Mortgage Debenture definition
Examples of Mortgage Debenture in a sentence
Borrower has good title to, rights in, and the power to transfer each item of the Collateral upon which it purports to ▇▇▇▇▇ ▇ ▇▇▇▇ hereunder or pursuant to the Australian Mortgage Debenture, free and clear of any and all Liens except Permitted Liens.
In addition to and without limiting the foregoing, all Obligations shall also be secured by the Australian Mortgage Debenture and any and all other security agreements, mortgages or other collateral granted to Bank by Borrower as security for the Obligations, now or in the future.
In the event that the Rig becomes a Total Loss at any time, the whole of the insurance proceeds or other compensation payable in respect of such Total Loss will be paid to the Security Agent (as assignee(s) and chargee thereof under the Rig Construction Contract and Refund Guarantee Assignment, the Rig Mortgage and associated Deed of Covenants, the Mortgage Debenture and the Insurances Assignment).
Such security shall comprise a Guaranty and a Mortgage Debenture.
In the event (x) all Obligations (other than inchoate indemnity obligations), are satisfied in full, and (y) this Agreement is terminated, Lender shall terminate the security interest granted herein and in the Australian Mortgage Debenture.
Subsisting Mortgages and Charges:- Mortgage Debenture in favour of NatWest Bank created on 14/1/1999 and registered on 01/02/1999 securing all monies due or to become due from the Company to the chargee on any account whatsoever by way of a specific equitable charge over all freehold and leasehold properties and/or the proceeds of sale thereof, fixed and floating charges over undertaking and all property and assets present and future including goodwill, book debts and the benefits of any licences.
The Agent in its limited capacity as trustee as specifically required pursuant to the First Mortgage Debenture and the Intercreditor Agreement or otherwise may accept without inquiry such title as MSUK may have to the property secured pursuant to the First Mortgage Debenture.
Unless otherwise expressly provided herein, all notices and Orders given in writing (including facsimile transmission or telex) under this Agreement or the Mortgage Debenture executed by the Borrower or the Lender shall be deemed given when received at the applicable address set forth below (or at any other address of which the recipient shall have notified the sender pursuant to this Clause 6.0l(j): Citicorp Merchant Bank Limited PSMT (Barbados) Inc.
In the event (x) all Obligations (other than inchoate indemnity obligations), except for Bank Services, are satisfied in full, and (y) this Agreement is terminated, Bank shall terminate the security interest granted herein and in the Australian Mortgage Debenture upon Borrower providing cash collateral acceptable to Bank in its good faith business judgment for Bank Services, if any.
Notwithstanding any other provisions of this Agreement or of the Mortgage Debenture, the Lender has and shall have füll recourse against the Borrower itself and all its assets in order to obtain payment in füll of the Advance, of all interest accruing thereon and of any and all other obligations, fees, charges, expenses and other sums to be paid hereunder by the Borrower (and any interest accruing thereon).