Common use of Protective action Clause in Contracts

Protective action. The Mortgagees shall, without prejudice to their other rights, powers and remedies under any of the Security Documents, be entitled (but not bound) at any time, and as often as may be necessary, to take any such action as the Agent (acting on the instructions of the Majority Banks) may in its discretion think fit for the purpose of protecting or maintaining the security created by this Mortgage and the other Security Documents and all Expenses attributable thereto shall be payable by the Owner on demand together with interest thereon at the rate provided for in clause 2.5 of the Collateral Guarantee from the date such Expense or liability was incurred by the relevant Mortgagee until the date of actual receipt whether before or after any relevant judgement.

Protective action. The Mortgagees shall, without prejudice to their other rights, powers and remedies under any of the Security Documents, be entitled (but not bound) at any time, and as often as may be necessary, to take any such action as the Agent (acting on the instructions of the Majority Banks) may in its discretion think fit for the purpose of protecting or maintaining the security created by this Mortgage Deed and the other Security Documents Documents, and all Expenses attributable thereto shall be payable by the Owner on demand together with interest thereon at the rate provided for in clause 2.5 of the Collateral Guarantee from the date such Expense expense or liability was incurred by the relevant Mortgagee Mortgagees or any of them until the date of actual receipt whether before or after any the relevant judgementjudgment.