Collateral Vessels definition

Collateral Vessels means the vessels set out below, each owned by the Owners and chartered to the Collateral Charterer set out below opposite the vessel's name:

Collateral Vessels means the Tranche A Vessels and the Tranche B Vessels (each a “Collateral Vessel”).

Collateral Vessels means, collectively, the Liberian flag (or other applicable future flag) vessels the Pacific Bora, the Pacific Mistral, the Pacific Scirocco, the Pacific Santa Xxx, the Pacific Sharav, the Pacific Khamsin, the Pacific Meltem and any additional Vessels acquired or owned by the Company or any of its Restricted Subsidiaries after the Issue Date.

Examples of Collateral Vessels in a sentence

• Furthermore, it is agreed that Combined ICR EBITDA shall include any realized gains and/or losses in respect of the disposal of Collateral Vessels or the disposal of Equity Interests in Collateral Vessel- owning entities.

• The Borrower shall procure that neither of the Collateral Owners creates, or permits to subsist, any Encumbrance (other than pursuant to the Security Documents) over all or any part of the Collateral Vessels or the Insurances other than a Permitted Encumbrance.

• The Borrower shall procure that all of the assets, operation and liability of the members of the Group are insured against such risks, liabilities and for amounts as normally adopted by the industry for similar assets and liabilities and, in the case of the Collateral Vessels, in accordance with the terms of the Security Documents.

• The Borrower shall not, and shall procure that no other Security Party will, sell or transfer any of its material assets other than on arm’s length terms PROVIDED ALWAYS that sales of certain Collateral Vessels (as detailed in Schedule 6) from one Collateral Owner to the other Collateral Owner are permitted subject to compliance with the relevant provision of Clause 3.4.3.

• Evidence that each Collateral Vessel is insured in the manner required by the Additional Security Documents and that letters of undertaking will be issued in the manner required by the Additional Security Documents, together with (if required by the Lender) the written approval of each Collateral Vessel's Insurances (as such term is defined in the relevant Collateral Loan Agreement) by an insurance adviser appointed by the Lender.

More Definitions of Collateral Vessels

Collateral Vessels means, collectively, the Vessels listed on Schedule XIV, and, individually, any of such Vessels.

Collateral Vessels means:

Collateral Vessels means the four drilling rigs known as the West Capella, the Xxxx Xxx, the West Aquarius and the West Sirius listed on Schedule 6.21. Each such vessel is a Collateral Vessel. The Borrowers or the applicable Guarantor may, at their option, at any time and from time to time, substitute one or more vessels owned, directly or indirectly, by the Borrowers or the applicable Guarantor (the “Replacement Vessel”) for a Collateral Vessel (including in connection with any refinancing transaction); provided that (i) at the time of such substitution no Default shall have occurred and be continuing, (ii) the Replacement Vessel is substantially similar in value and specification to the Collateral Vessel that is being substituted as determined in good faith by the Chief Financial Officer of SDLP, (iii) the net present value of the contracts applicable to such Replacement Vessel is not less than the net present value of the contracts applicable to the Collateral Vessel that is being replaced (in each case calculated in a manner reasonably accepted to the Administrative Agent), (iv) each Subsidiary of a Borrower that directly owns all or any part of any such Replacement Vessel, or that is or becomes party to a Collateral Vessel Contract with respect to such Replacement Vessel, shall become a Guarantor, and (v) at the time of such substitution, the Collateral Vessel to be substituted for and all Related Assets thereto shall be released from all Liens under the Collateral Agreements and the Guarantor owning such Collateral Vessel shall, unless it owns other Collateral Vessels or Related Assets thereto, be released from its obligations as a Guarantor. In such event, all references herein to “Collateral Vessel” shall thereafter be deemed to include such Replacement Vessel and shall cease to refer to the Vessel that was replaced, and Schedule 6.21 shall be updated as necessary to include any information with respect to such Replacement Vessel that is required by Section 6.21.

Collateral Vessels means the vessels listed in Schedule 6, each registered under the flag and in the name and ownership of the Collateral Owner indicated in that Schedule and “Collateral Vessel” means any one of them.

Collateral Vessels means the Rapallo and the Additional Collateral Vessels.

Collateral Vessels means any or all of the Collateral Vessels;

Collateral Vessels means the Platon Vessel, the Rea Vessel, the Kronos Vessel and the Socrates Vessel and “Collateral Vessel” means any one of them.