Substitute Vessels Sample Clauses
Substitute Vessels. It is agreed and acknowledged that the Borrower may request amendments to the list of Vessels set out at Schedule 2 Part I and Schedule 2 Part II. Any such request shall be considered by the Banks acting reasonably, and subject to:
2.17.1 the Banks being satisfied that the replacement vessels are:
(i) offshore PSVs or AHTSs of the Borrower's usual standard and quality;
(ii) registered in an acceptable registry and classed with a Pre-Approved Classification Society;
(iii) built no earlier than 1997 and being no more than two (2) years older than the Vessel it is to replace;
(iv) have a Valuation no less than eighty per cent (80%) of the Valuation of the Vessel to be replaced;
2.17.2 the Borrower, as owner of the replacement vessel, granting security over such replacement vessel equivalent to the other Security Documents; and
2.17.3 the Agent receiving such conditions precedent (including but not limited to corporate papers and legal opinions) as it may reasonably require, the Banks shall consent to such substitutions and the definitions of "Vessels" and "Owners" shall be amended accordingly.
Substitute Vessels. It is agreed and acknowledged that the Borrower may request amendments to the list of Vessels set out at Schedule 2, by substituting one or more of the Vessels set out therein (the “Original Vessel”) with a new vessel (the “New Vessel”) for any purpose, including without limitation for purposes of compliance with Clause 22.1.12 hereof. Any such request shall be considered by the Agent (on behalf of the Finance Parties) acting reasonably, and subject to the Agent (on behalf of the Finance Parties) being satisfied that the New Vessel:
(a) is an offshore PSV or AHTS vessel of the applicable Loan Party’s usual standard and quality;
(b) is registered in an acceptable registry and classed with an acceptable classification society;
(c) is not built before 2009 nor more than 2 years older than the Original Vessel for which it substitutes; and
(d) has a Market Value that is not less than 90% of the Market Value of the Original Vessel for which it substitutes. Further, the Borrower shall (or shall cause the applicable Loan Party to), as owner of the New Vessel, grant security over the New Vessel (including mortgage and assignment of insurances) equivalent to the other Security Documents, and the Agent (on behalf of the Finance Parties) shall be entitled to satisfaction of such conditions precedent (including corporate authorizations, legal opinions and vessel documentation) as it may reasonably require. Upon satisfaction of the foregoing in this Clause 21.1.12, the Agent (on behalf of the Finance Parties) shall consent to such substitution and the definition of the “Vessels” shall be amended accordingly.
Substitute Vessels. It is agreed and acknowledged that the Borrower may request amendments to the list of Vessels set out at Schedule 2, by substituting one or more of the Vessels set out therein (the "Original Vessel") with a new vessel (the "New Vessel"). Any such request shall be considered by the Agent (on behalf of the Finance Parties) acting reasonably, and subject to the Agent (on behalf of the Finance Parties) being satisfied that the New Vessel is;
(i) an offshore PSV or AHTS vessel of the Borrower's usual standard and quality;
(ii) registered in an acceptable registry and classed with an acceptable classification society;
(iii) not built before 2007 nor older than 2 years compared to the Original Vessel it substitutes; and
(iv) have a Market Value that is not less than 90% of the Market Value of the Original Vessel it substitutes. Further, the Borrower, as owner of the New Vessel shall grant security over the New Vessel (including mortgage and assignment of insurances) equivalent to the other Security Documents, and the Agent (on behalf of the Finance Parties) shall receive such conditions precedent (including corporate authorizations, legal opinions and vessel documentation) as it may reasonably require. Upon satisfaction of the foregoing in this Clause 21.1.12 the Agent (on behalf of the Finance Parties) shall consent to such substitution and the definition of the "Vessels" shall be amended accordingly.
Substitute Vessels. If the contractor chooses to accept the substitute vessels, the CO may request, and the contractor shall furnish, a cost proposal detailing the cost and schedule impacts (if any) of the changes and a request for equitable adjustment, should costs increase or decrease. A bilateral modification to this contract shall be executed to incorporate any changes to the number and names of vessels managed by the Ship Manager, and to incorporate any resultant changes to the contract price.