Examples of Ship Mortgage Act 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.
Anything herein to the contrary notwithstanding, it is intended that nothing herein shall waive the preferred status of this Mortgage under the Ship Mortgage Act or under the corresponding provisions of any other jurisdiction in which it is sought to be enforced and that, if any provision or portion thereof herein shall be construed to waive the preferred status of this Mortgage, then such provision to such extent shall be void and of no effect.
No provision of this Mortgage or any other document and none of the actions or omissions to act by the Mortgagee contemplated thereby shall be deemed to or shall constitute a waiver by the Mortgagee of the preferred status of this Mortgage or of any of the benefits, privileges or provisions given by the Ship Mortgage Act.
The BORROWER will comply with and satisfy all the provisions of the Ship Mortgage Act, 1920, as amended, 46 USC 31301, et seq.