Additional Vessel definition

Additional Vessel means a drilling rig or drillship or other vessel that is used or useful in the Permitted Business.

Additional Vessel means any vessel (other than the Identified Vessels) that meets the Eligibility Criteria.

Additional Vessel means a drilling rig or drillship or other vessel that is used or useful in the Permitted Business; provided that upon the consummation of a Vessel Asset Sale where all of the interests in any such Additional Vessel are sold, leased, conveyed or otherwise disposed of in a transaction that complies with the terms of this Indenture, including Section 4.07 (“Restricted Payments”), Section 4.18 (“Asset Sales”) and Section 5.01 (“Merger, Consolidation, or Sale of Assets”), such Additional Vessel shall not thereafter constitute an Additional Vessel hereunder.

Examples of Additional Vessel in a sentence

• Upon the purchase of each Additional Vessel, Schedule “D” to this Agreement shall be amended and restated to include the relevant Date of Termination for such Additional Vessel.

• Schedule “B” shall be amended and restated from time to time to include the applicable Fees for each Additional Vessel, which Fee shall be negotiated on a vessel-by-vessel basis.

• All such Additional Vessel Mortgages shall be granted pursuant to documentation in form reasonably satisfactory to the Administrative Agent.

• The Mortgage and Assignment to be executed in respect of the Additional Vessel, a Share Pledge in respect of the Additional Borrower together with all other documents required by any of them, including, without limitation, all notices of assignment and/or charge and evidence that those notices will be duly acknowledged by the recipients, and such confirmations relating to the existing Security Documents to ensure they secure the Upsize Increased Maximum Amount as the Agent and its counsel may require.

• If the Additional Vessel is to be scrapped immediately following such termination, expiry or cessation, the Manager shall be required to make the payment contemplated in (ii) above.

More Definitions of Additional Vessel

Additional Vessel means a vessel authorised to be secured to a mooring under regulation 27;

Additional Vessel means any double hull tanker (other than an Initial Vessel) which the Borrower notifies to the Lender pursuant to Section 2.02 as a vessel which the Borrower wishes to finance or purchase with the assistance of an Advance of Tranche C, and which the Lender, in its sole and absolute discretion, shall notify to the Borrower as being acceptable to the Lender, in accordance with Section 2.02, and which is or is to be registered in the ownership of a Guarantor under the laws and flag of the Xxxxxxxx Islands or another flag acceptable to the Lender, and everything belonging to such vessel; and “Additional Vessels” means, collectively, all such vessels approved by the Lender in accordance with Section 2.02.

Additional Vessel means any new or used container vessel which:

Additional Vessel means any one of them.

Additional Vessel means a vessel owned by a Loan Party which becomes a Collateral Vessel after the date hereof, and is (i) a double-hull crude or product tanker vessel between 35,000 dwt and 330,000 dwt, (ii) not older than ten (10) years on the date of such acquisition, (iii) classed with an Approved Classification Society free of overdue recommendations and conditions affecting class, (iv) registered in an Acceptable Flag Jurisdiction, and (v) owned by a Subsidiary Guarantor and subject to a Collateral Vessel Mortgage on the date it becomes a Collateral Vessel.

Additional Vessel shall have the meaning provided in the definition of Collateral Vessel.

Additional Vessel means a vessel acquired by any Loan Party or financed by any Loan Party using the proceeds of Incremental Revolving Loans or a vessel whose acquisition costs were refinanced or reimbursed under Incremental Revolving Commitments, in each case, which becomes a Collateral Vessel after the date hereof, and is (i) a double-hull crude or product tanker vessel between 35,000 dwt and 330,000 dwt and of similar quality and type as the Collateral Vessels, (ii) not older than ten (10) years on the date of acquisition, (iii) classed with an Approved Classification Society free of overdue recommendations and conditions affecting class, (iv) registered in an Acceptable Flag Jurisdiction, and (v) owned by a Subsidiary Guarantor and subject to a Collateral Vessel Mortgage on the date it becomes a Collateral Vessel.