Common use of Approved Mortgagee Clause in Contracts

Approved Mortgagee. 56.1 The Sub-Charterers hereby acknowledge that the Owners intend to obtain a loan from Marfin Egnatia Bank S.A. of Greece (referred to in this Sub-Charter as the “Approved Mortgagee” to enable the Owners to finance or refinance the purchase of the Vessel and enter into the Head-Charter.