Persons entitled
- Cooperatieve Rabobank U.A.
Brief description
[Terms defined in the second priority deed of covenant have, unless defined differently in this form, the same meaning when used in this form.]. All the company’s (as defined in the second priority deed of covenant) rights, title and interest present and future in and to the mortgaged property.. Mortgaged property is defined in the second priority deed of covenant as (a) the ship (b) the insurances (c) the earnings and (d) any requisition compensation.. Ship means the 5000 dwt seagoing general cargo vessel named "lauren c", built in 2007, img number 9373527 and registered as a british ship at the port of cowes under official number 913351 and includes any share or interest therein and its engines, machinery, boats, tackle, outfit, equipment, spare gear, fuel, consumable or other stores, belongings and appurtenances whether on board or ashore and whether now owned or hereafter acquired and also any and all additions, improvements and replacements hereafter made in or to such vessel or any part thereof or in or to its equipment and appurtenances aforesaid.. Insurances means all policies and contracts of insurance (which expression includes all entries of the ship in a protection and indemnity or war risks association) which are from time to time during the security period in place or taken out or entered into by or for the benefit of the company (whether in the sole name of the company or in the joint names of the company and the mortgagee) in respect of the ship and its earnings or otherwise howsoever in connection with the ship and ail benefits thereof (including claims of whatsoever nature and return of premiums). Earnings means all moneys whatsoever from time to time due or payable to the company arising out of the use or operation of the ship, including (but without limitation) all freight, hire and passage moneys, income arising under pooling arrangements, compensation payable to the company in the event of requisition of the ship for hire, remuneration for salvage and towage services, demurrage and detention moneys and damages for breach (or payments for variation or termination) of any charterparty, contract or other arrangement in respect of the employment of the ship or otherwise in connection therewith.. Requisition compensation means all sums of money or other compensation from time to time payable during the security period by reason of requisition for title or other compulsory acquisition of the ship otherwise than by requisition for hire.
Contains negative pledge.