Replacement Vessel definition

Replacement Vessel means a Vessel that has a Fair Market Value equal to or greater than the Vessel subject to such Asset Sale or Event of Loss.
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Replacement Vessel means any Documented Vessel acquired as a replacement, in any manner, of any existing Mortgaged Vessel and subject to encumbrance in favor of the Collateral Agent for the benefit of the Secured Parties pursuant to the terms of Section 5.10.
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Replacement Vessel has the meaning given in Section 4(c) hereof.
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Examples of Replacement Vessel in a sentence

  • If Charterer obtains a Replacement Vessel and acquires new gaming equipment rather than relocating the gaming equipment from the Vessel to the Replacement Vessel, the Owner will purchase the gaming equipment on the Vessel on the same terms as would be negotiated in an arm’s length transaction.

  • Upon such filing, such Replacement Vessel will constitute a “Vessel” for purposes of the Loan Documents.

  • In the event that the Net Sale Proceeds exceed the purchase price of the Replacement Vessel (in the case of the foregoing clause (x)) or the Fair Market Value of the Replacement Vessel (in the case of the foregoing clause (y)), such excess Net Sale Proceeds shall be applied as a mandatory prepayment of the Loan until the Minimum Value Percentage is not less than the Minimum Value Percentage immediately prior to the sale of the Sold Vessel.

  • PROVIDED ALWAYS that if there is an investment in a Replacement Vessel acceptable to the Agent in its absolute discretion on or prior to the Reduction Date, and security over such Replacement Vessel acceptable to the Agent in its absolute discretion is also executed and delivered either prior to or on the Reduction Date, then the reduction in the Maximum Facility Amount shall not apply.

  • The Borrowers and the Subsidiary Guarantors shall not (i) change the Manager of the Mortgaged 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.


More Definitions of Replacement Vessel

Replacement Vessel shall have the meaning provided in the definition of “Collateral Vessel”.
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Replacement Vessel means a vessel that is substituted for the use of a vessel that is no longer utilized by an individual, partnership, corporation or other entity. [PL 1997, c. 693, §1 (NEW); PL 1997, c. 693, §3 (AFF).]
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Replacement Vessel means, with respect to a Vessel that is sold, a replacement offshore support vessel for the oil and gas and/or offshore wind industry, of the same age or younger than the relevant Vessel and of at least comparable quality and specification, subject to the sole discretion of the Majority Lenders;
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Replacement Vessel means a vessel acceptable to the Agent acting on the instructions of the Majority Lenders.
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Replacement Vessel means a vessel of substantially similar value (as evidenced by the average of two Valuations), type and age to the Vessel it is offered as a replacement of, acceptable to the Agent acting on the instructions of the Majority Lenders.
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Replacement Vessel means a vessel replacing one or more Collateral Vessels in accordance with the requirements set forth pursuant to Section 4.02(b). Such Replacement Vessel must be (i) a dry bulk vessel, (ii) between 55,000 dwt and 210,000 dwt, (iii) of an age not in excess of the age of the Collateral Vessel it is replacing when it becomes a Collateral Vessel, (iv) classed with an Acceptable Classification Society, (v) registered under the flag of an Acceptable Flag Jurisdiction, (vi) built at a reputable yard and (vii) owned by a Subsidiary Guarantor.
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Replacement Vessel means a vessel purchased to replace a permitted vessel which had been lost due to
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