Initial Vessel definition

Initial Vessel means the dry bulk carriers set out in Schedule 3 attached hereto.
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Initial Vessel means any or all of the vessels listed as "Initial Vessels" in Schedule 9 (List of Collateral Vessels).
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Initial Vessel means the first Vessel to be constructed under this Agreement, in the event that Owner exercises its option for the construction of an Option Vessel under the terms and conditions of this Agreement.
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Examples of Initial Vessel in a sentence

  • In the event of a Total Loss of an Initial Vessel or a Contracted Vessel, the Purchaser and the Initial Vendor or Contracted Vendor, as applicable, will be released from all their contractual obligations with respect to that Initial Vessel or Contracted Vessel hereunder.

  • In addition, the Vessel MOA, or, as applicable, the Initial Asset Newbuilding MOA, with respect to the relevant Initial Vessel or Contracted Vessel will automatically terminate with no further effect and without any right of indemnities or penalties.

  • The Initial Vessel shall be a trailing suction xxxxxx dredge vessel, constructed to the Design, for the Contract Price, all in accordance with the Contract Documents.

  • For each Initial Vessel and New Pool Vessel (when the same is notified under Clause 7.1), the Participant shall be required to demonstrate to the Pool Manager that this condition is satisfied and, in the event a Controlled Vessel is chartered-in, the date that the relevant charter shall expire.

  • Each Initial Vessel is or will be classified in the highest class available for vessels of its age and type with a classification society listed on Schedule VIII or another internationally recognized classification society acceptable to the Administrative Agent, free of any conditions or recommendations, other than as permitted, or as will be permitted, under the Vessel Mortgages.

  • No filings or recordings are required in order to perfect the security interests created under any Security Document except for filings or recordings to be made on the initial Borrowing Date pursuant to the Security Documents, and, to the extent no Security Documents are delivered to the Security Trustee on the initial Borrowing Date with respect to the Sixth Initial Vessel, on the date such Security Documents with respect to the Sixth Initial Vessel are delivered.

  • Agreement Evidence satisfactory to the Agent that the Existing Indebtedness pursuant to the Existing Loan Agreement will be repaid in full by the advance of the Initial Vessel Tranches and all Encumbrances in respect of each Vessel created pursuant to the Existing Loan Agreement will be discharged simultaneously with the advance of the Initial Vessel Tranches.

  • Builder agrees to build at its own risk and expense and to sell, and Owner agrees to purchase, the Initial Vessel (as defined below) on the terms and conditions as set forth herein.

  • Within 45 days after the close of the second and the fourth quarterly accounting periods in each fiscal year of the Borrower, and at any other time within 33 days of the written request of the Administrative Agent, Appraisals for each Initial Vessel (i) dated no more than 30 days prior to delivery thereof to the Administrative Agent, (ii) in form and substance satisfactory to the Administrative Agent and (iii) from at least two Approved Appraisers.

  • Without limitation to the foregoing, Builder is to ensure that the Initial Vessel is built in the United States as required by United States law to be eligible for documentation under the United States flag with a coastwise trade endorsement; including ensuring that all major components used in the construction of the Initial Vessel are fabricated in the United States, and that all construction and all assembly for the construction of the Initial Vessel is done in the United States.


More Definitions of Initial Vessel

Initial Vessel has the meaning defined in Section 1.9(c).
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Initial Vessel or “Initial Vessels” has the meaning ascribed to it in Clause 3.1.
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Initial Vessel means any of them;
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Related to Initial Vessel

  • Commercial vessel means any vessel not owned and operated by the United States military or the United States Coast Guard.

  • Coastal vessel means any vessel exclusively employed in trading between any port or place in India to any other port or place in India having a valid coastal license issued by the competent authority.

  • Public vessel ’ means a vessel owned or bareboat chartered and operated by the United States, by a State or political subdivision thereof, or by a foreign nation, except when such vessel is engaged in commerce;

  • Covered vessel means a tank vessel, cargo vessel, or passenger vessel.

  • U.S.-flag vessel means a vessel of the United States or belonging to the United States, including any vessel registered or having national status under the laws of the United States.

  • Fleet Vessels means all of the vessels (including, but not limited to, the Ships) from time to time wholly owned by members of the Group (each a “Fleet Vessel”);

  • Recreational vessel means a vessel—

  • Passenger vessel means any boat, ship, vessel,

  • Mortgaged Vessel means, at any relevant time, any Vessel which is at such time subject to a Mortgage and a Vessel shall, for the purposes of this Agreement, be regarded as a Mortgaged Vessel as from the date on which the Mortgage of that Vessel has been executed and registered in accordance with this Agreement until whichever shall be the earlier of (i) the payment in full of the amount required to be paid to the Agent pursuant to clause 4.3 or 4.5 following the Total Loss or sale respectively of such Vessel and (ii) the end of the Facility Period;

  • Delivery vessel means tank trucks or trailers equipped with a storage tank and used for the transport of gasoline from sources of supply to stationary tanks of gasoline dispensing facilities.

  • Foreign flag vessel means any vessel that is not a U.S.-flag vessel.

  • existing vessel means a vessel which is not a new vessel;

  • Foreign-going vessel means any vessel other than a coastal vessel.

  • fishing vessel means a vessel used for catching fish, whales, seals, walrus or other living resources of the sea;

  • foreign fishing vessel means any fishing vessel other than a local fishing vessel;

  • Tank vessel means a ship that is constructed or adapted to carry, or that carries, oil in bulk as cargo or cargo residue, and that:

  • Vessel means the vessel/craft belonging to the Contractor for carrying out the work.

  • Vessels shall have the meaning set forth in the recitals.

  • Cargo vessel means a self-propelled ship in commerce, other than a tank vessel or a passenger vessel, three hundred or more gross tons, including but not limited to, commercial fish processing vessels and freighters.

  • foreign vessel means any vessel other than a coastal vessel.

  • Relevant Ship means the Ships and any other vessel from time to time (whether before or after the date of this Agreement) owned, managed or crewed by, or chartered to, any Relevant Party;

  • Documented vessel means a vessel documented under chapter 121, title 46, United States Code or a vessel for which an application for such docu- mentation is pending.

  • The Vessel means the vessel named in Box 5 and with particulars as stated in Boxes 6 to 12.

  • storage vessel means a pressure vessel as defined in the Regulations for Pressure Vessels made under the Occupational Health and Safety Act;

  • Pressure vessel means containers for the containment of pressure, either internal or external. This pressure may be obtained from an external source or by the application of heat from a direct or indirect source, or any combination thereof.

  • Sailing vessel means any vessel under sail provided that propelling machinery, if fitted, is not being used.