Acceptable Replacement Vessel definition

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.
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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.
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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.
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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 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.
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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 ofthe same type and age as the Mortgaged Vessel it replaces, (ii) have a class complying with the requirements of Section 10.14, (iii) be registered and flagged in an Acceptable Flag Jurisdiction, and (iv) there is no Event of Default as defined in Section 12.
Sample 1
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.
Sample 1
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.
Sample 1
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
Sample 1
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.
Sample 1

Related to Acceptable Replacement Vessel

  • Eligible Replacement means an entity (A) with the Xxxxx’x First Trigger Required Ratings and/or the Xxxxx’x Second Trigger Required Ratings or (B) whose present and future obligations owing to Party B are guaranteed pursuant to an Eligible Guarantee provided by a guarantor with the Xxxxx’x First Trigger Required Ratings and/or the Xxxxx’x Second Trigger Required Ratings.

  • Approved Replacement means, with respect to a Market Quotation, an entity making such Market Quotation, which entity would satisfy conditions (a), (b), (c) and (d) of the definition of Permitted Transfer (as determined by Party B in its sole discretion, acting in a commercially reasonable manner) if such entity were a Transferee, as defined in the definition of Permitted Transfer.

  • Tank vessel means a ship that is constructed or adapted to carry, or that carries, oil in bulk as cargo or cargo residue, and that:

  • Approved Manager means, in relation to each Ship, Allseas Marine S.A. a corporation organised and existing under the laws of the Republic of Liberia, having its registered office at 00 Xxxxx Xxxxxx, Xxxxxxxx, Xxxxxxx and maintaining a ship management office at Voula Center, Xxxxxxxx Xxxxxx Xxxxxx 000-000, 000 00 Xxxxx, Xxxxxx or any other company which the Agent may, with the authorisation of the Majority Lenders, approve from time to time as the technical and/or commercial manager of a Ship;

  • Fleet Vessels means all of the vessels (including, but not limited to, the Ships) from time to time wholly owned by members of the Group (each a “Fleet Vessel”);

  • Acceptable Flag Jurisdiction means the Bahamas, Bermuda, Panama, the Xxxxxxxx Islands, the United States or such other flag jurisdiction as may be acceptable to the Required Lenders in their reasonable discretion.

  • Acceptable Waste means ordinary household, municipal, institutional, commercial and industrial Solid Waste including, but not limited to, the following:

  • Qualified Manager means in the reasonable judgment of Lender, a reputable and experienced management organization (which may be an Affiliate of Borrower) possessing experience in managing properties similar in size, scope, use and value as the Property, provided, that Borrower shall have obtained (i) prior written confirmation from the applicable Rating Agencies that management of the Property by such Person will not cause a downgrade, withdrawal or qualification of the then current ratings of the Securities or any class thereof and (ii) if such Person is an Affiliate of Borrower, an Additional Insolvency Opinion.

  • Acceptable Collateral means: (i) a Letter of Credit; and/or (ii) a cash amount (in pounds) transferred to the credit of a Reserve Account;

  • Term SOFR Replacement Date has the meaning specified in Section 3.03(b).

  • Acceptable Counterparty means any counterparty to the Interest Rate Cap Agreement that has and shall maintain, until the expiration of the applicable Interest Rate Cap Agreement, a long-term unsecured debt rating of at least “A+” by S&P and “Aa3” from Xxxxx’x, which rating shall not include a “t” or otherwise reflect a termination risk and is otherwise reasonably acceptable to Lender.

  • Capital Replacement means the replacement of those items listed on Exhibit F.

  • Reference Interest Rate Replacement means the first alternative set forth in the order below that can be determined by the Issuer or its designee as of the Reference Interest Rate Replacement Date:

  • Passenger vessel means any boat, ship, vessel,

  • Approved Valuer means a firm of valuers recognized as such by the Income Tax Department and having experience of valuing at least 5 (five) properties exceeding Rs. 100 cr. (Rupees one hundred crore) each in value;

  • Full Replacement Cost as used herein shall mean the actual replacement cost of the Leased Property requiring replacement from time to time including an increased cost of construction endorsement, if available, and the cost of debris removal. In the event either party believes that full replacement cost (the then-replacement cost less such exclusions) has increased or decreased at any time during the Lease Term, it shall have the right to have such full replacement cost re-determined.

  • Acceptable Price as defined in the definition of “Dutch Auction.”

  • Reference Interest Rate Replacement Date means the earliest to occur of the following events with respect to the then-current Reference Interest Rate

  • U.S.-flag vessel means a vessel of the United States or belonging to the United States, including any vessel registered or having national status under the laws of the United States.

  • Acceptable Use Policy means the policy located at xxxx://xxx.xxxxxx.xxx/aup (and any successor or related locations designated by us), as it may be updated by us from time to time.

  • Replacement Facility means 1 of the following:

  • Acceptable Appraisal means, with respect to an appraisal of Inventory, the most recent appraisal of such property received by Agent (a) from an appraisal company satisfactory to Agent, (b) the scope and methodology (including, to the extent relevant, any sampling procedure employed by such appraisal company) of which are satisfactory to Agent, and (c) the results of which are satisfactory to Agent, in each case, in Agent’s Permitted Discretion.

  • existing vessel means a vessel that is not a new fishing vessel.

  • Benchmark Replacement Date means the earliest to occur of the following events with respect to the then-current Benchmark:

  • Covered vessel means a tank vessel, cargo vessel, or passenger vessel.

  • Approved Classification Society means, in relation to a Ship, a classification society which is a member of IACS (other than the China Classification Society and the Russian Maritime Registry of Shipping) and acceptable to the Agent;