Examples of Initial Vessel in a sentence
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.
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.
The Initial Vessel shall be a trailing suction xxxxxx dredge vessel, constructed to the Design, for the Contract Price, all in accordance with the Contract Documents.
For each Initial Vessel and New Pool Vessel (when the same is notified under Clause 7.1), the Participant shall be required to demonstrate to the Pool Manager that this condition is satisfied and, in the event a Controlled Vessel is chartered-in, the date that the relevant charter shall expire.
Each Initial Vessel is or will be classified in the highest class available for vessels of its age and type with a classification society listed on Schedule VIII or another internationally recognized classification society acceptable to the Administrative Agent, free of any conditions or recommendations, other than as permitted, or as will be permitted, under the Vessel Mortgages.
No filings or recordings are required in order to perfect the security interests created under any Security Document except for filings or recordings to be made on the initial Borrowing Date pursuant to the Security Documents, and, to the extent no Security Documents are delivered to the Security Trustee on the initial Borrowing Date with respect to the Sixth Initial Vessel, on the date such Security Documents with respect to the Sixth Initial Vessel are delivered.
Agreement Evidence satisfactory to the Agent that the Existing Indebtedness pursuant to the Existing Loan Agreement will be repaid in full by the advance of the Initial Vessel Tranches and all Encumbrances in respect of each Vessel created pursuant to the Existing Loan Agreement will be discharged simultaneously with the advance of the Initial Vessel Tranches.
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.
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.
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.