Substitution of Vessels Sample Clauses

Substitution of Vessels. In addition to the provisions set forth in Section 4.2(e) of Rate Schedule LTD-1, (a) Customer may nominate a vessel on the approved listing described in Section 4.9 of this Agreement as a substitute for a confirmed vessel so long as the discharge date remains the same and Customer provides the information required in Section 4.2(b) of Rate Schedule LTD-1 at the time of such nomination. (b) If the characteristics and size of the cargo of the substitute vessel are substantially the same as the original cargo, Customer must provide 48 hours prior notice of such substitution and Operator shall confirm such substitute nomination.
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Substitution of Vessels. In respect of any nominated Xxxxxx, the Buyer may, or if necessary to perform its obligations under the Agreement must, substitute thereof another Vessel provided always that: 17.3.1 the size of the substitute Vessel and the quantity to be loaded shall not, without the prior consent of the Seller, differ materially from the size of the Vessel previously named and the quantity specified in the nomination; 17.3.2 the delivery period which would have applied in respect of the Vessel originally nominated shall apply to the substitute Vessel; and 17.3.3 the Buyer shall give to the Seller notice in writing of the name and the destination(s) of the substitute Xxxxxx as soon as practicably possible but in any event not later than the ETA of the substitute Vessel or the ETA of the Vessel originally nominated, whichever is earlier.
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Substitution of Vessels. In respect of any nominated Xxxxxx, the Seller may, or if necessary to perform its obligations under the Agreement must, substitute another Vessel provided always that: 17.9.1 the size of the substitute Vessel and the quantity to be loaded shall not, without the prior written consent of the Buyer, differ materially from the size of the Vessel previously named and the quantity specified in the nomination; and 17.9.2 the Seller shall give to the Buyer notice in writing of the name of the substitute Vessel not less than the last day of the delivery period, provided always that such substitution shall not be allowed after commencement of loading of the Vessel originally nominated unless otherwise specifically agreed between the parties.
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Substitution of Vessels. Buyer shall be entitled to substitute another vessel for any vessel designated in an Agreed Lifting Program; provided, however, that the substitute vessel shall have substantially the same characteristics (including carrying capacity) as the vessel previously nominated and accepted pursuant to Article 10.1 and shall meet the requirements for vessels loading at the particular Loading Port involved; and provided, further, that Buyer shall give Seller notice of the substitution not less than ninety-six (96) hours prior to the first Day of the Agreed Laydays for the substituted vessel and shall then provide all of the information specified in Article 10.1.1(e). In the event that Buyer substitutes a vessel other than in accordance with the provisions of this Article 10.2, Seller may in its sole discretion refuse to load such vessel, or it may load such vessel at any Loading Port on any Day it may specify, whether or not within the Agreed Laydays for such vessel, and Seller shall in no event be liable for demurrage, deadfreight or any other charges with respect to the loading of any such vessel.
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Substitution of Vessels. In the event that a Vessel (other than the Vessels to be replaced by Hull 8015 and Hull 8016) is sold, lost or declared an actual or constructive total loss, the Borrower may substitute a Vessel with a similar vessel to such Vessel within 180 days subject to the consent of the Lenders, such consent not to be unduly withheld or delayed, and so long as no Event of Default or potential Event of Default has occurred and is continuing (or would result from such disposition). Such substitute vessel shall meet all of the following characteristics, and the owner of such vessel meets all of the following conditions, as the case may be: (a) a vessel of a comparable age and tonnage as the Vessel sold or released to the Lenders or a vessel of another size and tonnage acceptable to the Lenders; (b) complies with requirements of Section 3.1(i); (c) has, at the time of substitution, a Fair Market Value greater than or equal to the Fair Market Value of the Vessel for which it is substituted or a Fair Market Value acceptable to the Lenders; and (d) the owner of the substitute Vessel has met the conditions, updated mutatis mutandis, of Sections 3.1(a), (b), (e), (i), (j) and (k) and Sections 3.2 (c) and (d).
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Substitution of Vessels. So long as no Event of Default or event which, but for the giving of notice or passage of time or both, would constitute an Event of Default has occurred and is continuing, the Guarantor or the Borrowers may substitute a vessel (which vessel may be owned by a Borrower made a party hereto pursuant to an Accession Agreement) for a Vessel provided that such substitute vessel (and, if applicable, Borrower) is approved by the Lenders (which approval shall not be unreasonably withheld) and such substitute vessel meets all of the following characteristics, and the owner of such vessel meets all of the following conditions, as the case may be: (i) an Aframax tanker between 75,000 and 115,000 dead weight tons (ii) built in or after 1987 but in no event more than two years older than the Vessel sold or released; (iii) complies with requirements of Clause 4.1(b) hereof; (iv) has, at the time of substitution, a FMV greater than or equal to the FMV of the Vessel for which it is substituted; and (v) the owner of the substitute Vessel has, if relevant, executed an Accession Agreement and has executed a counterpart of the Note, a Mortgage, an Assignment of Earnings and an Assignment of Insurances and the Guarantor has reaffirmed the Guaranty and the owner and the substitute Vessel, as the case may be, has met the conditions, updated MUTADIS MUTANDIS, of Clauses 4.1(a), (b), (c), (e), (f), (g), (h), (i) and (k).
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Substitution of Vessels a. P&O Cruises shall have the absolute right at any time during the Term of this Agreement to withdraw, lease, sell or otherwise dispose of any vessels in its fleet and to substitute a comparable vessel, if available, for any affected sailing.
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Substitution of Vessels. 48 9.6 Inspection and Survey Reports............ 49 CLAUSE 10 ASSIGNMENT................................ 49 CLAUSE 11 ILLEGALITY, INCREASED COST, NON-AVAILABILITY, ETC................... 49
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Related to Substitution of Vessels

  • Substitution of Receipts At the request of a Holder, the Depositary shall, for the purpose of substituting a certificated Receipt with a Receipt issued through any book-entry system, including, without limitation, DRS/Profile, or vice versa, execute and Deliver a certificated Receipt or deliver a statement, as the case may be, for any authorized number of ADSs requested, evidencing the same aggregate number of ADSs as those evidenced by the relevant Receipt.

  • Substitution of Engines Upon the occurrence of an Event of Loss with respect to an Engine under circumstances in which an Event of Loss with respect to the Airframe has not occurred, Owner shall promptly (and in any event within 15 days after such occurrence) give the Mortgagee written notice of such Event of Loss. The Owner shall have the right at its option at any time, on at least 5 Business Days' prior notice to the Mortgagee, to substitute, and if an Event of Loss shall have occurred with respect to an Engine under circumstances in which an Event of Loss with respect to the Airframe has not occurred, shall within 60 days of the occurrence of such Event of Loss substitute, a Replacement Engine for any Engine. In such event, immediately upon the effectiveness of such substitution and without further act, (i) the replaced Engine shall thereupon be free and clear of all rights of the Mortgagee and the Lien of this Trust Indenture and shall no longer be deemed an Engine hereunder and (ii) such Replacement Engine shall become subject to this Trust Indenture and be deemed part of the Aircraft for all purposes hereof to the same extent as the replaced Engine. Such Replacement Engine shall be an engine manufactured by Engine Manufacturer that is the same model as the Engine to be replaced thereby, or an improved model, and that is suitable for installation and use on the Airframe, and that has a value, utility and remaining useful life (without regard to hours and cycles remaining until overhaul) at least equal to the Engine to be replaced thereby (assuming that such Engine had been maintained in accordance with this Trust Indenture). The Owner's right to make a replacement hereunder shall be subject to the fulfillment (which may be simultaneous with such replacement) of the following conditions precedent at the Owner's sole cost and expense, and the Mortgagee agrees to cooperate with the Owner to the extent necessary to enable it to timely satisfy such conditions: (i) an executed counterpart of each of the following documents shall be delivered to the Mortgagee: (A) a Trust Indenture Supplement covering the Replacement Engine, which shall have been duly filed for recordation pursuant to the Act or such other applicable law of the jurisdiction other than the United States in which the Aircraft of which such Engine is a part is registered in accordance with Section 4.02(e), as the case may be; (B) a full warranty xxxx of sale (as to title), covering the Replacement Engine, executed by the former owner thereof in favor of the Owner (or, at the Owner's option, other evidence of the Owner's ownership of such Replacement Engine, reasonably satisfactory to the Mortgagee); and (C) UCC financing statements covering the security interests created by this Trust Indenture (or any similar statements or other documents required to be filed or delivered pursuant to the laws of the jurisdiction in which such Aircraft may be registered) as are deemed necessary or desirable by counsel for the Mortgagee to protect the security interests of the Mortgagee in the Replacement Engine; (ii) the Owner shall cause to be delivered to the Mortgagee an opinion of counsel to the effect that the Lien of this Trust Indenture continues to be in full force and effect with respect to the Replacement Engine and such evidence of compliance with the insurance provisions of Section 4.06 with respect to such Replacement Engine as Mortgagee shall reasonably request; (iii) the Owner shall have furnished to Mortgagee an opinion of Owner's aviation law counsel reasonably satisfactory to Mortgagee and addressed to Mortgagee as to the due filing for recordation of the Trust Indenture Supplement with respect to such Replacement Engine under the Act or such other applicable law of the jurisdiction other than the United States in which the Aircraft is registered in accordance with Section 4.02(e), as the case may be; and (iv) the Owner shall have furnished to Mortgagee a certificate of a qualified aircraft engineer (who may be an employee of Owner) certifying that such Replacement Engine has a value and utility and remaining useful life (without regard to hours and cycles remaining until overhaul) at least equal to the Engine so replaced (assuming that such Engine had been maintained in accordance with this Trust Indenture). Upon satisfaction of all conditions to such substitution, (x) the Mortgagee shall execute and deliver to the Owner such documents and instruments, prepared at the Owner's expense, as the Owner shall reasonably request to evidence the release of such replaced Engine from the Lien of this Trust Indenture, (y) the Mortgagee shall assign to the Owner all claims it may have against any other Person relating to any Event of Loss giving rise to such substitution and (z) the Owner shall receive all insurance proceeds (other than those reserved to others under Section 4.06(b)) and proceeds in respect of any Event of Loss giving rise to such replacement to the extent not previously applied to the purchase price of the Replacement Engine as provided in Section 4.05(d).

  • Substitution of Equipment In the event the Computer is inoperable, ASL has a limited number of spare laptops for use while the Computer is being repaired or replaced. This agreement remains in effect for such a substitute. The Student may NOT opt to keep a broken Computer or to avoid using the Computer due to loss or damage.

  • Substitution of Collateral A Fund may substitute securities for any securities identified as Collateral by delivery to the Custodian of a Pledge Certificate executed by such Fund on behalf of the applicable Portfolio, indicating the securities pledged as Collateral.

  • Substitution of Key Personnel Consultant has represented to City that certain key personnel will perform and coordinate the Services under this Agreement. Should one or more of such personnel become unavailable, Consultant may substitute other personnel of at least equal competence upon written approval of City. In the event that City and Consultant cannot agree as to the substitution of key personnel, City shall be entitled to terminate this Agreement for cause. As discussed below, any personnel who fail or refuse to perform the Services in a manner acceptable to the City, or who are determined by the City to be uncooperative, incompetent, a threat to the adequate or timely completion of the Project or a threat to the safety of persons or property, shall be promptly removed from the Project by the Consultant at the request of the City. The key personnel for performance of this Agreement are as follows: Xxxxx Xxxxx.

  • Substitution of Mortgage Loans Notwithstanding anything to the contrary in this Agreement, in lieu of purchasing a Mortgage Loan pursuant to the Mortgage Loan Purchase Agreement or Sections 2.02 or 2.03 of this Agreement, the Seller may, no later than the date by which such purchase by the Seller would otherwise be required, tender to the Trustee a Substitute Mortgage Loan accompanied by a certificate of an authorized officer of the Seller that such Substitute Mortgage Loan conforms to the requirements set forth in the definition of "Substitute Mortgage Loan" in this Agreement; provided, however, that substitution pursuant to the Mortgage Loan Purchase Agreement or Section 2.04 of this Agreement, as applicable, in lieu of purchase shall not be permitted after the termination of the two-year period beginning on the Startup Day; provided, further, that if the breach would cause the Mortgage Loan to be other than a "qualified mortgage" as defined in Section 860G(a)(3) of the Code, any such cure or substitution must occur within 90 days from the date the breach was discovered. The Custodian, as agent for the Trustee, shall examine the Mortgage File for any Substitute Mortgage Loan in the manner set forth in Section 2.02(a) and the Trustee or the Custodian, as its agent, shall notify the Seller, in writing, within five Business Days after receipt, whether or not the documents relating to the Substitute Mortgage Loan satisfy the requirements of the fifth sentence of Subsection 2.02(a). Within two Business Days after such notification, the Seller shall provide to the Trustee for deposit in the Distribution Account the amount, if any, by which the Outstanding Principal Balance as of the next preceding Due Date of the Mortgage Loan for which substitution is being made, after giving effect to the Scheduled Principal due on such date, exceeds the Outstanding Principal Balance as of such date of the Substitute Mortgage Loan, after giving effect to Scheduled Principal due on such date, which amount shall be treated for the purposes of this Agreement as if it were the payment by the Seller of the Repurchase Price for the purchase of a Mortgage Loan by the Seller. After such notification to the Seller and, if any such excess exists, upon receipt of such deposit, the Trustee shall accept such Substitute Mortgage Loan which shall thereafter be deemed to be a Mortgage Loan hereunder. In the event of such a substitution, accrued interest on the Substitute Mortgage Loan for the month in which the substitution occurs and any Principal Prepayments made thereon during such month shall be the property of the Trust Fund and accrued interest for such month on the Mortgage Loan for which the substitution is made and any Principal Prepayments made thereon during such month shall be the property of the Seller. The Scheduled Principal on a Substitute Mortgage Loan due on the Due Date in the month of substitution shall be the property of the Seller and the Scheduled Principal on the Mortgage Loan for which the substitution is made due on such Due Date shall be the property of the Trust Fund. Upon acceptance of the Substitute Mortgage Loan (and delivery to the Custodian of a Request for Release for such Mortgage Loan), the Custodian, as agent for the Trustee, shall release to the Seller the related Mortgage File related to any Mortgage Loan released pursuant to the Mortgage Loan Purchase Agreement or Section 2.04 of this Agreement, as applicable, and shall execute and deliver all instruments of transfer or assignment, without recourse, representation or warranty in form as provided to it as are necessary to vest in the Seller title to and rights under any Mortgage Loan released pursuant to the Mortgage Loan Purchase Agreement or Section 2.04 of this Agreement, as applicable. The Seller shall deliver to the Custodian the documents related to the Substitute Mortgage Loan in accordance with the provisions of the Mortgage Loan Purchase Agreement or Subsections 2.01(b) and 2.02(b) of this Agreement, as applicable, with the date of acceptance of the Substitute Mortgage Loan deemed to be the Closing Date for purposes of the time periods set forth in those Subsections. The representations and warranties set forth in the Mortgage Loan Purchase Agreement shall be deemed to have been made by the Seller with respect to each Substitute Mortgage Loan as of the date of acceptance of such Mortgage Loan by the Trustee. The Master Servicer shall amend the Mortgage Loan Schedule to reflect such substitution and shall provide a copy of such amended Mortgage Loan Schedule to the Trustee and the Rating Agencies.

  • Substitution of Banks 13 3.8. Survival.............................................................14

  • Substitution of Members If unanimous written approval is received, the transferee shall:

  • Substitution of Trustee Beneficiary may from time to time substitute a successor or successors to any Trustee named herein or acting hereunder to execute this Trust. Upon such appointment, and without conveyance to the successor trustee, the latter will be vested with all title, powers, and duties conferred upon any Trustee herein named or acting hereunder. Each such appointment and substitution is to be made by written instrument executed by Beneficiary, containing reference to this Deed of Trust and its place of record, which, when duly recorded in the proper office of the county or counties in which the Property is situated, will be conclusive proof of proper appointment of the successor trustee.

  • Substitution of Bank If (i) the obligation of any Bank to make Euro-Dollar Loans has been suspended pursuant to Section 8.02 or (ii) any Bank has demanded compensation under Section 8.03, the Borrower shall have the right, with the assistance of the Agent, to seek a mutually satisfactory substitute bank or banks (which may be one or more of the Banks) to purchase the Note and assume the Commitment of such Bank.

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