First Preferred Mortgage definition

First Preferred Mortgage means the First Preferred Mortgage dated as of the Funding Date, or if the Vessel is reflagged pursuant to Section 7.0l(v) hereof, dated as of the date of such reflagging, substantially in the form attached hereto as Exhibit D, pursuant to which the Borrower shall grant the Lender a first preferred mortgage lien over the whole of the Vessel.

First Preferred Mortgage means the First Preferred Mortgage dated the date hereof, given by the Borrower in favor of GE Capital over the Vessel, in the form attached hereto as Exhibit B.

First Preferred Mortgage means a First Preferred Fleet Mortgage, (in substantially the form of Exhibit 3 hereto), dated the date hereof, granted by Borrower to the Lender over the whole of the Vessels described on a Collateral Schedule, as the same may be amended, modified or supplemented from time to time.

Examples of First Preferred Mortgage in a sentence

• This Rig is covered by a First Preferred Mortgage to CHRISTIANIA BANK OG KREDITKASSE, NEW YORK BRANCH, as Security Trustee for the Banks defined in the said Mortgage under authority of the United States Ship Mortgage Act, 1920, as amended, recodified as 46 U.S.C. 31301 et seq.

• This Rig is covered by a First Preferred Mortgage to WILMINGTON TRUST COMPANY not in its individual capacity but solely as Trustee for the Banks defined in the said Mortgage under authority of the United States Ship Mortgage Act, 1920, as amended, recodified as 46 U.S.C. 31301 et.

• This Vessel is covered by a First Preferred Mortgage to Christiania Bank og Kreditkasse ASA, as security trustee, under the authority of Title 22 of the Liberian Code of Laws of 1956, as amended.

• Upon the indefeasible payment in full of all sums due under the Note and satisfaction of all of the Borrower’s other Obligations (other than contingent indemnification obligations for which no claim has been made), the Lender shall, at the Borrower’s sole cost and expense, discharge the First Preferred Mortgage of record and terminate its security interests in all other Collateral.

• The Borrower shall place a certified copy of the First Preferred Mortgage, together with notice thereof, on board the Vessel and, within thirty (30) days of the date hereof, shall furnish the Lender a copy of the Master’s signed receipt therefor, in form and substance satisfactory to the Lender.

• Maintenance of Lien as First Preferred Mortgage under Chapter 313............52 Section 1309.

• Each and every right, power and remedy given to the Lender in this Agreement, the Note, the First Preferred Mortgage, and the other Loan Documents shall be cumulative and in addition to every other right, power and remedy herein or therein given now or hereafter existing at law, in equity, in admiralty, by statute or otherwise.

• For the purpose of recording this Assignment, Amendment and Restatement of First Preferred Mortgage as required by Chapter 3 of the Republic of the Xxxxxxxx Xxxxxxx Xxxxxxxx Xxx 0000 as amended, the total amount of the direct and contingent obligations secured by the Original Mortgage as assigned, amended and restated by this Assignment, Amendment and Restatement of First Preferred Mortgage is reduced to $160,575,000 plus interest, fees and performance of mortgage covenants.

• For the purpose of recording this First Preferred Mortgage as required under Section 302 the Maritime Xxx 0000 of the Republic of the Xxxxxxxx Islands, as amended, the total amount is U.S. $24,700,000 (of which U.S. $23,600,000 represents the Loan and U.S. $1,100,000 represents the Contingent Sum), and interest and performance of mortgage covenants.

• Maintenance of Lien as First Preferred Mortgage under Chapter 313.

More Definitions of First Preferred Mortgage

First Preferred Mortgage and “Mortgage” shall mean the Original Mortgage, as amended by this Amendment;