TK » Topics » PART IV - INITIAL SECURITY DOCUMENTS
This excerpt taken from the TK 20-F filed Apr 8, 2005.
PART IV INITIAL
Assignments in respect of the rights of each Subsidiary Guarantor to or under
(i) the Insurances (ii) the requisition proceeds (iii) the Earnings and (iv) in
the case of each Collateral Vessel being subject to a Relevant Third Party
Charter entered into by a Charterer incorporated in Norway, the benefit of the
assignments referred to in paragraph 2(ii) below.
Assignments (including in respect of Earnings) by the relevant Charterer in
favour of (i) the Security Trustee or (ii) where such Charterer is incorporated
in Norway, the relevant Subsidiary Guarantor, in relation to each Relevant Third
Share pledges/charges in respect of the entire issued share capital or limited
liability company interest (as applicable) of each Subsidiary Guarantor.
Vessel mortgage and (if required in the relevant jurisdiction) deed of covenant
in respect of each of the Collateral Vessels (subject to Clause 19.23
(Collateral VesselProvisions)) incorporating the Collateral
Vessel Provisions and providing inter alia for the maintenance of
insurances by the bareboat charterer in respect of such Collateral Vessel and
the naming of the Security Trustee as sole loss payee (in respect of a total
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