Common use of Seizure; Requisition Clause in Contracts

Seizure; Requisition. If the Vessel shall be Seized, Borrower, within thirty (30) days thereafter, shall cause the Vessel to be irrevocably released and all Encumbrances thereon, other than the lien of the Mortgage, to be discharged by payment, performance, or the posting of security therefor. In the event any of the foregoing occurs, Borrower agrees forthwith to notify Lender by facsimile or telegram, confirmed by letter, at its address set forth in Section 9.4. In the event the Vessel shall be Seized and shall not be released therefrom within thirty (30) days thereafter, Borrower hereby irrevocably authorizes and empowers Lender and severally each officer of Lender in the name of Borrower (as attorney-in-fact, coupled with an interest) to apply for and receive possession of the Vessel, with all rights and authority that Borrower might have, possess and exercise in any such event, but Lender and such officers shall not be under any obligation to act in connection with the rights given in this Section. Borrower also authorizes and empowers Lender and the officers above specified, severally, or their appointees, or any of them, to appear in the name of Borrower in any court of any country or nation of the world where a complaint in rem or libel is pending against the Vessel, or where the Vessel is Seized or is subject to Seizure and to take such actions as may seem proper toward the defense of such suit and the discharge of any or all Encumbrances thereon or other relevant judgment or claim, and all expenditures made or so incurred shall be obligations due from Borrower to Lender, shall be secured by the liens of the Bulk Beothuk Mortgage, the Bulk Cajun Mortgage and Bulk Discovery Mortgage, and shall accrue interest at the Interest Rate or Default Rate, as in effect from time to time.

Seizure; Requisition. If the Vessel shall be Seized, Borrower, within thirty (30) days thereafter, shall cause the Vessel to be irrevocably released and all Encumbrances thereon, other than the lien of the Bulk Liberty Mortgage, to be discharged by payment, performance, or the posting of security therefor. In the event any of the foregoing occurs, Borrower agrees forthwith to notify Lender by facsimile or telegram, confirmed by letter, at its address set forth in Section 9.4. In the event the Vessel shall be Seized and shall not be released therefrom within thirty (30) days thereafter, Borrower hereby irrevocably authorizes and empowers Lender and severally each officer of Lender in the name of Borrower (as attorney-in-fact, coupled with an interest) to apply for and receive possession of the Vessel, with all rights and authority that Borrower might have, possess and exercise in any such event, but Lender and such officers shall not be under any obligation to act in connection with the rights given in this Section. Borrower also authorizes and empowers Lender and the officers above specified, severally, or their appointees, or any of them, to appear in the name of Borrower in any court of any country or nation of the world where a complaint in rem or libel is pending against the Vessel, or where the Vessel is Seized or is subject to Seizure and to take such actions as may seem proper toward the defense of such suit and the discharge of any or all Encumbrances thereon or other relevant judgment or claim, and all expenditures made or so incurred shall be obligations due from Borrower to Lender, shall be secured by the liens of the Bulk Liberty Mortgage, the Bulk Beothuk Mortgage, the Bulk Cajun Mortgage and Bulk Discovery Mortgage, and shall accrue interest at the Interest Rate or Default Rate, as in effect from time to time.

Seizure; Requisition. If the Vessel shall be Seized, Borrower, within thirty (30) days thereafter, shall cause the Vessel to be irrevocably released and all Encumbrances thereon, other than the lien of the Mortgage, to be discharged by payment, performance, or the posting of security therefor. In the event any of the foregoing occurs, Borrower agrees forthwith to notify Lender by facsimile or telegram, confirmed by letter, at its address set forth in Section 9.4. In the event the Vessel shall be Seized and shall not be released therefrom within thirty (30) days thereafter, Borrower hereby irrevocably authorizes and empowers Lender and severally each officer of Lender in the name of Borrower (as attorney-in-fact, coupled with an interest) to apply for and receive possession of the Vessel, with all rights and authority that Borrower might have, possess and exercise in any such event, but Lender and such officers shall not be under any obligation to act in connection with the rights given in this Section. Borrower also authorizes and empowers Lender and the officers officials above specified, severally, specified or their appointees, or any of them, to appear in the name of Borrower in any court of any country or nation of the world where a complaint in rem or libel is pending against the Vessel, or where the Vessel is Seized or is subject to Seizure and to take such actions as may seem proper toward the defense of such suit and the discharge of any or all Encumbrances thereon or other relevant judgment or claim, and all expenditures made or so incurred shall be obligations due from Borrower to Lender, shall be secured by the liens lien of the Bulk Beothuk Mortgage, the Bulk Cajun Mortgage and Bulk Discovery Mortgage, and shall accrue interest at the Interest Rate or Default Rate, as in effect from time to time.

Seizure; Requisition. If the Vessel shall be Seized, Borrower, within thirty (30) days thereafter, shall cause the Vessel to be irrevocably released and all Encumbrances thereon, other than the lien of the Mortgage, to be discharged by payment, performance, or the posting of security therefor. In the event any of the foregoing occurs, Borrower agrees forthwith to notify Lender by facsimile or telegram, confirmed by letter, at its address set forth in Section 9.4. In the event the Vessel shall be Seized and shall not be released therefrom within thirty (30) days thereafter, Borrower hereby irrevocably authorizes and empowers Lender and severally each officer of Lender in the name of Borrower (as attorney-in-fact, coupled with an interest) to apply for and receive possession of the Vessel, with all rights and authority that Borrower might have, possess and exercise in any such event, but Lender and such officers shall not be under any obligation to act in connection with the rights given in this Section. Borrower also authorizes and empowers Lender and the officers officials above specified, severally, specified or their appointees, or any of them, to appear in the name of Borrower in any court of any country or nation of the world where a complaint in rem or libel is pending against the Vessel, or where the Vessel is Seized or is subject to Seizure and to take such actions as may seem proper toward the defense of such suit and the discharge of any or all Encumbrances thereon or other relevant judgment or claim, and all expenditures made or so incurred shall be obligations due from Borrower to Lender, shall be secured by the liens of the Bulk Beothuk Mortgage, the Bulk Cajun Mortgage and Bulk Discovery Mortgage, and shall accrue interest at the Interest Rate or Default Rate, as in effect from time to time.