First Preferred Ship Mortgages definition
Examples of First Preferred Ship Mortgages in a sentence
Each Collateral Document, including the First Preferred Ship Mortgages and Assignment of Insurances, creates in favor of the Administrative Agent or the Mortgage Trust on behalf of the Secured Parties a Lien that has attached in the Collateral secured thereby.
The Administrative Agent shall have received evidence of recording of the First Preferred Ship Mortgages with the U.S. Coast Guard National Vessel Documentation Center.
The foregoing shall be deemed to include the authorization of the Administrative Agent to direct the Mortgage Trustee to take such actions pursuant to the First Preferred Ship Mortgages and the Assignments of Insurances.
The payment and performance of the Secured Obligations shall be secured by a first and superior Lien (subject only to Permitted Liens) against all of the assets (other than Excluded Property) of each Subsidiary other than Unrestricted Subsidiaries or Inactive Subsidiaries pursuant to the terms of one or more Security Agreements, Mortgages, First Preferred Ship Mortgages, Assignments of Insurances, Aircraft Security Agreements, and other appropriate Collateral Documents.
The Amendments (a) shall have been executed and delivered to the Agent, (b) shall be satisfactory to the Agent in form and substance in its absolute discretion, (c) shall be in full force and effect in accordance with their respective terms, and (d) in the case of the Amendments to the First Preferred Ship Mortgages, shall be filed with the National Vessel Documentation Center or appropriate Canadian authority.
Promptly, satisfy all maritime Liens, other than Liens created pursuant to the First Preferred Ship Mortgages and any other Permitted Liens.
The Partnership Guaranty Agreement and the Notes are also currently secured by separate First Preferred Ship Mortgages from the Partnership, as owner and mortgagor, to the Trustee, as mortgagee, on 25 barges and 19 tugboats (collectively, referred to as "Vessels").
The payment and performance of the Note and all of the other Obligations hereunder and under the Loan Documents shall be secured by a first and superior Lien (subject only to Permitted Liens) against all of the assets (other than Excluded Property) of each Subsidiary other than Inactive Subsidiaries pursuant to the terms of one or more Security Agreements, Mortgages, First Preferred Ship Mortgages, Assignments of Insurances, Aircraft Security Agreements, and other appropriate Collateral Documents.
Execution and delivery by the Borrower of a First Preferred Ship Mortgage(s) covering the ▇▇▇▇▇ ▇.
After giving effect to the Proposed Vessel Sales (as defined in the Third Supplement), the First Preferred Ship Mortgages which secure the Notes are on the Vessels described in Schedule II to this Waiver and Agreement (the "Remaining First Preferred Ship Mortgages").