Collateral Vessel Mortgage definition

Collateral Vessel Mortgage means, with respect to the Primary Collateral Vessels, a first preferred mortgage in substantially the form of Exhibit I-1, 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.

Collateral Vessel Mortgage means a first preferred mortgage, in substantially the form of Exhibit K attached hereto, or a first priority mortgage and related deed of covenant (as applicable) in such form as may be reasonably satisfactory to the Administrative Agent and the Borrower (including, without limitation, any first preferred mortgage or first priority mortgage and related deed of covenant, as applicable, delivered pursuant to a Flag Jurisdiction Transfer), as such mortgage (and deed of covenant, if applicable) may be amended, modified or supplemented from time to time in accordance with the terms hereof and thereof granted by the applicable Collateral Vessel Owner in favor of the Collateral Agent, as security trustee and as mortgagee.

Collateral Vessel Mortgage means a first preferred ship mortgage substantially in the form of Exhibit P or such other form as may be reasonably satisfactory to the Administrative Agent and the Administrative Borrower.

Examples of Collateral 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 (i) deregister the Collateral Vessel from its previous flag jurisdiction and (ii) release and hereby direct the Collateral Agent to release the 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.

• All such UCC-1 financing statements and Collateral Vessel Mortgage filings have been delivered to the Collateral Agent in completed and, to the extent necessary or appropriate, duly executed form for filing in each applicable governmental, municipal or other office specified on Schedule 6 and Schedule 13 of the Perfection Certificate, as applicable.

More Definitions of Collateral Vessel Mortgage

Collateral Vessel Mortgage means, with respect to the Primary Collateral Vessels, a first priority statutory mortgage and deed of covenants supplemental thereto or a first preferred mortgage in substantially the form of Exhibit I-1, Exhibit I-3 or Exhibit I-4, as applicable, or such other form as may be reasonably satisfactory to the Administrative Agent, as such first priority statutory mortgage and deed of covenants supplemental thereto or a first preferred mortgage may be amended, modified or supplemented from time to time in accordance with the terms hereof and thereof.

Collateral Vessel Mortgage means a first priority statutory mortgage and related deed of covenants, or a first preferred ship mortgage (as applicable) in such form as may be reasonably satisfactory to the Administrative Agent and the Borrower (including, without limitation, any first preferred ship mortgage or first priority statutory mortgage and related deed of covenant, as applicable, delivered pursuant to a Flag Jurisdiction Transfer), as such mortgage (and deed of covenant, if applicable) may be amended, modified or supplemented from time to time in accordance with the terms hereof and thereof granted by the applicable Collateral Vessel Owner in favor of the Collateral Agent, as security trustee and as mortgagee.

Collateral Vessel Mortgage means a vessel mortgage, in a form to be reasonably agreed between the Company and the Administrative Agent, including any Credit Party and the Collateral Agent, as the same may be amended, modified or supplemented from time to time.

Collateral Vessel Mortgage means, with respect to each Collateral Vessel, a first preferred mortgage in substantially the form of Exhibit D-1 or D-2 attached hereto, or a first preferred mortgage in such form as may be reasonably satisfactory to the Administrative Agent and the Borrower (including, without limitation, any first preferred mortgage or statutory mortgage and related deed of covenants, as applicable, delivered pursuant to a Flag Jurisdiction Transfer), as such preferred mortgage may be amended, modified or supplemented from time to time in accordance with the terms hereof and thereof granted by the applicable Collateral Vessel Owner in favor of the Security Agent, as security trustee and as mortgagee.

Collateral Vessel Mortgage means, with respect to each Collateral Vessel, a first preferred mortgage and deed of covenants, if applicable, in substantially the form of Exhibit I-1, Exhibit I-2 or Exhibit I-3 or such other form as may be reasonably satisfactory to the Facility Agent along with any statutory mortgage (if applicable), as such mortgage (and deed of covenant, if applicable) may be amended, modified or supplemented from time to time in accordance with the terms hereof and thereof granted by the applicable Collateral Vessel Owner in favor of the Collateral Agent, as security trustee and as mortgagee.

Collateral Vessel Mortgage has the meaning specified in Section 4.1(c)(iii)(C).

Collateral Vessel Mortgage means a first preferred ship mortgage (with respect to an ABL Priority Collateral Vessel) or second preferred ship mortgage (with respect to a Term Loan Priority Collateral Vessel), substantially in the form of Exhibit Q-1 or Exhibit Q-2, respectively, or such other form as may be reasonably satisfactory to the Administrative Agent and the Administrative Borrower.