Vessel Disposition definition
Examples of Vessel Disposition in a sentence
The Administrative Agent shall promptly notify each Lender of any notice of Vessel Disposition.
Any Collateral Disposition Reduction Amount required pursuant to Section 2.10(b)(iv) in connection with a Collateral Vessel Disposition shall be applied , on a pro rata basis among the Lenders, (i) to reduce the Commitments and (ii) on a pro rata basis among Revolver Reduction Amounts due on each Revolver Reduction Date (including the Maturity Date), to reduce such Revolver Reduction Amounts on such Revolver Reduction Date.
Each Lender agrees that the Administrative Agent shall be entitled to rely on any document submitted to it by the Borrower hereunder and that no approval of any Lender need be obtained in advance of any Vessel Disposition provided for in this Section 5.02(e)(ii), provided the requirements set forth in this Section 5.02(e)(ii) have been met concurrently with such Vessel Disposition.
The owner agrees that a vessel stored at the Marina past December 16th following the commencement date of lease period covered by this agreement without signing of a new lease agreement shall be considered an abandoned Vessel pursuant to the “Abandoned Vessel Disposition Act of NJ”, and the Marina, upon written notice to the owner (to the address on the last contract) to remove said vessel, may dispose of said vessel pursuant to the “Abandoned Vessel Disposition Act of NJ”.
If the Subject Vessels are sold or otherwise transferred by U.S. United Ocean Services, LLC or any Subsidiary thereof following the Closing Date in accordance with Section 5 of the UIS-UOS Agreement, then promptly (and, in any event, within three (3) Business Days) following the Vessel Disposition Date (as defined in the UIS-UOS Agreement), Seller shall pay to Purchaser an amount in cash equal to the amount of the Net Subject Vessel Proceeds.
Neither Matson nor any of its Affiliates shall have any obligation to make any payment under this Section 11.10 with respect to a Vessel Disposition occurring on or after the later of July 9, 2006 or the consolidation of the LLC’s terminal operations in the Port of Oakland by means of a new lease.
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.
Each Lender agrees that the Administrative Agent shall be entitled to rely on any document submitted to it by the Borrower hereunder and that no approval of any Lender need be obtained in advance of any Vessel Disposition provided for in this subsection (m), provided the requirements set forth in this Section 5.10(m) have been met concurrently with such Vessel Disposition.