Appointment and Powers of a Receiver Clause Samples
The 'Appointment and Powers of a Receiver' clause defines the circumstances under which a receiver may be appointed to take control of a borrower's assets, typically in the event of default on a loan or other financial obligation. This clause outlines the process for appointing the receiver, the scope of their authority—such as collecting income, selling assets, or managing business operations—and the rights and duties they hold while in control. Its core practical function is to provide a lender or secured party with a mechanism to protect and recover their interests by ensuring that assets are managed or liquidated efficiently in situations where the borrower cannot meet their obligations.
Appointment and Powers of a Receiver. 10.1 At any time after the security constituted by this Deed has become enforceable ESF may by written notice appoint any person to be a Receiver of the Charged Assets or any part thereof (with power to authorise any joint Receiver to exercise any power independently of any other joint Receiver) and may from time to time fix his or their remuneration and may remove any Receiver so appointed and appoint another or others in his place.
10.2 Any Receiver so appointed shall be the agent of the Client and the Client shall be solely responsible for his acts or defaults and for his remuneration.
10.3 Any Receiver so appointed shall have all powers conferred by the LPA (without the restrictions contained in Section 93 and 103 of that Act) and the Insolvency Act 1986 on mortgagors, mortgagees in possession (but without li▇▇▇▇▇▇▇ as such), receivers, administrative receivers and administrators appointed under those Acts. In addition the Receiver shall have power on behalf and at the cost of the Client (notwithstanding any liquidation of the Client) to do or omit to do anything which the Client could do or omit to do in relation to the Charged Assets or any part thereof and in particular (but without prejudice to the generality of the foregoing) any such Receiver may:
10.3.1 take possession of, collect and get in all or any part of the property in respect of which he is appointed and for that purpose to take any proceedings;
10.3.2 carry on or concur in carrying on the business of the Client and to raise money from ESF or others on the security of any of the Charged Assets;
10.3.3 sell or concur in selling, let or concur in letting and terminate or accept surrenders of leases and tenancies of any of the Charged Assets and to carry any such transactions into effect;
10.3.4 sell, assign, let or otherwise dispose of or concur in selling, assigning, letting or otherwise disposing of all or any of the debts and any other property in respect of which he is appointed;
10.3.5 make any arrangement or compromise between the Client and any other person which he may think expedient;
10.3.6 make and effect all repairs, improvements and insurances;
10.3.7 purchase materials, tools, equipment, goods or supplies;
10.3.8 call up any uncalled capital of the Client with all the powers conferred by the Articles of Association of the Client in relation to calls;
10.3.9 employ, engage and appoint managers and other employees and professional advisers; and
10.3.10 do all such other acts an...
Appointment and Powers of a Receiver. 8.1 We may in writing under the Bank’s Common Seal; or in writing under the hand of any Director or Manager of the Bank; or by an instrument in writing signed on behalf of the Bank, appoint any person to be a Receiver of the Mortgaged Property or any part of it (including a receiver of rents) at any time after We have demanded payment of any of the Secured Amounts or You have requested us to appoint a Receiver.
8.2 We may remove any Receiver and appoint another or others in his place. We may also appoint a Receiver in place of a Receiver who has resigned.
8.3 A Receiver may do (or choose not to do) anything in
(a) take possession of, deal with and manage the Mortgaged Property and/or the Personal Goods;
(b) carry on any business at any time carried on by You at the Mortgaged Property:
(c) raise or borrow any money from us or, with the our prior written consent, from any other person, whether on the security of a mortgage or charge on all or any part of the Mortgaged Property or not, and such money will form part of the Secured Amounts;
(d) sell or agree to sell and let or agree to let and surrender or agree to surrender and accept surrenders of leases or tenancies of all or any part of the Mortgaged Property on such terms as the Receiver reasonably thinks fit;
(e) carry any sale, lease, tenancy or surrender of the Mortgaged Property into effect by conveying, transferring leasing, letting, surrendering or accepting surrenders in your name and on your behalf;
(f) take any proceedings in relation to the Mortgaged Property or the Personal Goods, including proceedings for rent in arrears at the date of his appointment;
(g) enter into any agreement or make any arrangement or compromise in respect of the Mortgaged Property or the Personal Goods;
(h) operate any rent review clause in respect of the Mortgaged Property or grant or apply for any new or extended tenancy;
(i) exercise on the Mortgagor’s behalf, all or any of the powers and rights given to a landlord or tenant by the Business Tenancies (Northern Ireland) Order 1996 (to theextent, ifany, thatitapplies), the Rent(Northern Ireland) Order 1978 or any other legislation from time to time in force relating to rent in connection with the Mortgaged Property;
(j) exercise all or any of the powers conferred by ▇▇▇▇▇▇ 6;
(k) insure the Mortgaged Property and (if the Receiver reasonably thinks fit) the Personal Goods;
(l) apply for any appropriate licence (or any renewal thereof), permit or approval in relation to t...
Appointment and Powers of a Receiver. (a) At any time after the Bank shall have demanded payment of any money or liabilities or other sums hereby secured or the Company shall have requested it so to do or a notice shall have been issued to convene a meeting for the purpose of passing a resolution to wind up the Company or such a resolution shall have been passed or a resolution shall have been passed by the Company's directors to seek an administration order in relation to the Company or a petition for a winding up or administration order relating to the Company shall have been presented or such an order shall have been made or a proposal for a voluntary arrangement shall have been made in relation to the Company under Part I of the Insolvency ▇▇▇ ▇▇▇▇ or a step shall have been taken outside the United Kingdom which is similar or analogous to any of the foregoing or the Bank shall have reasonable grounds for believing that any of the foregoing is imminent the Bank may, by writing under the hand of any official of the Bank authorised by the Bank from time to time or any person authorised by such official in writing, appoint any person or persons to be a receiver or joint receivers or several receivers or joint and several receivers of the Charged Property to act, in the case of two or more receivers, jointly, severally or jointly and severally (as the Bank may specify in the appointment) and to the extent permitted by law similarly to remove any receiver or receivers so appointed and appoint another or others in his or their place.
(b) A receiver or receivers so appointed shall have power in the name of or on behalf and at the cost of the Company or at his or their option (but only with the specific approval in writing of the Bank) in the name of the Bank or at his or their option in his or their own name(s) (and in any case notwithstanding any administration or liquidation of the Company) to do or omit to do anything which the Company could do or omit to do and (in addition) to exercise mutatis mutandis all or any of the powers specified in schedule 1 to the Insolvency ▇▇▇ ▇▇▇▇ (whether or not such receiver is an administrative receiver) and in particular (but without prejudice to the generality of the foregoing) any such receiver or receivers may:
(i) deal with, take possession of, collect and get in any of the Charged Property;
(ii) carry on, manage, develop or diversity or concur in carrying on, managing, developing or diversifying any business of the Company or any part thereof and (withou...
Appointment and Powers of a Receiver. 10 25. OTHER POWERS EXERCISABLE BY THE SECURITY AGENT.......................11
Appointment and Powers of a Receiver