Security Vessels definition

Security Vessels means, subject to any Permitted Disposal, the four gas carriers all flying the Liberian flag:

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Security Vessels means the Initial Vessels and any Additional Vessels.

Security Vessels means, collectively, the Vessels and the Collateral Vessels.

Examples of Security Vessels in a sentence

• The Facility Agent shall have received from the Borrower (i) copies of each of the insurance policies for the Security Vessels and (ii) any additional evidence the Facility Agent shall reasonably require that each of the Security Vessels is insured in accordance with this Agreement and the Mortgage thereon and that all requirements in respect of such insurances have been complied with.

• The Debtors shall require and shall cause the Collateral Vessel Owners to require at all times that any charterer shall use its due diligence to operate, maintain, repair, insure, man and supply the Security Vessels in a careful and proper manner, comply in all material respects with and conform to all governmental laws, rules and regulations and insurance restrictions relating thereto, and operate the Security Vessels with competent and duly qualified personnel.

• The Security Trustee or the Facility Agent shall take out Mortgagee Interest Insurance and Mortgagee Additional Perils Insurance in respect of the Security Vessels at the expense of the Borrower.

• The Borrower shall also obtain additional appraisals (from Approved Brokers other than VesselsValue if so requested) indicating the Fair Market Value of the Security Vessels at any time upon the request of the Facility Agent.

• The Security Agent (and the RCF Agent) shall take out a Mortgagee Interest Insurance and Mortgagee Additional Perils Insurance in respect of the Security Vessels at the expense of the Company.

• Each of the relevant Debtor or Collateral Vessel Owner, together with the Affiliate Charterers (as defined in the relevant Earnings Assignments and Collateral Vessel Owners Second Earnings Assignment) are the only Persons entitled to receive Hire with respect to the Security Vessels.

• If at any time the aggregate Fair Market Value of the Security Vessels is less than $75,000,000, the Borrower shall, immediately following receipt of written notice from the Facility Agent (which shall, in the absence of manifest error, be deemed to be conclusive and binding on the Borrower), repay in full the outstanding principal amount of the Facility, together with accrued but unpaid interest thereon and any fees or other amounts owing to any Creditor, and the Commitments shall be terminated.

• The Lenders shall make the Loan available to the Borrower for the purpose of partially financing the purchase price of the Security Vessels.

• Lender shall have inspected and found satisfactory the Security Vessels.

• The Debtors agree that the Security Vessels shall be, and at all times remain, separately identifiable personal property.

More Definitions of Security Vessels

Security Vessels means (a) on the Effective Date, those certain Vessels listed on Schedule 3 listed under the heading “Security Vessels”, and (b) from and after the Effective Date, those Vessels subject to, or required to be subject to, a Mortgage;

Security Vessels means the Initial Vessels and any Additional Vessels;