Affirmative Covenants and Insurances. The Owner further covenants with the Mortgagee and undertakes at all times throughout the Security Period:
(A) to maintain:
(i) its existence as a limited liability company of the Republic of the Xxxxxxxx Islands;
(ii) its good standing under the laws of the Republic of the Xxxxxxxx Islands; and
(iii) a registered address as required by the laws of the Republic of the Xxxxxxxx Islands;
(B) (i) To insure and keep the Vessel insured or cause or procure the Vessel to be insured and to be kept insured at no expense to the Mortgagee (or, with regard to the insurance cover described in (d) below, to reimburse the Mortgagee therefor), in regard to:
(a) all fire and usual marine risks (including increased value, which shall not exceed thirty percent (30%) of the total hull and machinery coverage) on an agreed value basis; which hull and machinery insured value shall be at least 80% of the Fair Market Value of the Vessel in accordance with Section 9.1(t)(iii) of the Credit Agreement;
(b) war risks on an agreed value basis (including war protection and indemnity liability with a separate limit not less than hull value) covering, inter alia, the perils of confiscation, terrorism, piracy, expropriation, nationalization, seizure and blocking;
(c) protection and indemnity risks (including pollution risks and including protection and indemnity war risks in excess of the amount for war risks (hull)) [to the highest amount available in the market for the full value and tonnage of the ship, as approved in writing by the Mortgagee, and, in case of oil pollution liability risks, at the highest level of cover from time to time available under basic protection and indemnity clubs entry, currently One Billion United States Dollars ($1,000,000,000); and
(d) Mortgagee’s interest including mortgagee’s interest additional perils (pollution) risks and, on demand, reimburse the Security Trustee for all premiums, costs and expenses paid or incurred by the Mortgagee from time to time;
Affirmative Covenants and Insurances. The Owner further covenants with the Mortgagee and undertakes at all times throughout the Security Period:
Affirmative Covenants and Insurances. The Owner further covenants with the Mortgagee and undertakes at all times throughout the Security Period:
(A) to maintain its existence in good standing as a corporation of the British Virgin Islands and to maintain a registered office as required by the laws of the British Virgin Islands and to maintain its existence in good standing as a foreign maritime entity of the Republic of Liberia;
(B) (i) to insure and keep the Vessel insured or cause or procure the Vessel to be insured and to be kept insured at no expense to the Mortgagee (or, with regard to the insurance cover described in (d) below, to reimburse the Mortgagee therefor) in regard to:
(a) all risks hull and machinery (including excess risks which shall not exceed twenty percent (20%) of the total hull and machinery coverage);
(b) war risks (including war protection and indemnity liability) covering, inter alia, the perils of confiscation, expropriation, nationalization, seizure and blocking;
(c) protection and indemnity risks (including pollution risks); and
(d) Mortgagee's interest including mortgagee’s interest additional perils (pollution) risks;
Affirmative Covenants and Insurances. The Owner further covenants with the Mortgagee and undertakes at all times until the Secured Obligations are paid in full in cash:
(A) to maintain its qualification in good standing as a foreign maritime entity under the laws of the Republic of Liberia;
(B) to insure and keep the Vessel insured or cause or procure the Vessel to be insured and to be kept insured at no expense to the Mortgagee as provided in Section 4.25 of the Indenture;
(C) To keep the Vessel in a good and efficient state of repair so as to maintain its present class with [•] (or such other classification society of like standing) and so as to comply with the provisions of all laws, regulations and requirements (statutory or otherwise) from time to time applicable to vessels registered under the laws and flag of the Republic of Liberia, including, without limitation, to obtain all necessary ISM Documentation and to comply with the provisions of both the ISM Code and the ISPC Code;
(D) To submit or to cause the Vessel to be submitted to such periodical or other surveys as may be required for classification purposes and to supply to the Mortgagee upon request copies of all survey reports and class certificates issued in respect thereof;
(E) If an Event of Default shall have occurred and be continuing, to permit or to cause the Mortgagee to be permitted by surveyors or other Persons appointed by it on its behalf to board the Vessel at all reasonable times for the purpose of inspecting its condition or for the purpose of satisfying themselves in regard to proposed or executed repairs and to afford all proper facilities aboard the Vessel for such inspections (in a manner and at a time not to interfere with the normal operation of the Vessel);
(i) To pay and discharge or cause to be paid and discharged all debts, damages and liabilities whatsoever which have given or may give rise to maritime or possessory Liens on or claims enforceable against the Vessel except for Permitted Collateral Liens and (ii) in event of arrest of the Vessel pursuant to legal process or in event of its detention in exercise or purported exercise of any such Lien as aforesaid to procure the release of the Vessel from such arrest or detention within fifteen (15) days of receiving notice thereof by providing bail or otherwise as the circumstances may require;
(G) Not to employ the Vessel or suffer its employment in any trade or business which is forbidden by applicable law or in carrying illicit or prohibited goods or in a...
Affirmative Covenants and Insurances. The Owner further covenants with the Mortgagee and undertakes at all times throughout the Security Period:
(A) to maintain its existence in good standing as a foreign maritime entity of the Republic of the Xxxxxxxx Islands and to maintain a registered office as required by the laws of the Republic of the Xxxxxxxx Islands;
(B) (i) to insure and keep the Vessel insured or cause or procure the Vessel to be insured and to be kept insured at no expense to the Mortgagee (or, with regard to the insurance cover described in (d) below, to reimburse the Mortgagee therefor) in regard to:
Affirmative Covenants and Insurances. The Owner further covenants with the Mortgagee and undertakes at all times until Discharge of Revolving Credit Obligations and Discharge of all Pari Passu Obligations:
