Examples of Security Agent in a sentence
The Charterer shall allow the Security Agent to enforce the rights of the relevant Owner under the Charter as assignee of those rights under the relevant Charter Assignment.
Once the Agent has confirmed that it has received or will receive to its satisfaction all amounts payable pursuant to clause 7.6(c), the Borrowers may request the consent of the Security Agent (acting on the instructions of all Lenders) to release, discharge and/or, as appropriate, reassign the Security Documents (and the Security Interests assigned or charged thereunder) executed in respect of such Mortgaged Ship.
If an Obligor requests an amendment, waiver or consent, the Borrowers shall, within five Business Days of demand by the Agent, reimburse the Agent for the amount of all documented costs and expenses (including fees, costs and expenses of legal advisers and insurance and other consultants and advisers) reasonably incurred by the Agent and the Security Agent (and by any Receiver) in responding to, evaluating, negotiating or complying with that request or requirement.
A properly certified copy of the relevant Mortgage shall be kept on board the Ship with its papers and shown to anyone having business with the Ship which might create or imply any commitment or Security Interest over or in respect of the Ship (other than a lien for crew’s wages and salvage) and to any representative of the Security Agent.
If at any time the Security Agent holds additional security provided under this clause 25 and the Security Value, disregarding the value of that additional security, exceeds the Minimum Value by at least ten per cent of the Minimum Value and the Security Value has been determined by reference to valuations provided no more than 90 days previously, the Borrowers may, by notice to the Agent, require the release and discharge of that additional security.