Possession and Operation of Property Sample Clauses

The POSSESSION AND OPERATION OF PROPERTY clause defines the rights and responsibilities regarding who may occupy and control the use of a property during the term of an agreement. Typically, it specifies which party is entitled to possess the property, manage its day-to-day operations, and make decisions about its use, maintenance, or improvements. This clause is essential for clarifying operational authority and preventing disputes over access or control, ensuring both parties understand their roles and obligations concerning the property.
Possession and Operation of Property. Upon the occurrence of any Event of Default, or at any time thereafter during the continuance of an Event of Default, and in addition to all other rights therein conferred on the Trustee or the Beneficiary, the Trustee, the Beneficiary or any person, firm or corporation designated by Beneficiary, will have the right and power, but will not be obligated, to have an audit performed, at Trustor’s expense, of the books and records of Trustor, and to enter upon and take possession of all or any part of the Collateral, to exclude Trustor therefrom, and to hold, use, administer and manage the same to the extent that Trustor could do so. The Trustee, the Beneficiary or any person, firm or corporation designated by the Beneficiary, may manage the Collateral, or any portion thereof, without any liability to the Trustor in connection with such management except with respect to gross negligence or willful misconduct; and the Trustee, the Beneficiary or any person, firm or corporation designated by the Beneficiary will have the right to collect, receive and receipt for all Minerals produced and sold from the Lands, and to exercise every power, right and privilege of the Trustor with respect to the Collateral. Providing there has been no foreclosure sale, when and if the expenses of the management of the Collateral have been paid and the Obligations paid in full, the remaining Collateral shall be returned to the Trustor.
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Possession and Operation of Property. Subject to the rights of the First Beneficiary under the First Priority Documents to the extent then in effect, if an Event of Default shall have occurred, in addition to all other rights herein conferred, the Beneficiaries may have a receiver appointed or cause Trustee to enter on the Property, either in person or by agent, and take possession and charge of the Property, collect the Rents and have a receiver appointed for such purposes.
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Possession and Operation of Property. If an Event of Default shall have occurred, in addition to all other rights herein conferred, Agent may have a receiver appointed or cause Trustee to enter on the Property, either in person or by agent, and take possession and charge of the Property, collect the Rents and have a receiver appointed for such purposes.
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Possession and Operation of Property. Upon the occurrence of any Event of Default, or at any time thereafter, and in addition to all other rights therein conferred on the Debenture Mortgagees, the Debenture Mortgagees or any person, firm or corporation designated by Debenture Mortgagees, will have the right and power, but will not be obligated, to have an audit performed, at Mortgagor's expense, of the books and records of Mortgagor, and to enter ▇▇▇▇ ▇▇▇ take possession of all or any part of the Collateral, to exclude Mortgagor therefrom, and to hold, use, administer, manage and operate the same (in compliance with the terms of contracts binding on the Oil and Gas Property known to the Debenture Mortgagees and all applicable laws) to the extent that Mortgagor could do so. The Debenture Mortgagees or any person, firm or corporation designated by the Debenture Mortgagees, may operate and develop the Collateral, or any portion thereof, without any liability to Mortgagor in connection with the operations except with respect to gross negligence and willful misconduct; and the Debenture Mortgagees or any person, firm or corporation designated by Debenture Mortgagees will have the right to collect, receive and receipt for all Hydrocarbons produced and sold from the Oil and Gas Property, to make repairs, to purchase machinery and equipment, to conduct workover operations, to drill additional wells as necessary in ▇▇▇▇nture Mortgagees's good faith judgment for the protection of the Collateral, and to exercise every power, right and privilege of Mortgagor with respect to the Collateral. Providing there has been no foreclosure sale, when and if the expenses of the operation and development (including costs of unsuccessful workover operations or additional wells) have been paid and ▇▇▇ Obligations paid in full, the remaining Collateral shall be returned to the Mortgagor.
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Possession and Operation of Property. If an Event of Default shall have occurred, in addition to all other rights herein conferred, Chase may have a receiver appointed or cause Trustee to enter on the Property, either in person or by Chase, and take possession and charge of the Property, collect the Rents and have a receiver appointed for such purposes.
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Possession and Operation of Property. Upon the occurrence of any Event of Default, or at any time thereafter during the continuance of an Event of Default, and in addition to all other rights therein conferred on the Lender, the Lender or any person, firm or corporation designated by ▇▇▇▇▇▇, will have the right and power, but will not be obligated, to have an audit performed, at Grantor’s expense, of the books and records of Grantor, and to enter upon and take possession of all or any part of the Collateral, to exclude Grantor therefrom, and to hold, use, administer and manage the same to the extent that Grantor could do so. The Lender or any person, firm or corporation designated by the Lender, may manage the Collateral, or any portion thereof, without any liability to the Grantor in connection with such management except with respect to gross negligence or willful misconduct; and the Lender or any person, firm or corporation designated by the Lender will have the right to collect, receive and receipt for all Products produced and sold from the Royalty Interests, and to exercise every power, right and privilege of the Grantor with respect to the Collateral. Providing there has been no foreclosure sale, when and if the expenses of the management of the Collateral have been paid and the Obligations paid in full, the remaining Collateral shall be returned to the Grantor.
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Related to Possession and Operation of Property

  • Operation of Property To continue to operate the Property consistent with past practices.

  • Operation of Properties The Borrower will and will cause each Subsidiary to operate its Properties or cause such Properties to be operated in a careful and efficient manner in accordance with the practices of the industry and in compliance with all applicable contracts and agreements and in compliance in all material respects with all Governmental Requirements.

  • Possession of Property Possession of the Property free and clear of all uses and encroachments, except the Permitted Exceptions, shall be delivered to Purchaser at closing.

  • Inspection of Property The Borrower and each of its Subsidiaries will keep proper books and records in accordance with GAAP and will permit reasonable examinations of its books and records and reasonable inspections of its property (subject to reasonable procedures relating to safety and security), accompanied by personnel of the Borrower, by the Administrative Agent and any Lender and/or their respective accountants or other professional advisers; provided that such examinations and inspections (a) will occur not more frequently than once in any calendar year, with reasonable efforts to make combined visits (unless a Default or an Event of Default has occurred and is continuing in which case such examinations may occur as frequently as reasonably determined by the Administrative Agent or any Lender, with no obligation to combine visits), (b) will be at the sole expense of the Administrative Agent and/or requesting Lender, as the case may be (unless a Default or an Event of Default has occurred and is continuing in which case such examinations will be at the expense of the Borrower), (c) will be undertaken at reasonable times following the provision of written notice in advance to the Borrower, and (d) will not unduly interfere with the operations or management of the Borrower’s business. Notwithstanding anything set forth herein to the contrary, under no circumstances shall the Borrower or any Subsidiary be required to disclose, permit the inspection, examination or making copies or abstracts of, or discussion of, any document, information or other matter (i) that constitutes non−financial trade secrets or non-financial confidential proprietary information, (ii) in respect of which disclosure to the Administrative Agent or any Lender (or their respective Affiliates, representatives, contractors, accountants or other professionals) is prohibited by any Governmental Rule or binding confidentiality agreement with a Person that is not an Affiliate of the Borrower and that was not entered into in contemplation of this Agreement, (iii) that is subject to attorney−client or similar privilege or constitutes attorney work product, or (iv) in the case of any discussions with accountants, only if the Borrower has been given the opportunity to participate in the discussions.

  • Condition of Property Seller or the originator of the Mortgage Loan inspected or caused to be inspected each related Mortgaged Property within six months of origination of the Mortgage Loan and within twelve months of the Cut-off Date. An engineering report or property condition assessment was prepared in connection with the origination of each Mortgage Loan no more than twelve months prior to the Cut-off Date. To Seller’s knowledge, based solely upon due diligence customarily performed in connection with the origination of comparable mortgage loans, as of the Closing Date, each related Mortgaged Property was free and clear of any material damage (other than (i) deferred maintenance for which escrows were established at origination and (ii) any damage fully covered by insurance) that would affect materially and adversely the use or value of such Mortgaged Property as security for the Mortgage Loan.