Security Vessel definition

Security Vessel means the Initial Vessels, any Additional Vessels and (for the avoidance of doubt) any other dry bulk vessel owned by any Group Company.
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Security Vessel means the Security Vessel defined in Schedule 6;
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Examples of Security Vessel in a sentence

  • Each Debtor shall maintain and shall cause each Collateral Vessel Owner to maintain, insurance on its Security Vessel in accordance with Section 1.22 of its respective Mortgage or Collateral Vessel Owners’ Second Mortgage and shall furnish Lender with all reports in accordance with Section 1.24 of such mortgage .

  • The Appraisal Value of each Security Vessel shall be determined at Lender’s discretion, but no less frequently than annually on the anniversary of the Funding Date, on the basis of a valuation (the "Valuation") by an Approved Shipbroker provided to Lender.

  • The Debtors will not, and will procure that the Collateral Vessel Owners will not, change the flag, class or Classification Society of any Security Vessel.

  • No Loan Party (other than the Parent Guarantor) shall, and each Loan Party shall cause each other Security Party (other than the Credit Support Pledgor) not to (i) issue any Equity Interests or acquire any Equity Interests, or (ii) own any Equity Interests other than the Security Vessel Owners and the Credit Support Parties, in each case other than in compliance with Section 9.2(f).

  • Lender shall have received an independent third party appraisal of each Security Vessel to determine the fair market value of each Security Vessel, as completed by an independent appraiser mutually acceptable to Lender and the Debtors, all at the sole cost and expense of the Debtors.

  • The Debtors will not, and will procure that the Collateral Vessel Owners will not, change the charterer or otherwise change the technical or commercial management of any Security Vessel.

  • Lender or its authorized representative may, at any reasonable time or times and annually at the Debtors’ expense, inspect any Security Vessel and at Lender’s cost (provided, if an Event of Default has occurred and is continuing, every inspection thereafter shall be at the Debtors’ expense), it shall have the right to review the operating and insurance records of the Debtors upon reasonable notice and during normal business hours.

  • No Event of Loss shall have occurred with respect to any Security Vessel.

  • Notwithstanding the foregoing, in the event of a sale of a Security Vessel or Credit Support Vessel to an Affiliate of the Parent Guarantor (other than the Borrower or a Security Vessel Owner), the sale price shall be an amount not less than the Fair Market Value of such Security Vessel or Credit Support Vessel.

  • All sales, use, property or other taxes, licenses, tolls, inspection or other fees, bonds, permits or certificates which were or may be required to be paid or obtained in connection with the acquisition by each Debtor, or Collateral Vessel Owner, of its Security Vessel, as the case may be or such vessel’s subsequent employment will have been, or when due will be, paid in full or obtained.

Related to Security Vessel

  • Vessel means every description of watercraft, other than a seaplane on the water, used or capable of being used as a means of transportation on water.

  • U.S.-flag vessel means a vessel of the United States or belonging to the United States, including any vessel registered or having national status under the laws of the United States.

  • The Vessel means the vessel named in Box 5 and with particulars as stated in Boxes 6 to 12.

  • Vessels shall have the meaning set forth in the recitals.

  • Tank vessel means a ship that is constructed or adapted to carry, or that carries, oil in bulk as cargo or cargo residue, and that: