Collateral Owners definition

Collateral Owners means Platon, Rea, Kronos and Socrates and “Collateral Owner” means any one of them.

Collateral Owners means the companies listed in Schedule 7, being the owners of the Collateral Vessels and “Collateral Owner” means either one of them.

Collateral Owners means together Eniadefhi Shipping Corporation (“Eniadefhi”), Eniaprohi Shipping Corporation (“Eniaprohi”), Maxdodeka Shipping Corporation (“Maxdodeka”), Pelea Shipping Ltd. (“Pelea”) and Vasstwo Shipping Corporation (“Vasstwo”), each a corporation incorporated under the laws of the Republic of Liberia whose registered address is at 00 Xxxxx Xxxxxx, Xxxxxxxx, Xxxxxxx, Xxxxxxx Xxxxxxxx Corporation (“Vassone”) a corporation domesticated under the laws of the Republic of the Xxxxxxxx Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Xxxxxxxx Islands MH 96960, Gloverfour Shipping Corporation (“Gloverfour”), Gloverfive Shipping Corporation (“Gloverfive”) and Shikokuexi Shipping Inc. (“Shikokuexi”), Youngone Shipping Corporation (“Youngone”), each a corporation incorporated under the laws of the Republic of the Xxxxxxxx Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Xxxxxxxx Islands MH 96960 and “Collateral Owner” means each one of them.

Examples of Collateral Owners in a sentence

• The Borrower will from time to time if requested by the Agent provide the Agent with evidence in form and substance satisfactory to the Agent that the Borrower and each of the Collateral Owners remain in good standing.

• There are no agreements in force which provide for the issue or allotment of, or grant any person the right to call for the issue or allotment of, any share or loan capital of any member of the Borrower Group, the Borrower and the Collateral Owners (including any option or right of pre-emption or conversion).

• The Borrower shall procure that the Collateral Owners will only borrow from other members of the Group on a subordinated and unsecured basis, provided that the Collateral Owners may only repay such subordinated unsecured loans as long as no Event of Default has occurred and is continuing.

• The Borrower shall procure that none of the Collateral Owners shall pay any dividends or make other distributions to its shareholders at any time after the occurrence of an Event of Default which remains unremedied or unwaived.

• The Borrower shall procure that the Collateral Owners maintain the Earnings Accounts with the Account Holders for the duration of the Facility Period free of Encumbrances and rights of set off other than those created by or under the Finance Documents.

More Definitions of Collateral Owners

Collateral Owners means the Xxxxxx Collateral Owner, the Pantelis Collateral Owner and the Areti Collateral Owner and "Collateral Owner" means any one of them;

Collateral Owners means Innovative, Oil Transport and Ambassador, or any other corporation who shall own a Collateral Vessel that is a substitute for any of m.vs “POMPANO”, “FERNANDINA” and “VENTURA” respectively and “Collateral Owner” means any one of them.

Collateral Owners. “Collateral Vessels” shall be deleted and all references to such defined terms in the Principal Agreement shall be deleted.

Collateral Owners means any or all of them;

Collateral Owners set out in clause 1.1 of the Original Loan Agreement were amended to include the New Collateral Owners; and

Collateral Owners means, together, the Destiny Collateral Owner and the Envoy Collateral Owner and:

Collateral Owners means: (a) each company (being a 100% direct or indirect Subsidiary of the Borrower or the Pledgor) shown as an owner of a Collateral Vessel in Schedule 3; and (b) following a Collateral Substitution, any Replacement Vessel Owner, in each case whilst such company remains party to any Security Documents (each a "Collateral Owner"). "Collateral Substitution" means the replacement of a Collateral Vessel by a Replacement Vessel in accordance with Clause 6.4.2 and Clause 6.5.2. "Collateral Vessels" means: (a) the vessels listed in Schedule 3; and (b) following a Collateral Substitution, any Replacement Vessel, in each case whilst such vessel is (or is about to be) subject to a Mortgage or other Security Documents (each a "Collateral Vessel"). "Collateral Vessel Tranche" means, in relation to each Collateral Vessel, that part of the Loan, up to the Maximum Amount for that Collateral Vessel Tranche, to be advanced to the Borrower, or when the context permits, the amount of the Collateral Vessel Tranche advanced and for the time being outstanding, and together the "Collateral Vessel Tranches". "Commercial Manager" means (i) Teekay Tankers Chartering Pte. Ltd. (ii) the Borrower, (iii) Xxxxxx, (iv) any other member of the Borrower Group or the Teekay Group or (v) any other commercial manager approved by the Lenders (such approval not to be unreasonably withheld). "Commitment" means, in relation to each Lender, the aggregate amount of the Loan which that Xxxxxx agrees to advance to the Borrower as its several liability as indicated against the name of that Lender in Schedule 1, Part I and/or, where the context permits, the amount of the Loan advanced by that Lender and, to the extent not cancelled or reduced under this Agreement, remaining outstanding and "Commitments" means more than one of them. "Commitment Commission" means the commitment commission to be paid by the Borrower to the Agent on behalf of the Lenders pursuant to Clause 9.