MARITIME
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An RMI Preferred Mortgage or Financing Charter may, among other rights, secure:
- debts owed to a party, including a corporation, other than the vessel owner (§ 303);
- contingent obligations (§ 303; § 309(1)(a));
- charter hire (§ 303);
- future advances, and future debts (§ 309(2));
- an agreed maximum amount even when there is no present commitment to lend (§ 309(2)), including “account current” and “ne-teito” facilities;
- a pledge or assignment of monies or rights, either presently owing or to become due in future (§ 303), including but not limited to hire, insurance and freights;
- revolving credit facilities, including multiple advances and repayments (§ 309(1));
- fees, costs, or charges incidental to the sale, operation, or charter of an RMI vessel (§ 303);
- guarantee fees (§ 303);
- amounts denominated in one or more currencies, as well as options to fund mortgage payments in one or more alternate currencies (§ 310);
- currency losses arising from fluctuations between designated currencies where a unit of account is altered (§ 310(4));
- a right arising from a contract to construct, purchase, sell, or charter a vessel (§ 309(2)(b)); and
- property other than a vessel (§§ 308(2) and 309(2)(b).
Please Note: The above list does not enumerate all mortgage or financing charter-related features of Chapter 3 of the Act.
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