POSSESSION AND OPERATION OF PROPERTY. Upon the occurrence of any Event of Default, or at any time thereafter during the continuance of an Event of Default, and in addition to all other rights therein conferred on the Trustee or the Beneficiary, the Trustee, the Beneficiary or any person, firm or corporation designated by Beneficiary, will have the right and power, but will not be obligated, to have an audit performed, at Trustor’s expense, of the books and records of Trustor, and to enter upon and take possession of all or any part of the Collateral, to exclude Trustor therefrom, and to hold, use, administer and manage the same to the extent that Trustor could do so. The Trustee, the Beneficiary or any person, firm or corporation designated by the Beneficiary, may manage the Collateral, or any portion thereof, without any liability to the Trustor in connection with such management except with respect to gross negligence or willful misconduct; and the Trustee, the Beneficiary or any person, firm or corporation designated by the Beneficiary will have the right to collect, receive and receipt for all Minerals produced and sold from the Lands, and to exercise every power, right and privilege of the Trustor with respect to the Collateral. Providing there has been no foreclosure sale, when and if the expenses of the management of the Collateral have been paid and the Obligations paid in full, the remaining Collateral shall be returned to the Trustor.
POSSESSION AND OPERATION OF PROPERTY. Subject to the rights of the First Beneficiary under the First Priority Documents to the extent then in effect, if an Event of Default shall have occurred, in addition to all other rights herein conferred, the Beneficiaries may have a receiver appointed or cause Trustee to enter on the Property, either in person or by agent, and take possession and charge of the Property, collect the Rents and have a receiver appointed for such purposes.
POSSESSION AND OPERATION OF PROPERTY. Upon the occurrence of any Event of Default, or at any time thereafter, and in addition to all other rights therein conferred on the Debenture Mortgagees, the Debenture Mortgagees or any person, firm or corporation designated by Debenture Mortgagees, will have the right and power, but will not be obligated, to have an audit performed, at Mortgagor's expense, of the books and records of Mortgagor, and to enter xxxx xxx take possession of all or any part of the Collateral, to exclude Mortgagor therefrom, and to hold, use, administer, manage and operate the same (in compliance with the terms of contracts binding on the Oil and Gas Property known to the Debenture Mortgagees and all applicable laws) to the extent that Mortgagor could do so. The Debenture Mortgagees or any person, firm or corporation designated by the Debenture Mortgagees, may operate and develop the Collateral, or any portion thereof, without any liability to Mortgagor in connection with the operations except with respect to gross negligence and willful misconduct; and the Debenture Mortgagees or any person, firm or corporation designated by Debenture Mortgagees will have the right to collect, receive and receipt for all Hydrocarbons produced and sold from the Oil and Gas Property, to make repairs, to purchase machinery and equipment, to conduct workover operations, to drill additional wells as necessary in Xxxxnture Mortgagees's good faith judgment for the protection of the Collateral, and to exercise every power, right and privilege of Mortgagor with respect to the Collateral. Providing there has been no foreclosure sale, when and if the expenses of the operation and development (including costs of unsuccessful workover operations or additional wells) have been paid and xxx Obligations paid in full, the remaining Collateral shall be returned to the Mortgagor.
POSSESSION AND OPERATION OF PROPERTY. If an Event of Default shall have occurred, in addition to all other rights herein conferred, Agent may have a receiver appointed or cause Trustee to enter on the Property, either in person or by agent, and take possession and charge of the Property, collect the Rents and have a receiver appointed for such purposes.
POSSESSION AND OPERATION OF PROPERTY. If an Event of Default shall have occurred, in addition to all other rights herein conferred, Chase may have a receiver appointed or cause Trustee to enter on the Property, either in person or by Chase, and take possession and charge of the Property, collect the Rents and have a receiver appointed for such purposes.
POSSESSION AND OPERATION OF PROPERTY. Upon the occurrence of any Event of Default, or at any time thereafter during the continuance of an Event of Default, and in addition to all other rights therein conferred on the Lender, the Lender or any person, firm or corporation designated by Xxxxxx, will have the right and power, but will not be obligated, to have an audit performed, at Grantor’s expense, of the books and records of Grantor, and to enter upon and take possession of all or any part of the Collateral, to exclude Grantor therefrom, and to hold, use, administer and manage the same to the extent that Grantor could do so. The Lender or any person, firm or corporation designated by the Lender, may manage the Collateral, or any portion thereof, without any liability to the Grantor in connection with such management except with respect to gross negligence or willful misconduct; and the Lender or any person, firm or corporation designated by the Lender will have the right to collect, receive and receipt for all Products produced and sold from the Royalty Interests, and to exercise every power, right and privilege of the Grantor with respect to the Collateral. Providing there has been no foreclosure sale, when and if the expenses of the management of the Collateral have been paid and the Obligations paid in full, the remaining Collateral shall be returned to the Grantor.
