Trust Provisions. 16.16.1 The trusts constituted or evidenced in or by this Agreement and the Trust Deed shall remain in full force and effect until whichever is the earlier of: (a) the expiration of a period of eighty (80) years from the date of this Agreement; and (b) receipt by the Security Trustee of confirmation in writing by the Agent that there is no longer outstanding any Indebtedness (actual or contingent) which is secured or guaranteed or otherwise assured by or under any of the Security Documents, and the parties to this Agreement declare that the perpetuity period applicable to this Agreement and the trusts declared by the Trust Deed shall for the purposes of the Perpetuities and Accumulations Xxx 0000 be the period of eighty (80) years from the date of this Agreement. 16.16.2 In its capacity as trustee in relation to the Security Documents specified in clause 16.14, the Security Trustee shall, without prejudice to any of the powers, discretions and immunities conferred upon trustees by law (and to the extent not inconsistent with the provisions of any of those Security Documents), have all the same powers and discretions as a natural person acting as the beneficial owner of such property and/or as are conferred upon the Security Trustee by any of those Security Documents. 16.16.3 It is expressly declared that, in its capacity as trustee in relation to the Security Documents specified in clause 16.14, the Security Trustee shall be entitled to invest moneys forming part of the security and which, in the opinion of the Security Trustee, may not be paid out promptly following receipt in the name or under the control of the Security Trustee in any of the investments for the time being authorised by law for the investment by trustees of trust moneys or in any other property or investments whether similar to the aforesaid or not or by placing the same on deposit in the name or under the control of the Security Trustee as the Security Trustee may think fit without being under any duty to diversify its investments and the Security Trustee may at any time vary or transpose any such property or investments for or into any others of a like nature and shall not be responsible for any loss due to depreciation in value or otherwise of such property or investments. Any investment of any part or all of the security may, at the discretion of the Security Trustee, be made or retained in the names of nominees.
Appears in 26 contracts
Samples: Facility Agreement (EuroDry Ltd.), Facility Agreement (Euroseas Ltd.), Facility Agreement (Navios Maritime Acquisition CORP)
Trust Provisions. 16.16.1 The trusts constituted or evidenced in or by this Agreement and the Trust Deed shall remain in full force and effect until whichever is the earlier of:
(a) the expiration of a period of eighty (80) years from the date of this Agreement; and
(b) receipt by the Security Trustee Agent of confirmation in writing by the Agent that there is no longer outstanding any Indebtedness (actual or contingent) which is secured or guaranteed or otherwise assured by or under any of the Security Documents, and the parties to this Agreement declare that the perpetuity period applicable to this Agreement and the trusts declared by the Trust Deed shall for the purposes of the Perpetuities and Accumulations Xxx 0000 be the period of eighty (80) years from the date of this Agreement.
16.16.2 In its capacity as trustee in relation to the Security Documents specified in clause 16.1416.14.1, the Security Trustee Agent shall, without prejudice to any of the powers, discretions and immunities conferred upon trustees by law (and to the extent not inconsistent with the provisions of any of those Security Documents), have all the same powers and discretions as a natural person acting as the beneficial owner of such property and/or as are conferred upon the Security Trustee Agent by any of those Security Documents.
16.16.3 It is expressly declared that, in its capacity as trustee in relation to the Security Documents specified in clause 16.1416.14.1, the Security Trustee Agent shall be entitled to invest moneys forming part of the security and which, in the opinion of the Security TrusteeAgent, may not be paid out promptly following receipt in the name or under the control of the Security Trustee Agent in any of the investments for the time being authorised by law for the investment by trustees of trust moneys or in any other property or investments whether similar to the aforesaid or not or by placing the same on deposit in the name or under the control of the Security Trustee Agent as the Security Trustee Agent may think fit without being under any duty to diversify its investments and the Security Trustee Agent may at any time vary or transpose any such property or investments for or into any others of a like nature and shall not be responsible for any loss due to depreciation in value or otherwise of such property or investments. Any investment of any part or all of the security may, at the discretion of the Security TrusteeAgent, be made or retained in the names of nominees.
Appears in 6 contracts
Samples: Loan Agreement (Aegean Marine Petroleum Network Inc.), Third Supplemental Agreement (Aegean Marine Petroleum Network Inc.), Loan Agreement (Euronav NV)
Trust Provisions. 16.16.1 The trusts constituted or evidenced in or by this Agreement and the Trust Deed shall remain in full force and effect until whichever is the earlier of:
(a) the expiration of a period of eighty (80) years from the date of this Agreement; and
(b) receipt by the Security Trustee Agent of confirmation in writing by the Agent that there is no longer outstanding any Indebtedness (actual or contingent) which is secured or guaranteed or otherwise assured by or under any of the Security Documents, and the parties to this Agreement declare that the perpetuity period applicable to this Agreement and the trusts declared by the Trust Deed shall for the purposes of the Perpetuities and Accumulations Xxx 0000 be the period of eighty (80) years from the date of this Agreement.
16.16.2 In its capacity as trustee in relation to the Security Documents specified in clause 16.1416.15.1, the Security Trustee Agent shall, without prejudice to any of the powers, discretions and immunities conferred upon trustees by law (and to the extent not inconsistent with the provisions of any of those Security Documents), have all the same powers and discretions as a natural person acting as the beneficial owner of such property and/or as are conferred upon the Security Trustee Agent by any of those Security Documents.
16.16.3 It is expressly declared that, in its capacity as trustee in relation to the Security Documents specified in clause 16.1416.15.1, the Security Trustee Agent shall be entitled to invest moneys forming part of the security and which, in the opinion of the Security TrusteeAgent, may not be paid out promptly following receipt in the name or under the control of the Security Trustee Agent in any of the investments for the time being authorised by law for the investment by trustees of trust moneys or in any other property or investments whether similar to the aforesaid or not or by placing the same on deposit in the name or under the control of the Security Trustee Agent as the Security Trustee Agent may think fit without being under any duty to diversify its investments and the Security Trustee Agent may at any time vary or transpose any such property or investments for or into any others of a like nature and shall not be responsible for any loss due to depreciation in value or otherwise of such property or investments. Any investment of any part or all of the security may, at the discretion of the Security TrusteeAgent, be made or retained in the names of nominees.
Appears in 3 contracts
Samples: Supplemental Agreement (Diana Shipping Inc.), Loan Agreement (Diana Shipping Inc.), Facility Agreement (Aegean Marine Petroleum Network Inc.)
Trust Provisions. 16.16.1 The trusts constituted or evidenced in or by this Agreement and the Trust Deed shall remain in full force and effect until whichever is the earlier of:
(a) the expiration of a period of eighty (80) years from the date of this Agreement; and
(b) receipt by the Security Trustee Agent of confirmation in writing by the Agent that there is no longer outstanding any Indebtedness (actual or contingent) which is secured or guaranteed or otherwise assured by or under any of the Security Documents, and the parties to this Agreement declare that the perpetuity period applicable to this Agreement and the trusts declared by the Trust Deed shall for the purposes of the Perpetuities and Accumulations Xxx Axx 0000 be the period of eighty (80) years from the date of this Agreement.
16.16.2 In its capacity as trustee in relation to the Security Documents specified in clause 16.1416.14.1, the Security Trustee Agent shall, without prejudice to any of the powers, discretions and immunities conferred upon trustees by law (and to the extent not inconsistent with the provisions of any of those Security Documents), have all the same powers and discretions as a natural person acting as the beneficial owner of such property and/or as are conferred upon the Security Trustee Agent by any of those Security Documents.
16.16.3 It is expressly declared that, in its capacity as trustee in relation to the Security Documents specified in clause 16.1416.14.1, the Security Trustee Agent shall be entitled to invest moneys forming part of the security and which, in the opinion of the Security TrusteeAgent, may not be paid out promptly following receipt in the name or under the control of the Security Trustee Agent in any of the investments for the time being authorised by law for the investment by trustees of trust moneys or in any other property or investments whether similar to the aforesaid or not or by placing the same on deposit in the name or under the control of the Security Trustee Agent as the Security Trustee Agent may think fit without being under any duty to diversify its investments and the Security Trustee Agent may at any time vary or transpose any such property or investments for or into any others of a like nature and shall not be responsible for any loss due to depreciation in value or otherwise of such property or investments. Any investment of any part or all of the security may, at the discretion of the Security TrusteeAgent, be made or retained in the names of nominees.
Appears in 2 contracts
Samples: Ninth Supplemental Agreement (Aegean Marine Petroleum Network Inc.), Loan Agreement (Aegean Marine Petroleum Network Inc.)
Trust Provisions. 16.16.1 The trusts constituted or evidenced in or by this Agreement and the Trust Deed shall remain in full force and effect until whichever is the earlier of:
(a) the expiration of a period of eighty (80) years from the date of this AgreementExecution Date; and
(b) receipt by the Security Trustee of confirmation in writing by the Agent that there is no longer outstanding any Indebtedness (actual or contingent) which is secured or guaranteed or otherwise assured by or under any end of the Security DocumentsFacility Period, and the parties to this Agreement declare that the perpetuity period applicable to this Agreement and the trusts declared by the Trust Deed shall for the purposes of the Perpetuities and Accumulations Xxx 0000 be the period of eighty (80) years from the date of this AgreementExecution Date.
16.16.2 In its capacity as trustee in relation to the Security Documents specified in clause 16.14, the Security Trustee shall, without prejudice to any of the powers, discretions and immunities conferred upon trustees by law (and to the extent not inconsistent with the provisions of any of those Security Documents), have all the same powers and discretions as a natural person acting as the beneficial owner of such property and/or as are conferred upon the Security Trustee by any of those Security Documents.
16.16.3 It is expressly declared that, in its capacity as trustee in relation to the Security Documents specified in clause 16.14, the Security Trustee shall be entitled to invest moneys forming part of the security and which, in the opinion of the Security Trustee, may not be paid out promptly following receipt in the name or under the control of the Security Trustee in any of the investments for the time being authorised by law for the investment by trustees of trust moneys or in any other property or investments whether similar to the aforesaid or not or by placing the same on deposit in the name or under the control of the Security Trustee as the Security Trustee may think fit without being under any duty to diversify its investments and the Security Trustee may at any time vary or transpose any such property or investments for or into any others of a like nature and shall not be responsible for any loss due to depreciation in value or otherwise of such property or investments. Any investment of any part or all of the security may, at the discretion of the Security Trustee, be made or retained in the names of nominees.
Appears in 2 contracts
Samples: Loan Agreement (StealthGas Inc.), Loan Agreement (StealthGas Inc.)
Trust Provisions. 16.16.1 The trusts constituted or evidenced in or by this Agreement and the Trust Deed shall remain in full force and effect until whichever is the earlier of:
(a) the expiration of a period of eighty (80) years from the date of this Agreement; and
(b) receipt by the Security Trustee Agent of confirmation in writing by the Agent that there is no longer outstanding any Indebtedness (actual or contingent) which is secured or guaranteed or otherwise assured by or under any of the Security Documents, and the parties to this Agreement declare that the perpetuity period applicable to this Agreement and the trusts declared by the Trust Deed shall for the purposes of the Perpetuities and Accumulations Xxx 0000 be the period of eighty (80) years from the date of this Agreement.
16.16.2 In in its capacity as trustee in relation to the Security Documents specified in clause 16.1416.15.1, the Security Trustee Agent shall, without prejudice to any of the powers, discretions discretion and immunities conferred upon trustees by law (and to the extent not inconsistent with the provisions of any of those Security Documents), have all the same powers and discretions as a natural person acting as the beneficial owner of such property and/or as are conferred upon the Security Trustee Agent by any of those Security Documents.
16.16.3 It is expressly declared that, in its capacity as trustee in relation to the Security Documents specified in clause 16.1416.15.1, the Security Trustee Agent shall be entitled to invest moneys forming part of the security and which, in the opinion of the Security TrusteeAgent, may not be paid out promptly following receipt in the name or under the control of the Security Trustee Agent in any of the investments for the time being authorised by law for the investment by trustees of trust moneys or in any other property or investments whether similar to the aforesaid or not or by placing the same on deposit in the name or under the control of the Security Trustee Agent as the Security Trustee Agent may think fit without being under any duty to diversify its investments and the Security Trustee Agent may at any time vary or transpose any such property or investments for or into any others of a like nature and shall not be responsible for any loss due to depreciation in value or otherwise of such property or investments. Any investment of any part or all of the security may, at the discretion of the Security TrusteeAgent, be made or retained in the names of nominees.
Appears in 2 contracts
Samples: Loan Agreement (Seanergy Maritime Holdings Corp.), Loan Agreement (Seanergy Maritime Holdings Corp.)
Trust Provisions. 16.16.1 The trusts constituted or evidenced in or by this Agreement and the Trust Deed shall remain in full force and effect until whichever is the earlier of:
(a) the expiration of a period of eighty (80) years from the date of this Agreement; and
(b) receipt by the Security Trustee Agent of confirmation in writing by the Agent that there is no longer outstanding any Indebtedness (actual or contingent) which is secured or guaranteed or otherwise assured by or under any of the Security Documents, and the parties to this Agreement declare that the perpetuity period applicable to this Agreement and the trusts declared by the Trust Deed shall for the purposes of the Perpetuities and Accumulations Xxx Axx 0000 be the period of eighty (80) years from the date of this Agreement.
16.16.2 In its capacity as trustee in relation to the Security Documents specified in clause 16.14, the Security Trustee Agent shall, without prejudice to any of the powers, discretions and immunities conferred upon trustees by law (and to the extent not inconsistent with the provisions of any of those Security Documents), have all the same powers and discretions as a natural person acting as the beneficial owner of such property and/or as are conferred upon the Security Trustee Agent by any of those Security Documents.
16.16.3 It is expressly declared that, in its capacity as trustee in relation to the Security Documents specified in clause 16.1416.15.1, the Security Trustee Agent shall be entitled to invest moneys forming part of the security and which, in the opinion of the Security TrusteeAgent, may not be paid out promptly following receipt in the name or under the control of the Security Trustee Agent in any of the investments for the time being authorised by law for the investment by trustees of trust moneys or in any other property or investments whether similar to the aforesaid or not or by placing the same on deposit in the name or under the control of the Security Trustee Agent as the Security Trustee Agent may think fit without being under any duty to diversify its investments and the Security Trustee Agent may at any time vary or transpose any such property or investments for or into any others of a like nature and shall not be responsible for any loss due to depreciation in value or otherwise of such property or investments. Any investment of any part or all of the security may, at the discretion of the Security TrusteeAgent, be made or retained in the names of nominees.
Appears in 2 contracts
Samples: Loan Agreement (Seanergy Maritime Holdings Corp.), Senior Loan Agreement (FreeSeas Inc.)
Trust Provisions. 16.16.1 The trusts constituted or evidenced in or by this Agreement and the Trust Deed shall remain in full force and effect until whichever is the earlier of:
(a) the expiration of a period of eighty (80) years from the date of this Agreement; and
(b) receipt by the Security Trustee Agent of confirmation in writing by the Agent that there is no longer outstanding any Indebtedness (actual or contingent) which is secured or guaranteed or otherwise assured by or under any of the Security Documents, and the parties to this Agreement declare that the perpetuity period applicable to this Agreement and the trusts declared by the Trust Deed shall for the purposes of the Perpetuities and Accumulations Xxx 0000 be the period of eighty (80) years from the date of this Agreement.
16.16.2 In its capacity as trustee in relation to the Security Documents specified in clause 16.1416.14.1, the Security Trustee Agent shall, without prejudice to any of the powers, discretions and immunities conferred upon trustees by law (and to the extent not inconsistent with the provisions of any of those Security Documents), have all the same powers and discretions as a natural person acting as the beneficial owner of such property and/or as are conferred upon the Security Trustee Agent by any of those Security Documents.
16.16.3 It is expressly declared that, in its capacity as trustee in relation to the Security Documents specified in clause 16.1416.14.1, the Security Trustee Agent shall be entitled to invest moneys forming part of the security and which, in the opinion of the Security TrusteeAgent, may not be paid out promptly following receipt in the name or under the control of the Security Trustee Agent in any of the investments for the time being authorised by law for the investment by trustees of trust moneys or in any other property or investments whether similar to the aforesaid or not or by placing the same on deposit in the name or under the control of the Security Trustee Agent as the Security Trustee Agent may think fit without being under any duty to diversify its investments and the Security Trustee Agent may at any time vary or transpose any such property or investments for or into any others of a like nature and shall not be responsible for any loss due to depreciation in value or otherwise of such property or investments. Any investment of any part or all of the security may, at the discretion of the Security TrusteeAgent, be made or retained in the names of nominees.
Appears in 2 contracts
Samples: Supplemental Agreement (Aegean Marine Petroleum Network Inc.), Supplemental Agreement (Aegean Marine Petroleum Network Inc.)
Trust Provisions. 16.16.1 The trusts constituted or evidenced in or by this Agreement and the Trust Deed shall remain in full force and effect until whichever is the earlier of:
(a) the expiration of a period of eighty (80) years from the date of this Agreement; and
(b) receipt by the Security Trustee of confirmation in writing by the Agent that there is no longer outstanding any Indebtedness (actual or contingent) which is secured or guaranteed or otherwise assured by or under any of the Security Documents, and the parties to this Agreement declare that the perpetuity period applicable to this Agreement and the trusts declared by the Trust Deed shall for the purposes of the Perpetuities and Accumulations Xxx Axx 0000 be the period of eighty (80) years from the date of this Agreement.
16.16.2 In its capacity as trustee in relation to the Security Documents specified in clause 16.14, the Security Trustee shall, without prejudice to any of the powers, discretions and immunities conferred upon trustees by law (and to the extent not inconsistent with the provisions of any of those Security Documents), have all the same powers and discretions as a natural person acting as the beneficial owner of such property and/or as are conferred upon the Security Trustee by any of those Security Documents.
16.16.3 It is expressly declared that, in its capacity as trustee in relation to the Security Documents specified in clause 16.14, the Security Trustee shall be entitled entitled, subject to the consent of the Lenders, to invest moneys forming part of the security and which, in the opinion of the Security Trustee, may not be paid out promptly following receipt in the name or under the control of the Security Trustee in any of the investments for the time being authorised by law for the investment by trustees of trust moneys or in any other property or investments whether similar to the aforesaid or not or by placing the same on deposit in the name or under the control of the Security Trustee as the Security Trustee may think fit without being under any duty to diversify its investments and the Security Trustee may at any time vary or transpose any such property or investments for or into any others of a like nature and shall not be responsible for any loss due to depreciation in value or otherwise of such property or investments. Any investment of any part or all of the security may, at the discretion of the Security Trustee, be made or retained in the names of nominees.
Appears in 2 contracts
Samples: Facility Agreement (Navios Maritime Acquisition CORP), Facility Agreement (Navios Maritime Holdings Inc.)
Trust Provisions. 16.16.1 The trusts constituted or evidenced in or by this Agreement and the Trust Deed shall remain in full force and effect until whichever is the earlier of:
(a) the expiration of a period of eighty (80) years from the date of this Agreement; and
(b) receipt by the Security Trustee Agent of confirmation in writing by the Agent that there is no longer outstanding any Indebtedness (actual or contingent) which is secured or guaranteed or otherwise assured by or under any of the Security Documents, and the parties to this Agreement declare that the perpetuity period applicable to this Agreement and the trusts declared by the Trust Deed shall for the purposes of the Perpetuities and Accumulations Xxx 0000 be the period of eighty (80) years from the date of this Agreement.
16.16.2 In its capacity as trustee in relation to the Security Documents specified in clause 16.14, 16.
15.1 the Security Trustee Agent shall, without prejudice to any of the powers, discretions and immunities conferred upon trustees by law (and to the extent not inconsistent with the provisions of any of those Security Documents), have all the same powers and discretions as a natural person acting as the beneficial owner of such property and/or as are conferred upon the Security Trustee Agent by any of those Security Documents.
16.16.3 It is expressly declared that, in its capacity as trustee in relation to the Security Documents specified in clause 16.1416.15.1, the Security Trustee Agent shall be entitled to invest moneys forming part of the security and which, in the opinion of the Security TrusteeAgent, may not be paid out promptly following receipt in the name or under the control of the Security Trustee Agent in any of the investments for the time being authorised by law for the investment by trustees of trust moneys or in any other property or investments whether similar to the aforesaid or not or by placing the same on deposit in the name or under the control of the Security Trustee Agent as the Security Trustee Agent may think fit without being under any duty to diversify its investments and the Security Trustee Agent may at any time vary or transpose any such property or investments for or into any others of a like nature and shall not be responsible for any loss due to depreciation in value or otherwise of such property or investments. Any investment of any part or of all of the security may, at the discretion of the Security TrusteeAgent, be made or retained in the names of nominees.
Appears in 2 contracts
Samples: Loan Agreement (Diana Shipping Inc.), Loan Agreement (Diana Containerships Inc.)
Trust Provisions. 16.16.1 The trusts constituted or evidenced in or by this Agreement and the Trust Deed shall remain in full force and effect until whichever is the earlier of:
(ai) the expiration of a period of eighty (80) years from the date of this Agreement; and
(bii) receipt by the Security Trustee of confirmation in writing by the Agent that there is no longer outstanding any Indebtedness (actual or contingent) which is secured or guaranteed or otherwise assured by or under any of the Security Documents, and the parties to this Agreement declare that the perpetuity period applicable to this Agreement and the trusts declared by the Trust Deed shall for the purposes of the Perpetuities and Accumulations Xxx 0000 be the period of eighty (80) years from the date of this Agreement.
16.16.2 In its capacity as trustee in relation to the Security Documents specified in clause 16.14, the Security Trustee shall, without prejudice to any of the powers, discretions and immunities conferred upon trustees by law (and to the extent not inconsistent with the provisions of any of those Security Documents), have all the same powers and discretions as a natural person acting as the beneficial owner of such property and/or as are conferred upon the Security Trustee by any of those Security Documents.
16.16.3 It is expressly declared that, in its capacity as trustee in relation to the Security Documents specified in clause 16.14, the Security Trustee shall be entitled to invest moneys forming part of the security and which, in the opinion of the Security Trustee, may not be paid out promptly following receipt in the name or under the control of the Security Trustee in any of the investments for the time being authorised by law for the investment by trustees of trust moneys or in any other property or investments whether similar to the aforesaid or not or by placing the same on deposit in the name or under the control of the Security Trustee as the Security Trustee may think fit without being under any duty to diversify its investments and the Security Trustee may at any time vary or transpose any such property or investments for or into any others of a like nature and shall not be responsible for any loss due to depreciation in value or otherwise of such property or investments. Any investment of any part or all of the security may, at the discretion of the Security Trustee, be made or retained in the names of nominees.
Appears in 1 contract
Trust Provisions. 16.16.1 The trusts constituted or evidenced in or by this Agreement and the Trust Deed shall remain in full force and effect until whichever is the earlier of:
(a) the expiration of a period of eighty (80) years from the date of this Agreement; and
(b) receipt by the Security Trustee Agent of confirmation in writing by the Agent that there is no longer outstanding any Indebtedness (actual or contingent) which is secured or guaranteed or otherwise assured by or under any of the Security Documents, . and the parties to this Agreement declare that the perpetuity period applicable to this Agreement and the trusts declared by the Trust Deed shall for the purposes of the Perpetuities and Accumulations Xxx 0000 be the period of eighty (80) years from the date of this Agreement.
16.16.2 In its capacity as trustee in relation to the Security Documents specified in clause 16.14, the Security Trustee Agent shall, without prejudice to any of the powers, discretions and immunities conferred upon trustees by law (and to the extent not inconsistent with the provisions of any of those Security Documents), have all the same powers and discretions as a natural person acting as the beneficial owner of such property and/or as are conferred upon the Security Trustee Agent by any of those Security Documents.
16.16.3 It is expressly declared that, in its capacity as trustee in relation to the Security Documents specified in clause 16.14, the Security Trustee Agent shall be entitled to invest moneys forming part of the security and which, in the opinion of the Security TrusteeAgent, may not be paid out promptly following receipt in the name or under the control of the Security Trustee Agent in any of the investments for the time being authorised by law for the investment by trustees of trust moneys or in any other property or investments whether similar to the aforesaid or not or by placing the same on deposit in the name or under the control of the Security Trustee Agent as the Security Trustee Agent may think fit without being under any duty to diversify its investments and the Security Trustee Agent may at any time vary or transpose any such property or investments for or into any others of a like nature and shall not be responsible for any loss due to depreciation in value or otherwise of such property or investments. Any investment of any part or all of the security may, at the discretion of the Security TrusteeAgent, be made or retained in the names of nominees.
Appears in 1 contract
Trust Provisions. 16.16.1 The trusts constituted or evidenced in or by this Agreement and the Trust Deed shall remain in full force and effect until whichever is the earlier of:
(a) the expiration of a period of eighty (80) years from the date of this Agreement; and
(b) receipt by the Security Trustee of confirmation in writing by the Agent that there is no longer outstanding any Indebtedness (actual or contingent) which is secured or guaranteed or otherwise assured by or under any of the Security Documents, and the parties to this Agreement declare that the perpetuity period applicable to this Agreement and the trusts declared by the Trust Deed shall for the purposes of the Perpetuities and Accumulations Xxx 0000 be the period of eighty (80) years from the date of this Agreement.
16.16.2 In its capacity as trustee in relation to the Security Documents specified in clause 16.14, the Security Trustee shall, without prejudice to any of the powers, discretions and immunities conferred upon trustees by law (and to the extent not inconsistent with the provisions of any of those Security Documents), have all the same powers and discretions as a natural person acting as the beneficial owner of such property and/or as are conferred upon the Security Trustee by any of those Security Documents.
16.16.3 It is expressly declared that, in its capacity as trustee in relation to the Security Documents specified in clause 16.14, the Security Trustee shall be entitled entitled, subject to the consent of the Lenders, to invest moneys forming part of the security and which, in the opinion of the Security Trustee, may not be paid out promptly following receipt in the name or under the control of the Security Trustee in any of the investments for the time being authorised by law for the investment by trustees of trust moneys or in any other property or investments whether similar to the aforesaid or not or by placing the same on deposit in the name or under the control of the Security Trustee as the Security Trustee may think fit without being under any duty to diversify its investments and the Security Trustee may at any time vary or transpose any such property or investments for or into any others of a like nature and shall not be responsible for any loss due to depreciation in value or otherwise of such property or investments. Any investment of any part or all of the security may, at the discretion of the Security Trustee, be made or retained in the names of nominees.
Appears in 1 contract
Trust Provisions. 16.16.1 The trusts constituted or evidenced in or by this Agreement and the Trust Deed shall remain in full force and effect until whichever is the earlier of:
(a) the expiration of a period of eighty (80) years from the date of this Agreement; and
(b) receipt by the Security Trustee Agent of confirmation in writing by the Agent that there is no longer outstanding any Indebtedness (actual or contingent) which is secured or guaranteed or otherwise assured by or under any of the Security Documents, and the parties to this Agreement declare that the perpetuity period applicable to this Agreement and the trusts declared by the Trust Deed shall for the purposes of the Perpetuities and Accumulations Xxx 0000 be the period of eighty (80) years from the date of this Agreement.
16.16.2 In its capacity as trustee in relation to the Security Documents specified in clause 16.14, the Security Trustee Agent shall, without prejudice to any of the powers, discretions and immunities conferred upon trustees by law (and to the extent not inconsistent with the provisions of any of those Security Documents), have all the same powers and discretions as a natural person acting as the beneficial owner of such property and/or as are conferred upon the Security Trustee Agent by any of those Security Documents.
16.16.3 It is expressly declared that, in its capacity as trustee in relation to the Security Documents specified in clause 16.1416.15.1, the Security Trustee Agent shall be entitled to invest moneys forming part of the security and which, in the opinion of the Security TrusteeAgent, may not be paid out promptly following receipt in the name or under the control of the Security Trustee Agent in any of the investments for the time being authorised by law for the investment by trustees of trust moneys or in any other property or investments whether similar to the aforesaid or not or by placing the same on deposit in the name or under the control of the Security Trustee Agent as the Security Trustee Agent may think fit without being under any duty to diversify its investments and the Security Trustee Agent may at any time vary or transpose any such property or investments for or into any others of a like nature and shall not be responsible for any loss due to depreciation in value or otherwise of such property or investments. Any investment of any part or all of the security may, at the discretion of the Security TrusteeAgent, be made or retained in the names of nominees.
Appears in 1 contract
Samples: Second Supplemental Agreement (Seanergy Maritime Holdings Corp.)
Trust Provisions. 16.16.1 The trusts constituted or evidenced in or by this Agreement and the Trust Deed shall remain in full force and effect until whichever is the earlier of:
(a) the expiration of a period of eighty (80) years from the date of this Agreement; and
(b) receipt by the Security Trustee Agent of confirmation in writing by the Agent that there is no longer outstanding any Indebtedness (actual or contingent) which is secured or guaranteed or otherwise assured by or under any of the Security Documents, and the parties to this Agreement declare that the perpetuity period applicable to this Agreement and the trusts declared by the Trust Deed shall for the purposes of the Perpetuities and Accumulations Xxx Axx 0000 be the period of eighty (80) years from the date of this Agreement.
16.16.2 In its capacity as trustee in relation to the Security Documents specified in clause 16.14, 16.
15.1 the Security Trustee Agent shall, without prejudice to any of the powers, discretions and immunities conferred upon trustees by law (and to the extent not inconsistent with the provisions of any of those Security Documents), have all the same powers and discretions as a natural person acting as the beneficial owner of such property and/or as are conferred upon the Security Trustee Agent by any of those Security Documents.
16.16.3 It is expressly declared that, in its capacity as trustee in relation to the Security Documents specified in clause 16.1416.15.1, the Security Trustee Agent shall be entitled to invest moneys forming part of the security and which, in the opinion of the Security TrusteeAgent, may not be paid out promptly following receipt in the name or under the control of the Security Trustee Agent in any of the investments for the time being authorised by law for the investment by trustees of trust moneys or in any other property or investments whether similar to the aforesaid or not or by placing the same on deposit in the name or under the control of the Security Trustee Agent as the Security Trustee Agent may think fit without being under any duty to diversify its investments and the Security Trustee Agent may at any time vary or transpose any such property or investments for or into any others of a like nature and shall not be responsible for any loss due to depreciation in value or otherwise of such property or investments. Any investment of any part or of all of the security may, at the discretion of the Security TrusteeAgent, be made or retained in the names of nominees.
Appears in 1 contract
Samples: Loan Agreement (DryShips Inc.)
Trust Provisions. 16.16.1 The trusts constituted or evidenced in or by this Agreement and the Trust Deed shall remain in full force and effect until whichever is the earlier of:
(a) the expiration of a period of eighty (80) years from the date of this Agreement; and
(b) receipt by the Security Trustee of confirmation in writing by the Agent that there is no longer outstanding any Indebtedness (actual or contingent) which is secured or guaranteed or otherwise assured by or under any of the Security Documents, and the parties to this Agreement declare that the perpetuity period applicable to this Agreement and the trusts declared by the Trust Deed shall for the purposes of the Perpetuities and Accumulations Xxx 0000 Act 1964 be the period of eighty (80) years from the date of this Agreement.
16.16.2 In its capacity as trustee in relation to the Security Documents specified in clause 16.14, the Security Trustee shall, without prejudice to any of the powers, discretions and immunities conferred upon trustees by law (and to the extent not inconsistent with the provisions of any of those Security Documents), have all the same powers and discretions as a natural person acting as the beneficial owner of such property and/or as are conferred upon the Security Trustee by any of those Security Documents.
16.16.3 It is expressly declared that, in its capacity as trustee in relation to the Security Documents specified in clause 16.14, the Security Trustee shall be entitled to invest moneys forming part of the security and which, in the opinion of the Security Trustee, may not be paid out promptly following receipt in the name or under the control of the Security Trustee in any of the investments for the time being authorised by law for the investment by trustees of trust moneys or in any other property or investments whether similar to the aforesaid or not or by placing the same on deposit in the name or under the control of the Security Trustee as the Security Trustee may think fit without being under any duty to diversify its investments and the Security Trustee may at any time vary or transpose any such property or investments for or into any others of a like nature and shall not be responsible for any loss due to depreciation in value or otherwise of such property or investments. Any investment of any part or all of the security may, at the discretion of the Security Trustee, be made or retained in the names of nominees.
Appears in 1 contract
Trust Provisions. 16.16.1 The trusts constituted or evidenced in or by this Agreement and the Trust Deed shall remain in full force and effect until whichever is the earlier of:
(a) the expiration of a period of eighty (80) years from the date of this AgreementExecution Date; and
(b) receipt by the Security Trustee of confirmation in writing by the Agent that there is no longer outstanding any Indebtedness (actual or contingent) which is secured or guaranteed or otherwise assured by or under any of the Security Documents, and the parties to this Agreement declare that the perpetuity period applicable to this Agreement and the trusts declared by the Trust Deed shall for the purposes of the Perpetuities and Accumulations Xxx 0000 be the period of eighty (80) years from the date of this AgreementExecution Date.
16.16.2 In its capacity as trustee in relation to the Security Documents specified in clause 16.14, the Security Trustee shall, without prejudice to any of the powers, discretions and immunities conferred upon trustees by law (and to the extent not inconsistent with the provisions of any of those Security Documents), have all the same powers and discretions as a natural person acting as the beneficial owner of such property and/or as are conferred upon the Security Trustee by any of those Security Documents.
16.16.3 It is expressly declared that, in its capacity as trustee in relation to the Security Documents specified in clause 16.14, the Security Trustee shall be entitled entitled, subject to the consent of the Lenders, to invest moneys forming part of the security and which, in the opinion of the Security Trustee, may not be paid out promptly following receipt in the name or under the control of the Security Trustee in any of the investments for the time being authorised by law for the investment by trustees of trust moneys or in any other property or investments whether similar to the aforesaid or not or by placing the same on deposit in the name or under the control of the Security Trustee as the Security Trustee may think fit without being under any duty to diversify its investments and the Security Trustee may at any time vary or transpose any such property or investments for or into any others of a like nature and shall not be responsible for any loss due to depreciation in value or otherwise of such property or investments. Any investment of any part or all of the security may, at the discretion of the Security Trustee, be made or retained in the names of nominees.
Appears in 1 contract
Samples: Facility Agreement for a Term Loan Facility (Navios Maritime Partners L.P.)
Trust Provisions. 16.16.1 The trusts constituted or evidenced in or by this Agreement and the Trust Deed shall remain in full force and effect until whichever is the earlier of:
(a) the expiration of a period of eighty (80) years from the date of this Agreement; and
(b) receipt by the Security Trustee Agent of confirmation in writing by the Agent that there is no longer outstanding any Indebtedness (actual or contingent) which is secured or guaranteed or otherwise assured by or under any of the Security Documents, and the parties to this Agreement declare that the perpetuity period applicable to this Agreement and the trusts declared by the Trust Deed shall for the purposes of the Perpetuities and Accumulations Xxx 0000 be the period of eighty (80) years from the date of this Agreement.
16.16.2 In its capacity as trustee in relation to the Security Documents specified in clause 16.1416.15.1, the Security Trustee Agent shall, without prejudice to any of the powers, discretions and immunities conferred upon trustees by law (and to the extent not inconsistent with the provisions of any of those Security Documents), have all the same powers and discretions as a natural person acting as the beneficial owner of such property and/or as are conferred upon the Security Trustee Agent by any of those Security Documents.
16.16.3 It is expressly declared that, in its capacity as trustee in relation to the Security Documents specified in clause 16.1416.15.1, the Security Trustee Agent shall be entitled to invest moneys forming part of the security and which, in the opinion of the Security TrusteeAgent, may not be paid out promptly following receipt in the name or under the control of the Security Trustee Agent in any of the investments for the time being authorised by law for the investment by trustees of trust moneys or in any other property or investments whether similar to the aforesaid or not or by placing the same on deposit in the name or under the control of the Security Trustee Agent as the Security Trustee Agent may think fit without being under any duty to diversify its investments and the Security Trustee Agent may at any time vary or transpose any such property or investments for or into any others of a like alike nature and shall not be responsible for any loss due to depreciation in value or otherwise of such property or investments. Any investment of any part or all of the security may, at the discretion of the Security TrusteeAgent, be made or retained in the names of nominees.
Appears in 1 contract
Samples: Facility Agreement (Aegean Marine Petroleum Network Inc.)
Trust Provisions. 16.16.1 (1) The trusts constituted following provisions of this clause 31 apply if the Lessee is trustee of a Trust.
(2) The Lessee acknowledges that this Lease is binding on the Lessee personally and in the Lessee's capacity as trustee of the Trust and that the Financier's right of recourse is not limited to the Lessee personally but extends to the assets of the Trust.
(3) The Lessee must cause any successor of the Lessee as trustee of the Trust or evidenced any person who becomes a trustee of the Trust jointly with the Lessee to execute all documents required by the Financier to ensure that this Lease is binding on the successor.
(4) Upon demand by the Financier, the Lessee must exercise its rights of indemnity in or by this Agreement relation to the Trust Fund and the Trust Deed shall remain in full force and effect until whichever is Lessee's rights against the earlier ofbeneficiaries to cause payment of all money owed by the Lessee to the Financier or otherwise hold those rights for the Financier.
(5) The Lessee warrants that:
(a) the expiration Lessee is the sole trustee of a period the Trust and no action has been taken to remove or replace the Lessee;
(b) full particulars of eighty the terms of the Trust have been disclosed to the Financier prior to the execution of this Lease;
(80c) years from the copies of the Trust Deed and any other documents relating to the Trust and, if applicable, the memorandum and articles of association of the Lessee delivered to the Financier before the Lessee executed this Lease are true copies of those documents as in force at the date of this AgreementLease;
(d) the Lessee has power under the Trust Deed to execute and perform its obligations under this Lease and all necessary action has been taken to authorize the execution and performance of this Lease under the Trust Deed and, if applicable, under the memorandum and articles of association of the Lessee;
(e) the Lease is executed and all transactions contemplated under this Lease are entered into as part of the due and proper administration of the Trust and are for the benefit of the beneficiaries;
(f) the Lessee has a right to be fully indemnified out of the Trust Fund and no action has been taken which might prejudice or limit that right or indemnity;
(g) the Lessee is not in default under the Trust Deed;
(h) the Lessee has complied with all fiduciary obligations directly or indirectly imposed on the Lessee; and
(bi) receipt by the Security Trustee of confirmation in writing by the Agent that there is no longer outstanding any Indebtedness (actual or contingent) which is secured or guaranteed or otherwise assured by or under any each of the Security Documents, and the parties to warranties contained in this Agreement declare that the perpetuity period applicable to clause 31(5) will remain true as long as this Agreement and the trusts declared by the Trust Deed shall for Lease remains in force.
(6) For the purposes of the Perpetuities and Accumulations Xxx 0000 be the period of eighty (80) years from the date of this Agreement.
16.16.2 In its capacity as trustee in relation to the Security Documents specified in clause 16.14, the Security Trustee shall, without prejudice to any of the powers, discretions and immunities conferred upon trustees by law (and to the extent not inconsistent with the provisions of any of those Security Documents), have all the same powers and discretions as a natural person acting as the beneficial owner of such property and/or as are conferred upon the Security Trustee by any of those Security Documents.
16.16.3 It is expressly declared that, in its capacity as trustee in relation to the Security Documents specified in clause 16.14, the Security Trustee shall be entitled to invest moneys forming part of the security and which, in the opinion of the Security Trustee, may not be paid out promptly following receipt in the name or under the control of the Security Trustee in any of the investments for the time being authorised by law for the investment by trustees of trust moneys or in any other property or investments whether similar to the aforesaid or not or by placing the same on deposit in the name or under the control of the Security Trustee as the Security Trustee may think fit without being under any duty to diversify its investments and the Security Trustee may at any time vary or transpose any such property or investments for or into any others of a like nature and shall not be responsible for any loss due to depreciation in value or otherwise of such property or investments. Any investment of any part or all of the security may, at the discretion of the Security Trustee, be made or retained in the names of nominees.31:
Appears in 1 contract
Samples: Lease Agreement (Environmental Group International LTD)
Trust Provisions. 16.16.1 The trusts constituted or evidenced in or by this Agreement and the Trust Deed shall remain in full force and effect until whichever is the earlier of:
(a) the expiration of a period of eighty (80) years from the date of this Agreement; and
(b) receipt by the Security Trustee Agent of confirmation in writing by the Agent that there is no longer outstanding any Indebtedness (actual or contingent) which is secured or guaranteed or otherwise assured by or under any of the Security Documents, and the parties to this Agreement declare that the perpetuity perpetuity• period applicable to this Agreement and the trusts declared by the Trust Deed shall for the purposes of the Perpetuities and Accumulations Xxx 0000 be the period of eighty (80) years from the date of this Agreement.
16.16.2 In its capacity as trustee in relation to the Security Documents specified in clause 16.1416.14.1, the Security Trustee Agent shall, without prejudice to any of the powers, discretions and immunities conferred upon trustees by law (and to the extent not inconsistent with the provisions of any of those Security Documents), have all the same powers and discretions as a natural person acting as the beneficial owner of such property and/or as are conferred upon the Security Trustee Agent by any of those Security Documents.
16.16.3 It is expressly declared that, in its capacity as trustee in relation to the Security Documents specified in clause 16.1416.14.1, the Security Trustee Agent shall be entitled to invest moneys forming part of the security and which, in the opinion of the Security TrusteeAgent, may not be paid out promptly following receipt in the name or under the control of the Security Trustee Agent in any of the investments for the time being authorised by law for the investment by trustees of trust moneys or in any other property or investments whether similar to the aforesaid or not or by placing the same on deposit in the name or under the control of the Security Trustee Agent as the Security Trustee Agent may think fit without being under any duty to diversify its investments and the Security Trustee Agent may at any time vary or transpose any such property or investments for or into any others of a like nature and shall not be responsible for any loss due to depreciation in value or otherwise of such property or investments. Any investment of any part or all of the security may, at the discretion of the Security TrusteeAgent, be made or retained in the names of nominees.
Appears in 1 contract
Samples: Second Supplemental Agreement (Aegean Marine Petroleum Network Inc.)
Trust Provisions. 16.16.1 The trusts constituted or evidenced in or by this Agreement and the Trust Deed shall remain in full force and effect until whichever is the earlier of:
(a) the expiration of a period of eighty (80) years from the date of this Agreement; and
(b) receipt by the Security Trustee of confirmation in writing by the Agent that there is no longer outstanding any Indebtedness (actual or contingent) which is secured or guaranteed or otherwise assured by or under any of the Security Documents, and the parties to this Agreement declare that the perpetuity period applicable to this Agreement and the trusts declared by the Trust Deed shall for the purposes of the Perpetuities and Accumulations Xxx Axx 0000 be the period of eighty (80) years from the date of this Agreement.
16.16.2 In its capacity as trustee in relation to the Security Documents specified in clause 16.14, the Security Trustee shall, without prejudice to any of the powers, discretions and immunities conferred upon trustees by law (and to the extent not inconsistent with the provisions of any of those Security Documents), have all the same powers and discretions as a natural person acting as the beneficial owner of such property and/or as are conferred upon the Security Trustee by any of those Security Documents.
16.16.3 It is expressly declared that, in its capacity as trustee in relation to the Security Documents specified in clause 16.14, the Security Trustee shall be entitled to invest moneys forming part of the security and which, in the opinion of the Security Trustee, may not be paid out promptly following receipt in the name or under the control of the Security Trustee in any of the investments for the time being authorised by law for the investment by trustees of trust moneys or in any other property or investments whether similar to the aforesaid or not or by placing the same on deposit in the name or under the control of the Security Trustee as the Security Trustee may think fit without being under any duty to diversify its investments and the Security Trustee may at any time vary or transpose any such property or investments for or into any others of a like nature and shall not be responsible for any loss due to depreciation in value or otherwise of such property or investments. Any investment of any part or all of the security may, at the discretion of the Security Trustee, be made or retained in the names of nominees.
Appears in 1 contract