Ineligible Vessel definition

Ineligible Vessel means (a) the Vessels identified on Schedule 6.16 as collateral for the NMFFP Financing permitted under Section 8.04(b), and (b) any Vessel that at the time of determination is mortgaged to secure any NMFFP Financing owed by any Loan Party under the NMFFP to the extent such NMFFP Financing is permitted under Section 8.04(c); provided that if any such Vessel described in clause (a) or (b) above shall cease to secure any NMFFP Financing, including as the result of the satisfaction or discharge of such NMFFP Financing, the release of all Loan Parties’ obligations thereunder or the release of such Vessel as security therefore, such Vessel shall no longer constitute an “Ineligible Vessel”.
Sample 1
Ineligible Vessel means (a) the Vessels identified on Schedule 4.16 as collateral for the NMFFP Financing permitted under clause (b) of Section 6.04, and (b) any Vessel that at the time of determination is mortgaged to secure any NMFFP Financing owed by any Loan Party under the NMFFP to the extent such NMFFP Financing is permitted under clause (c) of Section 6.04; provided that if any such Vessel described in clause (a) or clause (b) above shall cease to secure any NMFFP Financing, including as the result of the satisfaction or discharge of such NMFFP Financing, the release of all Loan Parties’ obligations thereunder or the release of such Vessel as security therefore, such Vessel shall no longer constitute an “Ineligible Vessel”.
Sample 1
Ineligible Vessel means (i) the Vessels identified on Schedule 6.01(ll) as the collateral for the Indebtedness permitted under clause (g)(i) of the definition of “Permitted Indebtedness” and (ii) any Vessel that at the time of determination is mortgaged to secure any NMFFP Financing owed by any Loan Party under the NMFFP to the extent such NMFFP Financing constitutes Permitted Indebtedness; provided that (a) if any such Vessel described in clause (i) or clause (ii) above shall cease to secure any NMFFP Financing, including as the result of the satisfaction or discharge of such NMFFP Financing, the release of all Loan Parties obligations thereunder or the release of such Vessel as security therefor, or (b) any such Vessel is required to be pledged to the Mortgage Trust pursuant to Section 7.01(r) such Vessel shall no longer constitute an “Ineligible Vessel”.
Sample 1

Examples of Ineligible Vessel in a sentence

  • 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.

Related to Ineligible Vessel

  • Ineligible means that the individual obtained the checks and clearances as described in sections 5n and 5q and is not considered appropriate to obtain a license, to be a member of the household of a group child care home or family child care home, or to be a child care staff member due to violation of section 5n, 5q, or 5r.

  • Ineligible Loan Each Loan other than an Eligible Loan.

  • Ineligible position means any position which does not

  • Ineligible Account means an Account that at the time of determination is not an Eligible Account.

  • Ineligible Receivable shall have the meaning specified in subsection 2.04(d)(iii).

  • Ineligible Receivables shall have the meaning specified in subsection 2.05(a).

  • Eligible Vehicle means a Vehicle (which includes, for the avoidance of doubt, a Service Vehicle) in Spain, Germany, The Netherlands, Italy or France (as applicable):

  • Ineligible Security means any security which may not be underwritten or dealt in by member banks of the Federal Reserve System under Section 16 of the Banking Act of 1933 (12 U.S.C. Section 24, Seventh), as amended.

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

  • Ineligible Costs means those expenditures described as ineligible in Schedule C.

  • 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:

  • Mortgaged Vessel means, at any relevant time, any Vessel which is at such time subject to a Mortgage and a Vessel shall, for the purposes of this Agreement, be regarded as a Mortgaged Vessel as from the date on which the Mortgage of that Vessel has been executed and registered in accordance with this Agreement until whichever shall be the earlier of (i) the payment in full of the amount required to be paid to the Agent pursuant to clause 4.3 or 4.5 following the Total Loss or sale respectively of such Vessel and (ii) the end of the Facility Period;

  • 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.

  • Ineligible Person shall include an individual or entity who:

  • Foreign flag vessel means any vessel that is not a U.S.-flag vessel.

  • Vessel means the vessel/craft belonging to the Contractor for carrying out the work.

  • Vessels shall have the meaning set forth in the recitals.

  • The Vessel means the vessel named in Box 5 and with particulars as stated in Boxes 6 to 12.

  • Eligible Receivable means, at any time, a Receivable:

  • 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”);