Mortgage and Charge a. The Promoter may have an arrangement with certain Banks and Financial Institutions (hereinafter collectively referred to ”the said Banks”), under which the said Bank would grant a line of credit to the Promoter to facilitate development of projects undertaken and carried on by it, and as security for repayment of loans which may be advanced to the Promoter by the said Bank, the Promoter creates or causes to be created mortgages/charges on the lands and construction thereon in favour of the said Banks, and the securities created in favour of the said Banks are substituted from time to time.
Mortgage and Charge. For the good and valuable consideration aforesaid (receipt of which is hereby acknowledged by the Owner) and pursuant to the Collateral Guarantee and in order to secure the repayment of the Outstanding Indebtedness and to secure the performance and observance of and compliance with the covenants, terms and conditions contained in this Mortgage, the Collateral Guarantee, the Master Swap Agreements and the Loan Agreement, express or implied, the Owner: HEREBY GRANTS to the Mortgagees a First Preferred Mortgage on the Ship for the amount of Thirty four million one hundred and twenty five thousand Dollars ($34,125,000) together with the right to register such First Preferred Mortgage on the Ship in the mortgage register of the competent Greek Maritime Mortgage Office directly and without any action by or on behalf of the Owner for the enforcement of the payment of the Outstanding Indebtedness and to secure the performance and observance of and compliance with the covenants, terms and conditions contained in this Mortgage, the Collateral Guarantee, the Master Swap Agreements and the Loan Agreement, express or implied; and HEREBY ASSIGNS and agrees to assign to the Mortgagees all its rights and benefits under and deriving from (i) Greek Legislative Decrees Number 2687/1953 and 2928/1954 and (ii) the Ministerial Decision, PROVIDED HOWEVER that the Owner shall remain liable to perform all and any of the obligations to be performed by it under the Ministerial Decision and any laws or regulations applicable thereto and the Mortgagees or any of them shall be under no obligation of any kind whatsoever thereunder or be under any liability whatsoever in event of any failure by the Owner to perform its obligations thereunder and PROVIDED ALSO, that the condition of these presents is such that, if the Owner shall pay or cause to be repaid to the Mortgagees, the Outstanding Indebtedness as and when the same shall become due and payable in accordance with the terms of the Collateral Guarantee, this Mortgage and the other Security Documents and shall observe and comply with the covenants, terms and conditions contained in the Collateral Guarantee, this Mortgage and the other Security Documents, expressed or implied, to be performed, observed or complied with, by and on the part of the Owner, then these presents and the rights hereunder shall cease, determine and be void, otherwise to be and remain in full force and effect.
Mortgage and Charge. 3.1 As security for the due payment of the Obligations and the due performance of all covenants herein:
Mortgage and Charge
