Local Mortgage definition

Local Mortgage that certain Pledge Agreement, dated on or prior to the Advance Date, between the Borrower, as pledgor, the Lenders and the Senior Lenders, as pledgees, the Lessee and the Sublessee, as third-party holder, together with an acknowledgement declaration of the Lessee in relation to the Aircraft.
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Local Mortgage means (i) the Chilean law aircraft mortgage dated on or about the date of the Delivery granted by the Lessor in favor of the Loan Trustee, substantially in the form of Exhibit D to the Note Purchase Agreement or (ii) if the Aircraft is subleased to, or operated by, a Permitted Sublessee and is registered in accordance with Section 7(b) of the Lease, an aircraft mortgage governed by the laws of the applicable Permitted Jurisdiction granted by the Lessor in favor of the Loan Trustee dated on or about the date of such sublease, in each case as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms.
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Local Mortgage means, with respect to an Aircraft, (i) any aircraft mortgage, security agreement or similar document for such Aircraft (other than the Aircraft Mortgage for such Aircraft) required by the Applicable Law of the State of Registration for such Aircraft in order to properly record or perfect the Security Trustee's Lien on the Mortgaged Property in such State of Registration, and (ii) the form of the Aircraft Mortgage (if not the same in all material respects as the Aircraft Mortgage) for such Aircraft, if any, recorded with the Civil Aviation Authority or any other Government Body under the Applicable Laws of the State of Registration for such Aircraft as contemplated in Section 6 of such Aircraft Mortgage.
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Examples of Local Mortgage in a sentence

  • On the Advance Date, the Borrower represents and warrants that Borrower has such title to the Aircraft as was conveyed to it by Prior Owner, free and clear of all Lessor Liens attributable to the Borrower (other than (i) the Security Interest granted by the Borrower in favor of the Security Trustee pursuant to the Security Agreement and the Local Mortgage, and (ii) the rights of the Lessee under the Lease).

  • Title to all Parts incorporated or installed in or attached or added to the Aircraft as the result of such alteration, modification or addition, shall immediately vest in the Lessor free and clear of all Liens (except Permitted Liens) and become subject to this Lease and the Local Mortgage, without the necessity for any further act of transfer, document or notice.

  • Notwithstanding the foregoing, any Part not removed by the Lessee (or any Permitted Sublessee) as above provided prior to the return of the Airframe or any Engine to the Lessor hereunder shall become the property of the Lessor at the time of such return and become subject to the Indenture and the Local Mortgage.

  • Each Part at any time removed from the Airframe or each Part removed from any Engine shall remain the property of the Lessor, no matter where located, until such time as such Part shall be replaced by a Part that has been incorporated or installed in or attached to the Airframe or, as the case may be, the Engine from which such Part was removed and that meets the requirements for a Replacement Part specified above and shall be subject to the Lien of the Local Mortgage and the Indenture.

  • The only direct or indirect Subsidiaries of the Company consist of Local Federal Bank, F.S.B., Local America Inc., Local America Bank of Tulsa, F.S.B., Local Acceptance Company of Florida, Star Financial Services Corporation, Local Mortgage Corporation, Star Properties, Inc., Service Corporation of Tulsa Inc., and Oklahoma Financial Services Corporation.

  • Except as expressly permitted by the Financing Agreements, the Lessee shall not, during the Term, take any action which may cause deregistration of the Aircraft, or the Local Mortgage registered with the Aviation Authority.

  • The interests of the Company (as owner) and the Security Trustee (as mortgagee) in relation to each Aircraft pursuant to the Security Agreement, duly recorded on the Nationality Aircraft Register of the State of Registration pursuant to a Local Mortgage Filing.

  • Each Part at any time removed from the Airframe or each Part removed from any Engine shall remain the property of the Lessor, no matter where located, until such time as such Part shall be replaced by a Part that has been incorporated or installed in or attached to the Airframe or, as the case may be, the Engine from which such Part was removed and that meets the requirements for a Replacement Part specified above and shall be subject to the Lien of the Local Mortgage.

  • Except as expressly permitted by this Lease, the Lessee shall not, during the Term, take any action which may cause deregistration of the Aircraft with the Aviation Authority, or the Local Mortgage registered with the Aviation Authority.

  • In addition, LATAM and the Owner will, jointly and severally, pay any and all recording, stamp and other similar taxes payable in the Cayman Islands and Chile, and in any other jurisdiction where the Aircraft is registered, in connection with the execution, delivery, recording, filing, re-recording and refiling of the Local Mortgage or any such Aircraft Security Document or any such financing statements or other instruments.


More Definitions of Local Mortgage

Local Mortgage means the [supplement to the Aircraft Mortgage dated as of the Borrowing Date between the Lessor, Lessee and the Security Trustee](11),.
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Local Mortgage means, with respect to each Aircraft, the Brazilian Mortgage or the Chilean Mortgage, as applicable.
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Local Mortgage means (i) the Chilean law aircraft mortgage dated on or about the date of the Delivery granted by the Lessor in favor of the Loan Trustee, substantially in the form of Exhibit D to the Note Purchase Agreement[, (ii) if the Aircraft is subject to the Initial Sublease, the Brazilian law aircraft mortgage dated on or about the date of the Delivery granted by the Lessor in favor of the Loan Trustee, substantially in the form of Exhibit E to the Note Purchase Agreement] or [(ii)][(iii)] if the Aircraft is subleased to, or operated by, a Permitted Sublessee and is registered in accordance with Section 7(b) of the Lease, an aircraft mortgage governed by the laws of the applicable Permitted Jurisdiction granted by the Lessor in favor of the Loan Trustee dated on or about the date of such sublease, in each case as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms.
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Local Mortgage means (i) the Chilean law or Brazilian law, as applicable, aircraft mortgage dated on or about the date of the Delivery granted by the Lessor in favor of the Loan Trustee or (ii) if the Aircraft is subleased to, or operated by, a Permitted Sublessee and is registered in accordance with Section 7(b) of the Lease, an aircraft mortgage governed by the laws of the applicable jurisdiction granted by the Lessor in favor of the Loan Trustee dated on or about the date of such sublease, in each case as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms.
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Related to Local Mortgage

  • Initial Mortgage Loan A Mortgage Loan conveyed to the Trust Fund on the Closing Date pursuant to this Agreement as identified on the Mortgage Loan Schedule delivered to the Trustee on the Closing Date.

  • Commercial Mortgage Loan means a loan secured by a Lien on improved real estate used for commercial purposes.

  • Original Mortgage Loan The mortgage loan refinanced in connection with the origination of a Refinancing Mortgage Loan.

  • Residential mortgage loan means any loan primarily for

  • Additional Mortgage shall have the meaning assigned to such term in Section 5.10(c).

  • Conventional Mortgage means a mortgage for which the principal amount, at the time of commitment, together with all other equal and prior ranking mortgages: (a) in the case of a property purchase, does not exceed the lower of 75% of the purchase price of the underlying real property securing the mortgage and 75% of the appraised value of the underlying real property securing the mortgage as determined by a qualified appraiser; and (b) in the case of a refinancing, does not exceed 75% of the appraised value of the underlying real property securing the mortgage as determined by a qualified appraiser at the time of such refinancing.

  • Conventional Mortgage Loan Any Mortgage Loan that is not an FHA Loan.

  • Additional Collateral Mortgage Loan Each Mortgage Loan identified as such in the Mortgage Loan Schedule.

  • Mortgage Assignment means an assignment of the Mortgage in recordable form, sufficient under the laws of the jurisdiction wherein the related Mortgaged Property is located to reflect the sale of the Mortgage.

  • Ship Mortgage shall have the meaning set forth for such term in the Intercreditor Agreement. Notice of Assignment ASSIGNMENT OF INSURANCE BY INTERNAL CHARTERERS Vantage Driller I Co. NOTICE OF ASSIGNMENT To Whom It May Concern: Vantage Driller IV Co., an exempted company incorporated with limited liability under the laws of the Cayman Islands (the “Assignor”), HEREBY GIVES NOTICE that by an Assignment, dated October 25, 2012, and made by the Assignor to Xxxxx Fargo Bank, National Association (the “Assignee”), as Pari Passu Collateral Agent (as defined under the Intercreditor Agreement defined below), the Assignor assigned to the Assignee all of the Assignor’s right, title and interest in and to all insurances and the benefit of all insurances heretofore, now or hereafter taken out in respect of the Panamanian flag vessel TOPAZ DRILLER and all proceeds thereof. This Notice and the attached Loss Payable Clauses are to be endorsed on all policies and certificates of entry evidencing such insurances.

  • Initial Mortgage Rate As to each Mortgage Loan, the Mortgage Rate in effect prior to the Initial Adjustment Date.

  • 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.

  • Mortgage shall have the meaning assigned to such term in the recitals.

  • Mortgage Servicing Rights The rights and responsibilities of Seller with respect to servicing the Mortgage Loans under the Servicing Agreements, including any and all of the following if and to the extent provided therein: (a) all rights to service a Mortgage Loan; (b) all rights to receive servicing fees, Ancillary Income, reimbursements or indemnification for servicing the Mortgage Loan, and any payments received in respect of the foregoing and proceeds thereof; (c) the right to collect, hold and disburse escrow payments or other payments with respect to the Mortgage Loan and any amounts actually collected with respect thereto and to receive interest income on such amounts to the extent permitted by Applicable Law; (d) all accounts and other rights to payment related to any of the property described in this paragraph; (e) possession and use of any and all Credit Files pertaining to the Mortgage Loan or pertaining to the past, present or prospective servicing of the Mortgage Loan; (f) to the extent applicable, all rights and benefits relating to the direct solicitation of the related Mortgagors for refinance or modification of the Mortgage Loans and attendant right, title and interest in and to the list of such Mortgagors and data relating to their respective Mortgage Loans; and (g) all rights, powers and privileges incident to any of the foregoing.

  • Additional Mortgaged Property has the meaning assigned to that term in subsection 6.9.

  • mortgage agreement ’ means the note or debt instrument and the mortgage instrument, deed of trust instrument, trust deed, or instru- ment or instruments creating the mortgage, including any instrument incorporated by ref- erence therein (including any applicable regu- latory agreement), and any instrument or agreement amending or modifying any of the foregoing;

  • Mortgage servicer means the mortgagee or a person other than the mortgagee to whom a mortgagor or the mortgagor’s successor in interest is instructed by the mortgagee to send payments on a loan secured by the mortgage. A person transmitting a payoff statement for a mortgage is the mortgage servicer for purposes of such mortgage.

  • FHA Mortgage Insurance means, mortgage insurance authorized under the National Housing Act, as amended from time to time, and provided by the FHA.

  • Lender PMI Mortgage Loan Certain Mortgage Loans as to which the lender (rather than the borrower) acquires the Primary Insurance Policy and charges the related borrower an interest premium.

  • PMI Mortgage Loans The list of Mortgage Loans insured by the PMI Insurer attached hereto as Schedule II.

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