Substitution Vessel definition

Substitution Vessel means a vessel which becomes a Collateral Vessel after the date hereof, which is (i) a tanker vessel, (ii) between 35,000 dwt and 330,000 dwt, (iii) double hull, (iv) not older than seven (7) years on the date it becomes a Collateral Vessel, (v) classed with an Acceptable Classification Society free of overdue recommendations and conditions affecting class, (vi) registered in an Acceptable Flag Jurisdiction, (vii) owned by a Subsidiary Guarantor and subject to a Collateral Vessel Mortgage on the date it becomes a Collateral Vessel, and (viii) if being provided in connection with a Collateral Disposition, not older than the vessel it is substituting as a Collateral Vessel.
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Substitution Vessel means any or all of the vessels listed as "Substitution Vessels" in Schedule 9 (List of Collateral Vessels).
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Substitution Vessel means a vessel which becomes a Collateral Vessel after the date hereof, which (i) shall not have been built prior to 2014, (ii) is classed with an Approved Classification Society free of overdue recommendations and conditions affecting class, (iii) registered in an Acceptable Flag Jurisdiction, (iv) owned by a Subsidiary Guarantor and subject to a Collateral Vessel Mortgage on the date it becomes a Collateral Vessel, (v) is not older than the vessel which was the subject of a Collateral Vessel Disposition and which the Substitution Vessel is replacing as a Collateral Vessel, (vi) that is a double-hull crude or product tanker vessel between 35,000 dwt and 330,000 dwt and of a similar quality and type as the Collateral Vessel that it is replacing, and (vii) has an equal to or higher Vessel Appraisal Value than the vessel(s) it is replacing as a Collateral Vessel.
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Examples of Substitution Vessel in a sentence

  • The Revolver Reduction Amount shall be adjusted in connection with any mandatory prepayment or reduction of the Revolving Commitments (or substitution of one or more Collateral Vessel(s) with a Substitution Vessel or the addition of any Additional Vessels) and to give effect to any permanent reduction of the Revolving Commitments; provided that any adjustments to the Revolver Reduction Amount shall not result in scheduled repayments and/or reductions less than the Minimum Reduction Profile.

  • If the acquisition or financing of a Substitution Vessel does not occur during the Reinvestment Period related to a Collateral Vessel Disposition or Collateral Vessel Release Election, the Suspended Commitments so suspended on such Collateral Vessel Disposition Date or the date of such Collateral Vessel Release Election shall be permanently reduced on the last day of the Reinvestment Period.


More Definitions of Substitution Vessel

Substitution Vessel means a dry bulk vessel which shall be of similar quality and type as the vessel(s) it replaces as a Collateral Vessel (each, a “Substitution Vessel” and collectively, the “Substitution Vessels”) and shall (i) not have been built prior to 2014, (ii) is not older than the vessel(s) it is replacing as a Collateral Vessel, and (iii) has an equal to or higher Vessel Appraisal Value than the vessel(s) it is replacing as a Collateral Vessel (or otherwise results in an equal to or lower LTV Ratio (after giving effect to the substitution on a pro forma basis) than the LTV Ratio including the vessel(s) it is replacing as a Collateral Vessel in accordance with Section 2.10(e)).
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Related to Substitution Vessel

  • Substitution Period shall have the meaning set forth in Section 11(a)(iii) hereof.

  • Substitution Date has the meaning specified in Paragraph 4(d)(ii).

  • foreign vessel means any vessel other than a coastal 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.

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

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

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

  • foreign ship means a ship which—

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

  • Substitute natural gas or "SNG" means a gas manufactured

  • 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”);

  • 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;

  • Substitution Event means, in respect of a Share, any Nationalization, Insolvency or Delisting in respect of such Share, or any Merger Event or Tender Offer in respect of such Share that is deemed by the Calculation Agent to be a Substitution Event, or an occurrence and continuation for at least eight consecutive applicable Exchange Business Days of a Market Disruption Event in respect of such Share.

  • Recreational vessel means a vessel—