WHEN SECURITY BECOMES ENFORCEABLE. The security hereby conferred shall become immediately enforceable and the floating charge created by this Debenture shall be deemed to have crystallized and the power of sale and other powers conferred by statute as varied or amended or granted by this Debenture shall be immediately exercisable (i) if the Owner fails to meet the Obligations in the manner specified in Section 2.1 or (ii) upon and after the occurrence of any Indenture Event of Default as defined in the Indenture. After this security has become enforceable, the Indenture Trustee may in its discretion enforce all or any part of this security, and exercise all or any rights of enforcement hereby granted, in such manner as the Indenture Trustee sees fit.
Appears in 3 contracts
Sources: Debenture Agreement (Golden State Petro Iom I B PLC), Debenture Agreement (Golden State Petro Iom I B PLC), Indenture (Golden State Petro Iom I B PLC)