Mortgaged Vessel definition

Mortgaged Vessel means, at any relevant time, a Vessel which is at such time subject to a Mortgage and/or the Earnings, Insurances and Requisition Compensation (each such term as defined in the relevant Ship Security Documents) of which are subject to an Encumbrance pursuant to the relevant Ship Security Documents and a Vessel shall, for the purposes of this Agreement, be regarded as a Mortgaged Vessel as from whichever shall be the earlier of (a) her Delivery Date and (b) 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 Bank pursuant to clause 4.3 or 4.4 following the Total Loss or sale respectively of such Vessel and (ii) the end of the Facility Period

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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 Vessel means (i) each of the NORWEGIAN D▇▇▇, the NORWEGIAN GEM, the NORWEGIAN PEARL, the NORWEGIAN SPIRIT, the NORWEGIAN STAR, the NORWEGIAN SUN, and, in each case, all appurtenances thereto, (ii) the Specified Target Mortgaged Vessels, (iii) the Specified Additional Vessel and (iv) any other vessel constituting Collateral.

Examples of Mortgaged Vessel in a sentence

• Schedule 3.20 sets forth a true, complete and correct description of all material insurance maintained by or on behalf of each Loan Party and the Material Subsidiaries or otherwise in respect of any Mortgaged Vessel as of the Restatement Effective Date.

• The Borrower shall cause each Subsidiary Guarantor to keep each Mortgaged Vessel registered under the laws of a Permitted Flag Jurisdiction and furnish to the Administrative Agent copies of all renewals and extensions of such registration.

• If any such Second Valuation is obtained and the results thereof indicate a value for the subject Mortgaged Vessel of at least 110% of the value indicated in the First Valuation, then the Borrower will have 30 days after the receipt of such Second Valuation from the relevant Approved Broker during which to obtain, at its option and at its sole cost and expense, a further additional Valuation (a “Third Valuation”) from one of the Approved Brokers, as selected by the Borrower.

• The average value of any First Valuation, Second Valuation (to the extent obtained as provided above) and Third Valuation (to the extent obtained as provided above) of any Mortgaged Vessel shall constitute the Valuation of such Mortgaged Vessel for all purposes under the Loan Documents until any subsequent Valuation of such Mortgaged Vessel is obtained in accordance with this Section 5.16.

More Definitions of Mortgaged Vessel

Mortgaged Vessel means (a) each Documented Vessel listed on Schedule 1.01J to the 2008 Credit Agreement and (b) each additional Documented Vessel or Replacement Vessel, if any, encumbered by a Ship Mortgage pursuant to Sections 5.10(c)(ii) or 5.10(d).

Mortgaged Vessel means, initially, each Vessel and all appurtenances thereto owned by any Loan Party and identified as such on Schedule 3.10, and includes each other Vessel and all appurtenances thereto with respect to which a Vessel Mortgage is granted pursuant to Section 5.14 or 5.15.

Mortgaged Vessel means the NORWEGIAN JEWEL, and all appurtenances thereto.

Mortgaged Vessel shall have the meaning set forth in the Credit Agreement.

Mortgaged Vessel means (i) each of the NORWEGIAN DAWN, the NORWEGIAN GEM, the NORWEGIAN PEARL, the NORWEGIAN SPIRIT, the NORWEGIAN STAR, the NORWEGIAN SUN, and, in each case, all appurtenances thereto, (ii) the Specified Target Mortgaged Vessels and (iii) any other vessel constituting Collateral.

Mortgaged Vessel means, at any time, any vessel which is subject, at such time, to a mortgage in favor of the Second-Lien Trustee.

Mortgaged Vessel means at any relevant time a Vessel which is, at such time, subject to a Mortgage and/or the Earnings, Insurances and Requisition Compensation of which are subject to an Encumbrance and, in the plural, means both of them;