Excluded Vessel definition

Excluded Vessel means a vessel which—

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Excluded Vessel means, at any time, a marine vessel subject to a Lien permitted under Section 8.2(d), 8.2(e) or 8.2(m).

Excluded Vessel means any Vessel owned by a Loan Party that constitutes Excluded Collateral. The Excluded Vessels as of the Closing Date are identified as such on Schedule 1.01(a), which Schedule also sets forth the basis for each such Vessel being an Excluded Vessel.

Examples of Excluded Vessel in a sentence

Schedule 13 hereto sets forth the name of each Vessel owned by any Pledgor, the official number of such Vessel, a description of such Vessel, the name of the documented owner of such Vessel, whether such Vessel constitutes a Collateral Vessel or an Excluded Vessel, and for each Collateral Vessel, the appropriate filing office for the Collateral Vessel Mortgage in respect of such Collateral Vessel.
Schedule 13 hereto sets forth the name of each Vessel owned by any Pledgor, the official number of such Vessel, a description of such Vessel, the name of the documented owner of such Vessel, whether such Vessel constitutes an ABL Priority Collateral Vessel, a Term Loan Priority Collateral Vessel or an Excluded Vessel, and for each Collateral Vessel, the appropriate filing office for the Collateral Vessel Mortgage in respect of such Collateral Vessel.
None of the Borrower or the Owner Guarantors shall acquire any capital assets (including any vessel other than a Vessel) by purchase, charter or otherwise, 73 ‌ provided that for the avoidance of doubt nothing in this Clause 11.2(k) shall prevent or be deemed to prevent capital improvements being made to a Vessel or an Excluded Vessel.
Schedule 4.16 identifies (i) each Vessel owned on the date hereof that secures NMFFP Financing permitted by clause (b) of Section 6.04, and (ii) each Vessel owned on the date hereof that is to be an Excluded Vessel because it is to be scrapped or sold within the next twelve (12) months.
In the event any Loan Party or Restricted Subsidiary makes such election, such Loan Party or Restricted Subsidiary shall satisfy the requirements of this Section 6.11(d) in respect of such Vessels (assuming, for such purpose, that such Vessel does not constitute an Excluded Vessel).
Within fifteen (15) Business Days following the Closing Date, the Administrative Agent shall cause the Mortgage Trustee to release of record each Excluded Vessel and each Ineligible Vessel which is subject to any First Preferred Ship Mortgage as of the Closing Date.
Within 15 Business Days following the Closing Date, the Administrative Agent shall cause the Mortgage Trustee to release of record each Excluded Vessel and each Ineligible Vessel which is subject to any First Preferred Ship Mortgage as of the Closing Date.
None of the Borrower or the Owner Guarantors shall acquire any capital assets (including any vessel other than a Vessel) by purchase, charter or otherwise, provided that for the avoidance of doubt nothing in this Clause 11.2(k) shall prevent or be deemed to prevent capital improvements being made to a Vessel or an Excluded Vessel.
No Loan Party shall be required to ▇▇▇▇▇ ▇ ▇▇▇▇ in any Excluded Vessel to the Collateral Agent for the benefit of the Secured Parties; provided, however, any Loan Party or Restricted Subsidiary may elect to ▇▇▇▇▇ ▇ ▇▇▇▇ in any Excluded Vessel to the Collateral Agent for the benefit of the Secured Parties, including for purposes of including any such Vessel in the calculation of the Collateral Coverage Ratio and the RCF Collateral Coverage Ratio.

More Definitions of Excluded Vessel

Excluded Vessel means any vessel owned by an Excluded Subsidiary.

Excluded Vessel means, at any time, a marine vessel subject to a Lien permitted under Section 8.2(d) , 8.2(e) or 8.2(m) .

Excluded Vessel means (a) the Non-Core Vessels and (b) any Vessel acquired or constructed after the Issue Date that is not required by the Credit Agreement to be mortgaged to secure the Senior Secured Credit Facility Obligations, provided, in each case, that such Vessels are not pledged to secure any First Lien Obligations.

Excluded Vessel means any Vessel owned from time to time by the Borrower or any Guarantor (i) that is an Excluded Foreign Flag Vessel, (ii) that is under construction and has not been delivered to the Borrower or a Guarantor, (iii) that is a Low-Spec Vessel or (iv) that is an Excluded Asset, other than any such Vessel that the Borrower has elected to cause to become Collateral.

Excluded Vessel means any Vessel owned by a Loan Party that constitutes Excluded Collateral. The Excluded Vessels as of the Closing Date are identified as such on Schedule 1.01(a) , which Schedule also sets forth the basis for each such Vessel being an Excluded Vessel.

Excluded Vessel shall have the meaning given to it in clause 2.16.7;