Secured vessel definition

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 any vessel that has been secured by the
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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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Related to Secured vessel

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

  • Passenger vessel means any boat, ship, vessel,

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

  • 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.

  • Transaction Security means the Security created or expressed to be created in favour of the Security Agent pursuant to the Transaction Security Documents.

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