Vessel Substitution. If a Vessel nomination is rejected by Seller, Xxxxx is obligated to nominate another, suitable Vessel for Seller’s acceptance as provided in these GTCs. If a Vessel nomination is accepted by Xxxxxx, Xxxxx may substitute another Vessel by nominating it for Seller’s acceptance. Nomination of a substitute Xxxxxx shall be made no later than four days before the Vessel’s arrival at the Cargo Transfer Point. A Vessel nomination that has been accepted by Xxxxxx is not superseded until a substitute Xxxxxx nomination has been accepted by Seller.
Vessel Substitution. If a Vessel nomination is rejected by Xxxxx, Seller shall nominate another, suitable Vessel for Buyer’s acceptance as provided in these GTCs. If a Vessel nomination is accepted by Xxxxx, Seller may substitute another Vessel by nominating it for Buyer’s acceptance. Nomination of a substitute Xxxxxx shall be made no later than four days before the Vessel’s arrival at the Cargo Transfer Point.
Vessel Substitution. (a) In the event that a Vessel is sold or becomes a Total Loss or is not delivered to the Borrower, the Borrower may, at any time within ninety (90) days after the sale of the Vessel, the Date of Total Loss of the Vessel or the date of cancellation of the Shipbuilding Contract, substitute the Vessel with a replacement vessel in accordance with the terms of this Clause 6.6. The replacement vessel shall be required:
Vessel Substitution. Should the Vessel (i) be lost or become a constructive total loss, (ii) in Owners’ judgment, be expected to be off-hire for a term exceeding sixty (60) days, excluding time for periodic dry docking required by applicable U.S. Coast Guard or classification rules or regulations, or (iii) otherwise be off-hire for the reason described in Clause 21b. above, Owners have the option to substitute a similar U.S. Flag vessel with same or greater speed, same or lower fuel consumption, and same or less draft always subject to Charterers’ approval which shall not be unreasonably withheld. Charterers approval or disapproval of a substitute vessel shall be given within fifteen (15) days of the later to occur of Owners’ written notification to Charterers of the proposed substitution or Charterer’s completion of inspection of the substitute vessel. If Owners do not elect to exercise this option within thirty (30) days from the date of the Vessel’s loss, this Charter shall be terminated as of the date the Vessel was lost or becomes a constructive total loss without any liability on the part of Charterers, except that Charterers shall be liable for their obligations hereunder up to the date of such loss.
Vessel Substitution. 7.11.1 In circumstance contemplated by Clause 7.6, and provided no Default is then in existence, the Borrowers may elect to propose a substitute vessel by the procedure set out in this Clause 7.11.
Vessel Substitution. Buyer may make one substitution of a vessel, provided the substituting vessel is of the same type, date of estimated time of arrival, plus or minus one day, and approximate size. If either the original or the substituting vessel is unable to lift the commodity by reason of the vessel having sunk or having su¦ered incapacitating physical damage, an additional substitution shall be made of a vessel of the same type, approximate size and with a position agreeable to Buyer and Seller. Such agreement shall not be unreasonably withheld. The nomination of any substituting vessel under this clause shall be subject to the Preadvice requirements of this clause, regardless of any Preadvice previously given, unless the estimated time of arrival of the substituting vessel is the same as the estimated time of arrival of the original vessel when nominated. No substitution of vessels other than as provided in this clause shall be made. If this is a “named vessel” contract, no substitution other than after a casualty as described above shall be permitted.
Vessel Substitution. The Borrower may, subject to the prior written consent of the Agent (such consent not to be unreasonably withheld or delayed), substitute any Vessel with a Substitute Vessel as security for its outstanding indebtedness to the Agent hereunder. Such Substitute Vessel shall be of a type similar to the replaced Vessel and its market value, as appraised by the Appraiser at the cost of the Borrower, shall not be less than such percentage of the Loan then outstanding and applicable to such replaced Vessel. The Borrower shall promptly execute all such documents and take such further action as the Agent may reasonably request to effect such substitution of security.
Vessel Substitution. The Borrower may provide to the Trustee substitute security for the Borrower’s obligations under the Finance Documents over such other vessel or vessels as shall have previously been approved by the Agent acting on the instructions of an Instructing Group (or, if such vessel(s) shall not be vessel(s) currently in the Borrower’s fleet, approved by the Agent acting on the instructions of the Instructing Group, such approval not to be unreasonably withheld in the case of vessel(s) of a type, size and value comparable to vessel(s) currently in the Borrower’s fleet), such substitute security to be provided in place of the security over such Vessel or Vessels (which security shall be released by the Trustee) as the Borrower may select pursuant to security documents in form and substance satisfactory to the Agent and consistent with the form of the then existing Security Agreements.
Vessel Substitution. If Buyer rejects a Vessel nomination, Seller shall nominate another, suitable Vessel for Buyer’s acceptance as provided in this “Vessel Nominations, Laydays, Laytime and Demurrage” section. Once Buyer has accepted Seller’s Vessel nomination, Seller may substitute another suitable Vessel by nominating for acceptance by the Buyer at any time prior to the Vessel’s arrive at the Cargo Transfer Point (and the time period set forth above in the “Vessel Nomination” provision shall not apply), and Buyer shall not unreasonably withhold, delay or condition its consent to Seller’s nomination of a substituted Vessel.
Vessel Substitution. (a) As an alternative to paying the Prepayment Amount if a Vessel is sold by a Collateral Owner, the Borrower may, on the Sale Mandatory Prepayment Date, transfer to the Restricted Cash Account an amount equal to the Prepayment Amount (a “Deposit”). The Deposit shall be released to the Borrower on the date on which the Agent is satisfied that the conditions in Clause 7.6(b) (Vessel Substitution) have been met (so long as this occurs during the Substitution Period). If the Deposit has not been released by the last day (inclusive) of the Substitution Period, it shall be applied in prepayment of the Loan in accordance with Clause 7.5 (Mandatory Prepayment on sale or Total Loss).
