Power to appoint receiver Sample Clauses
The 'Power to appoint receiver' clause grants a party, typically a lender or secured creditor, the authority to appoint a receiver over certain assets or the business of a debtor in the event of default or other specified circumstances. In practice, this means that if the borrower fails to meet their obligations, the lender can designate an independent third party (the receiver) to take control of, manage, and potentially sell the secured assets to recover the outstanding debt. This clause is essential for protecting the interests of the lender by providing a clear mechanism for asset recovery and minimizing losses in situations where the borrower is unable or unwilling to fulfill their financial commitments.
Power to appoint receiver. At any time after default, the mortgagee may upon expiry of any applicable notice period required by law give written notice to the mortgagor appointing any person to be a receiver of the income of the land or any part of the land.
a) the receiver will be deemed to be the agent of the mortgagor who will be solely responsible for the receiver's acts or defaults whether occurring in relation to the purposes and matters mentioned in this clause or otherwise;
b) the mortgagee may from time to time in writing remove any receiver and appoint a substitute;
c) the receiver may demand, recover (by action or otherwise) and issue receipts for the income of the land or any part thereof and may exercise any other powers conferred on the receiver by law;
d) the receiver will be entitled, by way of remuneration, to a commission at such rate as is specified in the receiver's appointment and if no rate is so specified then at the rate of 6 per cent of the gross amount of all money received;
e) the receiver may, out of the money received, make any payment on account of any money secured by any prior instrument or charge, may repair and maintain any buildings, improvements or effects (whether affixed to the land or not), may keep such buildings, improvements or effects insured against such risks as the receiver considers appropriate, may pay all management expenses and may do anything which the receiver considers necessary or expedient in order to procure continued receipt by the receiver of the income of the land;
f) the receiver must apply all money received subject to the claims of all secured and unsecured creditors (if any) ranking in priority to any charge created by this mortgage:
i. first in payment of all costs, charges and expenses (including tax and legal costs as between solicitor and client) of and incidental to the appointment of the receiver and the exercise by the receiver or the mortgagee of all or any of the powers under the general security agreement including the receiver's reasonable remuneration;
ii. second in payment of preferential claims (if any) payable by the receiver under the provisions of section 30 of the Receiverships ▇▇▇ ▇▇▇▇;
iii. third in payment to the mortgagee of all the secured moneys; and
iv. fourth in payment of any residue to those entitled to any surplus; and
g) neither the appointment of a receiver nor the exercise of any of the powers contained in this mortgage will be an entry into possession of the land by the mortgagee.
Power to appoint receiver. The Lender shall have the power, at any time after the Security Interests created by this Deed have become enforceable, to appoint a receiver or joint receivers of all the Secured Assets or of such item of the Secured Assets as may be specified or described in the appointment; and, unless the appointment otherwise provides, it shall be deemed to cover the whole or substantially the whole of the Secured Assets.
Power to appoint receiver. AND IT IS HEREBY AGREED AND DECLARED that the Mortgagee shall have power to appoint in writing in a Receiver of the Mortgaged Properties to receive the rents profits and income thereof under the provisions of Section 69A of the said Transfer of Property Act and in that event shall be at liberty and entitled to appoint any officer of the Mortgagee or any other person or persons as such Receiver or Receivers by writing signed by the Mortgagee or on its behalf and all the powers provisions and trusts contained in the said Section 69A of the Transfer of Property Act,1882 shall apply to the Receiver or Receivers appointed by the Mortgagee. That the said Receiver shall, by and out of all moneys received by him in the first place pay all the rents, taxes, and revenue, rates, assessments, and outgoings whatsoever affecting the Mortgaged Properties and which shall not be otherwise paid and the expenses of repairing or insuring against loss or damage by fire or riot, the Mortgaged Properties which he may think fit to repair or insure and in the next place pay the expenses of collection and management and deduct and retain for his own use such amount as in the opinion of the Mortgagee and the said Receiver shall be reasonably entitled to for his trouble and in the next place pay to Mortgagee interest from time to time accruing due on the security of these presents in reduction of the mortgage debt due to Mortgagee and shall pay the residue (if any) of the money received by him to the person who, but for the possession of the Receiver, would have been entitled to receive the income of which he is appointed Receiver or who is otherwise entitled to the Mortgaged Properties.
Power to appoint receiver. AND IT IS HEREBY FURTHER AGREED AND DECLARED that in consideration of the premises it shall be lawful for the Mortgagees (in addition to any other powers hereby conferred on the Mortgagees) without any further consent or concurrence of the Mortgagor. to appoint by writing signed by the Mortgagees or any of them or on their behalf, any person, as the Mortgagees think fit, to be the Receiver from time to time in the name of the Mortgagor or otherwise to receive the rent. Income and, profits of the Mortgaged premises hereby granted, and every part thereof from the present and future tenants and occupiers thereof and the persons liable to pay the same respectively and in case of non-payment thereof to use an or any lawful remedies for recovering and obtaining payment of the same and to do all things necessary or proper for recovering and receiving the same as fully and effectually as the Mortgagor could do AND the Mortgagor doth hereby directs, the present and future tenants and occupiers of the said mortgaged premises If any respectively and the persons liable to pay the same, to pay the rents and profits of the said premises unto the said Receiver and to any future Receiver to be appointed as hereinafter mentioned.
Power to appoint receiver. At any time after default, the mortgagee may upon expiry of any applicable notice period required by law give written notice to the mortgagor appointing any person to be a receiver of the income of the land or any part of the land.
Power to appoint receiver. The Collateral Agent may and shall if so instructed by the Applicable Representative (whether or not the Collateral Agent has exercised any of its powers under clause 8.1):
(a) at any time if an Enforcement Event has occurred and is continuing; or
(b) at the Chargor’s request (in which case it shall), appoint in writing and at the cost of the Chargor any person or persons (whether an officer of the Collateral Agent or the Chargor or not) to be Receiver of all or any of the Secured Property. A Receiver shall be the agent of the Chargor, and the Chargor alone shall be responsible for the acts and defaults of the Receiver. The Collateral Agent may remove any Receiver and may appoint a new Receiver in place of a Receiver who has been removed, retired or died, or in addition to a Receiver already appointed.