Fleet Mortgage Sample Clauses
A Fleet Mortgage clause establishes a security interest over a group of vessels owned by a borrower, rather than just a single ship. This clause allows the lender to register a mortgage that covers multiple ships, which may be added or removed from the fleet as specified in the agreement. By consolidating the security over several vessels, the clause streamlines the process of securing loans for shipping companies and provides the lender with broader collateral, thereby reducing administrative complexity and enhancing the lender's protection in case of default.
Fleet Mortgage. A duly executed first preferred fleet mortgage covering all Vessels owned by the Credit Parties in form and substance satisfactory to the Collateral Agent (as amended, restated, supplemented or otherwise modified from time to time, a “Fleet Mortgage”). Each such Vessel shall have been duly documented in the name of the applicable Credit Party under the laws of the United States, such Fleet Mortgage shall have been duly recorded by the United States Coast Guard (or, in the discretion of the Collateral Agent, filed for recording in such office), and the Fleet Mortgage shall constitute a preferred mortgage on the Vessels to which it relates subject only to other preferred mortgage liens in favor of the Collateral Agent and those Fleet Preferred Mortgages described in Section 7.19(e) for the time period set forth in such Section.
Fleet Mortgage. 7 1.30 GAAP............................................................................................7 1.31 Government......................................................................................7 1.32
Fleet Mortgage. A duly executed first preferred fleet mortgage covering all Vessels owned by the Credit Parties in form and substance satisfactory to the Collateral Agent (as amended, restated, supplemented or otherwise modified from time to time, a “Fleet Mortgage”). Each such Vessel shall have been duly documented in the name of the applicable Credit Party under the laws of the United States, such Fleet 75
Fleet Mortgage. 7 1.30 GAAP..........................................................................7 1.31
Fleet Mortgage. The “Fleet Mortgage” means those certain Fee Mortgages securing the Power Test Lessor’s obligations pursuant to that certain Amended and Restated Loan Agreement between the Power Test Lessor and Fleet National Bank, dated October 31, 1995, as subsequently amended.