HOT Vessels definition
HOT Vessels means the SEA SERVICE (Official Number 570691), the ATLANTIC SERVICE (Official Number 568767), the BROOKLYN SERVICE (Official Number 566723), and the SPARTAN SERVICE (Official Number 596900); provided, that (i) should any other vessels of HOT be required to be mortgaged by HOT to the Agent in accordance with the terms and conditions of this Agreement as security for the Obligations, then such vessels upon being so mortgaged shall be HOT Vessels, and (ii) should the Agent and the Banks release a HOT Vessel from the Liens securing the Obligations, then such vessel thereafter no longer shall be a HOT Vessel (provided, further, that nothing herein shall be deemed to imply that the Agent and the Banks would be required, or otherwise agree, to so release any HOT Vessel from such Liens).
Examples of HOT Vessels in a sentence
As to the HOT Vessels and the HOS Vessels, the Agent may submit such a claim and proof of claim to the insurance company on the applicable Borrower’s behalf, should the applicable Borrower fail to do so promptly for any reason.