Initial Vessel definition
Examples of Initial Vessel in a sentence
The relevant Initial Vessel will be delivered to the Purchaser or, as applicable, to its Designated Subsidiary wherever such Initial Vessel may be at the designated Date of Closing.
Simultaneously with the transfer of title to any Initial Vessel on the applicable Initial Assets Date of Closing, the Purchaser or, as applicable, its Designated Subsidiary shall pay the relevant Initial Vendor the relevant purchase price for such Initial Vessel.
In addition, the Vessel MOA, or, as applicable, the Initial Asset Newbuilding MOA, with respect to the relevant Initial Vessel or Contracted Vessel will automatically terminate with no further effect and without any right of indemnities or penalties.
In the event of a Total Loss of an Initial Vessel or a Contracted Vessel, the Purchaser and the Initial Vendor or Contracted Vendor, as applicable, will be released from all their contractual obligations with respect to that Initial Vessel or Contracted Vessel hereunder.
The Administrative Agent shall have received evidence from the Borrower that the aggregate purchase price of the Initial Vessels (or, to the extent no Subsidiary Guarantor has taken delivery of the Sixth Initial Vessel, of such Initial Vessels of which the Subsidiary Guarantors have taken delivery plus the amount of cash collateral delivered pursuant to Section 5.09) is at least Two Hundred Twenty Five Million Dollars ($225,000,000).
Within 45 days after the close of the second and the fourth quarterly accounting periods in each fiscal year of the Borrower, and at any other time within 33 days of the written request of the Administrative Agent, Appraisals for each Initial Vessel (i) dated no more than 30 days prior to delivery thereof to the Administrative Agent, (ii) in form and substance satisfactory to the Administrative Agent and (iii) from at least two Approved Appraisers.
The Initial Vessel (as defined below) shall be designated as Builder’s Hull [***].
Notwithstanding the foregoing, the Borrower will not, and will not permit any Subsidiary Guarantor to, enter into any bareboat charter of any Initial Vessel without the prior written consent of the Required Lenders.
Builder agrees to build at its own risk and expense and to sell, and Owner agrees to purchase, the Initial Vessel (as defined below) on the terms and conditions as set forth herein.
Without limitation to the foregoing, Builder is to ensure that the Initial Vessel is built in the United States as required by United States law to be eligible for documentation under the United States flag with a coastwise trade endorsement; including ensuring that all major components used in the construction of the Initial Vessel are fabricated in the United States, and that all construction and all assembly for the construction of the Initial Vessel is done in the United States.