Preferred Marine Mortgage definition
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.