Substitution Vessel definition

Substitution Vessel means a vessel which becomes a Collateral Vessel after the date hereof, which is (i) a tanker vessel, (ii) between 35,000 dwt and 330,000 dwt, (iii) double hull, (iv) not older than seven (7) years on the date it becomes a Collateral Vessel, (v) classed with an Acceptable Classification Society free of overdue recommendations and conditions affecting class, (vi) registered in an Acceptable Flag Jurisdiction, (vii) owned by a Subsidiary Guarantor and subject to a Collateral Vessel Mortgage on the date it becomes a Collateral Vessel, and (viii) if being provided in connection with a Collateral Disposition, not older than the vessel it is substituting as a Collateral Vessel.

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Substitution Vessel means any or all of the vessels listed as "Substitution Vessels" in Schedule 9 (List of Collateral Vessels).

Substitution Vessel means a vessel which becomes a Collateral Vessel after the date hereof, which (i) shall not have been built prior to 2014, (ii) is classed with an Approved Classification Society free of overdue recommendations and conditions affecting class, (iii) registered in an Acceptable Flag Jurisdiction, (iv) owned by a Subsidiary Guarantor and subject to a Collateral Vessel Mortgage on the date it becomes a Collateral Vessel, (v) is not older than the vessel which was the subject of a Collateral Vessel Disposition and which the Substitution Vessel is replacing as a Collateral Vessel, (vi) that is a double-hull crude or product tanker vessel between 35,000 dwt and 330,000 dwt and of a similar quality and type as the Collateral Vessel that it is replacing, and (vii) has an equal to or higher Vessel Appraisal Value than the vessel(s) it is replacing as a Collateral Vessel.

Examples of Substitution Vessel in a sentence

• In the event that the Borrowers request a Substitution, the Borrowers shall pay to the Facility Agent (for distribution pro rata to the Lenders) a substitution fee equal to 15 bps of the Tranche relating to the Substitution Vessel within five (5) days from the Substitution Date.

• If the acquisition or financing of a Substitution Vessel does not occur during the Reinvestment Period related to a Collateral Vessel Disposition or Collateral Vessel Release Election, the Suspended Commitments so suspended on such Collateral Vessel Disposition Date or the date of such Collateral Vessel Release Election shall be permanently reduced on the last day of the Reinvestment Period.

• The Revolver Reduction Amount shall be adjusted in connection with any mandatory prepayment or reduction of the Revolving Commitments (or substitution of one or more Collateral Vessel(s) with a Substitution Vessel or the addition of any Additional Vessels) and to give effect to any permanent reduction of the Revolving Commitments; provided that any adjustments to the Revolver Reduction Amount shall not result in scheduled repayments and/or reductions less than the Minimum Reduction Profile.

More Definitions of Substitution Vessel

Substitution Vessel means a dry bulk vessel which shall be of similar quality and type as the vessel(s) it replaces as a Collateral Vessel (each, a “Substitution Vessel” and collectively, the “Substitution Vessels”) and shall (i) not have been built prior to 2014, (ii) is not older than the vessel(s) it is replacing as a Collateral Vessel, and (iii) has an equal to or higher Vessel Appraisal Value than the vessel(s) it is replacing as a Collateral Vessel (or otherwise results in an equal to or lower LTV Ratio (after giving effect to the substitution on a pro forma basis) than the LTV Ratio including the vessel(s) it is replacing as a Collateral Vessel in accordance with Section 2.10(e)).

Substitution Vessel or “Substitution Vessels” shall mean, as applicable, one or more dry bulk vessels which shall be of similar quality and type as the vessel(s) being replaced as a Collateral Vessel(s) and shall (i) be an Acceptable Collateral Vessel, (ii) be not older than the vessel(s) being replaced as a Collateral Vessel(s), and (iii) have an equal to or higher aggregate Vessel Appraisal Value than the vessel(s) being replaced as Collateral Vessel(s) (so that the ratio of Revolving Commitments not including the Suspended Commitments, if any, to the Vessel Appraisal Value of the Collateral Vessels after the substitution shall be equal or lower than such ratio immediately prior to the substitution) in accordance with Section 2.10(e).