Examples of Fleet Mortgages in a sentence
Collectively, the several First Preferred Vessel or Fleet Mortgages, whether dated on or after the Closing Date, entered into or to be entered into between the Borrower and/or the Guarantors and the Documentation Agent.
Promptly after the Closing Date, Agent shall have received a Coast Guard form CG-1330, Certificate of Ownership, covering the Vessels subject to the Vessel Fleet Mortgages, evidencing recordation of the Vessel Fleet Mortgage in favor of Agent and copies of each Vessel Fleet Mortgage certified by the U.S. Coast Guard National Vessel Documentation Center.
Furthermore, each holder of a Note, by accepting such Note, consents to the terms of and authorizes and directs the Trustee (in each of its capacities including, but not limited to, Security Trustee under the Fleet Mortgages) and the Collateral Agent to enter into and perform the Security Documents (including without limitation the Intercreditor Agreement and the Fleet Mortgages) in each of its capacities thereunder.
The Borrower shall prepay the Overadvance in an amount (a) equal to the proceeds of any account receivable of Borrower or any Guarantor from Pemex arising out of the EPC 64 contract, and (b) by which the proceeds of the sale of the vessels subject to the Second Mortgages exceed the amounts claimed under the First Preferred Fleet Mortgages therefor.
Each of ACL, Houston and LDC shall have executed and delivered the Fleet Mortgages (it being understood that, notwithstanding the filing of the Fleet Mortgages with the United States Coast Guard on the Closing Date, written evidence of the recordation with the United States Coast Guard of the Fleet Mortgage may be deferred for a period of up to 180 days following the Closing Date).