Powers of Receiver Clause Samples
The "Powers of Receiver" clause defines the authority and rights granted to a receiver appointed over a company's assets, typically in the event of default under a loan or security agreement. This clause outlines the specific actions a receiver may take, such as collecting income, selling assets, managing business operations, or entering into contracts on behalf of the company. By clearly delineating these powers, the clause ensures that the receiver can efficiently manage or liquidate assets to recover outstanding debts, thereby protecting the interests of creditors and providing a structured process for asset realization.
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Powers of Receiver. A Receiver so appointed shall be the agent of the Borrower and the Borrower shall be solely responsible for his acts and defaults and remuneration. Such Receiver shall have all the powers conferred from time to time on receivers by statute and without the restrictions contained in section 25 of the CLPA and in particular (but without limitation) any such Receiver shall have power:- To enter into and take possession or control of any land or premises of the Borrower or any part thereof or collect and get in any property assets and rights hereby charged and for the purpose to take any proceedings in the name of the Borrower or otherwise as the Receiver may deem expedient. To carry on manage develop re-construct amalgamate or diversify the business of the Borrower or any part thereof or to enter into arrangement with respect to the business of the Borrower or any part thereof with any person or to concur in so doing in such manner as the Receiver may deem fit. Where any capital in respect of any shares of the Borrower is outstanding and uncalled, to call or to require the Borrower forthwith to call up all or so much of such uncalled capital of the Borrower as may be sufficient to pay to the Bank all moneys then due and owing hereunder. Forthwith and without restriction to sell, agree in selling or dispose (obtaining only when and where necessary the leave of the Court) any of the Borrower’s property and assets hereby charged or any part thereof by public or private auction or by private contract on such terms and conditions as he may deem fit, with power to vary any contract for sale or disposal and resell or otherwise dispose without being answerable for any loss occasioned thereby. Any such sale or disposal may be for cash shares stocks debentures debenture stock or other obligations or valuable consideration to be paid or satisfied at such time or times as the Receiver shall think fit. Plant machinery and other fixtures may be severed and/or detached and sold or disposed separately from the premises containing them without the prior consent of the Borrower. To lease let hire and license or agree in leasing letting hiring and licensing or accept surrenders of leases tenancies or licences of all or any part of the Borrower’s property and assets on such terms and for such consideration as the Receiver may deem fit. To make any arrangements or enter into any compromise which he shall think expedient in respect of all or any part of the property and assets here...
Powers of Receiver. Every Receiver shall (subject to any restrictions in the instrument appointing him but notwithstanding any winding-up or dissolution of any Company) have and be entitled to exercise, in relation to the Charged Property (and any assets of any Company which, when got in, would be Charged Property) in respect of which he was appointed, and as varied and extended by the provisions of this Debenture (in the name of or on behalf of the Companies or in his own name and, in each case, at the cost of the Companies):
(a) all the powers conferred by the Law of Property ▇▇▇ ▇▇▇▇ on mortgagors and on mortgagees in possession and on receivers appointed under that Act;
(b) all the powers of an administrative receiver set out in Schedule 1 to the Insolvency ▇▇▇ ▇▇▇▇ (whether or not the Receiver is an administrative receiver);
(c) all the powers and rights of an absolute owner and power to do or omit to do anything which each Company itself could do or omit to do; and
(d) the power to do all things (including bringing or defending proceedings in the name or on behalf of the Companies) which seem to the Receiver to be reasonably incidental or conducive to (1) any of the functions, powers, authorities or discretions conferred on or vested in him or (2) the exercise of the Collateral Rights (including realisation of all or any part of the Charged Property) or (3) bringing to his hands any assets of the Companies forming part of, or which when got in would be, Charged Property.
Powers of Receiver. Subject to any restriction imposed by the Lender, every Receiver shall (in addition to any powers vested in them at law) have all the rights conferred on the Lender under clause 11.4.
Powers of Receiver. Any Receiver appointed by the Secured Party shall have the power:
(a) to take possession of and get in all or any part of the Collateral;
(b) to carry on, manage and conduct or to concur in the carrying on, management and conduct of the business of the Debtor and to receive the revenues, incomes, issues and profits of the Collateral and of carrying on the business of the Debtor and to pay therefrom all expenses, charges and borrowings incurred or payable in carrying on the business or otherwise;
(c) to borrow monies for the purposes of the business of the Debtor, the maintenance and preservation of the Collateral or any part thereof and in so doing the Receiver may issue certificates payable when the Receiver thinks expedient and bearing interest as stated therein and the amounts from time to time payable thereunder shall charge the Collateral in priority to this Agreement;
(d) to sell and dispose of any or all of the Collateral at public auction, by public or private tender or by private sale at such time and on such terms and conditions as to credit or otherwise and as to upset or reserve bid or price, and as to method of payment whether by way of deferred payment or otherwise, as the Receiver shall in its sole discretion determine and to deliver to the purchaser or purchasers of the Collateral good and sufficient deeds or title documents for the same, the Receiver being hereby constituted the irrevocable attorney of the Debtor for the purpose of making such sale and executing such deeds and transfer documents and any such sale shall be absolute and conclusive as against the Debtor or any person claiming by, from, through or under the Debtor and the Debtor's assigns;
(e) to make any arrangement or compromise which the Receiver shall deem expedient;
(f) to ▇▇▇ or defend any action in the name of the Debtor;
(g) to lease or concur in the leasing of the whole or any part of the Collateral;
(h) to exercise all or any of the powers or rights incident to the ownership of the Collateral;
(i) to employ or retain for the execution of the duties and powers conferred upon him hereunder such agents, assistants, professional advisors or other persons as required on the terms and at the remuneration the Receiver considers proper;
(j) to release any of the Collateral which in the Receiver's opinion is unprofitable or unrealizable or a source of loss or danger;
(k) to exercise all rights and powers of the Secured Party hereunder and to act generally in relation to the C...
Powers of Receiver. Each Receiver appointed under this Security Agreement shall have (subject to any limitations or restrictions which the Security Agent may incorporate in the deed or instrument appointing it) all the powers conferred from time to time on receivers by the Law of Property ▇▇▇ ▇▇▇▇ and the Insolvency ▇▇▇ ▇▇▇▇ (each of which is deemed incorporated in this Security Agreement), so that the powers set out in Schedule 1 to the Insolvency ▇▇▇ ▇▇▇▇ shall extend to every Receiver, whether or not an administrative receiver. In addition, notwithstanding any liquidation of the Chargor, each Receiver shall have the following rights, powers and discretions:
(a) all the rights conferred by the Law of Property ▇▇▇ ▇▇▇▇ on mortgagors and on mortgagees in possession and on any receiver appointed under the Law of Property ▇▇▇ ▇▇▇▇;
(b) all the rights expressed to be conferred upon the Security Agent in this Security Agreement and all the rights to release the Charged Property from the Security conferred upon the Security Agent in the Secured Debt Documents;
(c) to take immediate possession of, get in and collect any Charged Property and to require payment to it or to the Security Agent of any monetary claims or credit balance on any Account;
(d) to bring, prosecute, enforce, defend and abandon any action, suit and proceedings in relation to any Charged Property or any business of the Chargor;
(e) to give a valid receipt for any moneys and execute any assurance or thing which may be necessary or desirable for realising any Charged Property;
(f) to exercise all voting and other rights attaching to the Shares and stocks, shares and other securities owned by the Chargor and comprised in the Charged Property, but only following a written notification from either the Receiver or the Security Agent to the Chargor stating that the Security Agent shall exercise all voting rights in respect of the Shares and stocks, shares and other securities owned by the Chargor and comprised in the Charged Property;
(g) to redeem any prior Security on or relating to the Charged Property and settle and pass the accounts of the person entitled to that prior Security, so that any accounts so settled and passed shall (subject to any manifest error) be conclusive and binding on the Chargor and the money so paid shall be deemed to be an expense properly incurred by the Receiver;
(h) to exercise in relation to any Charged Property all the powers, authorities and things which he would be capable of exercising...
Powers of Receiver. Subject to Applicable Laws, the Receiver:
a. will be deemed to be the Borrower's irrevocable agent or attorney, vested with all rights, powers and discretions of the Borrower, and the Borrower will be solely responsible for the Receiver's acts or omissions;
b. has power, either in the Borrower's name or in the name of the Lender, to demand, recover and receive income from the Property and start and carry on any action or court proceeding to collect that income;
c. may lease or sublease the Property or any part of it on terms and conditions that the Receiver chooses;
d. may complete the construction of or repair any improvement on the Property;
e. may take possession of all or part of the Property;
f. may manage the Property and maintain it in good condition;
g. has the power to perform, in whole or in part, the Borrower's duties under the terms of the Agreements, this Mortgage and the Obligations; and
h. has the power to do anything that, in the Receiver's opinion, will maintain and preserve the Property or will increase or preserve the value or income potential of the Property.
Powers of Receiver. Subject to any express exclusion by the terms of the Receiver’s appointment, the Receiver has, in addition to any powers conferred on the Receiver by applicable law, and whether or not in possession of the Mortgaged Property or any part of it, the following powers:
Powers of Receiver. Any Receiver of the Guarantor and/or the Charged Property or any part thereof appointed by the Bond Trustee, in addition to any powers conferred on a Receiver by statute or common law or equity, will have the following powers:
(a) to take possession of, get in and collect the Charged Property (or such part thereof in respect of which it may be appointed) or any part thereof including income whether accrued before or after the date of his appointment;
(b) to carry on, manage, concur in or authorise the management of, or appoint a manager of, the whole or any part of the business of the Guarantor;
(c) to sell, exchange, license, surrender, release, disclaim, abandon, return or otherwise dispose of or in any way whatsoever deal with the whole or any part of the Charged Property or any interest in the Charged Property or any part thereof for such consideration (if any) and upon such terms (including by deferred payment or payment by instalments) as it may think fit and to concur in any such transaction;
(d) to sell or concur in selling the whole or any part of the Guarantor’s business whether as a going concern or otherwise;
(e) to appoint, engage, dismiss or vary the terms of employment of any employees, officers, managers, agents and advisers of the Guarantor upon such terms as to remuneration and otherwise and for such periods as he may determine;
(f) to insure, protect, maintain, repair, alter, improve, replace, exploit, add to and develop or concur in so doing, the Charged Property or any part thereof in any manner and for any purpose whatsoever;
(g) in connection with the exercise or the proposed exercise of any of its powers or in order to obtain payment of its remuneration (whether or not it is already payable), to borrow or raise money from any Person, including the Bond Trustee, without security or on the security of any of the Charged Property and generally in such manner and on such terms as it may think fit;
(h) to bring, defend, submit to arbitration, negotiate, compromise, abandon and settle any claims, disputes and proceedings concerning the Charged Property or any part thereof;
(i) to transfer all or any of the Charged Property and/or any of the liabilities of the Guarantor to any other company or body corporate, whether or not formed or acquired for such purpose, provided that such Charged Property remain subject to the Security;
(j) to sell on condition and to grant rights and options over the whole or any part of the Charged Property and (w...
Powers of Receiver. 16 12. Modification, Authorisation, Waiver, and consent....................
Powers of Receiver. Any Receiver appointed as aforesaid shall have the power without legal process:
5.5.1 to take possession of the Collateral or any part thereof wherever the same may be found;
5.5.2 to carry on the business of the Company or any part thereof in the name of the Company or of the Receiver; and
5.5.3 to exercise on behalf of the Bank all of the rights and remedies herein granted to the Bank, and without in any way limiting the foregoing the Receiver shall have all the powers of a receiver appointed by a court of competent jurisdiction. Any Receiver shall, so far as concerns responsibility for his acts, be deemed the agent of the Company, and the Bank shall not be in any way responsible for any misconduct or negligence on the part of any Receiver or any loss resulting therefrom.