Mortgages definition
Examples of Mortgages in a sentence
Such Mortgages shall be granted pursuant to documentation reasonably satisfactory in form and substance to the Collateral Agent (acting at the direction of the Required Lenders) and, upon recording in the applicable land records, shall constitute valid and enforceable perfected first-priority Liens subject to Permitted Liens.
The Mortgages or instruments related thereto shall be duly recorded or filed in such manner and in such places as are required by law to establish, perfect, preserve and protect the Liens in favor of the Collateral Agent required to be granted pursuant to the Mortgages.
Except as consented to in by writing by Administrative Agent in its sole discretion, the Obligations shall be secured by a valid and enforceable first priority Lien on the Real Estate pursuant to the Mortgages.
In the case of any Undocumented Collateral Vessel, such Collateral Vessel Owner shall (and Borrower shall cause such Collateral Vessel Owner to) at all times maintain insurance with respect to such Undocumented Collateral Vessel in the same amounts and coverages and pursuant to the same terms and conditions as required by the Collateral Vessel Mortgages.
In addition, each Collateral Vessel Owner shall at all times maintain the insurance with respect to the Documented Collateral Vessels as required by the Collateral Vessel Mortgages.