Insurances Assignment definition

Insurances Assignment means, in respect of a Collateral Vessel, the assignment of the Obligatory Insurances granted or to be granted in favor of the Security Trustee by the relevant Vessel Owner together with any and all notices and acknowledgments entered into in connection therewith.

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Insurances Assignment first priority assignment executed or to be executed by the Borrower in favour of the Agent (on behalf of the Finance Parties and the Swap Banks), whereby the Borrower assigns the benefits of all insurances taken out related to the Vessel as security for the Loans and exposure under any Swap Agreements, in the terms and form as the Agent may require.

Insurances Assignment means, in respect of each Vessel, an assignment of its Insurances executed or to be executed by any co-assured (other than the relevant Owner and the relevant Manager) in favour of the Security Trustee in such form as the Agent may require in its sole discretion and in the plural means all of them;

Examples of Insurances Assignment in a sentence

In order to effect such partial release of this Insurances Assignment the Lender shall execute and deliver to the Borrower a release letter substantially in the form of Schedule 1 hereto.
The Lender shall have no obligation or liability (including without limitation any obligation or liability with respect to the payment of premiums, calls or assessments) under the Insurances by reason of or arising out of this Insurances Assignment.
Neither shall this Insurances Assignment be prejudiced or affected by any time or indulgence granted by the Lender to any Continuing Shipowning Company or any third party or by any invalidity in the Insurances Assignment, the Loan Agreement or any of the Security Documents or any other documents referred to therein.
Each of the Continuing Shipowning Companies agrees that the Lender’s rights against it according to this Insurances Assignment can be enforced directly against it according to the principles contained in the Danish Act on Civil Procedure, sec.
In the event that the Rig becomes a Total Loss at any time, the whole of the insurance proceeds or other compensation payable in respect of such Total Loss will be paid to the Security Agent (as assignee(s) and chargee thereof under the Rig Construction Contract and Refund Guarantee Assignment, the Rig Mortgage and associated Deed of Covenants, the Mortgage Debenture and the Insurances Assignment).

More Definitions of Insurances Assignment

Insurances Assignment means the first priority assignment in respect of the insurances over the Vessel, to be executed by the Borrower in favor of the Security Trustee pursuant to Section 4.1(s)(ii), substantially in the form set out in Exhibit F;

Insurances Assignment means the assignment in respect of the insurances over the Vessel to be executed by the Borrower in favor of the Security Agent pursuant to Section 4.2(b), substantially in the form set out in Exhibit E;

Insurances Assignment means that certain Assignment of Insurances whereby Charterer assigns to Shipowner all of its right, title and interest in, to, and under, all Policies of Insurance.

Insurances Assignment means, in respect of each Vessel, an assignment of its Insurances executed or to be executed by any co-assured (other than the relevant Owner, the Commercial Manager and the relevant Technical Manager) in favour of the Bank in such form as the Bank may require in its sole discretion, and in the plural means all of them;

Insurances Assignment means, with respect to a Vessel, an assignment in respect of the insurances over such Vessel executed by the relevant Subsidiary Guarantor in favor of the Security Trustee in substantially the form attached hereto as Exhibit E or such other form reasonably acceptable to the Security Trustee and the Majority Lenders;

Insurances Assignment means, in respect of a Vessel, the assignment of the Obligatory Insurances to be granted in favour of the Facility Agent by the Borrower in the form of Appendix 1 together with any and all notices and acknowledgements entered into in connection therewith. Insurers means the underwriters or insurance companies with whom any Obligatory Insurances are effected and the managers of any protection and indemnity or war risks association in which any of the Vessels may at any time be entered. ISM Code means the International Safety Management Code (including the guidelines on its implementation), adopted by the International Maritime Organization Assembly as Resolutions A.741(18) and A.788(19), as the same may have been or may be amended or supplemented from time to time. The terms “safety management system”, “Safety Management Certificate”, “Document of Compliance” and “major non-conformity” shall have the same meanings as are given to them in the ISM Code.

Insurances Assignment means a deed of assignment to the Insurances executed or to be executed by the Borrower in favour of the Lender in accordance with Clause 7.1(v);