Sold Mortgaged Vessel definition

Sold Mortgaged Vessel as defined in Section 6.5(b)(ii).
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Sold Mortgaged Vessel means a Mortgaged Vessel (together with the applicable charters, freights and hires and other related agreements) sold pursuant to the terms of Section 4.06 of this Indenture, including the transfer of a Mortgaged Vessel pursuant to a Bareboat Charter or the sale of all the interests in a Mortgaged Vessel.
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Sold Mortgaged Vessel has the meaning set forth in Section 4.24.
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Examples of Sold Mortgaged Vessel in a sentence

  • Upon the receipt by the Company or a Subsidiary Guarantor of the Net Available Cash attributable to a Sold Mortgaged Vessel or of the Net Event of Loss Proceeds attributable to a Lost Mortgaged Vessel, such amounts shall be deposited with the Trustee pursuant to Article 13 and shall constitute Collateral pending application in accordance with Section 4.17(c).

  • Net Available Cash or Net Event of Loss Proceeds, as the case may be, attributable to such Sold Mortgaged Vessel or such Lost Mortgaged Vessel, as the case may be, shall be made available to the Company or any Restricted Subsidiary pursuant to the terms, and subject to the conditions, of this Indenture and the Security Agreements to make any deposits in respect of, or to consummate the purchase of, the Qualified Substitute Vessel, and to pay related fees and expenses and make upgrades and repairs thereon.

  • To the extent that any such Net Available Cash or Net Event of Loss Proceeds attributable to such Sold Mortgaged Vessel or Lost Mortgaged Vessel remain on deposit with the Trustee after the tender of the Qualified Substitute Vessel, such funds shall be released to the Company, free of the Lien of this Indenture, and the Company shall use such funds for any Permitted Excess Cash Use or to make an Excess Proceeds Offer.

  • Proceeds constituting (i) any Realization Proceeds shall be deposited only in the Collateral Account, and (ii) any Net Available Cash attributable to a Sold Mortgaged Vessel or the Capital Stock of a Sold Vessel Owning Guarantor, Refund Proceeds, any Net Event of Loss Proceeds from any Event of Loss and Net Available Cash from a Collateral Disposition shall be deposited only in the Cash Collateral Account.

  • Net Available Cash or Net Event of Loss Proceeds, as the case may be, attributable to such Sold Mortgaged Vessel or such Lost Mortgaged Vessel, as the case may be, will be made available to the Company pursuant to the terms, and subject to the conditions, of this Indenture, including Article 13 hereof, to make any deposits in respect of, or to consummate the purchase of, or pay any Ready for Sea Cost in respect of, the Qualified Substitute Vessel.

Related to Sold Mortgaged Vessel

  • Mortgaged Vessel means, at any relevant time, any Vessel which is at such time subject to a Mortgage and a Vessel shall, for the purposes of this Agreement, be regarded as a Mortgaged Vessel as from the date on which the Mortgage of that Vessel has 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 to the Agent pursuant to clause 4.3 or 4.5 following the Total Loss or sale respectively of such Vessel and (ii) the end of the Facility Period;

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

  • Covered vessel means a tank vessel, cargo vessel, or passenger vessel.

  • Underlying Mortgaged Property With respect to each Co-op Loan, the underlying real property owned by the related residential cooperative housing corporation.

  • Mortgaged Property shall have the meaning assigned to such term in the recitals.

  • Vessel means the vessel/craft belonging to the Contractor for carrying out the work.

  • Tank vessel means a ship that is constructed or adapted to carry, or that carries, oil in bulk as cargo or cargo residue, and that:

  • Fleet Vessels means all of the vessels (including, but not limited to, the Ships) from time to time wholly owned by members of the Group (each a “Fleet Vessel”);

  • MERS Eligible Mortgage Loan Any Mortgage Loan that has been designated by the Servicer as recordable in the name of MERS.

  • Released Mortgaged Property Proceeds As to any Mortgage Loan, proceeds received by the Servicer in connection with (a) a taking of an entire Mortgaged Property by exercise of the power of eminent domain or condemnation or (b) any release of part of the Mortgaged Property from the lien of the related Mortgage, whether by partial condemnation, sale or otherwise, which are not released to the Mortgagor in accordance with applicable law and mortgage servicing standards the Servicer would use in servicing mortgage loans for its own account and this Agreement.

  • FHA Approved Mortgagee means a corporation or institution approved as a mortgagee by the FHA under the National Housing Act, as amended from time to time, and applicable FHA Regulations, and eligible to own and service mortgage loans such as the FHA Loans.

  • Eligible Mortgage Loan means a Mortgage Loan (including a Wet Funded Loan) with respect to which each of the following statements shall be accurate and complete (and Borrower, by including such Mortgage Loan in any computation of the Borrowing Base, shall be deemed to so represent and warrant to the Lenders as of the date of such computation):

  • The Vessel means the vessel named in Box 5 and with particulars as stated in Boxes 6 to 12.

  • Closing Date Mortgaged Property as defined in Section 3.1(h).

  • Mortgaged Real Property means (a) each Real Property identified on Schedule 1.01(a) hereto and (b) each Real Property, if any, which shall be subject to a Mortgage delivered after the Original Closing Date pursuant to Section 5.11(d) or pursuant to Section 5.11(d) of the Original Credit Agreement or the Prior Credit Agreement.

  • Foreign flag vessel means any vessel that is not a U.S.-flag vessel.

  • Borrowing Base Property means any one of the Borrowing Base Properties.

  • U.S.-flag vessel means a vessel of the United States or belonging to the United States, including any vessel registered or having national status under the laws of the United States.

  • Mortgaged Premises means any real property which shall now or hereafter be subject to a Notes Mortgage.

  • Foreign-going vessel means any vessel other than coastal vessel.

  • Cargo vessel means a self-propelled ship in commerce, other than a tank vessel or a passenger vessel, three hundred or more gross tons, including but not limited to, commercial fish processing vessels and freighters.

  • Covered Mortgage Loan Any Mortgage Loan that is covered by a PMI Policy.

  • foreign fishing vessel means any fishing vessel other than a local fishing vessel;

  • Specified Property means property for which an election has been made for a special elective benefit.

  • Passenger vessel means any boat, ship, vessel, barge, or other floating craft of any kind carrying passengers for compensation.

  • Vessels shall have the meaning set forth in the recitals.