Common use of Mortgage Clause in Contracts

Mortgage. 3.01 In order to secure the Obligations, the Owner has granted, conveyed and mortgaged and does by these presents grant, convey and mortgage unto the Trustee, its successors and assigns, the whole of the Rig TO HAVE AND TO HOLD the same unto the Trustee, its successors and assigns forever upon the terms herein set forth for the enforcement of the Obligations. Provided only and the condition of these presents is such that if all of the Obligations secured by this Mortgage have terminated or have been performed in full as and when the same shall become due and payable in accordance with the terms of the Subsidiary Guaranty and this Mortgage and shall observe and comply with the covenants, terms and conditions contained in the Subsidiary Guaranty and this Mortgage expressed or implied to be performed, observed or complied with by and on the part of the Owner and its successors and assigns, all without delay or fraud and according to the true intent and meaning thereof, then these presents and the rights hereunder shall cease, determine and be void otherwise to be and remain in full force and effect and, in such event, the Trustee agrees to execute and record at the expense of the Owner, all such documents as the Owner may reasonably require to discharge this Mortgage. Notwithstanding anything to the contrary herein it is not intended that any provision of this Mortgage shall waive the preferred status of this Mortgage and that if any provision or part thereof herein shall be construed as waiving the preferred status of this Mortgage then such provision shall to such extent be void and of no effect.

Mortgage. 3.01 In order to secure the Obligations, the Owner has granted, conveyed and mortgaged and does by these presents grant, convey and mortgage unto the Trustee, its successors and assigns, the whole of the Rig TO HAVE AND TO HOLD the same unto the Trustee, its successors and assigns forever upon the terms herein set forth for the enforcement of the Obligations. Provided only and the condition of these presents is such that if all of the Obligations secured by this Mortgage have terminated or have been performed in full as and when the same shall become due and payable in accordance with the terms of the Subsidiary Guaranty and this Mortgage and shall observe and comply with the covenants, terms and conditions contained in the Subsidiary Guaranty and this Mortgage expressed or implied to be performed, observed or complied with by and on the part of the Owner and its successors and assigns, all without delay or fraud and according to the true intent and meaning thereof, then these presents and the rights hereunder shall cease, determine and be void otherwise to be and remain in full force and effect and, in such event, the indenture Trustee agrees to execute and record at the expense of the Owner, all such documents as the Owner may reasonably require to discharge this Mortgage. Notwithstanding anything to the contrary herein it is not intended that any provision of this Mortgage shall waive the preferred status of this Mortgage and that if any provision or part thereof herein shall be construed as waiving the preferred status of this Mortgage then such provision shall to such extent be void and of no effect.

Mortgage. 3.01 In order to secure the Obligationspayment of the Secured Indebtedness and to secure the performance and observance of and compliance with the covenants, terms and conditions contained in this Mortgage, the Credit Agreement, the Note and the Security Documents, the Owner has granted, conveyed and mortgaged and does by these presents grant, convey and mortgage unto the Indenture Trustee, its successors and assigns, the whole of the Rig TO HAVE AND TO HOLD the same unto the Indenture Trustee, its successors and assigns forever upon the terms herein set forth for the enforcement of the Obligationspayment of the Secured Indebtedness and to secure the performance and observance of, and compliance with, the covenants, terms and conditions contained in this Mortgage, the Credit Agreement, the Note and the Security Documents. Provided only and the condition of these presents is such that if all of the Obligations secured by this Mortgage have terminated Owner or have been performed its successors and assigns shall pay or cause to be repaid in full to the Indenture Trustee, the Lenders and their respective successors or assigns the Secured Indebtedness as and when the same shall become due and payable in accordance with the terms of the Subsidiary Guaranty Credit Agreement, the Note, the Security Documents and this Mortgage and shall observe and comply with the covenants, terms and conditions contained in the Subsidiary Guaranty Credit Agreement, the Note, the Security Documents and this Mortgage expressed or implied to be performed, observed or complied with by and on the part of the Owner and its successors and assigns, all without delay or fraud and according to the true intent and meaning thereof, then these presents and the rights hereunder shall cease, determine and be void otherwise to be and remain in full force and effect and, in such event, the Indenture Trustee agrees by accepting this Mortgage to execute and record at the expense of the Owner, all such documents as the Owner may reasonably require to discharge this Mortgage. Notwithstanding anything to the contrary herein it is not intended that any provision of this Mortgage shall waive the preferred status of this Mortgage and that if any provision or part thereof herein shall be construed as waiving the preferred status of this Mortgage then such provision shall to such extent be void and of no effect.

Mortgage. 3.01 In order to secure the Obligations, Obligations the Owner has granted, conveyed and mortgaged and does by these presents grant, convey and mortgage unto the Trustee, its successors and assigns, the whole of the Rig TO HAVE AND TO HOLD the same unto the Trustee, its successors and assigns forever upon the terms herein set forth for the enforcement of the Obligations. Provided only and the condition of these presents is such that if all of the Obligations secured by this Mortgage have terminated or have been performed in full as and when the same shall become due and payable in accordance with the terms of the Subsidiary Guaranty and this Mortgage and shall observe and comply with the covenants, terms and conditions contained in the Subsidiary Guaranty and this Mortgage expressed or implied to be performed, observed or complied with by and on the part of the Owner and its successors and assigns, all without delay or fraud and according to the true intent and meaning thereof, then these presents and the rights hereunder shall cease, determine and be void otherwise to be and remain in full force and effect and, in such event, the Indenture Trustee agrees to execute and record at the expense of the Owner, all such documents as the Owner may reasonably require to discharge this Mortgage. Notwithstanding anything to the contrary herein it is not intended that any provision of this Mortgage shall waive the preferred status of this Mortgage and that if any provision or part thereof herein shall be construed as waiving the preferred status of this Mortgage then such provision shall to such extent be void and of no effect.

Mortgage. 3.01 3.1 In consideration of the premises and in order to secure by this Mortgage the Obligationsrepayment of the Loan plus interest at the rate set forth in the Loan Agreement and the payment of all such other sums as may hereafter from time to time and at any other time form part of the Outstanding Indebtedness and to secure the performance and observance of and compliance with the covenants terms and conditions herein contained, the Owner has granted, conveyed in accordance with the provisions of Chapter V Title IV of Book Second of the Code of Commerce of the Republic of Panama and mortgaged of the pertinent provisions of the Civil Code and does by these presents grant, convey other legislation of the Republic of Panama hereby executes and mortgage unto the Trustee, its successors and assigns, constitutes a Second Preferred Naval Mortgage on the whole of the Rig TO HAVE AND TO HOLD Vessel in favour of the Trustee (as trustee for the Beneficiaries) subject to the rights of the Prior Mortgagee under the Prior Mortgage to have and to hold the same unto the Trustee, Trustee its successors and assigns forever upon the terms herein set forth for the enforcement of the Obligations. forth, Provided only Only and the condition of these presents is such that if all of the Obligations secured by this Mortgage have terminated Owner its successors and assigns shall pay or have been performed in full cause to be paid to the Beneficiaries the Outstanding Indebtedness as and when the same shall become due and payable in accordance with the terms of the Subsidiary Guaranty Loan Agreement and this Mortgage and shall observe and comply with the covenants, terms and conditions contained in the Subsidiary Guaranty Loan Agreement and this Mortgage contained expressed or implied to be performed, observed or complied with by and on the part of the Owner and its successors and assigns, all without delay or fraud and according to the true intent and meaning thereof, then these presents and the rights hereunder shall cease, cease determine and be void otherwise to be and remain in full force and effect and, in such event, the Trustee agrees to execute and record will, at the expense request and cost of the Owner, all execute a release in such documents form as the Owner may reasonably require to discharge require, of the security created by this Mortgage. Notwithstanding anything to the contrary herein it is not intended that any provision of this Mortgage shall waive the preferred status of this Mortgage and that if any provision or part thereof herein shall be construed as waiving the preferred status of this Mortgage then such provision shall to such extent be void and of no effect.

Mortgage. 3.01 3.1 In consideration of the premises and in order to secure by this Mortgage the Obligationsrepayment to the Mortgagee of the Loan plus interest at the rate set forth in the Loan Agreement and the payment of all such other sums as may hereafter from time to time and at any other time form part of the Outstanding Indebtedness and to secure the performance and observance of and compliance with the covenants terms and conditions herein contained, the Owner has granted, conveyed in accordance with the provisions of Chapter V Title IV of Book Second of the Code of Commerce of the Republic of Panama and mortgaged of the pertinent provisions of the Civil Code and does by these presents grant, convey other legislation of the Republic of Panama hereby executes and mortgage unto the Trustee, its successors and assigns, constitutes a Third Preferred Naval Mortgage on the whole of the Rig TO HAVE AND TO HOLD Vessel in favour of the Mortgagee subject to the rights of the Prior Mortgagee under the Prior Mortgages to have and to hold the same unto the Trustee, Mortgagee its successors and assigns forever upon the terms herein set forth for the enforcement of the Obligations. forth, Provided only Only and the condition of these presents is such that if all of the Obligations secured by this Mortgage have terminated Owner its successors and assigns shall pay or have been performed in full cause to be paid to the Mortgagee its successors or assigns the Outstanding Indebtedness as and when the same shall become due and payable in accordance with the terms of the Subsidiary Guaranty Loan Agreement and this Mortgage and shall observe and comply with the covenants, terms and conditions contained in the Subsidiary Guaranty Loan Agreement and this Mortgage contained expressed or implied to be performed, observed or complied with by and on the part of the Owner and its successors and assigns, all without delay or fraud and according to the true intent and meaning thereof, then these presents and the rights hereunder shall cease, cease determine and be void otherwise to be and remain in full force and effect andthe Mortgagee will, in such event, the Trustee agrees to execute and record at the expense request and cost of the Owner, all execute a release in such documents form as the Owner may reasonably require to discharge require, of the security created by this Mortgage. Notwithstanding anything to the contrary herein it is not intended that any provision of this Mortgage shall waive the preferred status of this Mortgage and that if any provision or part thereof herein shall be construed as waiving the preferred status of this Mortgage then such provision shall to such extent be void and of no effect.

Mortgage. 3.01 In order to secure the Obligations, Obligations the Owner has granted, conveyed and mortgaged and does by these presents grant, convey and mortgage unto the Trustee, its successors and assigns, the whole of the Rig TO HAVE AND TO HOLD the same unto the Trustee, its successors and assigns forever upon the terms herein set forth for the enforcement of the Obligations. Provided only and the condition of these presents is such that if all of the Obligations secured by this Mortgage have terminated or have been performed in full as and when the same shall become due and payable in accordance with the terms of the Credit Agreement, the Subsidiary Guaranty and this Mortgage and the Owner and its successors and assigns shall observe and comply with the covenants, terms and conditions contained in the Subsidiary Guaranty and this Mortgage expressed or implied to be performed, observed or complied with by and on the part of the Owner and its successors and assigns, all without delay or fraud and according to the true intent and meaning thereof, then these presents and the rights hereunder shall cease, determine and be void otherwise to be and remain in full force and effect and, in such event, the Trustee agrees to execute and record at the expense of the Owner, all such documents as the Owner may reasonably require to discharge this Mortgage. Notwithstanding anything to the contrary herein it is not intended that any provision of this Mortgage shall waive the preferred status of this Mortgage and that if any provision or part thereof herein shall be construed as waiving the preferred status of this Mortgage then such provision shall to such extent be void and of no effect.

Mortgage. 3.01 (1) In consideration of the premises and in order to secure by this Mortgage the Obligationsrepayment to the Mortgagee of the Loan plus interest at the rate set forth in the Loan Agreement and the payment of all such other sums as may hereafter from time to time and at any other time form part of the Outstanding Indebtedness and to secure the performance and observance of and compliance with the covenants terms and conditions herein contained, the Owner has granted, conveyed in accordance with the provisions of Chapter V Title IV of Book Second of the Code of Commerce of the Republic of Panama and mortgaged of the pertinent provisions of the Civil Code and does by these presents grant, convey other legislation of the Republic of Panama hereby executes and mortgage unto the Trustee, its successors and assigns, constitutes a Second Preferred Naval Mortgage on the whole of the Rig TO HAVE AND TO HOLD Vessel in favour of the Mortgagee, subject to the Prior Mortgage, to have and to hold the same unto the Trustee, Mortgagee its successors and assigns forever upon the terms herein set forth for the enforcement of the Obligations. Provided only forth, PROVIDED ONLY and the condition of these presents is such that if all of the Obligations secured by this Mortgage have terminated Owner its successors and assigns shall pay or have been performed in full cause to be paid to the Mortgagee its successors or assigns the Outstanding Indebtedness as and when the same shall become due and payable in accordance with the terms of the Subsidiary Guaranty Loan Agreement and this Mortgage and shall observe and comply with the covenants, terms and conditions contained in the Subsidiary Guaranty Loan Agreement and this Mortgage contained expressed or implied to be performed, observed or complied with by and on the part of the Owner and its successors and assigns, all without delay or fraud and according to the true intent and meaning thereof, then these presents and the rights hereunder shall cease, cease determine and be void otherwise to be and remain in full force and effect andthe Mortgagee will, in such event, the Trustee agrees to execute and record at the expense request and cost of the Owner, all execute a release in such documents form as the Owner may reasonably require to discharge require, of the security created by this Mortgage. Notwithstanding anything to the contrary herein it is not intended that any provision of this Mortgage shall waive the preferred status of this Mortgage and that if any provision or part thereof herein shall be construed as waiving the preferred status of this Mortgage then such provision shall to such extent be void and of no effect.