Ship Security Documents definition

Ship Security Documents means, in relation to each Vessel, the relevant Mortgage, the relevant General Assignment, any relevant Charter Assignment and the relevant Manager’s Undertakings;

Ship Security Documents means in relation to each Vessel, the Mortgage, the General Assignment and the Manager’s Undertaking in respect of such Vessel;

Ship Security Documents in relation to the Andros Ship, means the Andros Mortgage, the Andros Deed of Covenant and the Andros Manager's Undertaking;

Examples of Ship Security Documents in a sentence

• Any insurance moneys or Requisition Compensation or proceeds of sale received by the Security Agent or any other Creditors (as the case may be) in respect of such Total Loss or sale of a Mortgaged Ship under the relevant Ship Security Documents, shall be applied in or towards making any prepayment and paying any other moneys required under clauses 4.3 and 4.4 and provided no Event of Default has occurred and is continuing, the balance (if any) shall be paid to the Borrowers.

• On the date falling one hundred and twenty (120) days after that on which the Ship became a Total Loss or, if earlier, on the date upon which the insurance proceeds are, or Requisition Compensation (as defined in the Ship Security Documents) is, received by the Borrower (or the Bank pursuant to the Security Documents), the Borrower shall prepay the Loan in full.

• Duly executed notices of assignment in the forms prescribed by the Ship Security Documents for the Ship relevant to such Advance.

• On the date falling one hundred and eighty (180) days after that on which a Mortgaged Ship became a Total Loss or, if earlier, on the date upon which the insurance proceeds in respect of such Total Loss are, or Requisition Compensation (as defined in the relevant Ship Security Documents) is, received by the relevant Owner (or the Bank pursuant to the relevant Ship Security Documents), the Borrower shall prepay such part of the Loan as is equal to the Relevant Amount.

• If a Mortgaged Ship is sold (with the prior consent of the relevant Creditors pursuant to the relevant Ship Security Documents) or becomes a Total Loss, then the Borrowers shall, on the Disposal Reduction Date for such Mortgaged Ship, prepay such part of the Loan as is equal to the higher of (i) the Relevant Amount and (ii) such amount in Dollars as shall ensure that, immediately after the relevant prepayment, the Security Value is not less than the Security Requirement.

More Definitions of Ship Security Documents

Ship Security Documents means in relation to each Vessel, the Mortgage, the General Assignment, any Charter Assignment, the Manager’s Undertakings and the Insurances Assignments in respect of such Vessel;

Ship Security Documents in relation to the Q Jake Ship, means the Q Jake Mortgage, the Q Jake General Assignment, any Charter Assignment in respect of the Q Jake Ship and the Manager’s Undertaking in respect of the Q Jake Ship; or

Ship Security Documents in relation to the Xxxxxxx Ship, means the Xxxxxxx Mortgage, the Xxxxxxx Deed of Covenant, the Xxxxxxx General Assignment, the Xxxxxxx Charter Assignment and the Xxxxxxx Charter Guarantee Assignment; or

Ship Security Documents means the Mortgage, the Deed of Covenant and the Manager's Undertaking;

Ship Security Documents means in relation to each Owned Vessel, the Mortgage, the General Assignment, the Charter Assignment (if applicable) and each Manager’s Undertaking in respect of such Vessel;

Ship Security Documents in relation to Ship A, means the Ship A Mortgage, the Ship A General Assignment and a Charter Assignment in respect of Ship A;

Ship Security Documents in relation to the Kassos Ship, means the Kassos Mortgage, the Kassos Deed of Covenant and the Manager's Undertaking in respect of the Kassos Ship;