Second General Assignment definition
Second General Assignment means, in relation to a Ship, the second priority general assignment creating Security over that Ship's Earnings, its Insurances and any Requisition Compensation in relation to that Ship, to be entered into by the relevant Borrower and the Collateral Security Agent in relation to the obligations of that Borrower under the Borrower Collateral Guarantee to which it is a party.
Second General Assignment means in relation to each Vessel the second priority Deed of Assignment of the Earnings, Insurances and Requisition Compensation (as such terms are therein defined) of such Vessel, to be executed by the Owner thereof in favour of the Bank, in form and substance as the Bank shall reasonably require;
Second General Assignment means the second priority deed of assignment dated 23 October 2012 made between the Owner and the Second Mortgagee collateral to the Second Mortgage whereby the Owner has assigned to the Second Mortgagee the Insurances, any Requisition Compensation and the Earnings (as each such term is defined therein);
Examples of Second General Assignment in a sentence
By way of security for payment of the Outstanding Indebtedness the Owner with full title guarantee (but subject to the First General Assignment and subject to the Second General Assignment) hereby assigns and agrees to assign to the Mortgagee absolutely all its rights title and interest in and to the Assigned Property and all its benefits and interests present and future therein.
More Definitions of Second General Assignment
Second General Assignment means the second priority deed of assignment dated 23 October 2012 made between the Guarantor and the Second Mortgagee collateral to the Second Mortgage whereby the Guarantor has assigned to the Second Mortgagee the Insurances, any Requisition Compensation and the Earnings (as defined therein);