Permitted Maritime Liens means, in relation to a vessel:
Permitted Maritime Liens means, in relation to the Ship:
Permitted Maritime Liens means, at any time with respect to a Rig:
Examples of Permitted Maritime Liens in a sentence
The linchpin of the inquiry is “an evaluation of the risk of the procedure compared to its potential success.” Newmark, 588 A.2d at 1117.
The Borrower shall give the Lender immediate notice and copies of all tax notices (other than customary periodic notices received in conjunction with the normal administration of the Borrower’s tax reporting process), reports or inquiries, claims of Liens (other than Permitted Maritime Liens), and of any damage, loss, seizure, attachment or judicial process which may affect the use, maintenance, operation, possession or ownership of the Vessel.
All debts, damages, liabilities and outgoings which have given, or may give, rise to maritime, statutory or possessory liens (other than Permitted Maritime Liens) on, or claims enforceable against a Ship, its Earnings or Insurances shall be promptly paid and discharged.
It shall not create, incur, assume or suffer to exist any Lien or other encumbrance upon the Vessel (other than Permitted Maritime Liens) or the other Collateral.
Except for Permitted Maritime Liens, Borrowers shall (i) promptly after becoming aware of the existence thereof, give Lender written notice of any Lien on the Collateral, (ii) promptly, at Borrowers’ sole cost and expense, take such action as may be necessary to discharge any such Lien, and (iii) indemnify and hold Lender harmless from and against any loss or damage caused by any such Lien.
More Definitions of Permitted Maritime Liens
Permitted Maritime Liens means, in relation to any Ship:
Permitted Maritime Liens means: (a) Liens for crew wages (including wages of the master of the Vessels) incurred in the ordinary course of business and that are not yet due and payable or that are being contested in good faith by appropriate proceedings by the Company or its Subsidiaries so long as the Company has set aside on its books adequate reserves with respect to such Liens and such deferment in payment does not subject any Vessel to sale, forfeiture or loss; (b) Liens for general average or salvage (including contract salvage) and Liens for wages of stevedores employed by or on behalf of the Company, its Subsidiaries or the operator, agent or master of the Vessels, which in each case are not yet due and payable unless any such Lien is being contested in good faith and by appropriate proceedings by the Company or its Subsidiaries and the Company has set aside on its books adequate reserves with respect to such Liens and such deferment in payment does not subject any Vessel to sale, forfeiture or loss; (c) Liens for necessaries provided to the Vessels incurred in the ordinary course of business that are not yet due and payable or that are being contested in good faith by appropriate proceedings by the Company or its Subsidiaries so long as the Company has set aside on its books adequate reserves with respect to such Liens and such deferment in payment does not subject any Vessel to sale, forfeiture or loss; (d) Liens for damages arising from maritime torts (i) that are unclaimed, (ii) that have been claimed and are covered by insurance, or (iii) in respect of which a bond or other security has been posted on behalf of the Company or its Subsidiaries with the appropriate court or other tribunal to prevent the arrest or to secure the release of the applicable Vessel from arrest; and (e) other Liens arising by operation of law in the ordinary course of business in connection with operating, maintaining or repairing the Vessels that are not yet due and payable or that are being contested in good faith by appropriate proceedings by the Company or its Subsidiaries so long as the Company has set aside on its books adequate reserves with respect to such Liens and such deferment in payment does not subject any Vessel to sale, forfeiture or loss.
Permitted Maritime Liens means, at any time with respect to a Vessel, (a) Liens for crew’s wages (including wages of the master of the Vessel), (b) Liens for salvage (including contract salvage) and general average, (c) shipyard Liens and other Liens arising by operation of law in the ordinary course of business in operating, maintaining or repairing the Vessel, (d) Liens for wages of stevedores when employed directly by the Vessel, or the master of the Vessel, (e) Liens for damages arising from maritime torts which are covered by insurance and any deductible applicable thereto, or in respect of which a bond or other security has been posted on behalf of the Vessel owner with the appropriate court or other tribunal to prevent the arrest or secure the release of the Vessel from arrest, (f) Liens for charters or subcharters, or leases or subleases, that existed as of the Closing Date or are subordinate to the Lien of the relevant Mortgage; provided that, in each case, any such Liens shall (i) be discharged in the ordinary course of business and (ii) secure claims not more than thirty (30) days past due unless the same is being contested in good faith by appropriate proceedings being diligently pursued and adequate reserves have been set aside in accordance with GAAP with respect to the same and the failure to satisfy such claim could not reasonably be expected to result in the imminent sale, loss or forfeiture of such Vessel.
Permitted Maritime Liens means any xxxxxx'x liens (including those of masters) for wages, maintenance and cure, salvage and general average Liens, stevedore's wages, tort liens (including personal injury and death) and Liens for necessaries incurred in the ordinary course and not delinquent, all of the foregoing Liens which are either unclaimed or covered by insurance (other than, and after giving effect to, any deductibles that the Borrowers may have on such insurance); provided, that, no such Permitted Maritime Lien shall be preferred or have a priority over the lien of either Mortgage unless it is specifically recognized as a "preferred maritime lien" under Chapter 13 of Title 46, United States Code, as amended (the "Code"). Nothing herein shall constitute a waiver or subordination by Lender of the preferred status of the lien of either Mortgage under the Code; and further provided that, once any such Lien is claimed, Borrowers shall be permitted to contest any such Lien in good faith by appropriate action promptly initiated and diligently conducted, if (i) such reserve as shall be required by GAAP shall be made therefore, or (ii) Borrowers shall have arranged for a bond or insurance (other than, and after giving effect to, any deductibles that Borrowers may have on such insurance) related to such Lien in a manner that is satisfactory to Lender in accordance with law and it does not involve any material risk of the seizure or sale of the Vessels.
Permitted Maritime Liens has the meaning set forth in the First Preferred Mortgage.
Permitted Maritime Liens means, at any time with respect to a Vessel: