Preferred Marine Mortgage definition

Preferred Marine Mortgage means a first preferred marine mortgage by Maritrans 196 Co., as mortgagor of the vessel M 214 in favor of Lender as mortgagee, covering 100% of the whole of the Vessel.
Preferred Marine Mortgage means each, and "Preferred Marine Mortgages" shall mean all, first preferred marine mortgage by Maritrans 250 Co., as mortgagor of the vessel M-254 and a first preferred marine mortgage by Maritrans Intrepid Co., as mortgagor of the vessel INTREPID, as applicable, in favor of Lender as mortgagee, covering 100% of the whole of such Vessels.

Examples of Preferred Marine Mortgage in a sentence

  • Upon the occurrence of an Event of Default hereunder, Lender shall have with respect to the Collateral all rights and remedies available to a secured party under the Uniform Commercial Code, and the rights and remedies under the Loan Documents and under the Preferred Marine Mortgage securing the Note.

  • If KCL repossesses the Vessel pursuant to its rights under this Agreement and/or the First Preferred Marine Mortgage and at that time, in the opinion of KCL, the Vessel fails to meet the standards set forth above, Borrower agrees to pay on demand all costs and expenses incurred in connection with repairing or restoring the Vessel so as to meet such standards.

Related to Preferred Marine Mortgage

  • Ship Mortgage any mortgage, deed of trust or other similar agreement made by a Loan Party in favor of the Collateral Agent or any Common Representative, for the benefit of the Collateral Agent and the Secured Parties, on any tanker or other marine vessel constituting Collateral, which shall be in form reasonably satisfactory to the Collateral Agent and the Borrower.

  • First Mortgage Loan A Home Equity Loan which constitutes a first priority mortgage lien with respect to any Property.

  • Aircraft Mortgage means each Aircraft and Engine mortgage and security agreement entered into by any Borrower in favor of the Agent evidencing the Liens in respect of such Aircraft Collateral that will secure the Obligations, in each case as amended, modified, restated, supplemented or replaced from time to time.

  • Class P Mortgage Loan Any of the Class I-P, Class II-P or Class III-P Mortgage Loans.

  • Mortgage Debt means (i) debt secured only by real property at the time of the MSPLF Loan’s origination;2 and (ii) limited recourse equipment financings (including equipment capital or finance leasing and purchase money equipment loans) secured only by the acquired equipment.