Common use of Right to take possession, sell etc Clause in Contracts

Right to take possession, sell etc. On the occurrence of an Event of Default, the Mortgagee shall be entitled then or at any later time or times: (a) to take possession of the Ship whether actually or constructively and/or otherwise to take control of the Ship wherever the Ship may be and cause the Owner or any other person in possession of the Ship forthwith upon demand to surrender the Ship to the Mortgagee without legal process and without the Mortgagee being liable for any losses thereby caused or to account to the Owner in connection therewith; (b) to sell the Ship or any share in the Ship after 20 day’s prior notice to the Owner and any other mortgagees of record (if any) or such lesser period of notice (or no notice at all) as may be permitted under Panamanian law from time to time, and with or without the benefit of any charterparty or other contract for its employment, by public auction or private contract at any time, at any place and upon any terms (including, without limitation, on terms that all or any part or parts of the purchase price be satisfied by shares, loan stock or other securities and/or be left outstanding as a debt, whether secured or unsecured and whether carrying interest or not) which the Mortgagee thinks fit, with power for the Mortgagee to purchase the Ship at any such public auction and to set off the purchase price against all or any part of the Secured Liabilities; (c) to manage, insure, maintain and repair the Ship and to charter, employ, lay up or in any other manner whatsoever deal with the Ship in any manner, upon any terms and for any period which the Mortgagee may think fit, in all respects as if the Mortgagee were the owner of the Ship and without the Mortgagee being responsible for any loss thereby incurred; (d) to collect, recover and give good discharge for any moneys or claims arising in relation to the Ship and to permit any brokers through whom collection or recovery is effected to charge the usual brokerage therefor; (e) to take over or commence or defend (if necessary using the name of the Owner) any claims or proceedings relating to, or affecting, the Ship which the Mortgagee may think fit and to abandon, release or settle in any way any such claims or proceedings; and (f) generally, to enter into any transaction or arrangement of any kind and to do anything in relation to the Ship which the Mortgagee may think fit.

Right to take possession, sell etc. On the occurrence of In case an Event of DefaultDefault shall occur and be continuing, the Mortgagee Security Trustee shall be entitled then or at any later time or times: (a) to take possession of the Ship whether actually or constructively and/or otherwise to take control of the Ship wherever the Ship may be and cause the Owner or any other person in possession of the Ship forthwith upon demand to surrender the Ship to the Mortgagee Security Trustee without legal process and without the Mortgagee Security Trustee or any other Finance Party being liable for any losses thereby caused or to account to the Owner in connection therewith; (b) where it has acted reasonably and in good faith, to sell the Ship or any share in the Ship after 20 day’s prior notice to the Owner and any other mortgagees of record (if any) or such lesser period of notice (or no notice at all) as may be permitted under Panamanian law from time to timeShip, and with or without the benefit of any charterparty or other contract for its employmentCharter, by public auction or private contract at any time, at any place and upon any terms (including, without limitation, on terms that all or any part or parts of the purchase price be satisfied by shares, loan stock or other securities and/or be left outstanding as a debt, whether secured or unsecured and whether carrying interest or not) which the Mortgagee thinks Security Trustee may think fit, with power for the Mortgagee Security Trustee to purchase the Ship at any such public auction and to set off the purchase price against all or any part of the Secured LiabilitiesLiabilities after first giving notice (in the case of a public sale) of the time and place of sale with a general description of the property in the following manner: (i) By publishing such notice for five consecutive days in a daily newspaper of general circulation published in New York City; (ii) If the place of sale should not be New York City, then also by publication of a similar notice in a daily newspaper, if any, published at the place of sale; and (iii) By sending a similar notice by telefacsimile confirmed by registered mail to the Owner at its address hereinafter set forth on or before the day of first publication. (c) to manage, insure, maintain and repair the Ship and to charter, employ, lay up or in any other manner whatsoever deal with the Ship in any manner, upon any terms and for any period which the Mortgagee Security Trustee may think fit, in all respects as if the Mortgagee Security Trustee were the owner of the Ship and without the Mortgagee Security Trustee or any other Finance Party being responsible for any loss thereby incurred, accounting only for the net profits, if any, arising from such use and charging upon all receipts from such use or from the sale of the Ship by court proceedings or pursuant to paragraph (b) above, all costs, expenses, charges, damages or losses by reason of such use; (d) to collect, recover and give good discharge for any moneys or claims arising in relation to the Ship and to permit any brokers through whom collection or recovery is effected to charge the usual brokerage therefor;; and (ei) to take over bring suit at law, in equity or commence in admiralty, as it may be advised, to recover judgment for any and all amounts due under the Credit Agreement or defend otherwise hereunder, and collect the same out of any and all property of the Owner whether covered by this Mortgage or otherwise or (ii) to appear (if necessary using necessary, in the name of the Owner) in any claims court of any country or proceedings relating to, or affecting, nation of the world where a suit is pending against the Ship because of or on account of any alleged lien against the Ship from which the Mortgagee may think fit Ship has not been released and to abandon, release or settle in any way any take such claims or proceedings; and (f) generally, to enter into any transaction or arrangement of any kind and to do anything in relation proceedings as to the Ship which Security Trustee may seem proper towards the Mortgagee may think fitdefense of such suit and the purchase or discharge of such lien.

Right to take possession, sell etc. On If the occurrence of an Event of DefaultSecurity Interest constituted by this Mortgage has become enforceable, the Mortgagee shall be entitled then or at any later time or times: (a) to take possession of the Ship whether actually or constructively and/or otherwise to take control of the Ship wherever the Ship may be and cause the Owner or any other person in possession of the Ship forthwith upon demand to surrender the Ship to the Mortgagee without legal process and without the Mortgagee or any other Creditor Party being liable for any losses thereby caused or to account to the Owner in connection therewith; (b) to sell the Ship with or any share in the Ship after 20 day’s without prior notice to the Owner and any other mortgagees of record (if any) or such lesser period of notice (or no notice at all) as may be permitted under Panamanian law from time to timeOwner, and with or without the benefit of any charterparty or other contract for its employment, by public auction or private contract at any time, at any place and upon any terms (including, without limitation, on terms that all or any part or parts of the purchase price be satisfied by shares, loan stock or other securities and/or be left outstanding as a debt, whether secured or unsecured and whether carrying interest or not) which the Mortgagee thinks may think fit, with power for the Mortgagee to purchase the Ship at any such public auction and to set off the purchase price against all or any part of the Secured Liabilities; (c) to manage, insure, maintain and repair the Ship and to charter, employ, lay up or in any other manner whatsoever deal with the Ship in any manner, upon any terms and for any period which the Mortgagee may think fit, in all respects as if the Mortgagee were the owner of the Ship and without the Mortgagee or any other Creditor Party being responsible for any loss thereby incurred; (d) to collect, recover and give good discharge for any moneys or claims arising in relation to the Ship and to permit any brokers through whom collection or recovery is effected to charge the usual brokerage therefor; (e) to take over or commence or defend (if necessary using the name of the Owner) any claims or proceedings relating to, or affecting, the Ship which the Mortgagee may think fit and to abandon, release or settle in any way any such claims or proceedings; and (f) generally, to enter into any transaction or arrangement of any kind and to do anything in relation to the Ship which the Mortgagee may think fit.

Right to take possession, sell etc. On the occurrence of an Event of DefaultDefault and whilst the same is continuing, the Mortgagee Security Trustee shall be entitled then or at any later time or times: (a) to take possession of the Ship whether actually or constructively and/or otherwise to take control of the Ship wherever the Ship may be and cause the Owner or any other person in possession of the Ship forthwith upon demand to surrender the Ship to the Mortgagee Security Trustee without legal process and without the Mortgagee Security Trustee or any other Credit Party being liable for any losses thereby caused or to account to the Owner in connection therewith; (b) to sell the Ship or any share in the Ship after 20 day’s prior notice to the Owner and any other mortgagees of record (if any) by public auction or such lesser period of notice (or no notice at all) as may be permitted under Panamanian law from time to time, and private contract with or without the benefit of any charterparty or other contract for its employment, by public auction or private contract at any time, at any place and upon any terms (including, without limitation, on terms that all or any part or parts of the purchase price be satisfied by shares, loan stock or other securities and/or be left outstanding as a debt, whether secured or unsecured and whether carrying interest or not) which the Mortgagee thinks Security Trustee may think fit, with power for the Mortgagee Security Trustee to purchase the Ship at any such public auction and to set off the purchase price against all or any part of the Secured Liabilities, with notice of such sale, whether by public auction or private contract, addressed to the Owner at its last known address, twenty (20) calendar days prior to the date fixed for entering into the contract for sale and by first publishing notice of any such public sale for ten (10) consecutive days, in daily newspapers of general circulation published in the City of New York, State of New York, and if the place of such sale should not be New York City, then also by publication of a similar notice in a daily newspaper, if any, published at the place of sale and in the event that the Vessel shall be offered by private contract, no newspaper publication of notice shall be required, nor notice of adjournment of sale;; (c) to manage, insure, maintain and repair the Ship and to charter, employ, lay up or in any other manner whatsoever deal with the Ship in any manner, upon any terms and for any period which the Mortgagee Security Trustee may think fit, in all respects as if the Mortgagee Security Trustee were the owner of the Ship and without the Mortgagee Security Trustee or any other Credit Party being responsible for any loss thereby incurred; (d) to collect, recover and give good discharge for any moneys or claims arising in relation to the Ship and to permit any brokers through whom collection or recovery is effected to charge the usual brokerage therefor; (e) to take over or commence or defend (if necessary using the name of the Owner) any claims or proceedings relating to, or affecting, the Ship which the Mortgagee Security Trustee may think fit and to abandon, release or settle in any way any such claims or proceedings; and (f) generally, to enter into any transaction or arrangement of any kind and to do anything in relation to the Ship which the Mortgagee Security Trustee may reasonably think fit.

Right to take possession, sell etc. On the occurrence of an Event of Default, the Mortgagee Security Trustee shall be entitled then or at any later time or times: (a) to take possession of the Ship whether actually or constructively and/or otherwise to take control of the Ship wherever the Ship may be and cause the Owner or any other person in possession of the Ship forthwith upon demand to surrender the Ship to the Mortgagee Security Trustee without legal process and without the Mortgagee Security Trustee or any other Finance Party being liable for any losses thereby caused or to account to the Owner in connection therewith; (b) to sell the Ship or any share in the Ship after 20 day’s prior notice to the Owner and any other mortgagees of record (if any) or such lesser period of notice (or no notice at all) as may be permitted under Panamanian law from time to timeShip, and with or without the benefit of any charterparty or other contract for its employment, by public auction or private contract at any time, at any place and upon any terms (including, without limitation, on terms that all or any part or parts of the purchase price be satisfied by shares, loan stock or other securities and/or be left outstanding as a debt, whether secured or unsecured and whether carrying interest or not) which the Mortgagee thinks Security Trustee may think fit, with power for the Mortgagee Security Trustee to purchase the Ship at any such public auction and to set off the purchase price against all or any part of the Secured Liabilities;Liabilities after first giving notice (in the case of a public sale) of the time and place of sale with a general description of the property in the following manner: (i) by publishing such notice in an appropriate publication with circulation in the maritime community; and (ii) by sending a similar notice by telefacsimile confirmed by registered mail to the Owner at its address hereinafter set forth on or before the day of publication. (c) to manage, insure, maintain and repair the Ship and to charter, employ, lay up or in any other manner whatsoever deal with the Ship in any manner, upon any terms and for any period which the Mortgagee Security Trustee may think fit, in all respects as if the Mortgagee Security Trustee were the owner of the Ship and without the Mortgagee Security Trustee or any other Finance Party being responsible for any loss thereby incurred; (d) to collect, recover and give good discharge for any moneys or claims arising in relation to the Ship and to permit any brokers through whom collection or recovery is effected to charge the usual brokerage therefor; (e) to take over or commence or defend (if necessary using the name of the Owner) any claims or proceedings relating to, or affecting, the Ship which the Mortgagee Security Trustee may think fit and to abandon, release or settle in any way any such claims or proceedings; and (f) generally, to enter into any transaction or arrangement of any kind and to do anything in relation to the Ship which the Mortgagee Security Trustee may think fit.