Documented Vessels definition
Examples of Documented Vessels in a sentence
The parties acknowledge and agree that certain of the vessels included in the Borrowers' Inventory from time to time are of such a size and type as would qualify them to be Documented Vessels, as to which Liens may be recorded with the Coast Guard in accordance with the Preferred Mortgage Act.
The Borrower shall, from time to time, execute and deliver any and all supplements to the Fleet Mortgage and other documents, to make subject to the first priority Lien of the Fleet Mortgage and other Security Documents any Documented Vessels of Borrower within 10 days after the Borrower acquires any Documented Vessels that are not so mortgaged.
In lieu of requiring the filing with respect to all Documented Vessels shown on such list of (A) such documentation as shall be necessary to transfer record ownership to the Borrowers, and (B) Preferred Ship's Mortgages in favor of the Collateral Agent, the Required Lenders in their discretion may direct the Borrowers to make such filings on only the particular Documented Vessels on such list that the Required Lenders shall designate to the Borrowers in writing.
The parties acknowledge and agree that certain of the vessels included in the Borrowers’ Inventory from time to time are of such a size and type as would qualify them to be Documented Vessels, as to which Liens may be recorded with the Coast Guard in accordance with the Preferred Mortgage Act.
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.
Following the delivery by Household Bank of such written notice of termination, Household Bank shall have reasonable access to Servicer's operations and systems to ensure continuity of business and systems required to service the Accounts until such time as Household Bank assumes the provision of the Services or appoints a successor servicer reasonably satisfactory to Servicer.