provided for, or authorized, or permitted by, or with respect to the Increased Security; (7) Receive, in the event of an actual or constructive total loss, or an agreed or compromised total loss, or a requisition of title to or use of the any Vessel, all insurance or other payments therefor to which the Shipowner would otherwise be entitled, such insurance moneys to be applied by the Secretary in accordance with Section 6.05; and (8) Pursue to final collection of all the claims arising under this Security Agreement, Agreement and to collect such claims from, the Increased Security. (c) The Shipowner hereby irrevocably appoints the Secretary the true and lawful attorney of the Shipowner, in its name and stead, to make all necessary transfers of the whole or any part of the Increased Security in connection with a sale, use or other disposition pursuant to Section 6.04(a) or 6.04(b), and for that purpose to execute all necessary instruments of assignment and transfer. Nevertheless, the Shipowner shall, if so requested by the Secretary in writing, ratify and confirm such sale by executing and delivering to any purchaser of the whole or any part of the Increased Security, such proper bill xxxx of sale, conveyance, instrument of transfer, or release as may bx xxsignated be designated in such request. (d) No remedy shall be exclusive of any other remedy, and each and every remedy shall be cumulative and in addition to any other remedy. (e) No delay or omission to exercise any right or remedy shall impair any such right or remedy or shall be deemed to be a waiver of any Default. (f) The exercise of any right or remedy shall not constitute an election of remedies by the Secretary. (g) If the Secretary discontinues any proceeding, the rights and remedies of the Secretary and of the Shipowner shall be as though no such proceeding had been taken.

REMEDIES AFTER DEFAULT. (a) In the event of a Default, and before and after the payment of the Guarantees or the assumption by the Secretary of the Shipowner's rights and duties under the Indenture and the Obligations, and the making of any payments in default under the terms of Section 6.09 of the Indenture, the Secretary shall have the right to take the Vessel Vessels without legal process wherever the same may be (and the Shipowner or other Person in possession shall forthwith surrender possession of the Vessel Vessels to the Secretary upon demand) and hold, lay up, lease, charter, operate, or otherwise use the Vessel Vessels for such time and upon such terms as the Secretary may reasonably deem to be in the Secretary's best interest, accounting only for the net profits, if any, arising from the use of the VesselVessels, and charging against all receipts from the use of the VesselVessels, all reasonable charges and expenses relating to the such Vessel's use. (b) Upon either (i) payment of the Guarantees or (ii) the Secretary's assumption of the Shipowner's rights and duties under the Indenture and the Obligations, and the making of any payments in default under Section 6.09 of the Indenture, the Secretary shall have the right to: (1) Exercise all the rights and remedies in foreclosure and otherwise given to mortgagees the laws of the United States, the country of documentation of the Vessel, or such other country in which the Vessel may be located at the time of the foreclosure; (2) Bring suit at law, in equity or in admiralty to recover judgment for any and all amounts due under the Secretary's Note, this Security Agreement and the Mortgage, collect the same out of any and all of Shipowner's property, whether or not the same is subject to the lien of the Mortgage, and in connection therewith, obtain a decree ordering the sale of the any Vessel in accordance with paragraph (b)(4) of this Sectionsection; (3) Have a receiver of the Vessel Vessels appointed as a matter of right in any suit under this Section (and any such receiver may have the rights of the Secretary under paragraph (b)(4) of this Sectionsection; (4) Sell the any Vessel, free from any claim of the Shipowner, by a public extrajudicial sale, held at such time and place and in such manner as the Secretary may reasonably deem advisable, after twice publishing notice of the time and place of such sale prior to the proposed sale in the Authorized Newspapers to the Shipowner. Such publication and mailing is to be made at least 10 Business Days prior to the date fixed for such sale; PROVIDED THATprovided that, such sale may be adjourned from time to time without further publication or notice (other than announcement at the time and place appointed for such sale or adjourned sale). It shall not be necessary to bring the any such Vessel to the place appointed for such sale or adjourned sale; (5) Accept a conveyance of title to, and to take without legal process (and the Shipowner or other Person in possession shall forthwith surrender possession to the Secretary), the whole or any part of the any Vessel and the Security wherever the same may be, and to take possession of and to hold the same; (6) In the Secretary's discretion, take any and all action authorized by Sections 1105(c), 1105(e) and 1108(b) of the Act and any and all action provided for, or authorized, or permitted by, or with respect to the Increased Security; (7) Receive, in the event of an actual or constructive total loss, or an agreed or compromised total loss, or a requisition of title to or use of the any Vessel, all insurance or other payments therefor to which the Shipowner would otherwise be entitled, such insurance moneys to be applied by the Secretary in accordance with Section 6.05; and (8) Pursue to final collection of all the claims arising under this Security Agreement, and to collect such claims from, the Increased Security. (c) The Shipowner hereby irrevocably appoints the Secretary the true and lawful attorney of the Shipowner, in its name and stead, to make all necessary transfers of the whole or any part of the Increased Security in connection with a sale, use or other disposition pursuant to Section 6.04(a) or 6.04(b), and for that purpose to execute all necessary instruments of assignment and transfer. Nevertheless, the Shipowner shall, if so requested by the Secretary in writing, ratify and confirm such sale by executing and delivering to any purchaser of the whole or any part of the Increased Security, such proper bill of sale, conveyance, instrument of transfer, or release as may bx xxsignated mxx xe designated in such request. (d) No remedy shall be exclusive of any other remedy, and each and every remedy shall be cumulative and in addition to any other remedy. (e) No delay or omission to exercise any right or remedy shall impair any such right or remedy or shall be deemed to be a waiver of any Default. (f) The exercise of any right or remedy shall not constitute an election of remedies by the Secretary. (g) If the Secretary discontinues any proceeding, the rights and remedies of the Secretary and of the Shipowner shall be as though no such proceeding had been taken.

REMEDIES AFTER DEFAULT. (a) In the event of a Default, and before and after the payment of the Guarantees or the assumption by the Secretary of the Shipowner's rights and duties under the Indenture and the Obligations, and the making of any payments in default under the terms of Section 6.09 of the Indenture, the Secretary Administrator shall have the right to take the Vessel Vessels without legal process wherever the same may be (and the Shipowner or other Person in possession shall forthwith surrender possession of the Vessel Vessels to the Secretary Administrator upon demand) and hold, lay up, lease, charter, operate, or otherwise use the Vessel Vessels for such time and upon such terms as the Secretary Administrator may reasonably deem to be in the Secretary's Administrator’s best interest, accounting only for the net profits, if any, arising from the use of the VesselVessels, and charging against all receipts from the use of the VesselVessels, all reasonable charges and expenses relating to the such Vessel's ’s use. (b) Upon either (i) payment In the event of the Guarantees or (ii) the Secretary's assumption of the Shipowner's rights and duties under the Indenture and the Obligations, and the making of any payments in default under Section 6.09 of the Indenturea Default, the Secretary Administrator shall have the right to: (1) Exercise all the rights and remedies in foreclosure and otherwise given to mortgagees the laws of the United States, the country of documentation of the Vessel, or such other country in which the Vessel may be located at the time of the foreclosureby Chapter 313; (2) Bring suit at law, in equity or in admiralty to recover judgment for any and all amounts due or to enforce any right under the SecretaryAdministrator's Note, this Security Agreement and Agreement, the Mortgage, the Depository Agreement, and the Financial Agreement to collect the same out of any and all of Shipowner's ’s property, whether or not the same is subject to the lien of the Mortgage, and in connection therewith, obtain a decree ordering the sale of the any Vessel in accordance with paragraph (b)(4) of this Section; (3) Have a receiver of the Vessel Vessels appointed as a matter of right in any suit under this Section (and any such receiver may have the rights of the Secretary Administrator under paragraph (b)(4) of this Section); (4) Sell the any Vessel, free from any claim of the Shipowner, by a public extrajudicial sale, held at such time and place and in such manner as the Secretary Administrator may reasonably deem advisable, after twice publishing notice of the time and place of such sale prior to the proposed sale in the Authorized Newspapers Newspaper and mailing of said notice to the Shipowner. Such publication and mailing is to be made at least 10 Business Days prior to the date fixed for such sale; PROVIDED THATprovided that, such sale may be adjourned from time to time without further publication or notice (other than announcement at the time and place appointed for to such sale or adjourned sale). It shall not be necessary to bring the any such Vessel to the place appointed for such sale or adjourned sale; (5) Accept a conveyance of title to, and to take without legal process (and the Shipowner or other Person in possession shall forthwith surrender possession to the SecretaryAdministrator), the whole or any part of the any Vessel and the Security wherever the same may be, and to take possession of and to hold the same; (6) In the Secretary's Administrator’s discretion, take any and all action authorized by Sections 1105(c)53724, 1105(e) 53725 and 1108(b53715(c) of the Act Chapter 537 and any and all action provided for, or authorized, or permitted by, or with respect to the Increased Security; (7) Receive, in the event of an actual or constructive total loss, or an agreed or compromised total loss, or a requisition of title to or use of the any Vessel, all insurance or other payments therefor to which the Shipowner would otherwise be entitled, such insurance moneys to be applied by the Secretary Administrator in accordance with Section 6.05; and (8) Pursue to final collection of all the claims arising under this Security Agreement, Agreement and to collect such claims from, the Increased Security. (c) The Shipowner hereby irrevocably appoints the Secretary Administrator the true and lawful attorney of the Shipowner, in its name and stead, to make all necessary transfers of the whole or any part of the Increased Security in connection with a sale, use or other disposition pursuant to Section 6.04(a) or 6.04(b), and for that purpose to execute all necessary instruments of assignment and transfer. Nevertheless, the Shipowner shall, if so requested by the Secretary Administrator in writing, ratify and confirm such sale by executing and delivering to any purchaser of the whole or any part of the Increased Security, such proper bill xxxx of sale, conveyance, instrument of transfer, or release as may bx xxsignated be designated in such request. (d) No remedy shall be exclusive of any other remedy, and each and every remedy shall be cumulative and in addition to any other remedy. (e) No delay or omission to exercise any right or remedy shall impair any such right or remedy or shall be deemed to be a waiver of any Default. (f) The exercise of any right or remedy shall not constitute an election of remedies by the SecretaryAdministrator. (g) If the Secretary Administrator discontinues any proceeding, the rights and remedies of the Secretary Administrator and of the Shipowner shall be as though no such proceeding had been taken.

REMEDIES AFTER DEFAULT. (a) In the event of a Default, and before and after the payment of the Guarantees or the assumption by the Secretary of the Shipowner's rights and duties under the Indenture and the Obligations, and the making of any payments in default under the terms of Section 6.09 of the Indenture, the Secretary shall have the right to take the Vessel Vessels without legal process wherever the same may be (and the Shipowner or other Person in possession shall forthwith surrender possession of the Vessel Vessels to the Secretary upon demand) and hold, lay up, lease, charter, operate, or otherwise use the Vessel Vessels for such time and upon such terms as the Secretary may reasonably deem to be in the Secretary's best interest, accounting only for the net profits, if any, arising from the use of the VesselVessels, and charging against all receipts from the use of the VesselVessels, all reasonable charges and expenses relating to the such Vessel's use. (b) Upon either (i) payment of the Guarantees or (ii) the Secretary's assumption of the Shipowner's rights and duties under the Indenture and the Obligations, and the making of any payments in default under Section 6.09 of the Indenture, the Secretary shall have the right to: (1) Exercise all the rights and remedies in foreclosure and otherwise given to mortgagees the laws of the United States, the country of documentation of the Vessel, or such other country in which the Vessel may be located at the time of the foreclosureby Chapter 313; (2) Bring suit at law, in equity or in admiralty to recover judgment for any and all amounts due under the Secretary's Note, this Security Agreement and the Mortgage, collect the same out of any and all of Shipowner's property, whether or not the same is subject to the lien of the Mortgage, and in connection therewith, obtain a decree ordering the sale of the any Vessel in accordance with paragraph (b)(4) of this Section; (3) Have a receiver of the Vessel Vessels appointed as a matter of right in any suit under this Section (and any such receiver may have the rights of the Secretary under paragraph (b)(4) of this Section); (4) Sell the any Vessel, free from any claim of the Shipowner, by a public extrajudicial sale, held at such time and place and in such manner as the Secretary may reasonably deem advisable, after twice publishing notice of the time and place of such sale prior to the proposed sale in the Authorized Newspapers Newspaper to the Shipowner. Such publication and mailing is to be made at least 10 Business Days prior to the date fixed for such sale; PROVIDED THAT, such sale may be adjourned from time to time without further publication or notice (other than announcement at the time and place appointed for to such sale or adjourned sale). It shall not be necessary to bring the any such Vessel to the place appointed for such sale or adjourned sale; (5) Accept a conveyance of title to, and to take without legal process (and the Shipowner or other Person in possession shall forthwith surrender possession to the Secretary), the whole or any part of the any Vessel and the Security wherever the same may be, and to take possession of and to hold the same; (6) In the Secretary's discretion, take any and all action authorized by Sections 1105(c), 1105(e) and 1108(b) of the Act and any and all action provided for, or authorized, or permitted by, or with respect to the Increased Security; (7) Receive, in the event of an actual or constructive total loss, or an agreed or compromised total loss, or a requisition of title to or use of the any Vessel, all insurance or other payments therefor to which the Shipowner would otherwise be entitled, such insurance moneys to be applied by the Secretary in accordance with Section 6.05; and (8) Pursue to final collection of all the claims arising under this Security Agreement, Agreement and to collect such claims from, the Increased Security. (c) The Shipowner hereby irrevocably appoints the Secretary the true and lawful attorney of the Shipowner, in its name and stead, to make all necessary transfers of the whole or any part of the Increased Security in connection with a sale, use or other disposition pursuant to Section 6.04(a) or 6.04(b), and for that purpose to execute all necessary instruments of assignment and transfer. Nevertheless, the Shipowner shall, if so requested by the Secretary in writing, ratify and confirm such sale by executing and delivering to any purchaser of the whole or any part of the Increased Security, such proper bill xxxx of sale, conveyance, instrument of transfer, or release as may bx xxsignated be designated in such request. (d) No remedy shall be exclusive of any other remedy, and each and every remedy shall be cumulative and in addition to any other remedy. (e) No delay or omission to exercise any right or remedy shall impair any such right or remedy or shall be deemed to be a waiver of any Default. (f) The exercise of any right or remedy shall not constitute an election of remedies by the Secretary. (g) If the Secretary discontinues any proceeding, the rights and remedies of the Secretary and of the Shipowner shall be as though no such proceeding had been taken.

REMEDIES AFTER DEFAULT. (a) In the event of a Default, and before and after the payment of the Guarantees or the assumption by the Secretary of the Shipowner's ’s rights and duties under the Indenture and the Obligations, and the making of any payments in default under the terms of Section 6.09 of the Indenture, the Secretary shall have the right to take the Vessel Vessels without legal process wherever the same may be (and the Shipowner or other Person in possession shall forthwith surrender possession of the Vessel Vessels to the Secretary upon demand) and hold, lay up, lease, charter, operate, or otherwise use the Vessel Vessels for such time and upon such terms as the Secretary may reasonably deem to be in the Secretary's ’s best interest, accounting only for the net profits, if any, arising from the use of the VesselVessels, and charging against all receipts from the use of the VesselVessels, all reasonable charges and expenses relating to the such Vessel's ’s use. (b) Upon either (i) payment of the Guarantees or (ii) the Secretary's ’s assumption of the Shipowner's ’s rights and duties under the Indenture and the Obligations, and the making of any payments in default under Section 6.09 of the Indenture, the Secretary shall have the right to: (1) Exercise all the rights and remedies in foreclosure and otherwise given to mortgagees the laws of the United States, the country of documentation of the Vessel, or such other country in which the Vessel may be located at the time of the foreclosureby Chapter 313; (2) Bring suit at law, in equity or in admiralty to recover judgment for any and all amounts due under the Secretary's ’s Note, this Security Agreement and the Mortgage, collect the same out of any and all of Shipowner's ’s property, whether or not the same is subject to the lien of the Mortgage, and in connection therewith, obtain a decree ordering the sale of the any Vessel in accordance with paragraph (b)(4) of this Section; (3) Have a receiver of the Vessel Vessels appointed as a matter of right in any suit under this Section (and any such receiver may have the rights of the Secretary under paragraph (b)(4) of this Section); (4) Sell the any Vessel, free from any claim of the Shipowner, by a public extrajudicial sale, held at such time and place and in such manner as the Secretary may reasonably deem advisable, after twice publishing notice of the time and place of such sale prior to the proposed sale in the Authorized Newspapers to the Shipowner. Such publication and mailing is to be made at least 10 Business Days prior to the date fixed for such sale; PROVIDED THATprovided that, such sale may be adjourned from time to time without further publication or notice (other than announcement at the time and place appointed for to such sale or adjourned sale). It shall not be necessary to bring the any such Vessel to the place appointed for such sale or adjourned sale; (5) Accept a conveyance of title to, and to take without legal process (and the Shipowner or other Person in possession shall forthwith surrender possession to the Secretary), the whole or any part of the any Vessel and the Security wherever the same may be, and to take possession of and to hold the same; (6) In the Secretary's ’s discretion, take any and all action authorized by Sections 1105(c), 1105(e) and 1108(b) of the Act and any and all action provided for, or authorized, or permitted by, or with respect to the Increased Security; (7) Receive, in the event of an actual or constructive total loss, or an agreed or compromised total loss, or a requisition of title to or use of the any Vessel, all insurance or other payments therefor to which the Shipowner would otherwise be entitled, such insurance moneys to be applied by the Secretary in accordance with Section 6.05; and (8) Pursue to final collection of all the claims arising under this Security Agreement, Agreement and to collect such claims from, the Increased Security. (c) The Shipowner hereby irrevocably appoints the Secretary the true and lawful attorney of the Shipowner, in its name and stead, to make all necessary transfers of the whole or any part of the Increased Security in connection with a sale, use or other disposition pursuant to Section 6.04(a) or 6.04(b), and for that purpose to execute all necessary instruments of assignment and transfer. Nevertheless, the Shipowner shall, if so requested by the Secretary in writing, ratify and confirm such sale by executing and delivering to any purchaser of the whole or any part of the Increased Security, such proper bill xxxx of sale, conveyance, instrument of transfer, or release as may bx xxsignated be designated in such request. (d) No remedy shall be exclusive of any other remedy, and each and every remedy shall be cumulative and in addition to any other remedy. (e) No delay or omission to exercise any right or remedy shall impair any such right or remedy or shall be deemed to be a waiver of any Default. (f) The exercise of any right or remedy shall not constitute an election of remedies by the Secretary. (g) If the Secretary discontinues any proceeding, the rights and remedies of the Secretary and of the Shipowner shall be as though no such proceeding had been taken.

REMEDIES AFTER DEFAULT. (a) In the event of a Default, and before and after the payment of the Guarantees or the assumption by the Secretary of the Shipowner's rights and duties under the Indenture and the Obligations, and the making of any payments in default under the terms of Section 6.09 of the Indenture, the Secretary shall have the right to take the Vessel Vessels without legal process wherever the same may be (and the Shipowner or other Person in possession shall forthwith surrender possession of the Vessel Vessels to the Secretary upon demand) and hold, lay up, lease, charter, operate, or otherwise use the Vessel Vessels for such time and upon such terms as the Secretary may reasonably deem to be in the Secretary's best interest, accounting only for the net profits, if any, arising from the use of the VesselVessels, and charging against all receipts from the use of the VesselVessels, all reasonable charges and expenses relating to the such Vessel's use. (b) Upon either (i) payment of the Guarantees or (ii) the Secretary's assumption of the Shipowner's rights and duties under the Indenture and the Obligations, and the making of any payments in default under Section 6.09 of the Indenture, the Secretary shall have the right to: (1) Exercise all the rights and remedies in foreclosure and otherwise given to mortgagees the laws of the United States, the country of documentation of the Vessel, or such other country in which the Vessel may be located at the time of the foreclosureby Chapter 313; (2) Bring suit at law, in equity or in admiralty to recover judgment for any and all amounts due under the Secretary's Note, this Security Agreement and the Mortgage, collect the same out of any and all of Shipowner's property, whether or not the same is subject to the lien of the Mortgage, and in connection therewith, obtain a decree ordering the sale of the any Vessel in accordance with paragraph (b)(4) of this Section; (3) Have a receiver of the Vessel Vessels appointed as a matter of right in any suit under this Section (and any such receiver may have the rights of the Secretary under paragraph (b)(4) of this Section); (4) Sell the any Vessel, free from any claim of the Shipowner, by a public extrajudicial sale, held at such time and place and in such manner as the Secretary may reasonably deem advisable, after twice publishing notice of the time and place of such sale prior to the proposed sale in the Authorized Newspapers to the Shipowner. Such publication and mailing is to be made at least 10 Business Days prior to the date fixed for such sale; PROVIDED THATprovided that, such sale may be adjourned from time to time without further publication or notice (other than announcement at the time and place appointed for to such sale or adjourned sale). It shall not be necessary to bring the any such Vessel to the place appointed for such sale or adjourned sale; (5) Accept a conveyance of title to, and to take without legal process (and the Shipowner or other Person in possession shall forthwith surrender possession to the Secretary), the whole or any part of the any Vessel and the Security wherever the same may be, and to take possession of and to hold the same; (6) In the Secretary's discretion, take any and all action authorized by Sections 1105(c), 1105(e) and 1108(b) of the Act and any and all action provided for, or authorized, or permitted by, or with respect to the Increased Security; (7) Receive, in the event of an actual or constructive total loss, or an agreed or compromised total loss, or a requisition of title to or use of the any Vessel, all insurance or other payments therefor to which the Shipowner would otherwise be entitled, such insurance moneys to be applied by the Secretary in accordance with Section 6.05; and (8) Pursue to final collection of all the claims arising under this Security Agreement, Agreement and to collect such claims from, the Increased Security. (c) The Shipowner hereby irrevocably appoints the Secretary the true and lawful attorney of the Shipowner, in its name and stead, to make all necessary transfers of the whole or any part of the Increased Security in connection with a sale, use or other disposition pursuant to Section 6.04(a) or 6.04(b), and for that purpose to execute all necessary instruments of assignment and transfer. Nevertheless, the Shipowner shall, if so requested by the Secretary in writing, ratify and confirm such sale by executing and delivering to any purchaser of the whole or any part of the Increased Security, such proper bill of sale, conveyance, instrument of transfer, or release as may bx xxsignated mxx xe designated in such request. (d) No remedy shall be exclusive of any other remedy, and each and every remedy shall be cumulative and in addition to any other remedy. (e) No delay or omission to exercise any right or remedy shall impair any such right or remedy or shall be deemed to be a waiver of any Default. (f) The exercise of any right or remedy shall not constitute an election of remedies by the Secretary. (g) If the Secretary discontinues any proceeding, the rights and remedies of the Secretary and of the Shipowner shall be as though no such proceeding had been taken.