Freight in Transit definition
Freight in Transit means any cargo or mail which arrives at the Airport and departs in the same aircraft, where such an aircraft is operating a through flight transiting the Airport.
Freight in Transit means amounts receivable by, or which may be receivables of, the Borrower arising from partially completed freight voyages pursuant to an Approved Charterparty which have not been invoiced and which are:
Freight in Transit has the meaning given in Clause 6.1.3;
More Definitions of Freight in Transit
Freight in Transit means amounts receivable by, or which may be receivables of, the Borrower arising from partially completed freight voyages pursuant to an Approved Charterparty which have not been invoiced and which are:
(a) contracted pursuant to a commercially reasonable Approved Charterparty that is acceptable to the Lender;
(b) net of any payables, set-off or counterclaims including in respect of bunkers;
(c) in respect of an Approved Charterparty which is:
(i) for an estimated voyage time of less than 120 days (calculated from the completion of cargo loading until completion of cargo discharge at the port of destination, exclusive of the ballast leg); and
(ii) in relation to an Eligible Vessel that has been loaded and that has started sailing;
(d) the Applied Percentage of contracted voyage lump sum freight amount or, as the case may be, if freight is not calculated in a lump sum, the estimated total freight; and
(e) included by the Borrower in its most recently provided Borrowing Base Certificate.