Common use of Vessel Substitution Clause in Contracts

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. (a) In the event that a Vessel is removed pursuant to Clause 6.3 above or sold or becomes a Total Loss or is not delivered to the Borrower, the Borrower may, at any time within one hundred and twenty (120) days after the removal of the Vessel or 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:date

Vessel Substitution. (a) In the event that a Vessel is sold or becomes a Total Loss or is not delivered to the BorrowerLoss, the Borrower may, at any time within ninety (90) days after the sale of the Vessel, Vessel or the Date of Total Loss of the Vessel or the date of cancellation of the Shipbuilding ContractVessel, substitute the Vessel with a replacement vessel in accordance with the terms of this Clause 6.6. The replacement vessel shall be required: