Common use of Floating Mortgage Clause in Contracts

Floating Mortgage. 7.1 Party B shall create the mortgages on its existing and future production equipment, raw materials, semi-finished products and products. The mortgaged properties shall be determined under any of the following circumstances: A. Party A's claims are not satisfied when the period for performance of obligations becomes expiry; B. Party B has been declared as bankrupt or has been cancelled; C. Circumstances under Article 8.1 hereof, causing Party A to exercise its mortgage rights, have occurred; D. Other circumstances, materially impacting Party A's claims, have occurred. 7.2 If Party B creates the Maximum Mortgage on the above properties, other provisions hereof shall be applied as well, unless otherwise provided in this Article.

Floating Mortgage. 7.1 Where Party B shall create the mortgages on its existing and future creates mortgage over any production equipment, raw materials, semiself-finished products and products. The mortgaged properties shall be determined under or other products it owns or will own, such collaterals will become crystalized in any of the following circumstances: A. Party A's claims The principal debts are not satisfied fulfilled when the period for performance term of obligations becomes expirysuch debts expires; B. Party B has been is declared as bankrupt or has been cancelledrevoked; C. Circumstances Any circumstances under Article 8.1 hereof, causing for Party A to exercise its mortgage rights, have occurredA’s realization of debts occur; D. Other circumstances, materially impacting Party A's claims, circumstances that have occurredmaterial effect on realization of the principal debts occur. 7.2 If Where Party B creates the Maximum Mortgage on provides maximum amount mortgage over the above propertiesproperties in favor of Party A, other provisions hereof than this Article 7 shall be applied as well, unless otherwise provided in this Articleapply.