Preferred Ship Mortgages Sample Clauses
A Preferred Ship Mortgage is a legal instrument that grants a lender a secured interest in a vessel, giving them priority over most other creditors in the event of default. This type of mortgage is typically registered with the appropriate maritime authority and applies to vessels that meet certain size and documentation requirements. By establishing a clear hierarchy of claims, the clause ensures that lenders have enhanced protection and recourse, thereby facilitating vessel financing and reducing the risk associated with lending in the maritime industry.
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Preferred Ship Mortgages. Borrower shall cause Torch Offshore, L.L.C. and Torch Express, L.L.C. to execute preferred fleet mortgage(s) and preferred ship mortgage(s) (the "Preferred Ship Mortgages") granting Lenders preferred mortgages on the Vessels together with all proceeds thereof and to execute Assignments of Earnings with respect to the Vessels, together with a UCC-1 Financing Statement filed in connection therewith.
Preferred Ship Mortgages. (a) A Preferred Ship Mortgage in the full amount of the FFP Debt, on the vessel ▇▇▇▇▇▇ ▇. ▇▇▇▇▇, O.N. 298585.
(b) A Preferred Ship Mortgage in the full amount of the FFP Debt, on the vessel REEDVILLE, O.N. 569161.
(c) A Preferred Ship Mortgage in the full amount of the FFP Debt, on the vessel ▇▇▇▇▇▇▇▇▇ ▇▇▇, ▇.▇. ▇▇▇▇▇▇.
(d) A Preferred Ship Mortgage in the full amount of the FFP Debt, on the vessel ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇.▇. ▇▇▇▇▇▇.
Preferred Ship Mortgages. Borrower shall cause Torch Offshore, L.L.C. to execute and deliver to Bank preferred ship mortgages (the “Preferred Ship Mortgages”) granting Bank preferred ship mortgages on the Vessels and a security interest in all present and future charter hire, freights, leases, rents, earnings, revenues, proceeds, money, payments, accounts, contract rights, chattel paper, documents and general intangibles affecting the Vessels, relating to the Vessels, or arising out of or from the sale, charter, lease, use or operation of the Vessels, together with all proceeds thereof, together with a UCC-1 Financing Statement filed in connection therewith. The Preferred Ship Mortgages shall be in form and substance required by Bank.
Preferred Ship Mortgages. (a) A Preferred Ship Mortgage in the full amount of the FFP Debt, on the vessel ▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇.▇. ▇▇▇▇▇▇.
(b) A Preferred Ship Mortgage in the full amount of the FFP Debt, on the vessel ▇▇▇▇▇ ▇▇▇▇▇, ▇.▇.
Preferred Ship Mortgages. Borrower shall cause each Wholly Owned Subsidiary owning Documented Vessel(s), other than Offshore, that is not a Foreign Subsidiary, to execute and deliver to Agent a Preferred Ship Mortgage substantially in the form of Exhibit H encumbering such Documented Vessel(s) (and any related Property) in favor of Agent for the benefit of the Agent and the Banks.
Preferred Ship Mortgages. (a) A Preferred Ship Mortgage in the full amount of the FFP Debt, on the vessel ▇▇▇▇▇ ▇▇▇▇▇, ▇.▇. ▇▇▇▇▇▇.
(b) A Preferred Ship Mortgage in the full amount of the FFP Debt, on the vessel ▇▇▇▇ ▇▇▇▇▇▇▇▇, O.N. 547685.
(c) A Preferred Ship Mortgage in the full amount of the FFP Debt, on the vessel MERMENTAU, O.N. 932019.
(d) A Preferred Ship Mortgage in the full amount of the FFP Debt, on the vessel ▇▇▇▇▇▇▇▇▇, O.N. 517498.
(e) A Preferred Ship Mortgage in the full amount of the FFP Debt, on the vessel BARATARIA BAY, O.N.508201.
(f) A Preferred Ship Mortgage in the full amount of the FFP Debt, on the vessel GULF ISLAND, O.N. 619983.