Ship Mortgage Act Clause Samples
The Ship Mortgage Act is a legal provision that governs the creation, recording, and enforcement of mortgages on vessels registered in the United States. It establishes the requirements for a valid ship mortgage, such as proper documentation and registration with the U.S. Coast Guard, and sets forth the priority of claims in the event of default or sale of the vessel. By providing a clear framework for securing loans with ships as collateral, the Act facilitates maritime financing and protects the interests of both lenders and vessel owners.
Ship Mortgage Act. No Boat related to any Depositor Receivable meets the requirements for documentation under the Ship Mortgage Act.
Ship Mortgage Act. No Boat related to any NCMF Receivable shall be required to be documented under the Ship Mortgage.
Ship Mortgage Act. No Boat related to any RCC Receivable shall be required to be documented under the Ship Mortgage.
Ship Mortgage Act. The collateral covered in each Preferred Ship Mortgage and the Obligations covered by this Agreement, the Notes and other Loan Documents is or will be secured by a "Preferred Mortgage" on the Rigs within the meaning of ss.31322 of 46 U.S.C. ss.31301 et. seq. (the "SHIP MORTGAGE ACT"), and the regulations promulgated thereunder. If, for any reason, the provisions of ss.31322 of the Ship Mortgage Act shall be found not to exempt any and all interest and other charges contracted for, charged, taken, received or reserved in connection with the Obligations covered by this Agreement, the Notes, and other Loan Documents from any limitations otherwise applicable, then the provisions of SUBSECTION 15.10(B) shall apply, but otherwise the provision of ss.31322 of the Ship Mortgage Act shall be applicable.
Ship Mortgage Act. No Boat related to any Receivable shall be required to be documented under the Ship Mortgage.