Vessel Two definition

Vessel Two means the vessel “CS Sovereign” with Official Number 721180 currently registered under the flag of United Kingdom in the ownership of the Seller and intended to be sold by the Seller to the Borrower on the terms of the relevant Purchase Option, and everything now or in the future belonging to her on board and ashore, which vessel is intended to be registered by the Borrower under the flag of the United Kingdom.
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Vessel Two means the Vessel designated as “Vessel Two” in Schedule 1.
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Vessel Two sale The Guarantor agrees that, should an Event of Default occur and the Security Agent wish to sell Vessel Two pursuant to its rights under the Collateral Mortgage, such sale may be made free of the Vessel Two Bareboat Charter and any claim for loss of the same shall be made against the Borrower.
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Examples of Vessel Two in a sentence

  • The Borrower shall not without the prior written consent of the Majority Lenders novate or supersede the Vessel One Bareboat Charter or (only while Vessel Two constitutes a Delivered Vessel) the Vessel Two Bareboat Charter.

  • The Guarantor acknowledges that each of the Security Agent’s rights and powers arising out of or pursuant to the Collateral Mortgage shall in all respects and at all times have precedence and priority over the rights and powers of the Guarantor arising out of or pursuant to the Vessel Two Bareboat Charter.

  • The Guarantor agrees that the Security Agent or its nominee is entitled to exercise all of the Borrower’s rights and benefits and assume and carry out all of the Borrower’s obligations under or in respect of the Vessel Two Bareboat Charter on the terms set out in the Collateral Assignment.

  • This Clause 18.26 shall only apply to Vessel Two while it constitutes a Delivered Vessel.

  • This Clause 18.25 shall only apply to Vessel Two while it constitutes a Delivered Vessel.

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  • The Guarantor agrees that, for the duration of the term of the Vessel Two Bareboat Charter, the rights and powers of the Security Agent in relation to the Guarantor’s interest in Vessel Two’s Insurances shall (mutatis mutandis) be the same as the rights and powers of the Security Agent under or pursuant to the Collateral Deed of Covenants in relation to the Insurances of Vessel Two.

  • Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and, subject to any Break Costs and subject to Clause 7.2.2 (Voluntary prepayment of Loan), Clause 7.4 (Mandatory prepayment on sale or Total Loss of Vessel One) and Clause 7.5 (Mandatory prepayment on sale or Total Loss of Vessel Two), without premium or penalty.

  • Any repayment or prepayment under Clauses 7.1 (Illegality), 7.2 (Voluntary prepayment of Loan), 7.3 (Right of cancellation and prepayment in relation to a single lender), 7.4 (Mandatory prepayment on sale or Total Loss of Vessel One) and 7.5 (Mandatory prepayment on sale or Total Loss of Vessel Two) shall satisfy the obligations under Clause 6.1 (Repayment of Loan) in inverse order of maturity.

  • Contract The Borrower shall not without the prior written consent of the Majority Lenders materially amend, vary or supplement or waive any material term of, the Vessel One Bareboat Charter or (only while Vessel Two constitutes a Delivered Vessel) the Vessel Two Bareboat Charter.


More Definitions of Vessel Two

Vessel Two means the Vessel designated as "Vessel Two" in Schedule 1. 1.127. "Vessels" means the vessels listed in Schedule 1 or any other vessel which may from time to time be mortgaged in favour of the Security Trustee as security for the obligations of the Security Parties under the Finance Documents, and everything now or in the future belonging to them on board and ashore and "Vessel" means any one of them. 1.
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Related to Vessel Two

  • 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.

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

  • 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.

  • Ship means a vessel of any type whatsoever operating in the marine environment and includes hydrofoil boats, air-cushion vehicles, submersibles, floating craft and fixed or floating platforms.