Replacement vessels Sample Clauses

Replacement vessels. A Contractor may replace an MSP vessel under an MSP Operating Agreement with an- other vessel that is eligible to be in- cluded in the MSP under section 296.11(a), if the Secretary, in conjunc- tion with the Secretary of Defense, ap- proves the replacement vessel.
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Replacement vessels. A contractor may replace a vessel under an operating agreement with another vessel that is eligible to be in- cluded in the Fleet under section 53102(b), if the Secretary, in conjunction with the Secretary of Defense, approves the replacement of the vessel. (Added Pub. L. 108–136, div. C, title XXXV, § 3531(a), Nov. 24, 2003, 117 Stat. 1812; amended Pub. L. 109–304, § 13(a)(4), Oct. 6, 2006, 120 Stat.
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Replacement vessels. With the exception of any ferry service which Government may contract with a private operator, should Government permanently replace an existing vessel on a service presently covered by the bargaining unit, a permanent Ferry Captain who is displaced as a result of the permanent replacement of a vessel and who is qualified and able to assume the Captain’s position on the replacement vessel will be offered the position on the replacement vessel.
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Replacement vessels. (a) (i) In the event that Acquiror, in connection with the Due Diligence Inspection of each Transferor Vessel to be transferred by Clipper Bulk pursuant to Section 6.09(a), concludes, in its reasonable discretion, that either such Transferor Vessel is not of sound condition relative to other vessels of similar age, size and type operated by prudent and commercially reputable shipowners in similar trades, free of average damage and free of recommendations affecting class (such condition hereinafter called the “Required Condition”), then Acquiror may reject the delivery of such Transferor Vessels hereunder pursuant to a written notice to Clipper Bulk (the “Clipper Rejection Notice”) delivered no later than fifteen (15) days after the final Due Diligence Inspection. In such case, Clipper Bulk shall be obligated either (x) at its expense to place both of the Transferor Vessels to be transferred by it in the Required Condition and to deliver both such Transferor Vessels to the Acquiror or its nominee on or before the Outside Delivery Date, or (y) to deliver, on or before one hundred and twenty (120) days from the First Closing Date, Substitute Vessel A or Substitute Vessel B and Substitute Vessel C, as described on Schedule IV attached hereto (each vessel described therein, a “Substitute Vessel”); provided, however, any obligation of Clipper Bulk to deliver such Substitute Vessel under this Section 6.11(a) shall terminate upon an actual, constructive or compromised total loss of such Substitute Vessel.
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Replacement vessels. A contractor may replace a vessel under an operating agreement with another vessel that is eligible to be in- cluded in the Fleet under section 53102(b), if the Secretary, in conjunction with the Secretary of Defense, approves the replacement of the vessel.
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Replacement vessels. MARAD may approve the replacement of an Eligible Vessel in a MSP Operating Agreement provided the replacement vessel is xxx- gible under § 295.10.
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Related to Replacement vessels

  • Replacement of Lost Investments In the event of a loss of Investments for which the Custodian is responsible under the terms of this Agreement, the Custodian shall replace such Investment, or in the event that such replacement cannot be effected, the Custodian shall pay to the Fund the fair market value of such Investment based on the last available price as of the close of business in the relevant market on the date that a claim was first made to the Custodian with respect to such loss, or, if less, such other amount as shall be agreed by the parties as the date for settlement.

  • Benchmark Replacement Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (a) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (b) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders. If the Benchmark Replacement is Daily Simple SOFR, all interest payments will be payable on a quarterly basis.

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