Vessel Assets definition

Vessel Assets means the Vessels and any assets that are customarily owned or operated in conjunction with the Vessels, in each case.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Vessel Assets with respect to any Vessel, means:

Vessel Assets means whether on board or ashore, (i) all engines, boilers, machinery, masts, boats, anchors, cables, chains, tackle, apparel, furniture, capstans, outfit, tools, pumps, pumping and other equipment, gear, lashings, furnishings, appliances, fittings and other personal property appertaining or belonging to each Transferor Vessel and all spares and replacement parts, in each case which are required to maintain such Transferor Vessel’s class certification, excluding hired or leased items listed on Schedule II hereto, (ii) any propellers and propeller shafts appertaining or belonging to each Transferor Vessel, (iii) all plans, drawings and other technical documents, logs, manuals, instruction books and classification records, including special surveys, relating to each such Transferor Vessel, provided, each Transferor shall be required to maintain spares required to maintain such Transferor Vessel’s class certification, but shall not otherwise be required to replace spares used in the ordinary course of business.

Examples of Vessel Assets in a sentence

• Subject to the satisfaction of certain milestones set out in the Lock-Up Agreement, the Transaction will, once consummated, result in a corporate reorganisation of the Floatel group of companies, with the Bond Vessel Assets as well as certain Floatel group entities, which provide operational and management functions to the Bond Vessel Entities, together with their assets (collectively with the Bond Vessel Assets, the “Transferring Assets”) being acquired by Newco (the “Newco Acquisition”).

• This Agreement shall, subject to Section 6.02 , be binding upon, and inure to the benefit of, any successor of the Company; provided, however, that for the avoidance of doubt, if the Company effects a Transfer of any assets of the Company, including Vessel Assets, and this Agreement does not continue as to such assets, the Company will pay to the Manager the aggregate amount of any accrued but unpaid Transaction Fees attributable to such assets.

• This Agreement shall, subject to Section 6.02, be binding upon, and inure to the benefit of, any successor of the Company; provided, however, that for the avoidance of doubt, if the Company effects a Transfer of any assets of the Company, including Vessel Assets, and this Agreement does not continue as to such assets, the Company will pay to the Manager the aggregate amount of any accrued but unpaid Financing Fees attributable to such assets.

• The parties shall conduct a joint inventory of the Vessel Assets of each Vessel, or otherwise agree to such an inventory, prior to the VPA Execution Date.

• This Agreement shall, subject to Section 6.02, be binding upon, and inure to the benefit of, any successor of the Company; provided, however, that for the avoidance of doubt, if the Company effects a Transfer of any assets of the Company, including Vessel Assets, and if this Agreement does not continue as to such assets, then the Company will pay to the Manager the aggregate amount of any accrued but unpaid Financing Fees attributable to such assets.

More Definitions of Vessel Assets

Vessel Assets means, collectively, (i) the Owned Vessels and (ii) the JV Vessels.

Vessel Assets means all of the following, other than the Excluded Assets: (i) all engines, boilers, machinery, masts, boats, anchors, cables, chains, tackle, apparel, furniture, capstans, outfit, tools, pumps, pumping and other equipment, gear, lashings (including a full complement of all components of container lashing equipment sufficient in number to carry a full load of 40' containers), furnishings, appliances, fittings and other personal property appertaining or belonging to any of the Vessels referred to in Recital B hereof and all spares and replacement parts, in each case which are on board each such Vessel to the extent required by Section 6(c) of the below defined Bareboat Charter at the time the Vessel is redelivered to by Matson by APL in accordance with the provisions of said Bareboat Charter, (ii) the two shoreside propellers and two shoreside propeller shafts identified in Exhibit A attached hereto, (one such propeller and shaft relating to the C-8s and the other to the C-9s), (iii) all plans, drawings and other technical documents, logs, manuals, instruction books relating to each such Vessel, and (iv) certain intellectual property or rights with respect thereto relating to each such Vessel which are listed in Schedule 1(a) attached hereto and which shall be sold, licensed or otherwise transferred to Matson in accordance with the APL End User License Agreement referred to in SECTION 4.3 hereof.