Second Vessel definition
Examples of Second Vessel in a sentence
Charterer has elected to apply its investment in the ship mortgage obligation (the "Net Ship Investment") as consideration for Owner's grant of the Assignment Option and option to acquire Owner's right to purchase the Second Vessel from an affiliate of Cruise Holdings).
The Second Vessel Note shall be as provided in the Second Vessel Note Purchase Agreement and in the form of the Second Vessel Note annexed as Exhibit C to the Second Vessel Note Purchase Agreement, the proceeds of which shall be used for the Financing as set forth on Annex A of this Amendment.
The Administrator shall terminate this Assignment and release the Second Vessel Collateral subject to the provisions of Article XVI of Annex C of the Agreement and the relevant provisions of this Assignment.
Based on the purchase price of the First Vessel and the net book value of the Second Vessel as at 31 December 2007 as described above, the Group would realize a total book gain, after estimated expenses, of approximately US$19.7 million on disposal of the First Vessel and the Second Vessel.
The Mortgagor has authorized the execution and delivery of the Second Vessel Note Purchase Agreement and the issuance of the Second Vessel Note in the Maximum Principal Amount of $139,584,000, to finance, in part, the construction costs of the construction of the KAIMANA HILA, Official Number 1274135 (the “Second Vessel”).
Nothing in this Assignment shall be deemed or construed to create a delegation to or assumption by the Administrator, of the duties and obligations of the Shipowner under any agreement or contract relating to the Second Vessel or the Insurances.
Each of the First Vendor and the Second Vendor is a special purpose company for holding the First Vessel and the Second Vessel respectively.
On the Second Closing Date, the Shipowner has duly executed and delivered, and the Administrator has accepted, the Second Administrator’s Note in an amount equal to the Maximum Principal Amount of the Second Vessel Note.
The Second Vessel Note shall be subject to all of the terms and conditions set forth in the Second Vessel Note Purchase Agreement.
The Second Vessel has been owned by the Second Vendor since November 2007 and its net book value as at 31 December 2007 was approximately US$59,574,000.