Specifically Mortgaged Premises definition

Specifically Mortgaged Premises means the said Properties, comprising of (a) the Gujarat Immovable Property of the Company in the State of Gujarat as more specifically described in the Part – “A”, (b) “the Gas Turbine Properties” of the Company in the State of Assam, as more specifically described in the Part – “B” and (c) “the Plant & Machinery Properties” in the State of Arunachal Pradesh, as more specifically described in the Part – “C” of the First Schedule hereunder expressed to be granted, conveyed, transferred, assured and assigned as specific security for the redemption of the principal amount of the Bonds, interest, liquidated damages and other monies for the time being owing and intended to be secured hereunder in terms of the provisions of clause 4A hereof.

Specifically Mortgaged Premises means the property real or immovable and personal or movable, expressed herein, or in any deed supplemental hereto, to be now or hereafter mortgaged, pledged and charged by way of a fixed and specific first charge, or intended so to be with payment of the moneys hereby secured.

Specifically Mortgaged Premises or "Specifically Mortgaged Property" means the properties, interests, rights and privileges of the Corporation set forth in subclause 4(a) hereof; and

Examples of Specifically Mortgaged Premises in a sentence

• The Company shall be at liberty at any time during the continuance of this security, with the prior permission in writing of the Trustees and Bondholder(s)/Beneficial Owner(s), to withdraw any of the Specifically Mortgaged Premises from such of the trusts powers and provisions hereof as exclusively relate to the Specifically Mortgaged Premises upon substituting other property of a value sufficient to provide the security cover as provided in these presents.

• However, until the Bonds are fully redeemed the Company shall not create any mortgage or charge on any of the aforesaid Specifically Mortgaged Premises without the prior written approval from the Bondholder(s)/ Beneficial Owner(s).

• If without the prior approval of the Bond Trustees and Bondholder(s)/Beneficial Owner(s) any land, buildings, structures, plant and machinery forming a part of the Specifically Mortgaged Premises are sold, disposed of charged encumbered or alienated or the said buildings, structures, machinery, plant or other equipment are removed pulled down or demolished.

• Until the happening of any of the Event(s) of Default set out in Clause 6 above the Trustees shall not be in any manner required, bound or concerned to interfere with the management of the affairs of the Company or its business or the custody, care, preservation or repair of the Specifically Mortgaged Premises or any part thereof.

• The Company agrees and undertakes to cause a Statutory Auditor to prepare certificate confirming the value of the Specifically Mortgaged Premises, half yearly (30th September and 31st March) and furnish the same to the Debenture Trustee and the costs and expenses on the same shall be borne solely by the Company.

• The Company shall be at liberty at any time during the continuance of this security, with the prior permission in writing of the Trustees, to withdraw any of the Specifically Mortgaged Premises from such of the trusts powers and provisions hereof as exclusively relate to the Specifically Mortgaged Premises upon substituting other property whether of the same or greater than the value of the property proposed to be withdrawn.

• The Trustees shall not, nor shall any Receiver as aforesaid, be liable by reason of the Trustees or such Receiver entering into or taking possession of the Specifically Mortgaged Premises or any part or parts thereof to account as mortgagees in possession or for anything, except actual receipts or be liable for any loss upon realisation or for any default or omission for which a mortgagee in possession might be liable.

• At the request of the Company, the Trustee will release / exclude a part of the Specifically Mortgaged Premises from the security created / to be created for the Debentures, subject to the Company maintaining the minimum security cover stipulated in the Financial Covenants and Conditions and subject to such other terms and conditions as may be stipulated by the Trustee.

• The Trustees may, from time to time, fix remuneration of the Receiver and direct payment thereof out of the Specifically Mortgaged Premises, but the Company alone shall be liable for the payment of such remuneration.

• The Trustees may pay over to the Receiver any monies constituting part of the Specifically Mortgaged Premises to the extent that the same may be applied for the purposes hereof by such Receiver and the Trustees may, from time to time, determine what funds the Receiver shall be at liberty to keep in hand with a view to the performance of his duties as such Receiver.

More Definitions of Specifically Mortgaged Premises

Specifically Mortgaged Premises means the property and assets hereby mortgaged or charged by way of a fixed and specific mortgage or charge to or in favour of NSBDC;

Specifically Mortgaged Premises means of the Company expressed to be granted, conveyed, transferred, assured and assigned and all other immovable properties hereby made as specific security for the redemption of the principal amount of the debentures, interest, liquidated damages and other applicable charges for the time being owing and intended to be secured hereunder in terms of the provisions of Clause 4A hereof hereinafter agreed to be granted, conveyed, transferred, assured and assigned by the company to the Trustees in terms of Clause 4(B) hereof.