Common use of Remedy of defaults Clause in Contracts

Remedy of defaults. Without prejudice to the generality of the foregoing provisions of clause 7.1: 7.2.1 if the Owner fails to comply with any of the provisions of clause 6. 1.1 the Mortgagees shall be entitled (but not bound) to effect and thereafter to maintain all such insurances upon the Ship as the Agent (acting on the instructions of the Majority Banks) may in its discretion think fit in order to procure the compliance with such provisions or alternatively, to require the Ship (at the Owner's risk) to remain in, or to proceed to and remain in a port designated by the Agent (acting on the instructions of the Majority Banks) until such provisions are fully complied with; 7.2.2 if the Owner fails to comply with any of the provisions of clauses 6.1.3, 6.1.5 or 6.1.6, the Mortgagees shall be entitled (but not bound) to arrange for the carrying out of such repairs, changes or surveys as the Agent (acting on the instructions of the Majority Banks) may deem expedient or necessary in order to procure the compliance with such provisions; and 7.2.3 if the Owner fails to comply with any of the provisions of clause 6.