Common use of Right to Appoint Receiver Clause in Contracts

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 Xxx 0000; (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 this paragraph does not apply to a Receiver who is an administrative receiver under the Insolvency Xxx 0000; (j) the Lender may appoint a Receiver to replace a Receiver who has resigned or for any other reason ceased to hold office; and (k) a Receiver shall be entitled to retain out of any money received by him such amounts in respect of his expenses (or to cover estimated future expenses) as he may from time to time agree with the Lender.

Right to Appoint Receiver. On If the occurrence of an Event of Default which is continuingsecurity constituted by this Deed has become enforceable, the Lender Agent may appoint a receiver and/or manager (or joint receivers and/or managers) of the Assigned Property Property, and the following shall apply: (a) the Lender Agent 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 LenderAgent’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 LenderAgent; (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) Owner shall be responsible, to the exclusion of any liability on the part of the Lender Agent and the other Finance Parties, for his remuneration and for his contracts, acts and defaults; (e) a Receiver shall have all the powers conferred by Clause 11.2 7.2 (Right to take possession, exercise rights etc.) as if the reference to the Lender Agent in Clause 11.2 7.2 (Right to take possession, exercise rights etc.) were a reference to the Receiver, and all the powers conferred on a Receiver by the Law of Property Xxx 0000; (f) the Owner, the Bareboat Charterer, Pacific Rim and TBS Worldwide each Owner 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 Agent may remove a Receiver, with or without appointing another Receiver; such a removal may be effected by a document signed by any of the LenderAgent’s officers; but this paragraph does not apply to a Receiver who is an administrative receiver under the Insolvency Xxx 0000; (j) the Lender Agent may appoint a Receiver to replace a Receiver who has resigned or for any other reason ceased to hold office; and (k) a Receiver shall be entitled to retain out of any money received by him such amounts in respect of his expenses (or to cover estimated future expenses) as he may from time to time agree with the LenderAgent.

Right to Appoint Receiver. On the occurrence of an Event of Default which is continuing, the Lender Issuer may appoint a receiver and/or manager (or joint receivers and/or managers) of the Assigned Property Property, and the following shall apply: (a) the Lender Issuer 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 LenderIssuer’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 LenderIssuer; (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) Owner shall be responsible, to the exclusion of any liability on the part of the Lender Issuer, for his remuneration and for his contracts, acts and defaults; (e) a Receiver shall have all the powers conferred by Clause 11.2 7.2 as if the reference to the Lender Issuer in Clause 11.2 7.2 were a reference to the Receiver, and all the powers conferred on a Receiver by the Law of Property Xxx 0000Act 1925; (f) in addition, a Receiver who is an administrative receiver for the Owner, purposes of the Bareboat Charterer, Pacific Rim and TBS Worldwide each Insolvency Act 1986 shall have all the powers which an administrative receiver has under that Act; (g) the Owner 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; (gh) 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; (hi) 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; (ij) the Lender Issuer may remove a Receiver, with or without appointing another Receiver; such a removal may be effected by a document signed by any of the LenderIssuer’s officers; but this paragraph does not apply to a Receiver who is an administrative receiver under the Insolvency Xxx 0000Act 1986; (jk) the Lender Issuer may appoint a Receiver to replace a Receiver who has resigned or for any other reason ceased to hold office; and (kl) a Receiver shall be entitled to retain out of any money received by him such amounts in respect of his expenses (or to cover estimated future expenses) as he may from time to time agree with the LenderIssuer.

Right to Appoint Receiver. On Upon the occurrence of an Event of Default which is continuingand at all times thereafter during the continuance of an Event of Default, each Agent shall be entitled to 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 immediate 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 receiver for all or any part of the remaining Assigned Property; (c) Collateral, whether or not waste or deterioration of the remuneration Collateral has occurred; whether or not there is a risk that the Collateral is in danger of a Receiver being lost, removed, or materially injured; and whether or not other arguments based on equity or pursuant to statute would justify the appointment. Each Agent and the Loan Parties agree and consent that said receiver shall be fixed by directed to manage, protect, preserve, sell and otherwise dispose of all or any portion of the Lender; (d) Collateral and continue the operation of the business of the Loan Parties, and to collect all revenues and profits thereof and apply the same to the fullest extent permitted by lawpayment of all expenses and other charges of such receivership, including the compensation of the receiver, and to the payment of the Loans and other fees and expenses due hereunder and under the Loan Documents as aforesaid until a Receiver sale or other disposition of such Collateral shall be the Owner’s finally made and consummated. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH LOAN PARTY HEREBY IRREVOCABLY AND FOR VALUABLE CONSIDERATION CONSENTS TO AND WAIVES ANY RIGHT TO OBJECT TO OR OTHERWISE CONTEST THE APPOINTMENT OF A RECEIVER AS PROVIDED ABOVE. EACH LOAN PARTY (in relation to the Owner’s Assigned Property)I) GRANTS SUCH WAIVER AND CONSENT KNOWINGLY AFTER HAVING DISCUSSED THE IMPLICATIONS THEREOF WITH COUNSEL, the Bareboat Charterer’s (in relation to the Bareboat Charterer’s Assigned Property)II) ACKNOWLEDGES THAT (A) THE UNCONTESTED RIGHT TO HAVE A RECEIVER APPOINTED FOR THE FOREGOING PURPOSES IS CONSIDERED ESSENTIAL BY EACH AGENT IN CONNECTION WITH THE ENFORCEMENT OF THE LENDERS’ AND AGENTS’ RIGHTS AND REMEDIES HEREUNDER AND UNDER THE OTHER LOAN DOCUMENTS, Pacific Rim’s AND (in relation to Pacific Rim’s Assigned PropertyB) or TBS Worldwide’s THE AVAILABILITY OF SUCH APPOINTMENT AS A REMEDY UNDER THE FOREGOING CIRCUMSTANCES WAS A MATERIAL FACTOR IN INDUCING THE LENDERS TO MAKE THE LOANS TO BORROWERS; AND (in relation to TBS Worldwide’s Assigned PropertyIII) agentAGREES TO ENTER INTO ANY AND ALL STIPULATIONS IN ANY LEGAL ACTIONS, 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 Xxx 0000; (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 this paragraph does not apply to a Receiver who is an administrative receiver under the Insolvency Xxx 0000; (j) the Lender may appoint a Receiver to replace a Receiver who has resigned or for any other reason ceased to hold office; and (k) a Receiver shall be entitled to retain out of any money received by him such amounts in respect of his expenses (or to cover estimated future expenses) as he may from time to time agree with the LenderOR AGREEMENTS OR OTHER INSTRUMENTS IN CONNECTION WITH THE FOREGOING AND TO COOPERATE FULLY WITH EACH AGENT AND THE LENDERS IN CONNECTION WITH THE ASSUMPTION AND EXERCISE OF CONTROL BY THE RECEIVER OVER ALL OR ANY PORTION OF THE COLLATERAL.

Right to Appoint Receiver. On Upon the occurrence of an Event of Default which is continuingand at all times thereafter during the continuance of an Event of Default, each Agent shall be entitled to 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 immediate 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 receiver for all or any part of the remaining Assigned Property; (c) Collateral, whether or not waste or deterioration of the remuneration Collateral has occurred; whether or not there is a risk that the Collateral is in danger of a Receiver being lost, removed, or materially injured; and whether or not other arguments based on equity or pursuant to statute would justify the appointment. Each Agent and the Loan Parties agree and consent that said receiver shall be fixed by directed to manage, protect, preserve, sell and otherwise dispose of all or any portion of the Lender; (d) Collateral and ​ continue the operation of the business of the Loan Parties, and to collect all revenues and profits thereof and apply the same to the fullest extent permitted by lawpayment of all expenses and other charges of such receivership, including the compensation of the receiver, and to the payment of the Loans and other fees and expenses due hereunder and under the Loan Documents as aforesaid until a Receiver sale or other disposition of such Collateral shall be the Owner’s finally made and consummated. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH LOAN PARTY HEREBY IRREVOCABLY AND FOR VALUABLE CONSIDERATION CONSENTS TO AND WAIVES ANY RIGHT TO OBJECT TO OR OTHERWISE CONTEST THE APPOINTMENT OF A RECEIVER AS PROVIDED ABOVE. EACH LOAN PARTY (in relation to the Owner’s Assigned Property)I) GRANTS SUCH WAIVER AND CONSENT KNOWINGLY AFTER HAVING DISCUSSED THE IMPLICATIONS THEREOF WITH COUNSEL, the Bareboat Charterer’s (in relation to the Bareboat Charterer’s Assigned Property)II) ACKNOWLEDGES THAT (A) THE UNCONTESTED RIGHT TO HAVE A RECEIVER APPOINTED FOR THE FOREGOING PURPOSES IS CONSIDERED ESSENTIAL BY EACH AGENT IN CONNECTION WITH THE ENFORCEMENT OF THE LENDERS' AND AGENTS' RIGHTS AND REMEDIES HEREUNDER AND UNDER THE OTHER LOAN DOCUMENTS, Pacific Rim’s AND (in relation to Pacific Rim’s Assigned PropertyB) or TBS Worldwide’s THE AVAILABILITY OF SUCH APPOINTMENT AS A REMEDY UNDER THE FOREGOING CIRCUMSTANCES WAS A MATERIAL FACTOR IN INDUCING THE LENDERS TO MAKE THE LOANS TO BORROWERS; AND (in relation to TBS Worldwide’s Assigned PropertyIII) agentAGREES TO ENTER INTO ANY AND ALL STIPULATIONS IN ANY LEGAL ACTIONS, 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 Xxx 0000; (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 this paragraph does not apply to a Receiver who is an administrative receiver under the Insolvency Xxx 0000; (j) the Lender may appoint a Receiver to replace a Receiver who has resigned or for any other reason ceased to hold office; and (k) a Receiver shall be entitled to retain out of any money received by him such amounts in respect of his expenses (or to cover estimated future expenses) as he may from time to time agree with the LenderOR AGREEMENTS OR OTHER INSTRUMENTS IN CONNECTION WITH THE FOREGOING AND TO COOPERATE FULLY WITH EACH AGENT AND THE LENDERS IN CONNECTION WITH THE ASSUMPTION AND EXERCISE OF CONTROL BY THE RECEIVER OVER ALL OR ANY PORTION OF THE COLLATERAL.

Right to Appoint Receiver. On Subject to paragraph (b) below, if the occurrence of an Event of Default which is continuingsecurity constituted by this Deed has become enforceable, the Lender Security Trustee may appoint a receiver and/or manager (or joint receivers and/or managers) of the Assigned Property Property, and the following shall apply: (a) Section 109(1) of the Lender Law of Property Act 1925 shall not apply to this Deed; (b) the Security Trustee shall be entitled to appoint a Receiver save to the extent prohibited by section 72A Insolvency Xxx 0000; (c) the Security Trustee may exercise any of the powers conferred by this Deed while a Receiver is in office and is acting; (bd) an appointment of a Receiver shall be by deed or, at the Lender’s Security Trustee'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; (ce) the remuneration of a Receiver shall be fixed by the LenderSecurity Trustee; (df) 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) 's agent, and the Owner, the Bareboat Charterer, Pacific Rim or TBS Worldwide (as the case may be) Owner shall be responsible, to the exclusion of any liability on the part of the Lender Security Trustee and the other Secured Parties, for his remuneration and for his contracts, acts and defaults; (eg) a Receiver shall have all the powers conferred by Clause 11.2 7.2 as if the reference to the Lender Security Trustee in Clause 11.2 7.2 were a reference to the Receiver, and all the powers conferred on a Receiver by the Law of Property Xxx 0000 and the Insolvency Xxx 0000; (fh) the Owner, the Bareboat Charterer, Pacific Rim and TBS Worldwide each Owner 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; (gi) 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; (hj) 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; (ik) the Lender Security Trustee may remove a ReceiverReceiver (subject to the provisions of section 45 of the Insolvency Xxx 0000 in the case of an administrative receivership), with or without appointing another Receiver; such a removal may be effected by a document signed by any of the Lender’s Security Trustee's officers; but this paragraph does not apply to a Receiver who is an administrative receiver under the Insolvency Xxx 0000; (j1) the Lender Security Trustee may appoint a Receiver to replace a Receiver who has resigned or for any other reason ceased to hold office; and (k) a Receiver shall be entitled to retain out of any money received by him such amounts in respect of his expenses (or to cover estimated future expenses) as he may from time to time agree with the Lender.