Right to Appoint Receiver Clause Samples
The Right to Appoint Receiver clause grants a party, typically a lender or creditor, the authority to designate a receiver to take control of certain assets or operations if the other party defaults on its obligations. In practice, this means that if a borrower fails to make payments or breaches the agreement, the lender can appoint an independent third party to manage, collect income from, or sell the secured assets. This clause serves to protect the lender’s interests by providing a mechanism for recovering value from the collateral without needing to go through lengthy court proceedings, thereby ensuring efficient enforcement of the agreement.
Right to Appoint Receiver. On the occurrence of an Event of Default which is continuing, the Lender may appoint a receiver and/or manager (or joint receivers and/or managers) of the Assigned Property and the following shall apply:
(a) the Lender may exercise any of the powers conferred by this Deed while a Receiver is in office and is acting;
(b) an appointment of a Receiver shall be by deed or, at the Lender’s option, by a document signed by any of its officers; and an appointment in respect of some only of the Assigned Property may later be extended to all or any part of the remaining Assigned Property;
(c) the remuneration of a Receiver shall be fixed by the Lender;
(d) to the fullest extent permitted by law, a Receiver shall be the Owner’s (in relation to the Owner’s Assigned Property), the Bareboat Charterer’s (in relation to the Bareboat Charterer’s Assigned Property), Pacific Rim’s (in relation to Pacific Rim’s Assigned Property) or TBS Worldwide’s (in relation to TBS Worldwide’s Assigned Property) agent, and the Owner, the Bareboat Charterer, Pacific Rim or TBS Worldwide (as the case may be) shall be responsible, to the exclusion of any liability on the part of the Lender for his remuneration and for his contracts, acts and defaults;
(e) a Receiver shall have all the powers conferred by Clause 11.2 as if the reference to the Lender in Clause 11.2 were a reference to the Receiver, and all the powers conferred on a Receiver by the Law of Property ▇▇▇ ▇▇▇▇;
(f) the Owner, the Bareboat Charterer, Pacific Rim and TBS Worldwide each irrevocably and by way of security appoints every Receiver its attorney on its behalf and in its name or otherwise to execute or sign any document and do any act or thing which that Receiver considers necessary or desirable with a view to or in connection with any exercise or proposed exercise of any of his powers;
(g) a Receiver may delegate to any person or persons of any of the powers (including the discretions) conferred on him by, or pursuant to, this Deed and may do so on terms authorising successive sub-delegations;
(h) in the case of joint Receivers any of the powers (including the discretions) conferred by this Deed or by the general law (including the Insolvency Act 1986) may be exercised by any one or more of them, unless their appointment specifically states the contrary;
(i) the Lender may remove a Receiver, with or without appointing another Receiver; such a removal may be effected by a document signed by any of the Lender’s officers; but...
Right to Appoint Receiver. Without limiting and in addition to any other rights, options and remedies Agent and Note Purchasers have under the Transaction Documents, the UCC, at law or in equity, upon the occurrence and continuation of an Event of Default, Administrative Agent shall have the right to apply for and have a receiver appointed by a court of competent jurisdiction in any action taken by Administrative Agent and/or any Note Purchaser to enforce its rights and remedies in order to manage, protect and preserve the Collateral and continue the operation of the business of Issuer and to collect all revenues and profits thereof and apply the same to the payment of all expenses and other charges of such receivership including the compensation of the receiver and to the payments as aforesaid until a sale or other disposition of such Collateral shall be finally made and consummated
Right to Appoint Receiver. (i) The Lender, at any time after it has acquired the right to exercise the power of sale/assignment pursuant to this Deed, may by writing, appoint as Receiver of the Assets one or more persons described in clause (ii), and may remove any Receiver so appointed and appoint another instead.
(ii) The Borrower hereby consents to the appointment of any bank doing business in India, any public financial institution or any of their respective subsidiaries or affiliates or any senior official of any of the above, or advocate/ any firm of advocates or independent public accountants or any other person as approved by the Lender, as receiver ("Receiver") hereunder and agrees that it shall not object to the appointment of any such person at the time of any such appointment.
Right to Appoint Receiver. Lender shall have the right to have a receiver appointed to take possession of all or any part of the Collateral, with the power to protect and preserve the Collateral, to operate the Collateral preceding foreclosure or sale, and to collect the revenue from the Collateral and apply the proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may serve without bond if permitted by law. Lender’s right to the appointment of a receiver shall exist whether or not the apparent value of the Collateral exceeds the Indebtedness by a substantial amount. Employment by Lender shall not disqualify a person from serving as a receiver.
Right to Appoint Receiver. Without limiting and in addition to any other rights, options and remedies Lender has under the Loan Documents, the UCC, at law or in equity, upon the occurrence and continuation of an Event of Default, Lender shall have the right to apply for and have a receiver appointed by a court of competent jurisdiction in any action taken by Lender to enforce its rights and remedies in order to manage, protect and preserve the Collateral and continue the operation of the business of Borrowers and to collect all revenues and profits thereof and apply the same to the payment of all expenses and other charges of such receivership including the compensation of the receiver and to the payments as aforesaid until a sale or other disposition of such Collateral shall be finally made and consummated
Right to Appoint Receiver. If the Security Interest constituted by this Deed has become enforceable, the Agent may appoint a Receiver and/or manager (or joint Receivers and/or managers) of any and all Secured Assets, and the provisions of Clause 7 (Receiver) shall apply.
Right to Appoint Receiver. 20 14.03.4 Right to Cure at Tenant’s Expense 20 SECTION 14.04 TERMINATION OF LEASE DAMAGES 21 14.04.1 Unpaid Rent at Termination. 21 14.04.2 Unpaid Rent at Award. 21 14.04.3 Future Rent. 21 14.04.4 Other Amounts. 21
Right to Appoint Receiver. Mortgagee shall be entitled to have a receiver appointed for the Premises and the earnings, income, rents, issues and profits thereof, under Minn. Stat. Sec. 576.01 or any successor or supplementary statute thereto, without the necessity of Mortgagee having to show waste, inadequacy of the security or solvency or insolvency of the Borrower or make any other showing as would otherwise be required under Minnesota law in order for a receiver to be appointed. A receiver appointed pursuant hereto shall have such powers as the court making such appointment shall confer and Borrower hereby irrevocably consents to such appointment.
Right to Appoint Receiver. Lender shall have the right to apply for and have a receiver appointed by a court of competent jurisdiction in any action taken by Lender to enforce its rights and remedies in order to manage, protect and preserve the collateral and continue the operations of Borrower and to collect all reserves and profits thereof and apply the same to the payment of all expenses and other changes of such receivership including the compensation of the receiver and to the payments as aforesaid until a sale or other disposition of the Collateral shall be finally made and consummated.
Right to Appoint Receiver. Landlord shall have the right to have a receiver appointed to collect Rent and conduct ▇▇▇▇▇▇’s business while Tenant is in Default, provided ▇▇▇▇▇▇ has not commenced to cure and is not diligently proceeding to cure said Default. Neither the filing of a petition for the appointment of a receiver nor the appointment thereof shall constitute an election by Landlord to terminate this Lease.