Replacement Vessel definition

Replacement Vessel means a Vessel that has a Fair Market Value equal to or greater than the Vessel subject to such Asset Sale or Event of Loss.

Replacement Vessel means any Documented Vessel acquired as a replacement, in any manner, of any existing Mortgaged Vessel and subject to encumbrance in favor of the Collateral Agent for the benefit of the Secured Parties pursuant to the terms of Section 5.10.

Replacement Vessel has the meaning given in Section 4(c) hereof.

Examples of Replacement Vessel in a sentence

• How- ever, if the Regional Administrator de- termines that the vessel does not meet the requirements to become an Amend- ment 80 Replacement Vessel, the appli- cant will be notified by an initial ad- ministrative determination (IAD) that the application for replacement vessel is denied.

• If the Regional Administrator determines that the additional infor- mation or evidence meets the appli- cant’s burden of proving that the vessel meets the requirements to become an Amendment 80 Replacement Vessel, the application will be approved.

• Accordingly, it has been determined that the Replacement Vessel will provide transportation in foreign commerce, thereby meeting the requirements of 46 U.S.C. § 53102(b)(2).

• The Approval Order explained that APL “will time charter the Replacement Vessel .

• Upon such filing, such Replacement Vessel will constitute a “Vessel” for purposes of the Loan Documents.

More Definitions of Replacement Vessel

Replacement Vessel means a vessel that is substituted for the use of a vessel that is no longer utilized by an individual, partnership, corporation or other entity. [PL 1997, c. 693, §1 (NEW); PL 1997, c. 693, §3 (AFF).]

Replacement Vessel shall have the meaning provided in the definition of “Collateral Vessel”.

Replacement Vessel means a vessel of substantially similar value (as evidenced by the average of two Valuations), type and age to the Vessel it is offered as a replacement of, acceptable to the Agent acting on the instructions of the Majority Lenders.

Replacement Vessel means a vessel acceptable to the Agent acting on the instructions of the Majority Lenders.

Replacement Vessel means a commercial fishing vessel for the use of which a permit is proposed to be transferred pursuant to this article.

Replacement Vessel means, with respect to a Vessel that is sold, a replacement offshore support vessel for the oil and gas and/or offshore wind industry, of the same age or younger than the relevant Vessel and of at least comparable quality and specification, subject to the sole discretion of the Majority Lenders;

Replacement Vessel means a vessel replacing one or more Collateral Vessels in accordance with the requirements set forth pursuant to Section 4.02(b). Such Replacement Vessel must be (i) a dry bulk vessel, (ii) between 55,000 dwt and 210,000 dwt, (iii) of an age not in excess of the age of the Collateral Vessel it is replacing when it becomes a Collateral Vessel, (iv) classed with an Acceptable Classification Society, (v) registered under the flag of an Acceptable Flag Jurisdiction, (vi) built at a reputable yard and (vii) owned by a Subsidiary Guarantor.