The Mortgage. In consideration of the premises and of other good and valuable consideration, the receipt and adequacy whereof is hereby acknowledged THE SHIPOWNER as REGISTERED AND BENEFICIAL OWNER DOES HEREBY MORTGAGE AND CHARGE to and in favor of the Mortgagee, as Collateral Trustee for the account of the holders of the Notes, all its interest, present and future, in the Vessel, BY WAY OF SECURITY for the repayment to the Mortgagee of any and all monies payable by the Shipowner under the Indenture and/or the Notes and/or the Guarantee and any all other monies including interest, premium (if any), commissions, expenses, taxes, indemnities and other charges due to the Mortgagee under the terms of the Indenture and/or the Notes and/or the Guarantee and/or hereof and under any eventual subsequent amendment of the terms of the Indenture and/or the Notes and/or the Guarantee and/or this Mortgage (including by way of indication the variation of the manner of computation or the time of payment of interest and the variation of the time of repayment of principal) or any claim of the Mortgagee against the Shipowner and/or the officers, representatives, employees and servants thereof out of tort and/or unjust enrichment and/or payment of monies not due relating to the Note Issue and/or the execution of the Indenture and/or the Guarantee and/or the Notes and/or this Mortgage, same constituting additional indebtedness secured by this Mortgage (all such monies being hereinafter collectively referred to as the “Indebtedness”) and the performance of and compliance with all the covenants, terms, conditions and obligations on the part of the Shipowner contained in this Mortgage and in the Indenture and the Guarantee.
The Mortgage. In the event that any of the Collateral hereunder is also subject to a valid and enforceable Lien under the terms of any Mortgage and the terms of such Mortgage are inconsistent with the terms of this Agreement, then with respect to such Collateral, the terms of such Mortgage shall be controlling, in the case of fixtures and real estate leases, letting and licenses of, and contracts and agreements relating to the lease of, real property, and the terms of this Agreement shall be controlling in the case of all other Collateral.
The Mortgage. The Mortgage has been duly authorized by the Company and, on the Closing Date, will have been duly executed and delivered by the Company and, when executed and delivered by the Trustee, will constitute a valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, except as enforcement thereof may be limited by certain laws and judicial decisions of the United States of America and the State of Missouri (where the property covered thereby is located) affecting the remedies for the enforcement of the security provided for therein, which laws do not make inadequate the remedies necessary for the realization of the benefits of such security, and by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting enforcement of creditors’ rights generally or by general principles of equity; and the Mortgage has been duly qualified under the 1939 Act and the Trustee has filed a Form T-1 as an exhibit to the Registration Statement.
The Mortgage. Loan Seller hereby represents and warrants to the Depositor as of the date hereof and as of the Closing Date that:
The Mortgage. (a) constitutes a legal, valid and binding obligation of the Borrower enforceable against the Borrower in accordance with its terms;
The Mortgage. Escrow Amounts shall be held by Mortgagee and shall be applied to the payment of the obligations in respect of which such Mortgage Escrow Amounts were retained in accordance with the Cash Collateral Agreement except upon the occurrence of an Event of Default and the acceleration of the Notes in which case all or any portion of such Mortgage Escrow Amounts may be so transferred or otherwise applied to the Indebtedness in such order or priority as Mortgagee may elect or Mortgagee may exercise any of its rights or remedies with respect to same hereunder, at law or in equity. Any Mortgage Escrow Amounts paid to Mortgagee in excess of the actual obligations for which they were retained, shall be held and credited to the obligations of the Mortgagors pursuant to paragraph (a) above for the ensuing year or shorter period if applicable. Nothing herein contained shall be deemed to affect any right or remedy of Mortgagee under this Mortgage or otherwise at law or in equity to pay any such amount and to add the amount so paid to the Indebtedness hereby secured. Any such application of said amounts or any portion thereof to any Indebtedness secured hereby shall not be construed to cure or waive any Default or notice of Default hereunder or invalidate any act done pursuant to any such Default or notice.
The Mortgage. (i) constitutes a legal, valid and binding obligation of the Mortgagor, enforceable against the Mortgagor in accordance with its terms;
The Mortgage the Mortgage and the Deed of Covenants has been duly executed by the Borrower in favour of the Lender and registered within two (2) Banking Days after the Drawdown Date at the relevant Singapore authority all at no costs and expenses to the Lender;
The Mortgage. (d) The Assignment of Rents.
The Mortgage. Payment of the Note and satisfaction of all obligations of the Borrower hereunder and under the Note and of the Industrial Occupant under a Consent, Subordination and Assumption Agreement effective as of even date herewith from the Industrial Occupant to PIDA (the "Assumption Agreement") shall be secured by a mortgage (the "Mortgage") effective as of even date herewith given by Borrower to PIDA. The Mortgage shall constitute not less than a second lien upon the Premises, subordinate only to a $4,094,684.93 mortgage, dated September 28, 1995, on the Premises given to MERIDIAN BANK which principal sum shall be reduced to the sum of $4,000,000 on the same date hereof (the "First Mortgage").
