Common use of Fleet Mortgage Clause in Contracts

Fleet Mortgage. A duly executed first preferred fleet mortgage covering all Vessels owned by the Credit Parties in form and substance satisfactory to the Collateral Agent (as amended, restated, supplemented or otherwise modified from time to time, a “Fleet Mortgage”). Each such Vessel shall have been duly documented in the name of the applicable Credit Party under the laws of the United States, such Fleet Mortgage shall have been duly recorded by the United States Coast Guard (or, in the discretion of the Collateral Agent, filed for recording in such office), and the Fleet Mortgage shall constitute a preferred mortgage on the Vessels to which it relates subject only to other preferred mortgage liens in favor of the Collateral Agent and those Fleet Preferred Mortgages described in Section 7.19(e) for the time period set forth in such Section.

Fleet Mortgage. A duly executed first preferred fleet mortgage covering all Vessels owned by the Credit Parties in form and substance satisfactory to the Collateral Agent (as amended, restated, supplemented or otherwise modified from time to time, a “Fleet Mortgage”). Each such Vessel shall have been duly documented in the name of the applicable Credit Party under the laws of the United States, such Fleet Mortgage shall have been duly recorded by the United States Coast Guard (or, in the discretion of the Collateral Agent, filed for recording in such office), and the Fleet Mortgage shall constitute a preferred mortgage on the Vessels to which it relates subject only to other preferred mortgage liens in favor of the Collateral Agent and those Fleet Preferred Mortgages described in Section 7.19(e) for the time period set forth in such Section.76

Fleet Mortgage. A duly executed first preferred fleet mortgage covering all Vessels owned by the Credit Parties in form and substance satisfactory to the Collateral Agent (as amended, restated, supplemented or otherwise modified from time to time, a “Fleet Mortgage”). Each such Vessel shall have been duly documented in the name of the applicable Credit Party under the laws of the United States, such Fleet Mortgage shall have been duly recorded by the United States Coast Guard (or, in the discretion of the Collateral Agent, filed for recording in such office), and the Fleet Mortgage shall constitute a preferred mortgage on the Vessels to which it relates subject only to other preferred mortgage liens in favor of the Collateral Agent and those Fleet Preferred Mortgages described in Section 7.19(e) for the time period set forth in such SectionAgent.