Insurance Collateral definition

Insurance Collateral means, collectively, all “Insurances” as defined in each Assignment of Insurances.

Insurance Collateral shall have the meaning specified in Section 2.02(b).

Insurance Collateral shall have the meaning set forth in the General Assignment Agreement.

Examples of Insurance Collateral in a sentence

• The Assignors shall remain liable to perform all of their obligations in relation to the Insurance Collateral and the Assignee shall be under no obligation of any kind whatsoever in respect thereof or be under any liability whatsoever (including, without limitation, any obligation or liability with respect to the payment of premiums, calls, assessments or any other sums at any time due and owing in respect of the Insurances) in the event of any failure by the Assignors to perform such obligations.

• For the avoidance of doubt, nothing herein shall require the Assignee to file any such financing statements or any continuation statements, or be responsible for maintaining the security interests purported to be created by this Assignment (except for the safe custody of any Insurance Collateral in its possession and the accounting for moneys actually received by it under this Assignment) and such responsibility shall be solely that of each Assignor.

• Each Assignor agrees that if this Assignment shall at any time be insufficient in whole or in part to create a valid security interest in the Insurance Collateral pledged by it, it shall execute or cause to be executed such other documents or deliver or cause to be delivered such further assurances as may be necessary in order to create a valid security interest in such Insurance Collateral.

• 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.

• Upon the occurrence of any of the events described in clause (a) or (b) of Section 12.02 of the Indenture, the continuing security interest granted hereby shall automatically terminate and be released and all rights to the Insurance Collateral shall automatically revert to the Assignors.

More Definitions of Insurance Collateral

Insurance Collateral has the meaning set forth in Section 4.1(u) hereof.

Insurance Collateral shall have the meaning set forth in the Global Assignment Agreement.

Insurance Collateral as defined in Section 10.25(b).

Insurance Collateral means (a) all Insurances Policies in respect of the Rigs, whether heretofore, now or hereafter effected, and all renewals of or replacements for the same, (b) all claims, returns of premium and other moneys and claims for moneys due and to become due under or in respect of the Insurance Policies, (c) all other rights of the Loan Parties under or in respect of the Insurance Policies and (d) any proceeds of any of the foregoing.

Insurance Collateral as the case may be, as defined in the respective Assignment of Earnings and the Assignment of Insurances.

Insurance Collateral has the meaning given to such term in Section 2(a)(xi) of this Agreement.

Insurance Collateral means fifty percent (50%) of the Insurance Proceeds; such 500/0 shall be calculated so that with respect to each $1.00 of Insurance Proceeds that is owing to or received by the Purchaser, $0.50 shall be subject to the security interest of the Collateral Agent for the benefit of the holders of the Bank Notes, and shall be applied immediately upon receipt to repay the Bank Notes as provided therein.