BP Mortgage definition
BP Mortgage shall have the meaning assigned such term in the recitals.
BP Mortgage means the statutory mortgage over all sixty four sixty fourth (64/64h) shares of the Vessel and the deed of covenant dated of even date herewith between the Owner and BP;
Examples of BP Mortgage in a sentence
In the event that the Mortgage Loans are no longer cross-collateralized and cross-defaulted, the BCC Holders shall enter into a replacement co-lender agreement with respect to the BCC Mortgage Loan and the BP Holders shall enter into a replacement co-lender agreement with respect to the BP Mortgage Loan.
The Owner is the absolute sole legal and beneficial owner of the Vessel free from all mortgages, liens, charges and incumbrances whatever other than the BP Mortgage.