Vessel Insurance definition
Examples of Vessel Insurance in a sentence
Company will maintain or cause to be maintained, with financially sound and reputable insurers, throughout the term of this Agreement, all Policies of Insurance required pursuant to Schedules 6.4(a) and 6.4(b) annexed hereto and will otherwise comply fully with the terms and conditions provided in subsection 6 of each of the Mortgages and within each of the Ship Mortgages under the heading "Vessel Insurance Requirements and Provisions".
A copy of Vessel Insurance will be presented at checkin along with a copy of the operator’s valid Boating License for record keeping.
The ATB Vessel Insurance Proceeds Deposit shall constitute a part of the Collateral, and the Borrowers’ hereby grant to the Lender a security interest therein.
I agree to carry Liability and Property Damage Insurance on my watercraft(s) and dockage area in an amount NOT LESS THAN $100,000 and agree to furnish acceptable evidence of insurance yearly with no exception and add the AI Endorsement to Vessel Insurance policies for WCYC.
Any insurance proceeds received by any Borrow pending replacement of the Lost ATB Vessel with an Approved Substitute ATB Vessel shall promptly be delivered to the Lender (the “ATB Vessel Insurance Proceeds Deposit”) to be deposited in a non-interest-bearing account to be held by the Lender or by such other Person as may be approved by the Lender.
Evidence of Vessel Insurance required by the First Preferred Ship Mortgage of Intermac 600.
I agree to carry Liability and Property Damage Insurance on my boat and dockage area in an amount NOT LESS THAN $100,000 and agree to furnish acceptable evidence of insurance yearly with no exception and add the AI Endorsement to Vessel Insurance policies for WCYC.
Any insurance proceeds received by any Borrower pending replacement of the Lost Non-ATB Vessel with an Approved Substitute Non-ATB Vessel shall promptly be delivered to the Lender (the “Non-ATB Vessel Insurance Proceeds Deposit”) to be deposited in a non-interest-bearing account to be held by the Lender or by such other Person as may be approved by the Lender.
Provided no Default or Event of Default shall have occurred and be continuing, upon satisfaction of each of the foregoing conditions, the Lender shall release the ATB Vessel Insurance Proceeds Deposit to the Borrowers concurrently upon the replacement of the Lost ATB Vessel with the Approved Substitute ATB Vessel.
The Non-ATB Vessel Insurance Proceeds Deposit shall constitute a part of the Collateral, and the Borrowers’ hereby grant to the Lender a security interest therein.