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, collectively, the Liberian flag (or other applicable future flag) vessels the Pacific Bora, the Pacific Mistral, the Pacific Scirocco, the Pacific Santa Ana, 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.

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

Examples of Collateral Vessels in a sentence

• Each Credit Party shall cause the earnings derived from each of the respective Collateral Vessels, to the extent constituting Earnings and Insurance Collateral or Secondary Earnings and Insurance Collateral, to be deposited by the respective account debtor in respect of such earnings into one or more of the Concentration Accounts maintained for such Credit Party from time to time.

• In addition to the requirements of the immediately preceding sentence, the Parent will at all times cause the Required Insurance to (x) be maintained on the Collateral Vessels (with the same scope of coverage as that described in Schedule VI) at levels which are at least as great as the respective amount described on Schedule VI and (y) comply with the insurance requirements of the Collateral Vessel Mortgages and the Secondary Collateral Vessel Mortgages, as applicable.

• The Parent will, and will cause each of its Subsidiaries and each of its Non-Recourse Subsidiaries to, maintain insurance on the Collateral Vessels and any other Vessel in at least such amounts as are in accordance with normal industry practice for similarly situated insureds, against losses from oil spills and other environmental pollution.

• Each Lender hereby irrevocably designates and appoints the Security Trustee as security trustee of such Lender under this Agreement and the other Loan Documents solely for the purpose of holding the Collateral Vessel Mortgages of the Collateral Vessels and certain other Collateral, and the Security Trustee hereby accepts such appointment.

• Each Obligor shall, and shall procure that the Manager shall, as soon as practicable following receipt of a request by the Administrative Agent, provide the Administrative Agent, with sufficient copies for all the Lenders, with any additional or further financial or other information relating to any of the Collateral Vessels, the Obligatory Insurances or to any other matter relevant to, or to any provision of, a Loan Document which the Administrative Agent may reasonably request.

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, subject to the addition, substitution or release of vessels from time to time subject to the terms hereof, each of the vessels listed in Schedule 3.21.

Collateral Vessels. Corporate Guarantee" "General Assignments", "Loan Agreement", "Manager's Undertaking", "Mortgages", "New Manager's Undertaking", "Operating Accounts", "Operating Account Pledges", and "Vessels" as herein defined and the definitions set out in Clause 1. of this Supplemental Agreement shall be included mutatis mutandis, in Clause 1. of the Loan Agreement replacing the relevant definitions where the context permits;

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 any or all of the Collateral Vessels;