Enforcement of Security Sample Clauses
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Enforcement of Security. 13.1 If the security hereby constituted shall become enforceable as herein provided, time shall be considered as of the essence of this contract, and the Mortgagee shall be entitled to put into force and exercise all the powers and remedies possessed by it according to law as mortgagee and chargee of the Vessel, and in particular:
(a) to take possession of the Vessel;
(b) to recover and collect all freights, passage moneys, remuneration for salvage or towage services, hire moneys and all other income or earnings then due or to become due to the Owner in respect of the Vessel and to give a good accounting therefor on behalf of the Owner;
(c) to require that all policies, contracts, certificates of entry and other records relating to Insurances (including details of and correspondence concerning outstanding claims) be delivered forthwith to such adjusters and/or brokers and/or other insurers as the Mortgagee may nominate; however, the Owner makes no representation or warranty as to the continuing effectiveness of such policies;
(d) to collect, recover, compromise and give a good discharge for all claims then outstanding or thereafter arising under any policy or contract of insurance relating to the Vessel and to take over or institute all such proceedings in connection therewith as the Mortgagee in its absolute discretion thinks fit and to permit the brokers through whom collection or recovery is effected to charge and retain the usual brokerage therefor;
(e) to discharge, compound, release or compromise claims in respect of the Vessel which have given or may give rise to any charge or lien on the Vessel having priority over the Mortgage or which are or may be enforceable by proceedings against the Vessel;
(f) to sell the Vessel or any share therein, with or without the benefit of any charterparty or other engagement, by public auction or private contract, at any place in the world, with or without advertisement, for cash or on Loan and otherwise and upon such terms as the Mortgagee in its absolute discretion may determine so long as in accordance with applicable laws, with power to postpone any such sale and without being answerable for any loss occasioned by such sale or resulting from postponement thereof, and at any such public sale to purchase the Vessel and to set off the purchase price against the Obligations;
(g) to manage the Vessel (and, for such purpose to appoint and/or remove any manager of the Vessel) and to insure the Vessel on such terms and ...
Enforcement of Security. On and at any time after the occurrence of an Event of Default which is continuing the Security Agent may, and shall if so directed by the Majority Lenders, take any action which, as a result of the Event of Default or any notice served under Clause 27.19 (Acceleration), the Security Agent is entitled to take under any Finance Document or any applicable law or regulation.
Enforcement of Security. 7.1. The security hereby constituted shall become enforceable upon the occurrence of an Enforcement Event which is continuing.
7.2. At any time after the occurrence of an Enforcement Event which is continuing, the rights conferred on the Chargee under this Charge or by law shall be immediately exercisable upon and at any time thereafter and, without prejudice to the generality of the foregoing, the Chargee or any Receiver appointed hereunder without further notice to the Chargor:
7.2.1. may solely and exclusively exercise all voting and/or consensual powers pertaining to the Charged Property or any part thereof and may exercise such powers in a such manner as the Chargee may think fit; and/or
7.2.2. may complete any share transfer forms then held by the Chargee pursuant to this Charge in the name of the Chargee (or its nominee) and the Chargor shall do whatever the Chargee requires in order to procure the prompt registration of such transfer and the prompt issue of a new certificate or certificates for the relevant Charged Property in the name of the Chargee; and/or
7.2.3. date any or all, as the Chargee in its absolute discretion may deem appropriate, of the letters of resignation of the Directors and Secretary of the Company provided to the Chargee pursuant to clause 3.2.5, the proxy provided to the Chargee pursuant to clause 3.2.3 and the appointment provided to the Chargee pursuant to clause 3.2.4 and sign, seal, execute, deliver, acknowledge, file and register all such documents, instruments, agreements, certificates and any other document (including, but not limited to, such letters of resignation) and do any and all such other acts or things as the Chargee may in its absolute discretion deem necessary or desirable to remove any or all of the Directors and/or Secretary from the office of director or, as the case may be, secretary of the Company; and/or
7.2.4. may receive and retain all dividends, interest or other moneys or assets accruing on or in respect of the Charged Property or any part thereof, such dividends, interest or other moneys or assets to be held by the Chargee, as additional security charged under and subject to the terms of this Charge and any such dividends, interest and other moneys or assets received by the Chargor after such time shall be held in trust by the Chargor for the Chargee and paid or transferred to the Chargee on demand; and/or
7.2.5. may sell, transfer, grant options over or otherwise dispose of the Charged Property o...
Enforcement of Security. 8.1 [Reserved]
Enforcement of Security. 15 11. Receiver ....................................................................................................................... 17 12.
Enforcement of Security. In case any Event of Default has occurred and the Holder has declared the principal of and interest on this Debenture and other moneys payable hereunder to be due and payable pursuant to Section 4.2, the Holder may (to the extent permitted by law):
(i) Appoint a Receiver - by instrument in writing appoint any person qualified under applicable legislation, whether an officer or employee of the Holder or not, to be a receiver (which term shall include a receiver and manager) of the Company; and, subject to the provisions of the instrument appointing such receiver, any such receiver so appointed shall have power (to the extent permitted by law):
(A) to carry on (or to concur in the carrying on of) all or any part of the business of the Company,
(B) to make any arrangement or compromise which the receiver shall consider expedient,
(C) to borrow money on the security of the assets of the Company for the purpose of the maintenance, preservation or protection of the business of the Company or for carrying on all or any part of the business of the Company,
(D) to sell, lease or otherwise dispose of the whole or any part of the assets of the Company (or to concur therein) at public auction, by public tender or by private sale, with or without advertisement, for cash or upon credit or partly for cash and partly for credit, at such time and upon such terms and conditions as the receiver shall determine with or without notice and with or without advertising and without any formality all of which are hereby waived by the Company, with power to vary or rescind any contract or sale or other contract, buy at any such auction, resell with or under any of the powers conferred hereunder without being answerable for any loss and adjourn any sale from time to time; and the receiver may execute and deliver to any purchaser of the assets of the Company or any part thereof good and sufficient deeds and documents for the same, the receiver being irrevocably constituted the attorney of the Company for the purpose of making any such sale and executing such deeds and documents, provided that such receiver shall be deemed the agent of the Company and not that of the Holder and the Holder shall not be in any way responsible for any misconduct, negligence or non-feasance of any such receiver, his servants, agents or employees. To facilitate the foregoing powers, any such receiver may, to the exclusion of all others, including the Company, enter upon, use and occupy all premises owned or...
Enforcement of Security. For the purposes of all powers implied by statute the Obligations shall be deemed to have become due and payable on the date hereof and any statutory restrictions on the power of sale and restrictions on the right of consolidation shall not apply to this security.
Enforcement of Security. The right to draw on any security posted or provided in connection with the Project and relating to remedying of the particular default.
Enforcement of Security. On and at any time after the occurrence of an Event of Default which is continuing the Lender may take any action which, as a result of the Event of Default or any notice served under Clause 27.19 (Acceleration), the Lender is entitled to take under any Finance Document or any applicable law or regulation.
Enforcement of Security. On and at any time after the occurrence of an Event of Default the Security Trustee may, and shall if so directed by the Majority Lenders, take any action which, as a result of the Event of Default or any notice served under Clause 26.14 (Acceleration), the Security Trustee is entitled to take under any Finance Document or any applicable law or regulation.