Substitute Ship definition

Substitute Ship shall have the meaning ascribed to in Clause 4.5;
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Substitute Ship means any Approved Ship or any other ship of similar age, type and value to an Approved Ship which the Agent may, with the authorisation of all Lenders, approve for the purposes of this Agreement;
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Substitute Ship means any ship which becomes subject to this Agreement in accordance with the provisions of Clauses 8.15 or 8.16 (as the case may be);
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Examples of Substitute Ship in a sentence

  • The Borrower may, if it gives the Agent not less than 10 Business Days' prior notice, cancel a Tranche (excluding a Substitute Ship Tranche) prior to its initial drawing under this Agreement.

  • The Agent shall, on the Delivery Date of the relevant Ship, instruct the Prepositioning Bank to release the amount of the Prepositioned Tranche to the relevant Builder, the Seller or, in the case of a Substitute Ship Tranche, the relevant builder or seller (as the case may be) subject to the provisions of Clause 9.1.

  • If there is a Change of Control, the Borrower shall prepay the Loan and comply with Clause 8.14 on or before the date falling 60 days following such Change of Control unless agreed otherwise by all the Lenders save that, up to 2 Guarantor Disposals shall be permitted where such Guarantor Disposal is made solely to facilitate the sale or disposal of a Ship which is then replaced by a Substitute Ship in accordance with and subject to the conditions set out in this Agreement.


More Definitions of Substitute Ship

Substitute Ship has the meaning given in Clause 8.9(c);
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