Common use of Continuing security and other matters Clause in Contracts

Continuing security and other matters. Section 4.1 The security created by this Mortgage shall: (a) be held by the Mortgagee (for the benefit of the Guaranteed Parties) as a continuing security for the payment of the Secured Obligations and the performance and observance of and compliance with all of the covenants, terms and conditions contained in the Credit Agreement and the other Loan Documents and any Relevant Swap Agreement, express or implied; (b) not be satisfied by any intermediate payment or satisfaction of any part of the amount hereby and thereby secured (or by any settlement of accounts between the Owner or any other person who may be liable to the Mortgagee, the Guaranteed Parties or their permitted successors and assigns in respect of the Secured Obligations or any part thereof); (c) be in addition to, and shall not in any way prejudice or affect, and may be enforced by the Mortgagee without prior recourse to, the security created by any other Loan Document, any Relevant Swap Agreement and any guarantee or indemnity now or hereafter held by the Mortgagee or the Guaranteed Parties in respect of the Secured Obligations; and (d) not be in any way prejudiced or affected by the existence of any of the other Loan Documents, any Relevant Swap Agreement or any other rights or remedies or by the same becoming wholly or in part void, voidable or unenforceable on any ground whatsoever or by the Mortgagee or any Guaranteed Party dealing with, exchanging, varying or failing to perfect or enforce any of the same, or giving time for payment or performance or indulgence or compounding with any other person liable. Section 4.2 All the rights, remedies and powers vested in the Mortgagee (for the ratable benefit of the Guaranteed Parties) hereunder shall be in addition to and not a limitation of any and every other right, power or remedy vested in the Mortgagee or the Guaranteed Parties under the Loan Documents, any Relevant Swap Agreement or under any other guarantees or indemnity now or hereafter held by the Mortgagee or the Guaranteed Parties in respect of the Secured Obligations and all the powers so vested in the Mortgagee or the Guaranteed Parties may be exercised from time to time and as often as the Mortgagee or the Guaranteed Parties may deem expedient. Section 4.3 The Mortgagee shall not be obligated to make any inquiry as to the nature or sufficiency of any payment received by it under this Mortgage or to make any claim or take any action to collect any moneys hereby owed or to enforce any rights or benefits hereby granted to the Mortgagee or to which the Mortgagee or any Guaranteed Party may at any time be entitled under this Mortgage. Section 4.4 The Owner shall remain liable to perform all the obligations assumed by it in relation to the Vessel and the Mortgagee shall be under no obligation of any kind whatsoever in respect thereof or be under any liability whatsoever in the event of any failure by the Owner to perform its obligations in respect thereof.

Continuing security and other matters. Section 4.1 The security created by the Mortgage and this Mortgage Deed shall: (a) be held by the Mortgagee Collateral Agent (for the benefit of the Guaranteed Secured Parties) as a continuing security for the payment of the Secured Obligations and the performance and observance of and compliance with all of the covenants, terms and conditions contained in the Credit Agreement and the other Loan Documents and any Relevant Swap AgreementSenior Secured Note Indenture, express or implied; (b) not be satisfied by any intermediate payment or satisfaction of any part of the amount hereby and thereby secured (or by any settlement of accounts between the Owner or any other person who may be liable to the MortgageeCollateral Agent, the Guaranteed Secured Parties or their permitted successors and assigns in respect of the Secured Obligations or any part thereof); (c) be in addition to, and shall not in any way prejudice or affect, and may be enforced by the Mortgagee Collateral Agent without prior recourse to, the security created by any other Loan Document, any Relevant Swap Agreement Document and any guarantee or indemnity now or hereafter held by the Mortgagee Collateral Agent or the Guaranteed Secured Parties in respect of the Secured Obligations; and (d) not be in any way prejudiced or affected by the existence of any of the other Loan Documents, any Relevant Swap Agreement Documents or any other rights or remedies or by the same becoming wholly or in part void, voidable or unenforceable on any ground whatsoever or by the Mortgagee Collateral Agent or any Guaranteed Secured Party dealing with, exchanging, varying or failing to perfect or enforce any of the same, or giving time for payment or performance or indulgence or compounding with any other person liable. Section 4.2 All the rights, remedies and powers vested in the Mortgagee Collateral Agent (for the ratable benefit of the Guaranteed Secured Parties) hereunder shall be in addition to and not a limitation of any and every other right, power or remedy vested in the Mortgagee Collateral Agent or the Guaranteed Secured Parties under the Loan Documents, any Relevant Swap Agreement Documents or under any other guarantees or indemnity now or hereafter held by the Mortgagee Collateral Agent or the Guaranteed Secured Parties in respect of the Secured Obligations and all the powers so vested in the Mortgagee Collateral Agent or the Guaranteed Secured Parties may be exercised from time to time and as often as the Mortgagee Collateral Agent or the Guaranteed Secured Parties may deem expedient. Section 4.3 The Mortgagee Neither the Collateral Agent nor any Receiver shall not be obligated to make any inquiry as to the nature or sufficiency of any payment received by it under the Mortgage and/or this Mortgage Deed or to make any claim or take any action to collect any moneys hereby owed assigned or to enforce any rights or benefits hereby granted assigned to the Mortgagee Collateral Agent or to which the Mortgagee Collateral Agent or any Guaranteed Secured Party may at any time be entitled under the Mortgage and/or this MortgageDeed. Section 4.4 The Owner shall remain liable to perform all the obligations assumed by it in relation to the Vessel Mortgaged Property and the Mortgagee Collateral Agent shall be under no obligation of any kind whatsoever in respect thereof or be under any liability whatsoever in the event of any failure by the Owner to perform its obligations in respect thereof. Section 4.5 Notwithstanding that this Deed is expressed to be supplemental to the Collateral Agreement, any Senior Secured Notes Indenture, the Credit Agreement and the Mortgage it shall continue in full force and effect after any discharge of the Collateral Agreement, any Senior Secured Notes Indenture, the Credit Agreement and the Mortgage until the Security Period has terminated.

Continuing security and other matters. Section 4.1 The security created by this Mortgage shall: (a) be held by 11.1 This Deed shall extend to the Mortgagee (for the benefit of the Guaranteed Parties) as a continuing security for the payment ultimate balance from time to time of the Secured Obligations and shall be a continuing security, notwithstanding any intermediate payment, partial settlement or other matter whatsoever. 11.2 If the performance and observance Pledgee considers, that an amount paid to any Secured Parties under any Loan Document is capable of and compliance with all being avoided or otherwise set aside on the liquidation or administration (or other similar proceeding) of the covenantsperson by whom such amount was paid, terms and conditions contained in then for the Credit Agreement purposes of this Deed, such amount shall be regarded as not having been irrevocably paid. 11.3 This Deed and the other Loan Documents and any Relevant Swap Agreement, express or implied; (b) not be satisfied by any intermediate payment or satisfaction of any part obligations of the amount hereby and thereby secured (or by any settlement of accounts between the Owner or any other person who may be liable to the Mortgagee, the Guaranteed Parties or their permitted successors and assigns in respect of the Secured Obligations or any part thereof); (c) be in addition to, and Pledgor under this Deed shall not in any way prejudice or affect, and may be enforced by the Mortgagee without prior recourse to, the security created by any other Loan Document, any Relevant Swap Agreement and any guarantee or indemnity now or hereafter held by the Mortgagee or the Guaranteed Parties in respect of the Secured Obligations; and (d) not be in any way prejudiced or affected by the existence of any of the other Loan Documentssecurity documents, any Relevant Swap Agreement or any other encumbrances, rights or remedies or by the same being or becoming wholly or in part void, voidable or unenforceable on any ground whatsoever or by the Mortgagee or any Guaranteed Party Pledgee dealing with, exchangingreleasing, varying or failing to perfect or enforce any of the same, or giving time for payment or performance or indulgence or compounding with any other person liable. Section 4.2 All the rights, remedies and powers vested in the Mortgagee (for the ratable benefit of the Guaranteed Parties) hereunder 11.4 The Pledgee shall not be in addition obliged to and not a limitation of any and every other right, power or remedy vested in the Mortgagee or the Guaranteed Parties under the Loan Documents, any Relevant Swap Agreement or under resort to any other guarantees security or indemnity other means of payment now or hereafter held by or available to it before enforcing this Deed and no action taken or omitted by the Mortgagee Pledgee in connection with any such other security or other means of payment shall discharge, reduce, prejudice or affect the Guaranteed Parties in respect right of the Secured Obligations and all the powers so vested in the Mortgagee or the Guaranteed Parties may be exercised from time to time and as often as the Mortgagee or the Guaranteed Parties may deem expedientpledge hereby created. Section 4.3 11.5 The Mortgagee shall not be obligated to make any inquiry as to the nature or sufficiency of any payment received by it under this Mortgage or to make any claim or take any action to collect any moneys hereby owed or to enforce any rights or benefits hereby granted to the Mortgagee or to which the Mortgagee or any Guaranteed Party may at any time be entitled under this Mortgage. Section 4.4 The Owner Pledgor shall remain liable to perform all obligations, if any, assumed by them with respect to the Charged Assets or part thereof and the Pledgee shall not have any obligations or liabilities with respect to any of the Charged Assets or part thereof by reason of or arising out of this Deed, nor shall the Pledgee be required or obligated in any manner to perform or fulfil any of the obligations assumed by it in relation of the Pledgor under or with respect to any part of the Charged Assets. 11.6 At any time and from time to time, to the Vessel extent the terms of this Deed shall be inconsistent with, or in violation of, Section 2.2(c) of the Pledge and Security Agreement, dated as of the twentieth day of March two thousand six, among the Administrative Agent, the Pledgor and the Mortgagee shall be under no obligation of any kind whatsoever in respect thereof or be under any liability whatsoever Domestic Loan Parties (as defined in the event Credit Agreement, as may be amended, supplemented or modified from time to time) a copy of any failure by which is attached hereto as Appendix 3, upon the Owner written request and at the sole expense of the Company, the Administrative Agent shall promptly and duly execute and deliver such amendments, modifications or supplements to perform its obligations in respect thereofthis Deed or other instruments and documents and take such further action as the Company may reasonably request for the purpose of complying with the terms of such Section.

Continuing security and other matters. Section 4.1 5.1 Continuing security The security created by this Mortgage Deed shall: (a) 5.1.1 be held by the Mortgagee (for the benefit of the Guaranteed Parties) as a continuing security for the payment of the Secured Obligations Outstanding Indebtedness and the performance and observance of and compliance with all of the covenants, terms and conditions contained in the Credit Agreement and the other Loan Documents and any Relevant Swap AgreementSecurity Documents, express or implied; (b) , and that the security so created shall not be satisfied by any intermediate payment or satisfaction of any part of the amount hereby and thereby secured (or by any settlement of accounts between the Owner or any other person who may be liable to the Mortgagee, the Guaranteed Parties or their permitted successors and assigns Mortgagee in respect of the Secured Obligations Outstanding Indebtedness or any part thereofthereof and the Mortgagee) and shall remain in full force and effect until the Outstanding Indebtedness has been discharged in full (which expression shall not embrace payment or a dividend in liquidation or bankruptcy of less than 100%); (c) 5.1.2 be in addition to, and shall not in any way prejudice or affect, and may be enforced by the Mortgagee without prior recourse to, the security created by any other Loan Documentof the Security Documents or by any present or future Collateral Instruments, any Relevant Swap Agreement and any guarantee right or indemnity now or hereafter remedy held by or available to the Mortgagee any right or remedy of the Mortgagee or the Guaranteed Parties in respect any right or remedy of the Secured Obligations; andMortgagee thereunder; (d) 5.1.3 not be in any way prejudiced or affected by the existence of any of the other Loan Documents, any Relevant Swap Agreement Security Documents or any other such Collateral Instrument, rights or remedies or by the same becoming wholly or in part void, voidable or unenforceable on any ground whatsoever or by the Mortgagee or any Guaranteed Party dealing with, exchanging, varying or failing to perfect or enforce any of the same, or giving time for payment or performance or indulgence or compounding with any other person liable.; and Section 4.2 All the rights, remedies and powers vested 5.1.4 not in any way be prejudiced or affected by any change in the Mortgagee (for the ratable benefit constitution of, or any amalgamation or reconstruction of the Guaranteed Parties) hereunder shall be in addition to and not a limitation of any and every other rightOwner, power or remedy vested in the Mortgagee or the Guaranteed Parties under the Loan Documents, any Relevant Swap Agreement or under any other guarantees or indemnity now or hereafter held by the Mortgagee or the Guaranteed Parties in respect of the Secured Obligations and all the powers so vested in the Mortgagee or the Guaranteed Parties may be exercised from time to time and as often as the Mortgagee or the Guaranteed Parties may deem expedient. Section 4.3 The Mortgagee shall not be obligated to make any inquiry as to the nature or sufficiency of any payment received by it under this Mortgage or to make any claim or take any action to collect any moneys hereby owed or to enforce any rights or benefits hereby granted to the Mortgagee or to which the Mortgagee or any Guaranteed Party may at other person or by any time be entitled under this Mortgage. Section 4.4 The legal limitation, disability, incapacity or other circumstances relating to the Owner shall remain liable or any other person, whether or not known to perform all the Mortgagee, by any invalidity in or irregularity or unenforceability of the obligations assumed by it in relation to of the Vessel Owner or any other person under the Loan Agreement or any of the other Security Documents or otherwise and the Mortgagee shall be under no obligation of any kind whatsoever in respect thereof or be under any liability whatsoever so that in the event that any obligation or purported obligation of the Owner or any other person which, if enforceable or valid or continuing, would be secured by this Deed is or becomes wholly or in part unenforceable or invalid or terminated for any reason whatsoever, the Owner will keep the Mortgagee fully indemnified against any loss suffered by the Mortgagee as a result of any failure by the Owner or such other party to perform its obligations in respect thereofany such obligation or purported obligation.

Continuing security and other matters. Section 4.1 CONTINUING SECURITY The security created by this Mortgage shallAgreement: (a) shall be held by the Mortgagee (for the benefit of the Guaranteed Parties) as a continuing security for the payment of the Secured Obligations and the performance and observance of and compliance with all of the covenants, terms and conditions contained in the Credit Agreement and the other Loan Documents and any Relevant Swap Agreement, express or impliedObligations; (b) not be satisfied by any intermediate payment or satisfaction of any part of the amount hereby and thereby secured (or by any settlement of accounts between the Owner or any other person who may be liable to the Mortgagee, the Guaranteed Parties or their permitted successors and assigns in respect of the Secured Obligations or any part thereof); (c) shall be in addition to, to and shall not in any way prejudice or affect, and may be enforced by the Mortgagee without prior recourse to, the any other security created interest or remedy; (c) shall not be satisfied by any other Loan Document, intermediate payment or satisfaction of any Relevant Swap Agreement and any guarantee or indemnity now or hereafter held by the Mortgagee or the Guaranteed Parties in respect part of the Secured Obligations; andObligations or by any settlement of accounts; (d) shall not be discharged by the entry of any Secured Obligations into any current account, in which case this pledge shall secure any provisional or final balance of such current account up to the amount in which the Secured Obligations were entered therein; (e) shall not in any way be prejudiced or affected by any time or waiver granted to, or composition with, the existence of any of the other Loan Documents, any Relevant Swap Agreement Mortgagor or any other rights Person, by any amendment (however fundamental) or remedies supplement to the Terms and Conditions of Notes or any other document, by the same becoming wholly taking, variation, compromise, exchange, renewal or in part void, voidable release of or unenforceable on any ground whatsoever refusal or by the Mortgagee or any Guaranteed Party dealing with, exchanging, varying or failing neglect to perfect or enforce any right, remedy or security over the Property or by anything done or omitted which but for this provision might operate to exonerate the Mortgagor; (f) shall not in any way be prejudiced or affected by any change in the constitution or status of the same, Mortgagor or giving time for payment or performance or indulgence or compounding with any other person liable.Person or by any legal limitation, disability, incapacity or other circumstances relating to the Mortgagor or any other Person, by any invalidity, illegality or unenforceability of the obligations of the Mortgagor or any other Person; and Section 4.2 All the rights, remedies and powers vested in (g) the Mortgagee or, as the case may be, Requisite Noteholders may at any time without discharging or in any way affecting this Mortgage (for a) grant the ratable benefit Mortgagor any time or indulgence, (b) concur in any moratorium of the Guaranteed PartiesSecured Obligations, (c) hereunder shall be in addition to amend the terms and not a limitation of any and every other right, power or remedy vested in the Mortgagee or the Guaranteed Parties under the Loan Documents, any Relevant Swap Agreement or under any other guarantees or indemnity now or hereafter held by the Mortgagee or the Guaranteed Parties in respect conditions of the Secured Obligations in accordance with the provisions of the Terms and all Conditions of Notes and the powers so vested in the Mortgagee applicable laws, (d) abstain from taking or the Guaranteed Parties may be exercised perfecting any other security and discharge any other security, (e) abstain from time to time exercising any right or recourse or from proving or claiming any debt and as often as the Mortgagee waive any right or the Guaranteed Parties may deem expedient. Section 4.3 The Mortgagee shall not be obligated to make any inquiry as to the nature or sufficiency of recourse, and (f) apply any payment received by it under this Mortgage from the Mortgagor or to make any claim or take any action to collect any moneys hereby owed or to enforce any rights or benefits hereby granted to for its account towards the Mortgagee or to which the Mortgagee Secured Obligations or any Guaranteed Party may other obligations of the Mortgagor at any time be entitled under this Mortgagethe Mortgagee's choice. Section 4.4 The Owner shall remain liable to perform all the obligations assumed by it in relation to the Vessel and the Mortgagee shall be under no obligation of any kind whatsoever in respect thereof or be under any liability whatsoever in the event of any failure by the Owner to perform its obligations in respect thereof.

Continuing security and other matters. Section 4.1 The security created by 19.1 This Guarantee and Debenture and the obligations of the Company under this Mortgage Guarantee and Debenture shall: (a) be held secure the ultimate balance from time to time owing to the Noteholder by the Mortgagee (for Company and the benefit of the Guaranteed Parties) as Issuer and shall be a continuing security for the payment notwithstanding any settlement of the Secured Obligations and the performance and observance of and compliance with all of the covenants, terms and conditions contained in the Credit Agreement and the account or other Loan Documents and any Relevant Swap Agreement, express or impliedmatter whatsoever; (b) be in addition to and not be satisfied prejudice or affect any present or future Collateral Instrument, Encumbrance, right or remedy held by any intermediate payment or satisfaction of any part of the amount hereby and thereby secured (or by any settlement of accounts between the Owner or any other person who may be liable available to the Mortgagee, the Guaranteed Parties or their permitted successors and assigns in respect of the Secured Obligations or any part thereof);Noteholder; and (c) be in addition to, and shall not in any way prejudice merge with or affect, and may be enforced by the Mortgagee without prior recourse to, the security created by any other Loan Document, any Relevant Swap Agreement and any guarantee or indemnity now or hereafter held by the Mortgagee or the Guaranteed Parties in respect of the Secured Obligations; and (d) not be in any way prejudiced or affected by the existence of any of the other Loan Documentssuch Collateral Instruments, any Relevant Swap Agreement or any other Encumbrances, rights or remedies or by the same being or becoming wholly or in part void, voidable or unenforceable on any ground whatsoever or by the Mortgagee or any Guaranteed Party Noteholder dealing with, exchanging, releasing, varying or failing to perfect or enforce any of the same, same or giving time for payment or performance or indulgence or compounding with any other person liable. Section 4.2 All the rights, remedies and powers vested in the Mortgagee (for the ratable benefit of the Guaranteed Parties) hereunder shall be in addition to and not a limitation of any and every other right, power or remedy vested in the Mortgagee or the Guaranteed Parties under the Loan Documents, any Relevant Swap Agreement or under any other guarantees or indemnity now or hereafter held by the Mortgagee or the Guaranteed Parties in respect of the Secured Obligations and all the powers so vested in the Mortgagee or the Guaranteed Parties may be exercised from time to time and as often as the Mortgagee or the Guaranteed Parties may deem expedient. Section 4.3 19.2 The Mortgagee Noteholder shall not be obligated obliged to make resort to any inquiry as Collateral Instrument or other means of payment now or after the date of this Guarantee and Debenture held by or available to it before enforcing this Guarantee and Debenture, and no action taken or omitted by the Noteholder or any in connection with any such Collateral Instrument or other means of payment shall discharge, reduce, prejudice or affect the liability of the Company. 19.3 Any release, discharge or settlement between the Company and the Noteholder shall be conditional upon no security, disposition or payment to the nature Noteholder by the Company or sufficiency of any payment received by it under this Mortgage other person being void, set aside or ordered to make be refunded pursuant to any claim enactment or take law relating to liquidation, administration or insolvency or for any action to collect any moneys hereby owed or other reason whatsoever and if such condition shall not be fulfilled the Noteholder shall be entitled to enforce this Guarantee and Debenture subsequently as if such release discharge or settlement had not occurred and any rights or benefits hereby granted to the Mortgagee or to which the Mortgagee or any Guaranteed Party may at any time be entitled under this Mortgagesuch payment had not been made. Section 4.4 The Owner shall remain liable to perform all the obligations assumed by it in relation to the Vessel and the Mortgagee shall be under no obligation of any kind whatsoever in respect thereof or be under any liability whatsoever in the event of any failure by the Owner to perform its obligations in respect thereof.

Continuing security and other matters. Section 4.1 5.1 CONTINUING SECURITY The security created by this Mortgage shallAgreement: (a) shall be held by the Mortgagee (for the benefit of the Guaranteed Parties) as a continuing security for the payment of the Secured Obligations and the performance and observance of and compliance with all of the covenants, terms and conditions contained in the Credit Agreement and the other Loan Documents and any Relevant Swap Agreement, express or impliedObligations; (b) shall be in addition to and shall not prejudice or affect, and may be enforced by the Pledgee and the Noteholders without prior recourse to, any other security interest or remedy; (c) shall not be satisfied by any intermediate payment or satisfaction of any part of the amount hereby and thereby secured (Secured Obligations or by any settlement of accounts between accounts; (d) shall not be discharged by the Owner entry of any Secured Obligations into any current account, in which case this Pledge shall secure any provisional or any other person who may be liable final balance of such current account up to the Mortgagee, the Guaranteed Parties or their permitted successors and assigns amount in respect of which the Secured Obligations or any part thereof)were entered therein; (ce) be in addition to, and shall not in any way prejudice or affect, and may be enforced by the Mortgagee without prior recourse to, the security created by any other Loan Document, any Relevant Swap Agreement and any guarantee or indemnity now or hereafter held by the Mortgagee or the Guaranteed Parties in respect of the Secured Obligations; and (d) not be in any way prejudiced or affected by any time or waiver granted to, or composition with, the existence of any of the other Loan Documents, any Relevant Swap Agreement Pledgor or any other rights Person, by any amendment (however fundamental) or remedies supplement to any Credit Document or any other document, by the same becoming wholly taking, variation, compromise, exchange, renewal or in part void, voidable release of or unenforceable on any ground whatsoever refusal or by the Mortgagee or any Guaranteed Party dealing with, exchanging, varying or failing neglect to perfect or enforce any right, remedy or security over the Business or by anything done or omitted which but for this provision might operate to exonerate the Pledgor; (f) shall not in any way be prejudiced or affected by any change in the constitution or status of the same, Pledgor or giving time for payment or performance or indulgence or compounding with any other person liable. Section 4.2 All Person or by any legal limitation, disability, incapacity or other circumstances relating to the rightsPledgor or any other Person, remedies and powers vested in the Mortgagee (for the ratable benefit by any invalidity, illegality or unenforceability of the Guaranteed Parties) hereunder shall be in addition to and not a limitation obligations of any and every other right, power the Pledgor or remedy vested in the Mortgagee or the Guaranteed Parties under the Loan Documents, any Relevant Swap Agreement or under any other guarantees Person; and (g) the Pledgee or, as the case may be, Requisite Noteholders may at any time without discharging or indemnity now in any way affecting this Pledge (a) grant the Pledgor any time or hereafter held by indulgence, (b) concur in any moratorium of the Mortgagee or Secured Obligations, (c) amend the Guaranteed Parties in respect terms and conditions of the Secured Obligations in accordance with the provisions of the Terms and all Conditions of Notes and the powers so vested in the Mortgagee applicable laws, (d) abstain from taking or the Guaranteed Parties may be exercised perfecting any other security and discharge any other security, (e) abstain from time to time exercising any right or recourse or from proving or claiming any debt and as often as the Mortgagee waive any right or the Guaranteed Parties may deem expedient. Section 4.3 The Mortgagee shall not be obligated to make any inquiry as to the nature or sufficiency of recourse, and (f) apply any payment received by it under this Mortgage from the Pledgor or to make any claim or take any action to collect any moneys hereby owed or to enforce any rights or benefits hereby granted to the Mortgagee or to which the Mortgagee for its account towards Secured Obligations or any Guaranteed Party may at any time be entitled under this Mortgageother obligations of the Pledgor of the Pledgee's choice. Section 4.4 The Owner shall remain liable to perform all the obligations assumed by it in relation to the Vessel and the Mortgagee shall be under no obligation of any kind whatsoever in respect thereof or be under any liability whatsoever in the event of any failure by the Owner to perform its obligations in respect thereof.