Collateral Ships definition
Examples of Collateral Ships in a sentence
As of the date hereof, Part B of Schedule II attached hereto sets forth any and all aircraft and boats (other than Collateral Ships) and all other inventory, equipment and other goods owned by such Debtor which are subject to any certificate of title or other registration statute of the United States, any state or any other jurisdiction, and provides a description of such goods and indicates the registration system and jurisdiction of such goods.
On the Delivery Date and upon the successful conclusion of the sale of the Collateral Ships and following the making of the Proceeds Payments in respect of both Collateral Ships in full in accordance with paragraph (a) above and the payment in full by the Collateral Owners of any legal fees and expenses outstanding in connection with the Existing Loan Agreement, the Creditor Parties shall deliver the duly executed Deed of Release to the Collateral Owners.
If both Original Ships are sold during the Substitution Period and no Collateral Ships are acquired during that period, the Borrowers shall on the first Business Day after the end of the Substitution Period prepay the whole of the Loan and all other amounts then outstanding under this Agreement (and all amounts then outstanding under the Master Agreement).
The insurance provisions in this Clause 13 which relate to the Collateral Ships shall prevail in the case of any inconsistency with the insurance provisions in the mortgage in respect of the Collateral Ships which is the subject of the Pledge of Mortgage.
The Ship covenants in this Clause 14 which relate to the Collateral Ships shall prevail in the case of any inconsistency with the provisions in the mortgage in respect of the Collateral Ships which is the subject of the Pledge of Mortgage.
The Lender may at any time by notice in writing request that any New Ships purchased pursuant to a Standby Facility Agreement become Collateral Ships.
The Borrowers confirm, and procure that the Corporate Guarantor and the Collateral Charterers confirm, that the use of the Ships and the Collateral Ships is in compliance with the Russian Price Cap Framework and any other restrictions on Russian Oil Products.
The value of any of the Collateral Ships determined in accordance with the provisions of clause 23.37(Valuation of Owned Ships) shall be binding upon the Parties until such time as any further such valuation shall be obtained for such Collateral Ship pursuant to this clause 23.53(b) or clause 23.37(Valuation of Owned Ships).
The Borrower acknowledges and agrees that the Agent may obtain valuations of the Ship and the Collateral Ships at such times as the Lenders shall, acting reasonably, deem necessary and, in any event, with the first such valuations to be obtained no later that the date falling 6 months after the Drawdown Date, not less often than once during each 12-month period of the Security Period.