Substitute Vessel definition

Substitute Vessel has the meaning set forth in Section 6.05.

Substitute Vessel means a drilling rig or drillship that is used or useful in the Permitted Business.

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 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.

• Subject to the right of the Company to acquire a Substitute Vessel in accordance with Section 10.1, upon the Total Loss of a Collateral Vessel, the Company shall prepay the Relevant Tranche Amount in respect of that Collateral Vessel, which such Relevant Tranche Amount shall be applied pro rata against each Note, together with interest thereon determined for the prepayment date with respect to such principal amount.

• Sell, lease, transfer, assign or otherwise dispose of any Vessel unless (a) after giving effect to such sale, lease, transfer, assignment or disposition, the Borrower is in compliance with Section 6.17 hereof or (b) the Borrower delivers to the Agent a Qualified Substitute Vessel and the documents described in Section 6.19 with respect thereto in order to remain in compliance with Section 6.17.

• 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.

• A Qualified Substitute Vessel or a Substitute Mortgaged Vessel may be substituted for a Mortgaged Vessel in certain circumstances and such substituted vessel shall become a Mortgaged Vessel upon substitution in accordance with the terms of this Indenture.

More Definitions of Substitute Vessel

Substitute Vessel has the meaning set forth in Section 10.5.

Substitute Vessel means a Qualifying Vessel provided to the Pool Managers in place of a Pool Vessel.

Substitute Vessel has the meaning given to it in Clause 12.11;

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 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;

Substitute Vessel means a Vessel that is used or useful in the Permitted Business and that (a) is of substantially comparable (or better) quality and value as (or than) the quality and value of, (b) has a charterparty or other use contract with a termination date at least as late as, and (c) has a day rate at least as high as, in each case, the Collateral Vessel Contract relating to the Vessel sold or substituted as a result of the applicable Event of Loss or Asset Sale.

Substitute Vessel has the meaning given in clause 3.2 of the Bareboat Charter;