Vessel Mortgages definition

Vessel Mortgages means each first priority statutory ship mortgage or first preferred ship mortgage (or equivalent) granting a Lien on a Mortgaged Vessel.

Vessel Mortgages shall have the meaning set forth in Section 5.15.

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

Examples of Vessel Mortgages in a sentence

• Each Lender hereby directs the Collateral Agent, and the Collateral Agent agrees to execute and deliver or, at the Borrower’s expense, file such documents and perform other actions reasonably necessary to release the relevant Collateral Vessel Mortgages when and as directed pursuant to this Section 11.23.

• In addition to the requirements of the immediately preceding sentence, the Parent will at all times cause the Required Insurance to (x) be maintained on the Collateral Vessels (with the same scope of coverage as that described in Schedule VI) at levels which are at least as great as the respective amount described on Schedule VI and (y) comply with the insurance requirements of the Collateral Vessel Mortgages and the Secondary Collateral Vessel Mortgages, as applicable.

• Each Lender hereby directs the Collateral Agent, and the Collateral Agent agrees to execute and deliver or, at the Borrower’s expense, file such documents and perform other actions reasonably necessary to release the relevant Collateral Vessel Mortgages when and as directed pursuant to this Section 11.22.

• In addition to the requirements of the immediately preceding sentence, the Borrower will at all times cause insurance of the types described in Schedule XVII (capitalized terms used therein shall be used as defined in the Vessel Mortgages) to (x) be maintained (with the same scope of coverage as that described in Schedule XVII) at levels which are at least as great as the respective amount described on Schedule XVII and (y) comply with the insurance requirements of the Vessel Mortgages.

• In addition to the requirements of the immediately preceding sentence, the Borrower will at all times cause insurance of the types described in Schedule V to (x) be maintained (with the same scope of coverage as that described in Schedule V) at levels which are at least as great as the respective amount described on Schedule V and (y) comply with the insurance requirements of the Vessel Mortgages.

More Definitions of Vessel Mortgages

Vessel Mortgages means any Preferred Ship Mortgage or other similar instrument encumbering the Vessels constituting Collateral and other related Collateral described therein, and all proceeds thereof, each to be executed in favor of the Security Trustee by the Credit Party who is the registered owner of the Vessel covered thereby in a form recordable as required by each such Vessel’s jurisdiction of registry, and acceptable to the Security Trustee and its counsel, as such instruments may be amended, modified, renewed or supplemented from time to time.

Vessel Mortgages means, collectively, the U.S. Vessel Mortgages and any other vessel mortgage now or hereafter executed by any of the Borrower, the MLP or the Restricted Subsidiaries in favor of the Collateral Agent for the benefit of the Lenders and the Lender Swap Parties.

Vessel Mortgages means the preferred fleet mortgages, ship mortgages and other security documents delivered pursuant to Section 5.14 or Section 5.17, each substantially in the form of Exhibit H.

Vessel Mortgages means collectively, each of the vessel mortgages executed by the Borrower or any Guarantor in favor of the Administrative Agent for the benefit of the Secured Parties, in form and substance reasonably acceptable to the Administrative Agent.

Vessel Mortgages means, collectively, (i) the First Preferred Fleet Mortgage substantially in the form of Exhibit E hereto, executed by GLDDC in favor of TRAVELERS, (ii) the Second Preferred Fleet Mortgage substantially in the form of Exhibit F hereto, executed by GLDDC in favor of TRAVELERS, (iii) the First Preferred Fleet Mortgage substantially in the form of Exhibit E hereto, executed by HOLDINGS in favor of TRAVELERS, (iv) the Second Preferred Fleet Mortgage substantially in the form of Exhibit F hereto, executed by HOLDINGS in favor of TRAVELERS, and (v) any other fleet mortgages or vessel mortgages at any time hereafter executed and delivered by any INDEMNITOR in connection with this Agreement and the other UNDERWRITING DOCUMENTS; in each case as any of the foregoing documents may be amended, restated, supplemented or otherwise modified from time to time.

Vessel Mortgages means each first priority statutory ship mortgage granting a Lien on a Mortgaged Vessel.

Vessel Mortgages each have the meaning set forth in the recitals to this Guaranty.