Acceptable Replacement Vessel definition
Acceptable Replacement Vessel means, with respect to a Vessel, any other vessel with an equal or greater fair market value than the Appraised Value of such Vessel; provided that (A) such Acceptable Replacement Vessel must (i) be of the same type and age as the Vessel it replaces, (ii) have a class complying with the requirements of Section 8.14, and (iii) be registered and flagged in an Acceptable Flag Jurisdiction, and (B) there is no Event of Default as defined in Section 10.
Acceptable Replacement Vessel means, with respect to a Mortgaged Vessel, any Vessel with an equal or greater fair market value than such Mortgaged Vessel (as determined in accordance with the appraisal report most recently delivered to the Administrative Agent (or obtained by the Administrative Agent) pursuant to Section 8.01(c) or delivered pursuant to a Vessel Exchange to the Administrative Agent by the Borrower); provided that such Vessel must (i) constitute a double hull Vessel, (ii) be of at least 80,000 dwt, (iii) have been built after such Mortgaged Vessel it replaces, (iv) have a class certificate reasonably acceptable to the Administrative Agent and (v) be registered and flagged in an Acceptable Flag Jurisdiction.
Acceptable Replacement Vessel means, with respect to a Primary Collateral Vessel, any Vessel with an equal or greater Fair Market Value than such Primary Collateral Vessel (as determined in accordance with the appraisal reports most recently delivered to the Administrative Agent (or obtained by the Administrative Agent) pursuant to Section 8.01(c) or delivered pursuant to a Vessel Exchange to the Administrative Agent by the Borrower); provided that (I) the Administrative Agent shall have the right to inspect such Vessel and (II) such Vessel must (i) constitute a double hull Vessel, (ii) be of at least 80,000 dwt, (iii) have been built after the Primary Collateral Vessel it replaces and, in any event, have been built no more than seven years prior to the date of the Vessel Exchange, (iv) have a class certificate reasonably acceptable to the Administrative Agent and (v) be registered and flagged in an Acceptable Flag Jurisdiction.
Examples of Acceptable Replacement Vessel in a sentence
The Borrowers and the Subsidiary Guarantors shall not (i) change the Manager of the Mortgaged Vessels or any Acceptable Replacement Vessel or (ii) without the prior written consent of the Administrative Agent (such consent not be unreasonably withheld or delayed) (1) increase the compensation awarded to the Manager or (2) substantially diminish the duties of the Manager under the Management Agreement.
The Borrowers and the Subsidiary Guarantors shall not (i) change the Manager of the Initial Vessels or any Acceptable Replacement Vessel or (ii) without the prior written consent of the Administrative Agent (such consent not be unreasonably withheld or delayed) (1) increase the compensation awarded to the Manager or (2) substantially diminish the duties of the Manager under the Management Agreement.
More Definitions of Acceptable Replacement Vessel
Acceptable Replacement Vessel means, with respect to a Mortgaged Vessel, any Vessel with an equal or greater fair market value than such Mortgaged Vessel (as determined in accordance with the appraisal report most recently delivered to the Administrative Agent (or obtained by the Administrative Agent) pursuant to Section 8.01(c) or delivered pursuant to a Vessel Exchange to the Administrative Agent by Borrower); provided that such Vessel must (i) constitute a double hull Vessel, (ii) be of at least 80,000 dead-weight tons (“dwt”) and be of equal or greater dwt as such Mortgaged Vessel, (iii) have been built after such Mortgaged Vessel it replaces, (iv) have a class certificate reasonably acceptable to the Administrative Agent and (v) be registered and flagged in the same jurisdiction as such Mortgaged Vessel.
Acceptable Replacement Vessel means, with respect to a Mortgaged Vessel, any Vessel with an equal or greater fair market value than the Appraised Value of such Mortgaged Vessel; provided that such Vessel must (i) be of at least 28,000 dwt, (ii) have been built after such Mortgaged Vessel it replaces, (iii) have a class complying with the requirements of Section 8.14(a), (iv) be registered and flagged in an Acceptable Flag Jurisdiction and (v) if such Mortgaged Vessel is subject to an Initial Charter Arrangement at the time of the Vessel Exchange, be subject to charter or other arrangements satisfactory to the Lead Arrangers.
Acceptable Replacement Vessel means, with respect to a Mortgaged Vessel, any Vessel with an equal or greater fair market value than such Mortgaged Vessel (as determined in accordance with the appraisal report most recently delivered to the Administrative Agent (or obtained by the Administrative Agent) pursuant to Section 5.12 (a) or Section 8.01(c) or delivered pursuant to a Vessel Exchange to the Administrative Agent by the Borrower); provided that such Vessel must (i) have a class certificate reasonably acceptable to the Administrative Agent, (ii) must be of an age and type reasonably acceptable to the Administrative Agent and (iii) be registered in an Acceptable Flag Jurisdiction.
Acceptable Replacement Vessel means, with respect to an Initial Vessel (or, if an Initial Vessel was already the subject of a Vessel Exchange, an Acceptable Replacement Vessel), any other vessel with an equal or greater fair market value than the Appraised Value of such Initial Vessel (or such Acceptable Replacement Vessel, if applicable); provided that such Acceptable Replacement Vessel must (i) be of the same type and the same or lesser age as the Initial Vessel (or the Acceptable Replacement Vessel, if applicable) it replaces, (ii) have a class complying with the requirements of Section 8.14, (iii) be registered and flagged in an Acceptable Flag Jurisdiction and (iv) be acceptable to the Required Lenders (provided that the Required Lenders shall not unreasonably withhold or delay such determination). Any vessel not meeting the requirements of (i)-(iv) but otherwise acceptable to the Required Lenders (provided that the Required Lenders shall not unreasonably withhold or delay such determination) shall be an Acceptable Replacement Vessel.
Acceptable Replacement Vessel means, with respect to a Mortgaged Vessel (or, if a Mortgaged Vessel was already the subject of a Vessel Exchange, an Acceptable Replacement Vessel), any other vessel with an equal or greater fair market value than the Appraised Value of such Mortgaged Vessel (or such Acceptable Replacement Vessel, if applicable); provided that such Acceptable Replacement Vessel must (i) be of the same type and the same or lesser age as the Mortgaged Vessel (or the Acceptable Replacement Vessel, if applicable) it replaces, (ii) have a class complying with the requirements of Section 8.14, (iii) be registered and flagged in an Acceptable Flag Jurisdiction and (iv) be acceptable to the Required Lenders (provided that the Required Lenders shall not unreasonably withhold or delay such