Vessel Mortgage definition

Vessel Mortgage shall have the meaning provided in the definition of “Collateral and Guaranty Requirements”.

Vessel Mortgage means a first preferred mortgage in substantially the form of Exhibit L-1 or L-2, or such other form as may be reasonably satisfactory to the Administrative Agent, as such first preferred mortgage may be amended, modified or supplemented from time to time in accordance with the terms hereof and thereof.

Vessel Mortgage means the first priority statutory ship mortgage granting a Lien on the Mortgaged Vessel in favor of the Collateral Agent.

Examples of Vessel Mortgage in a sentence

• Each Collateral Vessel is (i) or will be, classified in the highest class available for Vessels of its age and type with a classification society listed on Schedule X hereto or another internationally recognized classification society acceptable to the Collateral Agent, free of any conditions or recommendations, other than as permitted, or will be permitted, under the Collateral Vessel Mortgage or the Secondary Collateral Vessel Mortgage, as applicable, and (ii) flagged in an Acceptable Flag Jurisdiction.

• Each Lender hereby consents in connection with any Flag Jurisdiction Transfer and subject to the satisfaction of the requirements thereof to be satisfied by the relevant Credit Party, to (x) deregister such Collateral Vessel from its previous flag jurisdiction and (y) release and hereby direct the Collateral Agent to release the relevant Collateral Vessel Mortgage.

• Each Lender hereby consents in connection with any Flag Jurisdiction Transfer and subject to the satisfaction of the requirements thereof to be satisfied by the relevant Credit Party, to (x) deregister such Collateral Vessel from its previous Flag Jurisdiction and (y) release and hereby direct the Collateral Agent to release the relevant Collateral Vessel Mortgage.

• Each Mortgaged Vessel is or will be, classified in the highest class available for vessels of its age and type with a classification society listed on Schedule X hereto or another internationally recognized classification society acceptable to the Collateral Agent, free of any conditions or recommendations, other than as permitted, or will be permitted, under the Vessel Mortgage.

• Bank One is hereby appointed by the Lenders as the Administrative Agent hereunder and under each other Credit Document (other than the Vessel Mortgage), and to act as the security trustee under the Vessel Mortgage, and each of the Lenders irrevocably authorizes the Administrative Agent to act as the contractual representatives of such Lender with the rights and duties expressly set forth herein and in the other Credit Documents.

More Definitions of Vessel Mortgage

Vessel Mortgage means each first preferred mortgage and any other instruments, such as statutory mortgages and deeds, over any Collateral Vessel, each duly registered in the Liberian ship registry (or other relevant registry) in favor of the Collateral Agent, as the same may be amended, restated, supplemented or otherwise modified from time to time.

Vessel Mortgage means a first preferred fleet or ship mortgage or other security document granting a Lien on any Vessel or group of Vessels to secure the Obligations. Each Vessel Mortgage shall be satisfactory in form and substance to the Administrative Agent.

Vessel Mortgage means any vessel mortgage now or hereafter in effect executed by one or more Loan Parties in favor of the Administrative Agent for the benefit of the Guaranteed Parties, pursuant to which such Loan Parties shall grant a security interest in one or more of their vessels as collateral security for the Guaranteed Obligations, each of which shall be in form and substance reasonably satisfactory to the Administrative Agent (with, in the case of any vessel mortgage provided by the Company or any Foreign Subsidiary or in the case of any vessel located or “flagged” under a jurisdiction other than the United States, such modifications relating to any applicable foreign law or custom as shall be approved by the Administrative Agent).

Vessel Mortgage means each first preferred or first priority mortgage and any other instruments, such as statutory mortgages and deeds, over any Collateral Vessel, each duly registered in the relevant registry in favor of the First Lien Collateral Agent, as the same may be amended, restated, supplemented or otherwise modified from time to time.

Vessel Mortgage means each first priority statutory ship mortgage granting a Lien on a Vessel owned by a Subsidiary of the Issuer.

Vessel Mortgage and “Vessel Mortgages” each have the meaning set forth in the recitals to this Guaranty.

Vessel Mortgage means a first preferred mortgage and deed of covenants, as applicable, as such mortgage and deed of covenants may be amended, modified or supplemented from time to time in accordance with the terms hereof and thereof.