Common use of WHEN SECURITY BECOMES ENFORCEABLE Clause in Contracts

WHEN SECURITY BECOMES ENFORCEABLE. At any time after the occurrence of an Enforcement Event which is continuing, the security created by or pursuant to this Deed will be immediately enforceable and the Security Trustee may, without notice to the Chargor or any prior authorisation from any court, in its absolute discretion: (a) enforce all or any part of that security (at the times, in the manner and on the terms it thinks fit) and take possession of and hold or dispose of all or any part of the Security Assets forming part of the Designated Security for the relevant Funding Agreement and (if required) the Undesignated Security; and (b) whether or not it has appointed a Receiver, exercise all or any of the powers, authorities and discretions conferred by the Law of Property ▇▇▇ ▇▇▇▇ (as varied or extended by this Deed) on mortgagees and by this Deed on any Receiver or otherwise conferred by law on mortgagees or Receivers. After the security constituted hereby has become enforceable, subject to the terms of the Finance Documents, the Security Trustee may in its absolute discretion enforce all or any part of such security in such manner as it sees fit in accordance with the provisions of the Security Trust Deed.