Deed of covenant: for a ship mortgage
Deed of covenant: for a ship mortgage

The following Banking & Finance guidance note provides comprehensive and up to date legal information covering:

  • Deed of covenant: for a ship mortgage
  • Parties
  • Background
  • Schedule 1
  • Part: NOTICE OF ASSIGNMENT
  • Schedule 2
  • Part A:
  • Part B:
  • Schedule 3 [LOAN AGREEMENT]
  • Execution page

This Deed is made on [insert day and month] 20[insert year]

Parties

  1. 1

    [insert name of Owner], a company incorporated in [England and Wales] with registered number [insert company number] whose registered office is at [insert address] (the Owner); and

  1. 2

    [insert name of Mortgagee] a company incorporated in [England and Wales] with registered number [insert company number] whose registered office is at [insert address] (the Mortgagee)

Background

  1. (A)

    The Mortgagee and the Owner have entered into a loan agreement dated [insert date] (the Loan Agreement) [a copy of which is attached to this Deed as Schedule 3] in which the Mortgagee has agreed to make a loan of [insert amount of loan] to the Owner to [re-] finance the [purchase OR construction] of the m.v. [insert name of ship] registered as a United Kingdom ship in the name of the Owner under official number [insert ship number] (the Ship).

  2. (B)

    To secure the performance by the Owner of its obligations under the Loan Agreement and this Deed including the payment to the Mortgagee of all principal, interest, costs and other amounts which are or may at any time in the future become due and owing to the Mortgagee from the Owner under