Common use of Remedy of defaults Clause in Contracts

Remedy of defaults. Without prejudice to the provisions of clause 5.1 or the generality of the powers and remedies vested in the Bank by virtue of the assignment herein contained, upon the happening of any Event of Default (whether or not the Bank shall have given any notice in accordance with the provisions of clause 10.2 of the Agreement), the Bank shall become forthwith entitled, as and when it may see fit, to exercise in relation to the Assigned Property or any part thereof all or any of the rights, powers and remedies possessed by it as assignee of the Assigned Property (whether at law, by virtue of this Deed or otherwise) and in particular (without limiting the generality of the foregoing): 5.2.1 to implement the Contract and take delivery and possession of the Ship as the Bank may see fit; 5.2.2 to agree with the Builders to determine the Contract on such terms and conditions as the Bank and the Builders may mutually agree; 5.2.3 to assign all the Assigned Property or to sell the Ship on or after its delivery under the Contract or otherwise and upon such terms (including free of or subject to any charter) as the Bank shall in its absolute discretion determine and with power, where the Bank purchases the Ship and/or takes an assignment of the Assigned Property, to make payment of the price by making an equivalent reduction in the amount of the Outstanding Indebtedness in the manner referred to in clause 6.1; 5.2.4 to undertake the further supervision of the construction of the Ship; 5.2.5 to collect, recover, compromise and give a good discharge for all claims then outstanding or thereafter arising in respect of the Assigned Property or any part thereof and moneys payable to the Buyer or any damages recoverable by the Buyer under the Assigned Documents in connection therewith and to take over or institute (if necessary using the name of the Buyer) all such proceedings in connection therewith as the Bank in its absolute discretion thinks fit; 5.2.6 to implement any Refund Guarantee and to agree with the Refund Guarantor any compromise of the obligations of the Refund Guarantor or grant any release or discharge of the Refund Guarantor; 5.2.7 following delivery of the Ship to manage, insure, maintain and repair the Ship and to employ, sail or lay up the Ship in such manner and for such period as the Bank, in its absolute discretion, deems expedient, accounting only for net profits arising from any such employment; and

Remedy of defaults. Without prejudice to the provisions of clause 5.1 or the generality of the powers and remedies vested in the Bank Security Agent by virtue of the assignment herein contained, upon the happening of any Event of Default (whether or not the Bank Agent shall have given any notice in accordance with the provisions of clause 10.2 of the Loan Agreement), ) the Bank Security Agent shall become forthwith entitled, as and when it may see fit, to exercise in relation to the Assigned Property or any part thereof all or any of the rights, powers and remedies possessed by it as assignee of the Assigned Property (whether at law, by virtue of this Deed or otherwise) and in particular (without limiting the generality of the foregoing): 5.2.1 to implement the Contract and take delivery and possession of the Ship as the Bank Security Agent may see fit; 5.2.2 to agree with the Builders Builder to determine the Contract on such terms and conditions as the Bank Security Agent and the Builders Builder may mutually agree; 5.2.3 to assign all the Assigned Property or to sell the Ship on or after its her delivery under the Contract or otherwise and upon such terms (including free of or subject to any charter) as the Bank Security Agent shall in its absolute discretion determine and with power, where the Bank Security Agent purchases the Ship and/or takes an assignment of the Assigned Property, to make payment of the price by making an equivalent reduction in the amount of the Outstanding Indebtedness in the manner referred to in clause 6.1; 5.2.4 to undertake the further supervision of the construction of the Ship; 5.2.5 to collect, recover, compromise and give a good discharge for all claims then outstanding or thereafter arising in respect of the Assigned Property or any part thereof and moneys payable to the Buyer or any damages recoverable by the Buyer under the Assigned Documents in connection therewith and to take over or institute (if necessary using the name of the Buyer) all such proceedings in connection therewith as the Bank Security Agent in its absolute discretion thinks fit; 5.2.6 to implement any the Refund Guarantee and to agree with the Refund Guarantor any compromise of the obligations of the Refund Guarantor or grant any release or discharge of the Refund Guarantor; 5.2.7 following delivery of the Ship to manage, insure, maintain and repair the Ship and to employ, sail or lay up the Ship in such manner and for such period as the BankSecurity Agent, in its absolute discretion, deems expedient, accounting only for net profits arising from any such employment; and 5.2.8 to recover from the Buyer on demand all Expenses incurred or paid by the Security Agent in connection with the exercise of the powers (or any of them) referred to in this clause 5.2.