Initial Vessels definition
Examples of Initial Vessels in a sentence
The Borrower has requested that the Lender advance an aggregate amount of up to $401,000,000 to the Borrower in order (a) together with the proceeds of the IPO, to assist in the financing of the Initial Vessels, (b) to provide working capital in an amount up to $15,000,000, and (c) to finance all or a portion of the purchase price of Additional Vessels.
The Administrative Agent shall have received evidence from the Borrower that the aggregate purchase price of the Initial Vessels (or, to the extent no Subsidiary Guarantor has taken delivery of the Sixth Initial Vessel, of such Initial Vessels of which the Subsidiary Guarantors have taken delivery plus the amount of cash collateral delivered pursuant to Section 5.09) is at least Two Hundred Twenty Five Million Dollars ($225,000,000).
The Borrowers and the Subsidiary Guarantors shall not (i) change the Manager of the Initial Vessels or any Acceptable Replacement Vessel or (ii) without the prior written consent of the Administrative Agent (such consent not be unreasonably withheld or delayed) (1) increase the compensation awarded to the Manager or (2) substantially diminish the duties of the Manager under the Management Agreement.
The Borrower and each other Credit Party which owns or operates, or will own or operate, one or more Initial Vessels is (or at the time it becomes an owner thereof, will be) qualified to own and operate such Initial Vessel under the laws of the Acceptable Flag Jurisdiction.
Each Subsidiary Guarantor shall cause the earnings derived from each of the respective Initial Vessels or Acceptable Replacement Vessels, to the extent constituting Earnings and Insurance Collateral, to be deposited or remitted by the respective account debtor in respect of such earnings into one or more of the Operating Accounts maintained for such Subsidiary Guarantor or the Borrower from time to time.