Common use of Charging Clause Clause in Contracts

Charging Clause. In consideration of the entering into of the Project Agreement by the Minister, the Chargor as beneficial owner hereby: (1) CHARGES to the Minister by way of first fixed charge and ASSIGNS to the Minister the Securities by way of a first security assignment as a continuing security for the payment of all moneys and the discharge of all obligations and liabilities hereby covenanted to be paid or otherwise hereby secured; and (2) CHARGES to the Minister and ASSIGNS and agrees to assign absolutely unto the Minister all of its present and future benefit, right, title and interest in and to (but none of the obligations or burdens of) the agreements set out in the First Schedule (Part B) as same may be amended, varied, supplemented or restated from time to time, including any proceeds accruing to the Chargor pursuant to any of those agreements (the “Agreements”) and the Chargor shall notify each counterparty to each Agreement that it has so charged and assigned the Agreement, using a form of notice of assignment which shall be substantially in the form set out in the Second Schedule (any amendments to such a notice are to be agreed by the Chargor and the Minister) and the Chargor shall use all reasonable endeavours to procure that each of the counterparties so notified shall execute an acknowledgement of assignment substantially in the form also set out in the Second Schedule; and (3) CHARGES to the Minister and ASSIGNS and agrees to assign absolutely unto the Minister all of its present and future benefit, right, title and interest in and to (but none of the obligations or burdens of) any court order or award made pursuant to or in connection with the Agreements and/or made pursuant to any dispute arising under the Agreements and/or the proceeds realised in respect of any such order made pursuant to or in connection with the Agreements and/or the proceeds of any settlement arising from a dispute or a demand made pursuant to the Agreements (all of which are herein called the “Agreement Proceeds”). The Securities, Agreement Proceeds and the Agreements shall collectively be referred to herein as the “Secured Assets”.

Charging Clause. 4.1 In pursuance of the Financial Agreement and in consideration of the entering into of the Project Agreement by the Minister, the Chargor as beneficial owner hereby: (1) CHARGES to the Minister premises and by way of first fixed charge and ASSIGNS to the Minister the Securities by way of a first security assignment as a continuing security for the payment of all moneys the Outstanding Indebtedness and the discharge performance of all the obligations under the Financial Agreement, this Mortgage and liabilities the other Security Documents by the Borrowers as joint and several obligors, the Mortgagor as legal and beneficial owner with full title guarantee hereby covenanted to be paid or otherwise hereby secured; and (2) CHARGES to the Minister mortgages and ASSIGNS charges and agrees to assign absolutely unto mortgage and charge to and in favour of the Minister Mortgagee all of its present and future benefit, right, title and interest (present and future) to and in the Vessel TO HAVE AND HOLD the same unto and to (but none in favour of the obligations or burdens of) Mortgagee forever upon the agreements terms set out forth in this Mortgage to secure the Outstanding Indebtedness and further to secure the performance and observance of and the compliance with the covenants, terms and conditions in the First Schedule (Part B) as same may be amendedFinancial Agreement, varied, supplemented or restated from time to time, including any proceeds accruing this Mortgage and the other Security Documents contained. 4.2 Notwithstanding anything to the Chargor pursuant contrary in this Mortgage it is not intended that any provision of this Mortgage shall waive the preferred status of this Mortgage and that if any provision or part thereof in this Mortgage shall be construed as waiving the preferred status of this Mortgage, then such provisions shall to any such extent be void and of those agreements (no effect. 4.3 The Mortgagor shall remain liable to perform all the “Agreements”) obligations assumed by it in relation to the Vessel and the Chargor Mortgagee shall notify each counterparty to each Agreement that it has so charged and assigned the Agreement, using a form not be under any obligation of notice any kind whatsoever in respect thereof or be under any liability whatsoever in event of assignment which shall be substantially in the form set out in the Second Schedule (any amendments to such a notice are to be agreed failure by the Chargor and the Minister) and the Chargor shall use all reasonable endeavours Mortgagor to procure that each of the counterparties so notified shall execute an acknowledgement of assignment substantially in the form also set out in the Second Schedule; and (3) CHARGES to the Minister and ASSIGNS and agrees to assign absolutely unto the Minister all of perform its present and future benefit, right, title and interest in and to (but none of the obligations or burdens of) any court order or award made pursuant to or in connection with the Agreements and/or made pursuant to any dispute arising under the Agreements and/or the proceeds realised in respect of any such order made pursuant to or in connection with the Agreements and/or the proceeds of any settlement arising from a dispute or a demand made pursuant to the Agreements (all of which are herein called the “Agreement Proceeds”). The Securities, Agreement Proceeds and the Agreements shall collectively be referred to herein as the “Secured Assets”thereof.