Option Vessel definition

Option Vessel shall have the meaning provided in the Senior Notes Indenture (as in effect on the Effective Date and without giving effect to any further amendment, modification, supplement or waiver thereto).
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Option Vessel means the second Vessel to be constructed under this Agreement, in the event
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Option Vessel and “Option Vessels” have the meanings given to them in the Recitals.
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Examples of Option Vessel in a sentence

  • Provided that the Buyer has exercised the Option and paid to the Seller all amounts due under and in conformity with the terms and conditions of Section 2 hereof, the Seller shall cause the Option Vessel to be delivered to the Buyer or its nominated subsidiary on the date that the Seller takes delivery of the Option Vessel from the Shipyard.

  • To exercise and make effective any option, the Owner shall, prior to the expiration of the then current Option Validity Date set forth on Exhibit A, deliver to the Builder (i) a written notice of the Owner’s exercise of the option at the address set forth in Article 21.1 specifying the number of Option Vessel(s) so ordered, and (ii) if required, pay to the Builder in immediately available funds the applicable Initial Installment Payment indicated on Exhibit Q for each such Option Vessel.

  • For example, if the BUYER exercises an Option with respect to an Option Vessel, then the maximum number of FRR Vessels shall be reduced from three to two.

  • The Seller hereby grants to the Buyer and the Buyer hereby accepts an option to purchase the Seller’s ownership interest in the Option Vessel, subject to and with the benefit of the Charter.

  • Without prejudice to the rights and remedies otherwise available to any Party, each Party shall be entitled to equitable relief by way of specific performance or otherwise in order to enforce another Party’s obligations under this Agreement, including the obligation to timely deliver an Option Vessel, and the non-performing Party shall not plead in defense thereto that there would be an adequate remedy at law.

  • At any time prior to December 31, 2021, WETA may, in its sole discretion, exercise an option for Contractor to perform the Work and all related tasks with respect to the Option Vessel in accordance with the Technical Specifications, Exhibit A.

  • Provided Purchaser is not in default as described in the DEFAULT OF PURCHASER AND CONTRACTOR'S REMEDIES Article 25, Purchaser may, by written notice to Contractor and prior to the expiration of the Option Period, purchase Option Vessel 1 on the terms and conditions of this Contract, at the price set forth in the PRICING Article 3, and with a Vessel Contract Delivery Date set forth in the STATEMENT OF WORK Article 1.

  • The Seller hereby grants to the Buyer, and the Buyer accepts from the Seller, an option to acquire (the “Option”) one or more of the Option Vessels by the Buyer purchasing from the Seller, and the Seller selling to the Buyer in accordance with and subject to the terms and conditions set forth in this Agreement, the Option Shares issued by the Vessel Owning Subsidiary that directly owns the Option Vessel with respect to which the Buyer has exercised the Option.

  • EE shall also indemnify the Option Vessel Owner against any claims, liability, fines, loss, damage or expense arising out of or in connection with EE giving a Purchase Option to a Customer and the giving of such Purchase Option is a breach of US, UN and/or EU sanctions.

  • This Agreement shall remain in effect as to each Option Vessel from the Effective Date until the date EE ceases to be the charterer of such Option Vessel.


More Definitions of Option Vessel

Option Vessel. ’ means any of them
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Option Vessel has the meaning given to it in the recitals;
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Option Vessel means any one of the four Vessels to be known as the Trico Surge, the Trico Seeker, the Trico Sovereign or the Trico Searcher, for which construction has been suspended under each of the Existing Option Construction Contracts and may, upon exercise by Trico Subsea AS of its option thereunder, be cancelled after July 15, 2010.
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Related to Option Vessel

  • foreign vessel means any vessel other than a coastal vessel.

  • Public vessel ’ means a vessel owned or bareboat chartered and operated by the United States, by a State or political subdivision thereof, or by a foreign nation, except when such vessel is engaged in commerce;

  • Coastal vessel means any vessel exclusively employed in trading between any port or place in India to any other port or place in India having a valid coastal license issued by the competent authority.

  • Delivery vessel means tank trucks or trailers equipped with a storage tank and used for the transport of gasoline from sources of supply to stationary tanks of gasoline dispensing facilities.

  • 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.

  • Commercial vessel means any vessel not owned and operated by the United States military or the United States Coast Guard.

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

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

  • Passenger vessel means any boat, ship, vessel,

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

  • 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:

  • Relevant Ship means the Ships and any other vessel from time to time (whether before or after the date of this Agreement) owned, managed or crewed by, or chartered to, any Relevant Party;

  • storage vessel means a pressure vessel as defined in the Regulations for Pressure Vessels made under the Occupational Health and Safety Act;

  • Foreign-going vessel means any vessel other than coastal vessel.

  • co-operative society means a body registered in India under the Co-operative Societies Act, 1912;

  • pleasure vessel means any vessel which at the time it is being used:

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

  • Ship means a vessel of any type whatsoever operating in the marine environment and includes hydrofoil boats, air-cushion vehicles, submersibles, floating craft and fixed or floating platforms.

  • foreign fishing vessel means any fishing vessel other than a local fishing vessel;

  • 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”);

  • Cargo vessel means a self-propelled ship in commerce, other than a tank vessel or a passenger vessel, three hundred or more gross tons, including but not limited to, commercial fish processing vessels and freighters.

  • Recreational vessel means a vessel—

  • 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;

  • existing vessel means a vessel that is not a new fishing vessel.

  • Agricultural operation means an agricultural operation as defined in the Agricultural Operation Practices Act;

  • Relevant Company means VFVN, and any corporation or company derived from or resulting or surviving from the merger, consolidation, amalgamation, reconstruction or acquisition of VFVN with, into or by such other corporation or company, and any other entity, all or part of the share capital of which is, or all or some of the Securities are, at the relevant time included in the Exchange Property.