Eligible Vessels definition

Eligible Vessels means each of the Vessels, other than any Ineligible Vessels and any Excluded Vessel.

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Eligible Vessels means each of the Vessels other than the Vessels known as “▇▇▇▇▇ ▇. ▇▇▇▇▇▇” and “Wolverine”.

Eligible Vessels means towboats, barges and other vessels that (a) are owned by the Borrowers, (b) are subject to the first priority perfected lien in favor of the Agent or the Security Trustee, subject to Permitted Liens, (c) operate exclusively in domestic waters, and, (d) with respect to recently built towboats, barges and other vessels, have been fully constructed and accepted for delivery, as shown to Agent’s reasonable satisfaction.

Examples of Eligible Vessels in a sentence

• Any person may apply to MARAD for Enrollment of Eligible Vessels in MSP Operating Agreements for inclusion in the MSP Fleet pursu- ant to the provisions of subtitle B, title VI, of the act.

• Upon execution of the Supplement by the Mortgagee, the Mortgagor shall cause such Supplement to be recorded and shall otherwise take all steps necessary in order to subject the Eligible Vessel or Eligible Vessels named therein to the Lien of this Fleet Mortgage, subject to all of the terms and provisions hereof.

• The Borrower shall ensure that the number of Eligible Vessels in the Pool will not be less than the Minimum Number of Eligible Vessels at any time.

• The Eligible Vessels shall be insured in accordance with the Ship Mortgages.

• For the purposes of this Section 5.01(o) or elsewhere in this Agreement where an appraisal of Eligible Vessels is required, the following firms are deemed nationally recognized appraisal firms: M▇▇▇▇▇▇ Marine Services, M▇▇▇▇▇▇, Jones, Lynch, F▇▇▇▇ & Assoc.

• Agent and Co-Collateral Agent alone shall be authorized to determine whether any Accounts or Inventory constitute Eligible Accounts, Eligible Vessels or Eligible Fuel Inventory, or whether to impose or release any reserve, which determinations and judgments, if exercised in good faith, shall exonerate Agent and Co-Collateral Agent from liability to any Lender or other Person for any error in judgment.

• In respect of any resale of Shore Power by the Port Customer as Port Electricity to Eligible Vessels, the Port Customer agrees that the price it shall charge for the supply of Port Electricity to Eligible Vessels docked at the Port Facility shall not exceed the price payable to BC Hydro for the Shore Power supplied.

• Shore Power taken under this Shore Power Agreement shall not displace Electricity that would otherwise be taken by the Port Customer under any other Rate Schedule, including 1600, 1601, 1610, 1611 or 1823, for uses other than supply of Port Electricity to docked Eligible Vessels.

• Eligible Vessels: collectively, Eligible Blue Water Domestic Vessels, Eligible Blue Water International Vessels and Eligible ▇▇▇▇▇ Water Vessels.

• Vessel Appraisal: a written appraisal of the Eligible Vessels delivered to Agent, in form, scope and methodology, and by an appraiser, reasonably acceptable to Agent, addressed to Agent and upon which Agent and Lenders are expressly permitted to rely.

More Definitions of Eligible Vessels

Eligible Vessels means towboats, barges and other vessels that (i) are owned by the Borrower or a Guarantor, (ii) are registered with the United States Coast Guard, (iii) are subject to the Lien in favor of the Agent described in Section 2.23(a)(iv) and (iv) operate exclusively in domestic waters.

Eligible Vessels means cruise ships, container ships, cargo ships, freighters, tankers, bulk carriers, passenger and vehicle ferries, and similar deep-sea vessels. Local Operating Order means the operating order entered into by BC Hydro and the Port Customer which outlines the procedures to be followed when working on electrical facilities at or in the vicinity of the Delivery Point(s), and for connecting and

Eligible Vessels means each of the Vessels.

Eligible Vessels means the tug boats, barges, rigs and other vessels listed on Schedule XI hereto, as such schedule may be amended from time to time at the request of the Borrower and with the consent of the Collateral Agent or in accordance with the provisions of 5.01(p) and 5.01(q) hereto, provided that the Collateral Agent shall have at all times a first priority and perfected lien on each such tug boat, barge, rig or other vessel, provided further that each such tug boat, barge, rig or other vessel is duly documented, in the name of the Borrower or a Guarantor as owner, under the laws and flag of the United States, the Republic of Liberia, the M▇▇▇▇▇▇▇ Islands, or such other jurisdiction satisfactory to the Administrative Agent in its reasonable discretion.

Eligible Vessels means, collectively, Eligible Cdn. Vessels and Eligible US Vessels.

Eligible Vessels means the vessels owned by a Loan Party, which vessels (i) are acceptable to the ABL Administrative Agent in its Permitted Discretion, (ii) are described in a Vessel Appraisal prepared by an Approved Broker, and (iii) meet each of the following requirements: (a) such Loan Party has good title to such vessel; (b) such Loan Party has the right to subject such vessel to a lien in favor of the ABL Administrative Agent; such vessel is subject to the applicable security and other provisions of the ABL Loan Documents and to a first priority perfected lien in favor of the ABL Administrative Agent and is free and clear of all other liens of any nature whatsoever (except for Permitted Collateral Liens (definition to be agreed)); (c) such vessel is fully constructed and has been accepted by such Loan Party, and the full purchase price for such vessel has been paid by such Loan Party; (d) such vessel is not subject to any agreement (other than an agreement to which the ABL Administrative Agent is a party) which would prohibit the ABL Administrative Agent from exercising any rights of a secured creditor against such vessel in the event of an event of default under the ABL Facility; and (e) the representations and warranties with respect to such vessel contained in any ABL Loan Document relating thereto are true and correct, and such Loan Party has complied with all covenants and obligations with respect to such vessel (including with regard to insurance) contained in any ABL Loan Document relating thereto.