Examples of Security Vessels in a sentence
Each of the Security Vessels shall be adequately insured against (A) Hull & Machinery risks at least covering 100% of the Market Value of such Security Vessel (B) third party liability as per industry standards (P&I), (C) war risk (including expropriation risk) as per industry standards, and (D) any additional insurances required under law or any charter contract.
Auxiliary Naval Vessels like Offshore Patrol Vessels (OPVs), Security Vessels, Border Outposts, Cadet training ships, Missile Vessels, Vessels for Littoral combat &fast attack crafts.
Contractor management will ensure compliance with this requirement as well as host nation requirements, Transportation Security Administration and 33 CFR, Chapter 1, Coast Guard, Department of Homeland Security, Subchapter H, Part 104 – Maritime Security: Vessels.
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.
VESSEL CHARTERINGPacific Silverline has also developed a professional procurement team capable of handling all logistics and vessel management services for the IOCs, which includes but not limited to provision of various sea-going vessels ranging from Crew Boats, Security Vessels, Anchor Handling Tug Supply Vessels, Platform Supply Vessels and different types of Barges.
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 Bond Trustee (and the RCF Agent) shall take out a Mortgagee Interest Insurance (" MII") and Mortgagee Additional Perils Insurance ("MAPI") in respect of the Security Vessels at the expense of the Issuer.
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.
Security Vessels to be registered in a jurisdiction and to fly a flag acceptable to the Lender.
The hull and machinery insurance for each Security Vessel shall cover at least 80% of the Market Value of that Security Vessel, and the Security Vessels shall further inter alia be insured against war risk and have a third party liability insurance as per industry standards.