Preferred Mortgage definition

Preferred Mortgage means a "preferred mortgage" as defined in Section 31322 of the Ship Mortgage Statutes.
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Preferred Mortgage means Preferred Home Mortgage Company, a Florida corporation.
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Preferred Mortgage means that certain M▇▇▇▇▇▇▇ Islands First Preferred Ship Mortgage encumbering the Vessel and other related Collateral described therein, and all proceeds thereof, each to be executed by Borrower in favor of Lender in a form acceptable to Lender and its counsel, and in a form recordable with the M▇▇▇▇▇▇▇ Islands Maritime and Corporate Administrator, as such instrument may be amended, modified, renewed or supplemented from time to time.
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Examples of 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.

  • The notice must be in plain type and read as follows: This Ship is subject to a First Preferred Mortgage to NORDEA BANK ABP, FILIAL I NORGE with offices at ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇, ▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇, acting in its capacity as security agent and as trustee, under authority of Title 21 of the Liberian Code of Laws of 1956 as amended.

  • 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.

  • This Vessel is subject to a First Preferred Mortgage in favour of [INSERT NAME OF LENDER] pursuant to the laws of the Republic of the ▇▇▇▇▇▇▇▇ Islands.

  • This Vessel is owned by [•], a Liberian corporation, and is covered by a First Preferred Mortgage in favor of DnB NOR Bank ASA (New York Branch), under the authority of Chapter 3 of Title 21 of the Liberian Code of Laws of 1956, as amended.

  • This Vessel is covered by a Second Preferred Mortgage to Christiania Bank og Kreditkasse ASA, as security trustee, under the authority of Chapter III of the Maritime ▇▇▇ ▇▇▇▇ of the Republic of the ▇▇▇▇▇▇▇▇ Islands, as amended.

  • 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.

  • 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.

  • Without limiting the foregoing, Borrower shall preserve and maintain the Vessel as required in the Preferred Mortgage.


More Definitions of Preferred Mortgage

Preferred Mortgage. (the "Borrower"), in the maximum principal amount of Five Million Dollars ($5,000,000), as evidenced by that certain promissory note (the "Note") of even date herewith made by Borrower and currently payable to Lender pursuant to the terms, obligations, and agreements contained in that certain Warehousing Credit and Security Agreement (Single-Family Mortgage Loan Servicing Rights) between Borrower and Lender of even date herewith (the "Credit Agreement"); and
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Preferred Mortgage means and includes (i) a mortgage that is a preferred mortgage on a vessel of the United States under 46 U.S.C. § 31322 and (ii) a mortgage, hypothecation, or similar charge that is established as a security on a foreign vessel if the mortgage, hypothecation, or similar charge was executed under the laws of the foreign country under whose laws the ownership of the vessel is documented and has been registered under those laws in a public register at the port of registry of the vessel or at a central office.
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