Secured vessel definition

Secured vessel means any vessel that has been secured by the
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Secured vessel means any vessel that has been secured by the commission that remains in the commission's possession and control.
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Secured vessel means (subject to Clause 5.3) any Vessel which, at the relevant time, has been delivered to the Borrower and in relation to which the Borrower has executed the Security Agreements set out in Part B of Schedule 2 (Initial Condition Precedent Documents), provided that if at any time a Vessel is not insured in accordance with the terms of the relevant Mortgage, then for so long as such Vessel is not so insured, such Vessel shall, if the Facility Agent determines, cease to be a Secured Vessel.
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Examples of Secured vessel in a sentence

  • In respect of each Secured Vessel, on and at all times following the Applicable Time in respect of that Vessel, the Borrower is in full compliance with the ISPS Code in respect of that Vessel.

  • On the date a Vessel becomes a Secured Vessel, any Time Charter in respect of that Vessel shall be in full force and effect.

  • If the Borrower fails to effect and keep in force Obligatory Insurances in accordance with this Agreement, it shall be permissible, but not obligatory, for the Facility Agent to effect and keep in force insurance or insurances in the amounts required under this Agreement and entries in a protection and indemnity association or club and, if it deems necessary or expedient, to insure the war risks upon any Secured Vessel, and the Borrower will reimburse the Facility Agent for the costs of so doing.

  • In respect of each Secured Vessel, on and at all times following the Applicable Time in respect of that Vessel, the Borrower is in full compliance with the ISM Code in respect of that Vessel.

  • Notwithstanding any other provision of this Deed, each Bondholder Trustee (for and on behalf of the Bondholders in respect of which it is acting as trustee), Secured Vessel Lender, VesselCo Party, Lender and HHI Party will continue to be entitled to receive interest on its outstanding indebtedness at the contractual rate (but not default interest or premia) up to (but excluding) the day on which the Restructuring Effective Time occurs.

  • Unless an Event of Default shall have occurred and be continuing, the balance of the proceeds of a sale or Total Loss of the relevant Secured Vessel following such transfer from the Retention Account may be released to such other account as the Borrower shall designate.

  • Each of the Secured Vessel Lenders is entering into this Deed in its capacity as a lender and only in respect of the Existing SVL Debt which it holds and not in any other capacity.

  • The Facility Agent shall require the following documentation and evidence from the Borrower, in respect of a Vessel at the time provided for in Clause 3.1(d) or, in respect of an Additional Vessel which is to become a Secured Vessel, Clause 4.3(d)(ii).

Related to Secured vessel

  • Mortgaged Vessel means, at any relevant time, any Vessel which is at such time subject to a Mortgage and a Vessel shall, for the purposes of this Agreement, be regarded as a Mortgaged Vessel as from the date on which the Mortgage of that Vessel has been executed and registered in accordance with this Agreement until whichever shall be the earlier of (i) the payment in full of the amount required to be paid to the Agent pursuant to clause 4.3 or 4.5 following the Total Loss or sale respectively of such Vessel and (ii) the end of the Facility Period;

  • Covered vessel means a tank vessel, cargo vessel, or passenger vessel.

  • Mortgaged Ship means a Ship which is subject to a Mortgage at the relevant time and, in the plural, means all of them;

  • Fleet Vessels means all of the vessels (including, but not limited to, the Ships) from time to time wholly owned by members of the Group (each a “Fleet Vessel”);

  • Vessel means the vessel/craft belonging to the Contractor for carrying out the work.

  • Tank vessel means a ship that is constructed or adapted to carry, or that carries, oil in bulk as cargo or cargo residue, and that:

  • U.S.-flag vessel means a vessel of the United States or belonging to the United States, including any vessel registered or having national status under the laws of the United States.

  • Documented vessel means a vessel documented under chapter 121, title 46, United States Code or a vessel for which an application for such docu- mentation is pending.

  • Relevant Sukuk Obligation means any undertaking or other obligation to pay any money given in connection with the issue of Islamic-compliant certificates, whether or not in return for consideration of any kind, which for the time being are, or are intended to be, or are capable of being, quoted, listed or ordinarily dealt in or traded on any stock exchange, over-the-counter or other securities market.

  • Foreign flag vessel means any vessel that is not a U.S.-flag vessel.

  • Passenger vessel means any boat, ship, vessel,

  • Cargo vessel means a self-propelled ship in commerce, other than a tank vessel or a passenger vessel, three hundred or more gross tons, including but not limited to, commercial fish processing vessels and freighters.

  • Vessels shall have the meaning set forth in the recitals.

  • The Vessel means the vessel named in Box 5 and with particulars as stated in Boxes 6 to 12.

  • Foreign-going vessel means any vessel other than a coastal vessel.

  • foreign fishing vessel means any fishing vessel other than a local fishing vessel;

  • Public vessel ’ means a vessel owned or bareboat chartered and operated by the United States, by a State or political subdivision thereof, or by a foreign nation, except when such vessel is engaged in commerce;

  • Ship means a vessel of any type whatsoever operating in the marine environment and includes hydrofoil boats, air-cushion vehicles, submersibles, floating craft and fixed or floating platforms.

  • Relevant Ship means the Ships and any other vessel from time to time (whether before or after the date of this Agreement) owned, managed or crewed by, or chartered to, any Relevant Party;

  • existing vessel means a vessel which is not a new vessel;

  • Transaction Security means the Security provided for the Secured Obligations pursuant to the Security Documents.

  • fishing vessel means a vessel used for catching fish, whales, seals, walrus or other living resources of the sea;

  • foreign vessel means any vessel other than a coastal vessel.

  • Charterer means a person, firm, corporation, association, partnership, or other legal entity who contracts for the transportation of passengers and baggage, or goods and/or property from a specified origin to a specified destination, for a particular itinerary, agreed upon in advance.

  • Coastal vessel means any vessel exclusively employed in trading between any port or place in India to any other port or place in India having a valid coastal license issued by the competent authority.

  • storage vessel means a pressure vessel as defined in the Regulations for Pressure Vessels made under the Occupational Health and Safety Act;