Preferred Ship definition

Preferred Ship s Mortgage" shall mean a preferred ship's mortgage on a Documented Vessel filed with the Coast Guard in the manner contemplated by the Preferred Mortgage Act.
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Examples of Preferred Ship in a sentence

  • Information concerning the security interest created by this instrument may be obtained from the Borrower or the Government, at the addresses sent out in the first paragraph of this Preferred Ship Mortgage.

  • The Borrower lawfully owns and is lawfully possessed of the whole of the Vessel free from any lien whatsoever except the lien of this Mortgage, and liens expressly permitted herein and other Preferred Ship Mortgages in favor of the Government, and covenants that it will warrant and defend the title and possession thereto and every part thereof for the benefit of the Government against the claims and demands of all persons whomever.

  • Liberia First Preferred Ship Mortgage of Finnish Export Credit Limited.

  • All the covenants, stipulation and agreements contained in this First Preferred Ship Mortgage shall be binding upon and inure to the benefit of the Mortgagor, its successors and assigns, and the Mortgagee, its successors and assigns.

  • The Mortgagor acknowledges receipt from the Mortgagee of a true copy of this First Preferred Ship Mortgage which comprises the entire agreement between the parties respecting the mortgage of the Vessel, and supersedes any and all other agreements respecting the Vessel, except as otherwise specifically provided herein.

  • The Mortgagee shall have the right, but shall be under no obligation, to make any payments and to do any acts which, under the terms of this First Preferred Ship Mortgage, the Mortgagor is required to make or do, but the making of any such payment or the doing of any such act by the Mortgagee shall not relieve the Mortgagor of any default in that respect or constitute in any respect a waiver of such default.

  • Any amount paid by the Mortgagee, whether in settlement of a claim or in satisfaction of a judgment, shall be a debt which is part of the Secured Obligations, the repayment of which is secured by the lien of this Preferred Ship Mortgage and shall be payable when demanded by the mortgagee, with interest at the rate provided in the Credit Agreement, from the date of payment by the Mortgagee.

  • 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.

  • Although it is not intended that this First Preferred Ship Mortgage include any property other than the Vessel, if any determination is made at any time that for any reason this First Preferred Ship Mortgage does include any property other than a "Vessel" within the meaning of Chapter 313 of title 46, United States Code, such property may be separately discharged from the lien of this First Preferred Ship Mortgage, but only with the consent of the Mortgagee, by the payment of .01% of the said total amount.

  • If the Mortgagor is in default under this First Preferred Ship Mortgage, the Security Agreement, or the Note, the Mortgagee shall be entitled to receive the proceeds of any such insurance and shall apply such proceeds in the manner provided in Article 10(f).

Related to Preferred Ship

  • Preference Share means a preference share of a par value of US$0.0001 in the share capital of the Company.

  • Preferred Share means a share of capital stock of the General Partner now or hereafter authorized or reclassified that has dividend rights, or rights upon liquidation, winding up and dissolution, that are superior or prior to the REIT Shares.

  • Preference Stock means any and all series of preference stock, having no par value, of the Corporation.

  • Preference Shares means the Preference Shares in the capital of the Company of $0.0001 nominal or par value designated as Preference Shares, and having the rights provided for in these Articles.

  • Preferred Shares means shares of Series A Junior Participating Preferred Stock, par value $.01 per share, of the Company having the rights and preferences set forth in the Form of Certificate of Designations attached to this Agreement as Exhibit A.