Collateral Vessel definition

Collateral Vessel means each or any, as the context may require, of the Identified Vessels and Additional Vessels which are from time to time the subject of a Borrowing or a Borrowing Request or which are otherwise mortgaged or over which security is granted to secure Program Debt, and any Substitute Vessel that has satisfied the requirements of Section 6.05, but excluding any Collateral Vessel which has been sold and which no longer constitutes part of the Security, in each case in accordance with this Agreement.

Collateral Vessel means, as of the Closing Date, each Closing Date Collateral Vessel, and thereafter, each Vessel owned by any Credit Party that becomes a Collateral Vessel in accordance with Section 8.10(f) and is subject to a Collateral Vessel Mortgage.

Collateral Vessel means, at any time, (i) each of the vessels listed on Schedule VI hereto and (ii) any vessel provided as Additional Collateral, in each case, which is subject to a first priority perfected Collateral Vessel Mortgage at such time and with respect to which the other Collateral and Guaranty Requirements are satisfied at such time.

Examples of Collateral Vessel in a sentence

• Each Collateral Vessel has been duly registered under the laws and regulations and flag of the jurisdiction set forth opposite its name on Schedule 6.21, and no other action is necessary to establish and perfect such entity’s title to and interest in such vessel as against any employment contractor or third party.

• Each Collateral Vessel is operated in all material respects in compliance with all applicable laws, rules and regulations.

• 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.

• A valuation of each Collateral Vessel addressed to the Lender from a broker acceptable to the Lender certifying the market value for each Collateral Vessel, acceptable to the Lender.

• The signatories hereto represent and warrant to each other that the signatories hereto are duly authorized to execute this Agreement and that the Agreement is valid, binding and duly enforceable against such party according to its terms.

More Definitions of Collateral Vessel

Collateral Vessel means the vessel owned by the Borrower and known on the date hereof as the NORWEGIAN JEWEL (IMO 9304045).

Collateral Vessel means any of them;

Collateral Vessel means each of the vessels listed on Annex I hereto, together with any vessel provided as a replacement thereto in accordance with the terms of the First Priority Credit Agreement and the Second Priority Credit Agreement at any time.

Collateral Vessel means (i) initially, the Vessels identified on Schedule 1.01(a) and (ii) thereafter, (x) any additional Vessel acquired by a Borrower or a Subsidiary Guarantor after the Closing Date (other than an Excluded Vessel) and (y) any Vessel that ceases to be an Excluded Vessel after the Closing Date.

Collateral Vessel means each Primary Collateral Vessel and each Secondary Collateral Vessel.

Collateral Vessel means each Primary Collateral Vessel and each Secondary Collateral Vessel; it being understood and agreed that any Vessel acquired in a Permitted New Vessel Acquisition shall not constitute a Collateral Vessel.

Collateral Vessel means (a) each vessel listed on Schedule VI hereto and (b) such other vessel posted as Additional Collateral (such vessel, an “Additional Vessel”); provided, that for the purposes of Section 4.02(b), an Additional Vessel shall not be deemed a Collateral Vessel; provided, further, that Schedule VI is automatically updated to include any Additional Vessel without any further action on the part of the Administrative Agent.