First Preferred Ship Mortgage definition

First Preferred Ship Mortgage means each first preferred fleet mortgage or first preferred ship mortgage, in form and substance satisfactory to the Administrative Agent, executed and delivered by a Loan Party in favor of the Mortgage Trust, or assigned to the Mortgage Trust by any prior mortgagee pursuant to an assignment, in form and substance satisfactory to the Administrative Agent, with respect to an Eligible Vessel, as such mortgage may be amended, restated, supplemented or otherwise modified from time to time.

First Preferred Ship Mortgage means the First Preferred Ship Mortgage in the form and substance attached hereto as Exhibit B.

First Preferred Ship Mortgage means the First Naval Mortgage of the Drilling Rig, in the form of Exhibit A to the First Amendment, to be dated on the Rig Acceptance Date, from the Independent Owner to the Trustee.

Examples of First Preferred Ship Mortgage in a sentence

• In conjunction with ACG’s acquisition of the cruise-related assets of Delta Queen, the Company assumed $35.0 million of fixed-rate, 6.5% debt payable through 2020 and guaranteed by MARAD under Title XI, Merchant Marine Act, 1936, as amended, and secured by a First Preferred Ship Mortgage on the American Queen®.

• Loans Secured by Ship Mortgages In conjunction with ACG’s acquisition of American West, the Company assumed $41.5 million in fixed-rate, 4.63% debt payable through 2028 and guaranteed by the United States Government through MARAD under Title XI, Merchant Marine Act, 1936, as amended, and was secured by a First Preferred Ship Mortgage on the Empress of the North.

• We have provided EBITDA in this report because we use it to, and believe it provides useful information to investors to evaluate our ability to incur and service indebtedness and it is a required disclosure to comply with a covenant contained in the Indenture governing the Company's 9% First Preferred Ship Mortgage Notes due 2014.

• 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.

• 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.

More Definitions of First Preferred Ship Mortgage

First Preferred Ship Mortgage means the first preferred ship mortgage executed by Borrower in connection with the Term Loan that encumbers the Leisure Lady and secures the Term Loan.

First Preferred Ship Mortgage dated _____________ (as amended or supplemented from time to time, the "Mortgage"), from [Name of Owner], a public liability company organized under the laws of the Isle of Man whose registered office is at 10-00 Xxxxx Xxxxxx, Xxxxxxx, Xxxx of Man (hereinafter called "the Shipowner") to United States Trust Company of New York (the "Mortgagee").

First Preferred Ship Mortgage means that certain First Preferred Ship Mortgage dated of even date herewith on the vessel Richmond executed by Axxxxx to Agent on behalf of the Banks pursuant to which Axxxxx mortgages the Richmond to the Banks to secure the obligations of the Borrowers under this Agreement and the Guaranty.

First Preferred Ship Mortgage has the meaning set forth in Schedule B to the Note Purchase Agreements. GAAP -- those generally accepted accounting principles and practices which are recognized as such in the United States by the Financial Accounting Standards Board (or any generally recognized successor) as in effect from time to time. General Intangibles -- all general intangibles including, in any event without limitation, all (i) letters of credit, bonds, guaranties, purchase or sales agreements and other contractual rights, rights to performance, and claims for damages, refunds (including tax refunds) or other monies due or to become due; (ii) orders, franchises, permits, certificates, licenses, consents, exemptions, variances, authorizations or other approvals by any governmental agency or court; (iii) consulting, engineering and technological information and specifications, design data, patent rights, trade secrets, literary rights, copyrights, trademarks, labels, trade names and other intellectual property; (iv) business records, computer tapes and computer software; (v) goodwill; and (vi) all other intangible personal property, whether similar or dissimilar to the other property that is part of the Trust Estate.

First Preferred Ship Mortgage means that certain First Preferred Ship Mortgage dated October 21, 1975, granted on the Avondale Drydock by Avondale Shipyards, Inc., a Louisiana corporation and predecessor-in-interest to the Company, in favor of the United States of America, represented by the Secretary of Transportation, acting by and through the Maritime Administrator, and recorded in the office of the Vessel Documentation Officer, U.S. Coast Guard (the "Documentation Officer") in New Orleans, Louisiana, in Preferred Mortgage Book Xx. 000, Xxxxxxxxxx Xx. 0, on October 21, 1975, at 10:30 a.m., as amended and supplemented by that certain Assumption Agreement and Supplement No. 1 to First Preferred Ship Mortgage dated September 27, 1985, made and executed by Avondale Industries, Inc., a Delaware corporation and predecessor-in-interest to the Company, and recorded in the office of the Documentation Officer in New Orleans, Louisiana, in Preferred Mortgage Book 177, Instrument 71, on September 27, 1985, at 10:50 a.m., and as further assumed and supplemented by that certain Assumption Agreement and Supplement No. 2 to First Preferred Ship Mortgage dated March 13, 1991, made and executed by Company, and recorded in the office of the Documentation Officer in New Orleans, Louisiana, in Preferred Mortgage Book Xx. 000, Xxxxxxxxxx Xx. 000, on March 13, 1991, at 10:39 a.m., and as further amended and supplemented by that certain Supplement No. 3 to First Preferred Ship Mortgage dated February 9, 1995, made and executed by the Company and recorded in the office of the Documentation Officer in New Orleans, Louisiana in Preferred Mortgage Book No. PM-9502, Instrument No. 91, on February 9, 1995 at 11:01 a.m.

First Preferred Ship Mortgage in the Mortgage or other Loan Documents shall be deemed to mean the Mortgage as amended by this Amendment.

First Preferred Ship Mortgage means that certain First Preferred Ship Mortgage of even date herewith executed and delivered by Grantor in favor of Secured Party, as such agreement may be amended, restated, supplemented, or otherwise modified from time to time.