Collateral Vessel definition

Collateral Vessel means each or any, as the context may require, of the Identified Vessels and Additional Vessels which are from time to time the subject of a Borrowing or a Borrowing Request or which are otherwise mortgaged or over which security is granted to secure Program Debt, and any Substitute Vessel that has satisfied the requirements of Section 6.05, but excluding any Collateral Vessel which has been sold and which no longer constitutes part of the Security, in each case in accordance with this Agreement.

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Collateral Vessel means, as of the Closing Date, each Closing Date Collateral Vessel, and thereafter, each Vessel owned by any Credit Party that becomes a Collateral Vessel in accordance with Section 8.10(f) and is subject to a Collateral Vessel Mortgage.

Collateral Vessel means, at any time, (i) each of the vessels listed on Schedule VI hereto and (ii) any vessel provided as Additional Collateral, in each case, which is subject to a first priority perfected Collateral Vessel Mortgage at such time and with respect to which the other Collateral and Guaranty Requirements are satisfied at such time.

Examples of Collateral Vessel in a sentence

• Enter into any Sale and Leaseback Transaction unless, immediately before and after giving effect on a Pro Forma Basis to such Sale and Leaseback Transaction, (i) no Event of Default then exists or would result therefrom and (ii) the Borrower shall be in compliance with the Financial Covenants; provided that if such Sale and Leaseback Transaction is in respect of a Collateral Vessel, the Borrower shall have made a prepayment in accordance with Section 2.10(b).

• If no Permitted Collateral Vessel Acquisition occurs during the Reinvestment Period related to a Collateral Disposition Date or Collateral Vessel Release Election, the Suspended Commitments so suspended on such Collateral Disposition Date or date of such Collateral Vessel Release Election shall be permanently reduced on the last day of the Reinvestment Period.

• Each Lender hereby irrevocably designates and appoints the Security Trustee as security trustee of such Lender under this Agreement and the other Loan Documents solely for the purpose of holding the Collateral Vessel Mortgages of the Collateral Vessels and certain other Collateral, and the Security Trustee hereby accepts such appointment.

• Each Subsidiary Guarantor that owns a Collateral Vessel shall use reasonable efforts to obtain and to maintain a class-approved Inventory of Hazardous Materials from an Acceptable Classification Society.

• Each Lender hereby consents in connection with any Flag Jurisdiction Transfer and subject to the satisfaction of the requirements thereof to be satisfied by the relevant Loan Party, to (x) deregister such Collateral Vessel from its previous flag jurisdiction and (y) release and hereby direct the Collateral Agent to release the relevant Collateral Vessel Mortgage.

More Definitions of Collateral Vessel

Collateral Vessel means the vessel owned by the Borrower and known on the date hereof as the NORWEGIAN JADE (IMO 9304057).

Collateral Vessel means any of them;

Collateral Vessel means (i) initially, the Vessels identified on Schedule 1.01(a) and (ii) thereafter, (x) any additional Vessel acquired by a Borrower or a Subsidiary Guarantor after the Closing Date (other than an Excluded Vessel) and (y) any Vessel that ceases to be an Excluded Vessel after the Closing Date.

Collateral Vessel means each of the vessels listed on Annex I hereto, together with any vessel provided as a replacement thereto in accordance with the terms of the First Priority Credit Agreement and the Second Priority Credit Agreement at any time.

Collateral Vessel means each Primary Collateral Vessel and each Secondary Collateral Vessel.

Collateral Vessel means each Primary Collateral Vessel and each Secondary Collateral Vessel; it being understood and agreed that any Vessel acquired in a Permitted New Vessel Acquisition shall not constitute a Collateral Vessel.

Collateral Vessel means each Vessel that is subject to a Vessel Mortgage pursuant to the terms of the Second Lien Documents, other than any Excluded Vessel and any Vessel that ceases to be a Collateral Vessel as a result of the release of any Lien in accordance with the terms of the Note Documents; provided that, as of the Issue Date, the Collateral Vessels that are subject to a Vessel Mortgage are those listed in Appendix B hereto.