Common use of Remedy of defaults Clause in Contracts

Remedy of defaults. Without prejudice to the generality of the provisions of clause 4.1 (but subject to the First Security Documents and subject to the Second Security Documents), if the Owner fails to comply with the provisions of clause 5.1.1 of the Mortgage, the Mortgagee shall become forthwith entitled (but not bound) to effect and thereafter to maintain all such insurances upon the Ship as in its discretion it may 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 Mortgagee until such provisions are fully complied with and the Expenses attributable to the exercise by the Mortgagee of any such powers shall be payable by the Owner to the Mortgagee on demand.

Remedy of defaults. Without prejudice to the generality of the provisions of clause 4.1 (but subject to the First Security Documents and subject to the Second Security Documents)4.1, if the Owner fails to comply with the provisions of clause 5.1.1 of the Mortgage, the Mortgagee shall (subject to the First General Assignment) become forthwith entitled (but not bound) to effect and thereafter to maintain all such insurances upon the Ship as in its discretion it may think fit in order to procure the compliance with such provisions or alternatively, to require the Ship (at the Owner’s 's risk) to remain in, or to proceed to and remain in, a port designated by the Mortgagee until such provisions are fully complied with and the Expenses attributable to the exercise by the Mortgagee of any such powers shall be payable by the Owner to the Mortgagee on demand.

Remedy of defaults. Without prejudice to the generality of the provisions of clause 4.1 (but subject to the First Security Documents and subject to the Second Security DocumentsProtective action), if the Owner fails to comply with the provisions of clause 5.1.1 (Insurance) of the Mortgage, the Mortgagee shall become forthwith entitled (but not bound) to effect and thereafter to maintain all such insurances upon the Ship as in its discretion it may think fit in order to procure the compliance with such provisions or alternatively, to require the Ship (at the Owner’s 's risk) to remain in, or to proceed to and remain in, a port designated by the Mortgagee until such provisions are fully complied with and the Expenses attributable to the exercise by the Mortgagee (as security agent and trustee for and on behalf of the Finance Parties) of any such powers shall be payable by the Owner to the Mortgagee on demand.