Mortgaged Ship definition

Mortgaged Ship means a Ship which is subject to a Mortgage at the relevant time and, in the plural, means all of them;

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Mortgaged Ship means, at any relevant time, any Ship which is at such time subject to a Mortgage and/or the Earnings, Insurances and Requisition Compensation of which are subject to an Encumbrance pursuant to the relevant Ship Security Documents and a Ship shall, for the purposes of this Agreement, be deemed to be a Mortgaged Ship as from whichever shall be the earlier of (a) the Drawdown Date of the Delivery Advance for that Ship and (b) the date that the Mortgage of that Ship shall have been executed and registered in accordance with this Agreement until whichever shall be the earlier of (i) the payment in full of the amount required to be paid by the Agent pursuant to clause 4.3 following the sale or Total Loss of such Ship and (ii) the date on which all moneys owing under the Security Documents have been repaid in full;

Mortgaged Ship means, at any relevant time, any Ship which is subject to a Mortgage and/or whose Earnings, Insurances and Requisition Compensation are subject to a Security Interest under the Finance Documents.

Examples of Mortgaged Ship in a sentence

• Except with approval, the registration of any Mortgaged Ship under the laws and flag of its Flag State is cancelled or terminated or, where applicable, not renewed or, if such Ship is only provisionally registered on the date of its Mortgage, such Ship is not permanently registered under such laws within 90 days of such date.

• The arithmetic mean of such two (2) valuations shall constitute the value of such Mortgaged Ship for the purposes of this clause 8.2. The value of each Mortgaged Ship determined in accordance with the provisions of this clause 8.2.2 shall be binding upon the parties hereto until such time as any further such valuation shall be obtained.

• Each such valuation shall be made without, unless required by the Agent, physical inspection, and on the basis of a sale for prompt delivery for cash at arm’s length, on normal commercial terms, as between a willing buyer and a willing seller, without taking into account the benefit of any charterparty or other engagement concerning the relevant Mortgaged Ship.

• The Borrowers jointly and severally undertake to the Bank to supply to the Bank and to any such shipbrokers such information concerning each Mortgaged Ship and its condition as such shipbrokers may reasonably require for the purpose of making any such valuation.

• Each Mortgaged Ship shall, for the purposes of this Agreement, be valued in Dollars as and when the Agent (acting on the instructions of the Majority Banks) shall require (and at least once every calendar year) by two (2) Approved Brokers selected by the Borrowers or, failing such selection by the Borrowers, appointed by the Agent in its discretion.

More Definitions of Mortgaged Ship

Mortgaged Ship means a Ship which is subject to a Mortgage at the relevant time.

Mortgaged Ship means a Ship which is subject to a Mortgage at the relevant time and, in the plural, means all of them.

Mortgaged Ship means, at any relevant time, any Collateral Ship which is at such time subject to a Mortgage and/or the Earnings, Insurances and Requisition Compensation of which are subject to an Encumbrance pursuant to the relevant Collateral Ship Security Documents and a Collateral Ship shall, for the purposes of this Agreement, be deemed to be a Mortgaged Ship as from the date that the Mortgage of that Collateral Ship shall have been executed and registered in accordance with this Agreement until whichever shall be the earlier of (i) the payment in full of the amount required to be paid by the Borrowers to Agent pursuant to clause 4.3 following the sale or Total Loss of such Collateral Ship and (ii) the date on which all moneys owing under the Security Documents have been repaid in full;

Mortgaged Ship means, at any relevant time, any Ship which is at such time subject to a Mortgage and/or the Earnings, Insurances and Requisition Compensation of which are subject to an Encumbrance pursuant to the relevant Ship Security Documents and a Ship shall for the purposes of this Agreement be deemed to be a Mortgaged Ship as from the date that the Mortgage of that Ship shall have been executed and registered in accordance with this Agreement until whichever shall be the earlier of (i) the payment in full of the amount required by the Bank to be paid pursuant to clause 4.4 following the sale or Total Loss of such Ship and (ii) the date on which all moneys owing under the Security Documents have been repaid in full;

Mortgaged Ship means, at any relevant time, any Ship which is at such time subject to a Mortgage and/or the Earnings, Insurances and Requisition Compensation (as defined in the relevant Ship Security Documents) of which are subject to an Encumbrance pursuant to the relevant Ship Security Documents and a Ship shall for the purposes of this Agreement be deemed to be a Mortgaged Ship as from whichever shall be the earlier of (a) the drawdown of the Advance relating to that Ship and (b) the date that the Mortgage of that Ship shall have been executed and registered in accordance with this Agreement until whichever shall be the earlier of (i) the payment in full of the amount required by the Agent to be paid pursuant to clause 4.3 following the sale or Total Loss of such Ship and (ii) the date on which all moneys owing under the Security Documents have been repaid in full;

Mortgaged Ship means, at any relevant time, any Ship which is at such time subject to a Mortgage and/or the Earnings, Insurances and Requisition Compensation (as defined in the Ship Security Documents for such Ship) of which are subject to an Encumbrance pursuant to the relevant Ship Security Documents and a Ship shall for the purposes of this Agreement be deemed to be a Mortgaged Ship as from the date that the Mortgage of that Ship shall have been executed and registered in accordance with this Agreement until whichever shall be the earlier of (a) the payment in full of the amount required to be paid to the Banks or to the Agent on their behalf pursuant to clause 4.5 following the sale or Total Loss of such Ship, (b) the date on which all moneys owing under the Security Documents have been repaid in full and (c) the date upon which the Agent deletes or procures the deletion of the relevant Mortgage in accordance with the terms of this Agreement;

Mortgaged Ship means, at any relevant time, any Owned Ship which is at such time subject to a Ship Mortgage and/or the Insurances and Requisition Compensation of which or sale proceeds or right to receive a rebate of rentals in respect whereof are subject to a Lien pursuant to the relevant Ship Mortgage and Deed of Covenant or any relevant Insurance Assignment or other Security Documents but not including a Transferred Ship (except that, for the purposes of Clauses 15 and 16, the term "MORTGAGED SHIP" shall include any Transferred Ship where the ownership of such Transferred Ship is retained by the relevant Shipowner) and an Owned Ship shall for the purposes of this Agreement be deemed to be a Mortgaged Ship as from the date that the Lien in respect of that Ship or rights relating thereto shall have been executed and registered in accordance with this Agreement until whichever shall be the earlier of (i) the release of the Ship Mortgage in respect of such Ship or Total Loss of such Ship and (ii) the end of the Security Period;