Common use of Cargo Preference Act Clause in Contracts

Cargo Preference Act. (a) The Borrower Parties shall comply with the Cargo Preference Act of 1954, as amended, and all related implementing regulations with respect to CPA Goods, unless it has reached an agreement with MARAD with respect to such compliance, in which case it shall comply with such agreement. (b) Without limiting the generality of the foregoing, and unless a Borrower Entity entered into a CPA Compliance Agreement excusing it from the following obligations or otherwise providing for its compliance with the Cargo Preference of 1954, as amended, the applicable Borrower Entity shall: (i) deliver to the Division of National Cargo, Office of Market Development, Maritime Administration, Washington, DC 20590 (x) in the case of shipments originating outside of the United States, within thirty (30) working days (as such term is used in 46 C.F.R. 381.7) or (y) in the case of shipments originating within the United States, within twenty (20) days, in each case, following the date of loading any CPA Goods, a legible copy of a rated, ‘on-board’ commercial ocean bill-of-lading in English for each shipment of CPA Goods; and (ii) ensure all agreements whereby any Borrower Party procures, contracts for, or otherwise obtains CPA Goods provide for (x) compliance with the Cargo Preference Act of 1954, as amended, and all related implementing regulations with respect to CPA Goods/the utilization of privately owned United States-flag commercial vessels to ship at least fifty percent (50.0%) of the gross tonnage (computed separately for dry bulk carriers, dry cargo liners, and tankers) involved to the extent such vessels are available at fair and reasonable rates for United States-flag commercial vessels and (y) delivery of the necessary shipment information as set forth in clause (b)(i) above.

Cargo Preference Act. (a) The Borrower Parties shall comply and shall cause each Borrower Entity, as applicable, to comply with the Cargo Preference Act of 1954, as amended, and all related implementing regulations with respect to CPA Goods, unless it has reached an agreement with MARAD the United States Maritime Administration with respect to such compliance, in which case it shall comply with such agreement. (b) Without limiting the generality of the foregoing, and unless a the Borrower Entity entered into a CPA Compliance Agreement has reached an agreement with the United States Maritime Administration excusing it from the following obligations or otherwise providing for its compliance with the Cargo Preference Act of 1954, as amended, the applicable Borrower Entity shall: (i) deliver to the Division of National Cargo, Office of Market Development, Maritime Administration, Washington, DC 20590 (x) in the case of shipments originating outside of the United States, within thirty (30) working days (as such term is used in 46 C.F.R. 381.7) or (y) in the case of shipments originating within the United States, within twenty (20) days, in each case, following the date of loading any CPA Goods, a legible copy of a rated, ‘on-board’ commercial ocean bill-of-bill of lading in English for each shipment of CPA Goods; and (ii) ensure all agreements whereby any the Borrower Party procures, contracts for, or otherwise obtains CPA Goods provide for for: (x) compliance with the Cargo Preference Act of 1954, as amended, and all related implementing regulations with respect to CPA Goods/the utilization of privately owned United States-flag commercial vessels to ship at least fifty 50 percent (50.050%) of the gross tonnage (computed separately for dry bulk carriers, dry cargo liners, and tankers) involved to the extent such vessels are available at fair and reasonable rates for United States-flag commercial vessels vessels; and (y) delivery of the necessary shipment information as set forth in clause (b)(ii) above, as applicable.