Common use of LIBEL Clause in Contracts

LIBEL. If a libel, complaint or similar process be filed against the Ship or the Ship be otherwise attached, levied upon or taken into custody by virtue of any legal proceeding in any court, the Shipowner will promptly notify the Mortgagee thereof by cable, facsimile or telex, confirmed by letter, at its address, as specified in this Deed, and within fifteen (15) days of such filing, attachment, levy or taking into custody will cause the Ship to be released and all liens thereon other than this Deed and the Mortgage and the liens securing the obligations under the Security Agreements and the Working Capital Guarantee to be discharged and will promptly notify the Mortgagee thereof in the manner aforesaid. In the event the Ship is levied upon or taken into custody or detained by any authority whatsoever, the Shipowner agrees forthwith to notify the Mortgagee thereof by telex, confirmed by letter. The Shipowner will notify the Mortgagee within forty-eight (48) hours after it has become known to the Shipowner of any average or salvage incurred by the Ship.

LIBEL. If a libel, complaint or similar process be filed against the Ship Vessel or the Ship Vessel be otherwise attached, levied upon or taken into custody by virtue of any legal proceeding in any court, the Shipowner will promptly notify the Mortgagee thereof by cable, facsimile or telex, confirmed by letter, at its address, as specified in this DeedMortgage, and within fifteen (15) days of such filing, attachment, levy or taking into custody will cause the Ship Vessel to be released and all liens thereon other than this Deed and the Mortgage and the liens securing the obligations under the Security Agreements and the Working Capital Guarantee to be discharged and will promptly notify the Mortgagee thereof in the manner aforesaid. In the event the Ship Vessel is levied upon or taken into custody or detained by any authority whatsoever, the Shipowner agrees forthwith to notify the Mortgagee thereof by telex, confirmed by letter. The Shipowner will notify the Mortgagee within forty-eight (48) hours after it has become known to the Shipowner of any average or salvage incurred by the ShipVessel.