Common use of Substitute Vessels Clause in Contracts

Substitute Vessels. It is agreed and acknowledged that the Borrower may request amendments to the list of Vessels set out at Schedule 2. Any such request shall be considered by the Banks acting reasonably, and subject to: 2.10.1 the Banks being satisfied that the replacement vessels are: (i) offshore PSVs or AHTSs of the Borrower's usual standard and quality; (ii) registered in an acceptable registry and classed with a Pre-Approved Classification Society; (iii) built no earlier than 2000 and being no more than two (2) years older than the Vessel it is to replace; (iv) have a Valuation no less than eighty per cent (80%) of the Valuation of the Vessel to be replaced; 2.10.2 the Borrower, as owner of the replacement vessel, granting security over such replacement vessel equivalent to the other Security Documents; and 2.10.3 the Agent receiving such conditions precedent (including but not limited to corporate papers and legal opinions) as it may reasonably require, the Banks shall consent to such substitutions and the definition of "Vessels" shall be amended accordingly.

Substitute Vessels. It is agreed and acknowledged that the Borrower may request amendments to the list of Vessels set out at Schedule 2. Any such request shall be considered by the Banks acting reasonably, and subject to: 2.10.1 the Banks being satisfied that the replacement vessels are: (i) offshore PSVs or AHTSs of the Borrower's ’s usual standard and quality; (ii) registered in an acceptable registry and classed with a Pre-Approved Classification Society; (iii) built no earlier than 2000 and being no more than two (2) years older than the Vessel it is to replace; (iv) have a Valuation no less than eighty per cent (80%) of the Valuation of the Vessel to be replaced; 2.10.2 the Borrower, as owner of the replacement vessel, granting security over such replacement vessel equivalent to the other Security Documents; and 2.10.3 the Agent receiving such conditions precedent (including but not limited to corporate papers and legal opinions) as it may reasonably require, the Banks shall consent to such substitutions and the definition of "“Vessels" ” shall be amended accordingly.

Substitute Vessels. It is agreed and acknowledged that the Borrower may request amendments to the list of Vessels set out at Schedule 2. Any such request shall be considered by the Banks acting reasonably, and subject to: 2.10.1 the Banks being satisfied that the replacement vessels are: (i) offshore PSVs or AHTSs of the Borrower's usual standard and quality; (ii) registered in an acceptable registry and classed with a Pre-Approved Classification Society; (iii) built no earlier than 2000 1996 and being no more than two (2) years older than the Vessel it is to replace; (iv) have a Valuation no less than eighty per cent (80%) of the Valuation of the Vessel to be replaced; 2.10.2 the Borrower, as owner of the replacement vessel, granting security over such replacement vessel equivalent to the other Security Documents; and 2.10.3 the Agent receiving such conditions precedent (including but not limited to corporate papers and legal opinions) as it may reasonably require, the Banks shall consent to such substitutions and the definition of "Vessels" shall be amended accordingly.

Substitute Vessels. It is agreed and acknowledged that the Borrower may request amendments to the list of Vessels set out at Schedule 22 Part I and Schedule 2 Part II. Any such request shall be considered by the Banks acting reasonably, and subject to: 2.10.1 the Banks being satisfied that the replacement vessels are: (i) offshore PSVs or AHTSs of the Borrower's ’s usual standard and quality; (ii) registered in an acceptable registry and classed with a Pre-Approved Classification Society; (iii) built no earlier than 2000 1997 and being no more than two (2) years older than the Vessel it is to replace; (iv) have a Valuation no less than eighty per cent (80%) of the Valuation of the Vessel to be replaced; 2.10.2 the Borrower, as owner of the replacement vessel, granting security over such replacement vessel equivalent to the other Security Documents; and 2.10.3 the Agent receiving such conditions precedent (including but not limited to corporate papers and legal opinions) as it may reasonably require, the Banks shall consent to such substitutions and the definition definitions of "“Vessels" ” and “Owners” shall be amended accordingly.

Substitute Vessels. It is agreed and acknowledged that the Borrower may request amendments to the list of Vessels set out at Schedule 22 Part I and Schedule 2 Part II. Any such request shall be considered by the Banks acting reasonably, and subject to: 2.10.1 2.17.1 the Banks being satisfied that the replacement vessels are: (i) offshore PSVs or AHTSs of the Borrower's usual standard and quality; (ii) registered in an acceptable registry and classed with a Pre-Approved Classification Society; (iii) built no earlier than 2000 1997 and being no more than two (2) years older than the Vessel it is to replace; (iv) have a Valuation no less than eighty per cent (80%) of the Valuation of the Vessel to be replaced; 2.10.2 2.17.2 the Borrower, as owner of the replacement vessel, granting security over such replacement vessel equivalent to the other Security Documents; and 2.10.3 2.17.3 the Agent receiving such conditions precedent (including but not limited to corporate papers and legal opinions) as it may reasonably require, the Banks shall consent to such substitutions and the definition definitions of "Vessels" and "Owners" shall be amended accordingly.

Substitute Vessels. It is agreed and acknowledged that the Borrower may request amendments to the list of Vessels set out at Schedule 2. Any such request shall be considered by the Banks acting reasonably, and subject to: 2.10.1 the Banks being satisfied that the replacement vessels are: (i) offshore PSVs or AHTSs of the Borrower's ’s usual standard and quality; (ii) registered in an acceptable registry and classed with a Pre-Approved Classification Society; (iii) built no earlier than 2000 1996 and being no more than two (2) years older than the Vessel it is to replace; (iv) have a Valuation no less than eighty per cent (80%) of the Valuation of the Vessel to be replaced; 2.10.2 the Borrower, as owner of the replacement vessel, granting security over such replacement vessel equivalent to the other Security Documents; and 2.10.3 the Agent receiving such conditions precedent (including but not limited to corporate papers and legal opinions) as it may reasonably require, the Banks shall consent to such substitutions and the definition of "“Vessels" ” shall be amended accordingly.

Substitute Vessels. It is agreed and acknowledged that the Borrower may request amendments to the list of Vessels set out at Schedule 2. Any such request shall be considered by the Banks acting reasonably, and subject to: 2.10.1 2.17.1 the Banks being satisfied that the replacement vessels are: (i) offshore PSVs or AHTSs of the Borrower's ’s usual standard and quality; (ii) registered in an acceptable registry and classed with a Pre-Approved Classification Society; (iii) built no earlier than 2000 1997 and being no more than two (2) years older than the Vessel it is to replace; (iv) have a Valuation no less than eighty per cent (80%) of the Valuation of the Vessel to be replaced; 2.10.2 2.17.2 the Borrower, as owner of the replacement vessel, granting security over such replacement vessel equivalent to the other Security Documents; and 2.10.3 2.17.3 the Agent receiving such conditions precedent (including but not limited to corporate papers and legal opinions) as it may reasonably require, the Banks shall consent to such substitutions and the definition definitions of "“Vessels" shall be amended accordingly”.