Mortgaged Vessels definition

Mortgaged Vessels shall have the meaning provided in Section 5.15.

Mortgaged Vessels means at any time, but subject to the provisions of Section 5.12 hereof, the marine vessels of the Borrowers and the Guarantors that are subject to a Lien under the Security Documents. The Mortgaged Vessels shall consist of the following Vessels (as defined in the respective Mortgage) as of the Closing Date:

Mortgaged Vessels means the Vessel(s) which remain mortgaged in favour of the Lender pursuant to this Agreement at any relevant time hereunder;

Examples of Mortgaged Vessels in a sentence

• Obtain and maintain all necessary ISM Code Documentation in connection with the Mortgaged Vessels, and be in compliance in all material respects with the ISM Code, except, in each case with respect to this Section 5.15, to the extent the failure to do so would not reasonably be expected to have a Material Adverse Effect.

• Upon request (it being understood that the Administrative Agent shall not make more than one such request during any fiscal year of the Company), the Company shall furnish to the Administrative Agent and the Lenders a confirmation of class certificate issued by the respective Classification Society for each of the Mortgaged Vessels.

• On or as of the Acquisition Closing Date and thereafter on such other dates as the Collateral Agent may require (but not more than once per fiscal year of the Company), a written report addressed to the Collateral Agent and the Secured Parties with respect to the insurances carried and maintained on the Mortgaged Vessels signed by an Approved Insurance Evaluator; provided that only the reasonable expenses of such Approved Insurance Evaluator are required to be reimbursed by the Borrowers hereunder.

• Neither Holdings nor any of its Subsidiaries will generate, use, treat, store, release or dispose of, or permit the generation, use, treatment, storage, release or disposal of, Hazardous Materials on any Mortgaged Vessel now or hereafter owned or operated or occupied by Holdings or any of its Subsidiaries, or transport or permit the transportation of Hazardous Materials to or from any ports or Mortgaged Vessels except in compliance in all material respects with all applicable Environmental Laws.

• The Borrower will, and will cause each of its Subsidiaries to, maintain insurance on the Mortgaged Vessels in at least such amounts as are in accordance with normal industry practice for similarly situated insureds, against losses from oil spills and other environmental pollution.

More Definitions of Mortgaged Vessels

Mortgaged Vessels means (i) the Existing Mortgaged Vessels, and (ii) any other Vessels made subject to the Lien of the Security Documents in favor of the Security Agent, for the benefit of the Secured Parties under the Intercreditor Agreement, pursuant to Section 11.09.

Mortgaged Vessels means (i) the Existing Mortgaged Vessels and (ii) any other Vessels made subject to the Lien of the Security Documents in favor of the Collateral Trustee for the benefit of the Holders pursuant to Article Eleven.

Mortgaged Vessels means at any time the marine vessels of the Loan Parties that are subject to a Lien under the Collateral Documents at such time. The Mortgaged Vessels shall consist of the following as of the Effective Date: Vessel Name Flag XxXxxxxxx Xxxxxxx Barge No. 27 Panama XxXxxxxxx Xxxxxxx Barge No. 50 Panama XxXxxxxxx Xxxxxxx Barge Xx. 00 Xxxxxx XXX 0000 Xxxxxx North Ocean 102 Malta Lay Vessel 000 Xxxxx Xxxxxxxx 000 Xxxxxx Xxxxxxx Xxx Xxxxxx (bareboat registered in Barbados) Emerald Sea Barbados

Mortgaged Vessels. (i) the Existing Vessels and (ii) any other Vessels made subject to the Lien of the Security Documents in favor of the Administrative Agent, for the benefit of the Secured Parties.

Mortgaged Vessels means at any time the marine vessels of the Loan Parties that are subject to a Lien under the Collateral Documents at such time. The Mortgaged Vessels shall consist of the following as of the Effective Date:

Mortgaged Vessels means (a) each of the Original Vessels in respect of which a first priority legal mortgage and deed of covenant or assignments collateral thereto granted in favour of the Security Trustee is in full force and effect; and (b) each Additional Mortgaged Vessel and "MORTGAGED VESSEL" means any of them;

Mortgaged Vessels means the Initial Mortgaged Vessels and Vessels becoming subject to a Vessel Mortgage pursuant to Section 5.11.