Designated Vessel definition

Designated Vessel means (i) all vessels owned by the Borrower or any of its Subsidiaries and documented under the federal laws of the United States of America, (ii) any vessels, whether or not documented in compliance with clause (i), with a book value of at least $750,000, and (iii) any vessels constituting Collateral.
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Designated Vessel means the MEGA I or the SOYANG, whichever thereof is designated by the Borrower by written notice to the Administrative Agent as the vessel to be financed on a non-recourse basis in accordance with the terms and conditions herein provided;
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Designated Vessel means a vessel which in the opinion of the Agent will, forthwith upon the making of an Advance, become an Additional Mortgaged Vessel and in respect of which the Agent has received each of the documents referred to in Clause 7.3(ii) and (iii);
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Examples of Designated Vessel in a sentence

  • The Borrower and the Subsidiary Guarantors lawfully own and are lawfully possessed of each Designated Vessel free from any Lien, charge or encumbrance whatsoever, except as permitted pursuant to Section 6.2(h) and except to the extent set forth on Schedule 5.1(g), and will warrant and defend the title and possession thereto and to every part thereof for the benefit of the Lenders against the material claims and demands of any Person whomsoever.

  • The amounts credited to the Designated Vessel Earnings Accounts shall be freely available to the Borrower and each Designated Subsidiary Guarantor unless a Default has occurred and is continuing and notice has been given to the Borrower by the Administrative Agent that such amounts shall not be freely available.

  • The Borrower, at its expense, shall deliver an appraisal report covering the Collateral Vessels and the Designated Vessels, with such appraisal to be prepared by an Approved Broker and indicating the Fair Market Value of each Collateral Vessel and Designated Vessel, at the end of each quarter following the Closing Date.

  • Notwithstanding Section 18.6, Entire Agreement, Amendments, upon the Designated Vessel Acquisition, the Security Agent shall release the Designated Vessel Owner from its Guaranty.

  • Except as provided in Section 6.1 in relation to Designated Collateral, the Collateral Agent will act as directed by an Act of the Secured Debtholders in regard to the enforcement of, and realization on, the Liens on, or with respect to, all other Collateral, including, without limitation, during the pendancy of a Designated Vessel Period.


More Definitions of Designated Vessel

Designated Vessel means the acquisition of the Designated Vessel Acquisition" by the Designated Vessel Owner, occurring not later than June 30, 2000, or such other date as may be agreed by the Administrative Agent;
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Designated Vessel means any vessel in respect of which a relevant consent has been in force at any time during the qualifying period other than—
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Designated Vessel means a vessel designated by the Committee in accordance with paragraph 11 of Resolution 2146.
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Designated Vessel means a vessel designated by the Committee pursuant to paragraph 12 of United Nations Security Council resolution 2321 adopted on 30th November 2016(5);”,
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Designated Vessel means a vessel that is at least 50% owned by a Nation, a legal entity owned by or on behalf of a Nation, or at least 50% owned by one or more Member.
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Designated Vessel means each vessel listed under “Designated Vessels” on Schedule III hereto, as such schedule may be amended from time to time in accordance with the provisions of Section 5.01(m) hereof.
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Designated Vessel means, upon or prior to the Designated Vessel Conditions" Acquisition,
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