Section 2 Citizen definition
Examples of Section 2 Citizen in a sentence
Not receive MSP payments during a period in which the Contractor participates, i.e., directly or indirectly owns, char- ters, or operates, a vessel engaged in noncontiguous domestic trade unless the Contractor is a Section 2 Citizen.
The Company covenants that it will, and will cause each of its Subsidiaries that owns or operates any Vessel, at all times to preserve and maintain its status as a Section 2 Citizen.
The Borrower covenants that it will, and will cause each of its Subsidiaries that owns or operates any Vessel, at all times to preserve and maintain its status as a Section 2 Citizen.
Cause all Vessels owned by the Restricted Parties to be managed by Holdings or any Subsidiary or Affiliate of Holdings or any third party manager reasonably acceptable to the Administrative Agent, in each case, who is a Section 2 Citizen.
It shall cause any Vessel owned by it to be managed by Holdings or an Affiliate of Holdings or any third-party manager reasonably acceptable to the Lender who is a Section 2 Citizen.
Each Company confirms that it is a Section 2 Citizen, and has been a Section 2 Citizen continuously since its formation, and at all times before and through the Closing will be a Section 2 Citizen, in order to maintain the coastwise trade endorsement for each of the Vessels, and at no time have the Vessels been constructed, sold, chartered or otherwise transferred to any Person in violation of any applicable laws, rules or regulations relating to maintaining status as a Section 2 Citizen.
Buyer is and, as of the Closing Date will be, a Section 2 Citizen.
Each Vessel Owner that owns a J▇▇▇▇ Act Vessel is a Section 2 Citizen and Vessel Owner that owns a Non-J▇▇▇▇ Act Vessel is eligible to document such Non-J▇▇▇▇ Act Vessel under the laws and flag of the United States pursuant to 46 U.S.C. §12103(b)(2).
To the extent it owns a J▇▇▇▇ Act Vessel, it will remain a Section 2 Citizen qualified to own and operate such J▇▇▇▇ Act Vessel in the foreign and coastwise trade of the United States and, to the extent it owns a Non-J▇▇▇▇ Act Vessel, it will remain qualified to own and operate such Non-J▇▇▇▇ Act Vessel in the foreign trade of the United States.