Security Vessels definition

Security Vessels means, subject to any Permitted Disposal, the four gas carriers all flying the Liberian flag:
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Security Vessels means (a) on the Effective Date, those certain Vessels listed on Schedule 3 listed under the heading “Security Vessels”, and (b) from and after the Effective Date, those Vessels subject to, or required to be subject to, a Mortgage;
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Security Vessels means the Initial Vessels and any Additional Vessels;
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Examples of Security Vessels in a sentence

  • The Issuer shall procure that the Vessel Managers operate the Security Vessels in accordance with good industry standards and in accordance with the relevant Vessel Management Agreements and in compliance with the terms hereof and the Transaction Security Documents.

  • The Issuer shall remain the sole owner (directly or indirectly) of the Vessel Owners and ensure that the Vessel Owners shall continue to directly hold legal title to and own the entire beneficial interest in the respective Security Vessels, except if disposed of in a Permitted Disposal.

  • The Security Trustee or the Facility Agent shall take out Mortgagee Interest Insurance and Mortgagee Additional Perils Insurance in respect of the Security Vessels at the expense of the Borrower.

  • Pursuant to Federal Rule of Civil Procedure 55, when a party against whom a default judgment is sought failed to appear in the action and is not a minor or incompetent, notice of the motion is not required.

  • The Issuer shall provide for reasonable and satisfactory maintenance and insurance of the Security Vessels and all relevant equipment related thereto at all times, hereunder to retain the Security Vessels in class.

  • The Security Vessels shall also be adequately insured under the Mandatory Insurances.

  • The Facility Agent shall have received from the Borrower (i) copies of each of the insurance policies for the Security Vessels and (ii) any additional evidence the Facility Agent shall reasonably require that each of the Security Vessels is insured in accordance with this Agreement and the Mortgage thereon and that all requirements in respect of such insurances have been complied with.

  • The Debtors will not, and will procure that the Collateral Vessel Owners will not, make any investment or material capital expenditures, excluding expenditures for drydocking and repairs for the Security Vessels.

  • The Debtors shall require and shall cause the Collateral Vessel Owners to require at all times that any charterer shall use its due diligence to operate, maintain, repair, insure, man and supply the Security Vessels in a careful and proper manner, comply in all material respects with and conform to all governmental laws, rules and regulations and insurance restrictions relating thereto, and operate the Security Vessels with competent and duly qualified personnel.

  • During operation of the Security Vessels, the Issuer shall ensure that the Vessel Manager runs proper maintenance of the Security Vessels.


More Definitions of Security Vessels

Security Vessels means the Initial Vessels and any Additional Vessels.
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Security Vessels means, collectively, the Vessels and the Collateral Vessels.
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Related to Security Vessels

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

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

  • 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.

  • 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.

  • 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”);

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

  • Passenger vessel means any boat, ship, vessel,

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

  • 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:

  • 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;

  • Recreational vessel means a vessel—

  • 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.

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

  • 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.

  • existing vessel means a vessel that is not a new fishing vessel.

  • Commercial vessel means any vessel not owned and operated by the United States military or the United States Coast Guard.

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

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

  • passenger ship means a ship which carries more than 12 passengers;

  • Pressure vessel means a vessel that may be used for containing, storing, distributing, transferring, distilling, processing or otherwise handling any gas, vapour or liquid under pressure greater than the atmospheric pressure and includes any pipeline fitting or other equipment attached thereto or used in connection therewith; and

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

  • Aircraft means any machine that can derive support in the atmosphere from the reactions of the air other than the reactions of the air against the earth’s surface;

  • Sailing vessel means any vessel under sail provided that propelling machinery, if fitted, is not being used.

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

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

  • Delivery vessel means tank trucks or trailers equipped with a storage tank and used for the transport of gasoline from sources of supply to stationary tanks of gasoline dispensing facilities.