Common use of Hypothec Clause in Contracts

Hypothec. To secure the full and timely payment and performance of the Secured Obligations, the Grantor hereby hypothecates and grants a security interest in the Charged Property in favour of the Hypothecary Representative, for the benefit of the Secured Parties, for the principal sum of ONE HUNDRED FIFTY MILLION DOLLARS ($ 150,000,000), together with interest thereon from the date hereof at the rate of twenty-five percent (25%) per annum, calculated semi-annually and not in advance.