Substitute Ship definition

Substitute Ship shall have the meaning ascribed to in Clause 4.4;
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Substitute Ship means any ship which becomes subject to this Agreement in accordance with the provisions of Clauses 8.15 or 8.16 (as the case may be);
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Substitute Ship has the meaning given in Clause 8.9(c);
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Examples of Substitute Ship in a sentence

  • If there is a Change of Control, the Borrower shall prepay the Loan and comply with Clause 8.14 on or before the date falling 60 days following such Change of Control unless agreed otherwise by all the Lenders save that, up to 2 Guarantor Disposals shall be permitted where such Guarantor Disposal is made solely to facilitate the sale or disposal of a Ship which is then replaced by a Substitute Ship in accordance with and subject to the conditions set out in this Agreement.

  • The Borrower may, if it gives the Agent not less than 10 Business Days' prior notice, cancel a Tranche (excluding a Substitute Ship Tranche) prior to its initial drawing under this Agreement.

  • The Agent shall, on the Delivery Date of the relevant Ship, instruct the Prepositioning Bank to release the amount of the Prepositioned Tranche to the relevant Builder, the Seller or, in the case of a Substitute Ship Tranche, the relevant builder or seller (as the case may be) subject to the provisions of Clause 9.1.


More Definitions of Substitute Ship

Substitute Ship means any Approved Ship or any other ship of similar age, type and value to an Approved Ship which the Agent may, with the authorisation of all Lenders, approve for the purposes of this Agreement;
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Related to Substitute Ship

  • Substitute Aircraft Has the meaning specified in the NPA.

  • Substitute Option means an Option granted in substitution for, or upon the conversion of, an option granted by another entity to purchase equity securities in the granting entity.

  • Substitute teacher means a person employed to perform the normal duties of a teacher who is absent.

  • Substitute care means the out-of-home placement of a child or young adult who is in the legal or physical custody and care of the Department.

  • Substitute natural gas or "SNG" means a gas manufactured

  • Substitute Property shall have the meaning set forth in Section 2.6 hereof.

  • Substitute caregiver means any person other than the licensee, resident manager, floating resident manager, or shift caregiver who provides care and services in an AFH under the jurisdiction of the Department.

  • Substitute Check means a paper reproduction of an Item that satisfies the requirements and definition of "substitute check" set forth in Regulation CC.

  • Substitute Loan As defined in Section 2.2.

  • Substitute Purchaser is defined in Section 21.

  • Substitute Mortgage Loan A Mortgage Loan substituted by the Seller for a Deleted Mortgage Loan which must, on the date of such substitution, as confirmed in a Request for Release, substantially in the form of Exhibit L, (i) have a Stated Principal Balance, after deduction of the principal portion of the Scheduled Payment due in the month of substitution, not in excess of, and not more than 10% less than the Stated Principal Balance of the Deleted Mortgage Loan; (ii) have an Adjusted Net Mortgage Rate not lower than the Adjusted Net Mortgage Rate of the Deleted Mortgage Loan, provided that the Master Servicing Fee for the Substitute Mortgage Loan shall be equal to or greater than that of the Deleted Mortgage Loan; (iii) have a maximum mortgage rate not more than 1% per annum higher or lower than the maximum mortgage rate of the Deleted Mortgage Loan; (iv) have a minimum mortgage rate specified in its related Mortgage Note not more than 1% per annum higher or lower than the minimum mortgage rate of the Deleted Mortgage Loan; (v) have the same mortgage index, reset period and periodic rate as the Deleted Mortgage Loan and a gross margin not more than 1% per annum higher or lower than that of the Deleted Mortgage Loan (vi) be accruing interest at a rate no lower than and not more than 1% per annum higher than, that of the Deleted Mortgage Loan; (iv) have a Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (vii) have a remaining term to maturity no greater than (and not more than one year less than that of) the Deleted Mortgage Loan; (viii) not be a Cooperative Loan unless the Deleted Mortgage Loan was a Cooperative Loan and (ix) comply with each representation and warranty set forth in Section 2.3 hereof.

  • Substitute LOCKHEED XXXXXX Procurement Representative" for "Contracting Officer", "Administrative Contracting Officer", and "ACO" throughout this clause.

  • Approved Manager means, in relation to each Ship, Allseas Marine S.A. a corporation organised and existing under the laws of the Republic of Liberia, having its registered office at 00 Xxxxx Xxxxxx, Xxxxxxxx, Xxxxxxx and maintaining a ship management office at Voula Center, Xxxxxxxx Xxxxxx Xxxxxx 000-000, 000 00 Xxxxx, Xxxxxx or any other company which the Agent may, with the authorisation of the Majority Lenders, approve from time to time as the technical and/or commercial manager of a Ship;

  • Replacement Equipment means operational equipment or other parts used by Tenant to replace any of the Equipment.

  • New ship means a ship:

  • Eligible Replacement means an entity (A) with the Xxxxx’x First Trigger Required Ratings and/or the Xxxxx’x Second Trigger Required Ratings or (B) whose present and future obligations owing to Party B are guaranteed pursuant to an Eligible Guarantee provided by a guarantor with the Xxxxx’x First Trigger Required Ratings and/or the Xxxxx’x Second Trigger Required Ratings.

  • Approved Replacement means, with respect to a Market Quotation, an entity making such Market Quotation, which entity would satisfy conditions (a), (b), (c) and (d) of the definition of Permitted Transfer (as determined by Party B in its sole discretion, acting in a commercially reasonable manner) if such entity were a Transferee, as defined in the definition of Permitted Transfer.

  • Existing ship means a ship which is not a new ship.

  • Qualified Manager means in the reasonable judgment of Lender, a reputable and experienced management organization (which may be an Affiliate of Borrower) possessing experience in managing properties similar in size, scope, use and value as the Property, provided, that Borrower shall have obtained (i) prior written confirmation from the applicable Rating Agencies that management of the Property by such Person will not cause a downgrade, withdrawal or qualification of the then current ratings of the Securities or any class thereof and (ii) if such Person is an Affiliate of Borrower, an Additional Insolvency Opinion.

  • Substitute Improvements means the substitute or additional improvements of the Issuer described in Article V hereof.

  • Replacement Facility means 1 of the following:

  • Substitute Commercial Paper Dealers means such Substitute Commercial Paper Dealer or Dealers as the Corporation may from time to time appoint or, in lieu of any thereof, their respective affiliates or successors.

  • Replacement Engine means a [Engine Manufacturer and Model] engine (or an engine of the same or another manufacturer of a comparable or an improved model and suitable for installation and use on the Airframe with the other Engine (or any other Replacement Engine being substituted simultaneously therewith)) that shall have been made subject to the Lien of the Indenture pursuant to Section 7.04 or Section 7.05 thereof, together with all Parts relating to such engine, but excluding items installed or incorporated in or attached to any such engine from time to time that are excluded from the definition of Parts.

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

  • Recreational vessel means a vessel—

  • Replacement Airframe means an Airbus A321 aircraft or a comparable or improved model of Manufacturer (except (a) Engines or engines from time to time installed thereon and any and all Parts related to such Engine or engines and (b) Excluded Equipment), that shall have been made subject to the Lien of the Indenture pursuant to Section 7.05 thereof, together with all Parts relating to such aircraft.