Common use of POSSESSION AND USE OF VESSEL DURING TERM OF MORTGAGE Clause in Contracts

POSSESSION AND USE OF VESSEL DURING TERM OF MORTGAGE. Until an Event of Default hereunder shall happen, the Borrower (a) shall be suffered and permitted to retain actual possession and use of the Vessel and (b) subject to default, hereof, shall have the right, from time to time, in its discretion, and without application to the Government, and without obtaining a release thereof by the Government, to dispose of, free from the lien hereof, any boilers, engines, machinery, bowsprits, masts, spars, sails, rigging, boats, fishing gear, anchors, chains, tackle, apparel, furniture, fittings, equipment, or any other appurtenances of the Vessel that are no longer useful, necessary, profitable, or advantageous in the operation of the Vessel, first or simultaneously replacing the same by new boilers, engines, machinery, bowsprits, masts, spars, sails, rigging, boats, fishing gear, anchors, chains, tackle, apparel, furniture, fittings, equipment, or any other appurtenances of substantially equal value to the Borrower, which shall forthwith become subject to the lien of this Mortgage.

POSSESSION AND USE OF VESSEL DURING TERM OF MORTGAGE. Until an Event of Default hereunder shall happen, the Borrower BORROWER (a) shall be suffered and permitted to retain actual possession and use of the Vessel and (b) subject to defaultArticle II, SECTION 6, hereof, shall have the right, from time to time, in its discretion, and without application to the GovernmentGOVERNMENT, and without obtaining a release thereof by the GovernmentGOVERNMENT, to dispose of, free from the lien hereof, any boilers, engines, machinery, bowsprits, masts, spars, sails, rigging, boats, fishing gear, anchors, chains, tackle, apparel, furniture, fittings, equipment, or any other appurtenances of the Vessel that are no longer useful, necessary, profitable, or advantageous in the operation of the Vessel, first or simultaneously replacing the same by new boilers, engines, machinery, bowsprits, masts, spars, sails, rigging, boats, fishing gear, anchors, chains, tackle, apparel, furniture, fittings, equipment, or any other appurtenances of substantially equal value to the BorrowerBORROWER, which shall forthwith become subject to the lien of this Mortgage.

POSSESSION AND USE OF VESSEL DURING TERM OF MORTGAGE. Until an Event of Default hereunder shall happen, the Borrower BORROWER (a) shall be suffered and permitted to retain actual possession and use of the Vessel vessel and (b) subject to defaultArticle II, SECTION 6, hereof, shall have the right, from time to time, in its discretion, and without application to the GovernmentGOVERNMENT, and without obtaining a release thereof by the GovernmentGOVERNMENT, to dispose of, free from the lien hereof, any boilers, engines, machinery, bowsprits, masts, spars, sails, rigging, boats, fishing gear, anchors, chains, tackle, apparel, furniture, fittings, equipment, or any other appurtenances of the Vessel vessel that are no longer useful, necessary, profitable, or advantageous in the operation of the Vesselvessel, first or simultaneously replacing the same by new boilers, engines, machinery, bowsprits, masts, spars, sails, rigging, boats, fishing gear, anchors, chains, tackle, apparel, furniture, fittings, equipment, or any other appurtenances of substantially equal value to the BorrowerBORROWER, which shall forthwith become subject to the lien of this Mortgage.

POSSESSION AND USE OF VESSEL DURING TERM OF MORTGAGE. Until an Event of Default hereunder shall happen, the Borrower BORROWER (a) shall be suffered and permitted to retain actual possession and use of the Vessel VESSEL and (b) subject to defaultArticle II, SECTION 6, hereof, shall have the right, from time to time, in its discretion, and without application to the GovernmentGOVERNMENT, and without obtaining a release thereof by the GovernmentGOVERNMENT, to dispose of, free from the lien hereof, any boilers, engines, machinery, bowsprits, masts, spars, sails, rigging, boats, fishing gear, anchors, chains, tackle, apparel, furniture, fittings, equipment, or any other appurtenances of the Vessel VESSEL that are no longer useful, necessary, profitable, or advantageous in the operation of the VesselVESSEL, first or simultaneously replacing the same by new boilers, engines, machinery, bowsprits, masts, spars, sails, rigging, boats, fishing gear, anchors, chains, tackle, apparel, furniture, fittings, equipment, or any other appurtenances of substantially equal value to the BorrowerBORROWER, which shall forthwith become subject to the lien of this Mortgage.