The Spanish Security shall be formalized as a Spanish Public Document before a Spanish public notary.
SIXTH.- If the Vessel is abandoned by the Mortgagor, the Spanish Security Agent, as agent for the Banks, will be entitled to take "interim" possession to maintain the Vessel, adopting to such effect the required actions to avoid the loss or damage of the Vessel, including its displacement to any seaport or other place where the integrity of the Vessel is guaranteed.
The rights of an assigning Lender under any Spanish Security Document to which such assigning Lender is a party shall be deemed to be assigned to an assignee of such assigning Lender from the date of effectiveness of, and to the extent agreed pursuant to, the applicable assignment of rights and obligations under this Agreement.
Pursuant to Article 48 of the Ship Mortgage Law this Deed may be enforced at the election of the Spanish Security Agent (acting on the instructions of the Bank) in any jurisdiction where the Vessel may be located, in the jurisdiction where this Deed is executed, in the jurisdiction where this Deed is registered or, if different, in the jurisdiction of the address of the Mortgagor.
J.P. MORGAN BANK S.A. with registered address at Gran Via, 17, Bilabo, Spain and registered in the Mercantile Registry of Vizcaya at Volume 869 Book 163 and Sheet B1-13139 and with Tax Identity Number C.I.F. [INSERT NO.] in its capacity as Spanish Security Agent (hereinafter the "SPANISH SECURITY AGENT"), pursuant to a power of attorney granted to him in a deed executed before the Notary Public of ______________, Mr._____________________]; 145 2.