Substitute Vessel means a drilling rig or drillship that is used or useful in the Permitted Business.
Substitute Vessel has the meaning set forth in Section 6.05.
Substitute Vessel means any one of the Valor (currently registered under Xxxxxxx Shipping Co. as the owner and with IMO No. 9628154), the Valiant (currently registered under Sander Shipping Co. as the owner and with IMO No. 9628178), or the Vantage (currently registered under Undine Shipping Co. as the owner and with IMO No. 9628192), which were delivered in 2013; provided that such vessels are chartered to the same charterer, and subject to the same charter rate (or no lower) and charter length (or no more than three months shorter remaining duration) as those applicable to the Valence.
Examples of Substitute Vessel in a sentence
If EE deploys a Substitute Vessel, such vessel shall, immediately upon its commencement to perform Services, be the "Vessel" for purposes of this Charter and the previous Vessel shall be released to EE for all purposes.
If CMRE exercises such option within the Existing Option Exercise Period, the Existing Option Exercise Period shall be extended for a period of 30 calendar days from date of such exercise and the General Partner shall be permitted to revise the Existing Option Exercise Notice to reflect the potential purchase of the Substitute Vessel Interests instead of the Valence Interests.
More Definitions of Substitute Vessel
Substitute Vessel has the meaning set forth in Section 10.5.
Substitute Vessel is a Qualifying Vessel provided to the Pool Manager in place of a Pool Vessel, which shall be acceptable to the Pool Manager (such approval not to be unreasonably withheld), and which shall then become a Pool Vessel.
Substitute Vessel has the meaning given to such term in Clause 12. Tax or Taxes means any income, gross receipts, withholding, license, payroll, stamp, employment, excise, severance, occupation, premium, windfall profits, transfer, environmental, customs duties, capital stock, franchise, profits, value-added, sales, unemployment, disability, property, use, registration, alternative, add-on minimum, estimated or other tax, fee or charge imposed by or under the authority of any Governmental Authority, including any interest, penalty or addition thereto.
Substitute Vessel is defined in Clause 7.8(a).
Substitute Vessel has the meaning given in clause 3.2 of the Bareboat Charter;
Substitute Vessel shall have the meaning ascribed to such term in Section 6.11.
Substitute Vessel means a vessel, acceptable in all respects to the Security Trustee, which, with the agreement of the Security Trustee, is or shall have been substituted in place of any of the Vessels for the purposes of each of the Facility Agreement and the Security Documents;