Common use of AVOIDANCE AND DISCHARGE OF OTHER LIENS Clause in Contracts

AVOIDANCE AND DISCHARGE OF OTHER LIENS. Each Shipowner shall in accordance with good shipping industry practice pay and discharge or cause to be paid and discharged all debts, damages and liabilities whatsoever which have given rise, or may give rise, to maritime, statutory or possessory liens on or claims enforceable against its Mortgaged Ship or its Mortgaged Linkspans (if any) under the laws of all countries to whose jurisdiction such Ship or Linkspans may from time to time be subject. If any Mortgaged Ship or Mortgaged Linkspan is arrested pursuant to legal process or detained in exercise or purported exercise of any such lien or claim as aforesaid the relevant Shipowner shall use all reasonable endeavours to procure the release of the Ship or Linkspan from such arrest or detention as soon as reasonably practicable after receiving notice thereof by providing bail or taking such other steps as the circumstances may require (but, in the case of an arrest or detention as a consequence of claims or alleged claims against a charterer of such Ship or Linkspan which is not a member of the Stena AB Group, the relevant Shipowner or Stena Charterer may defer procuring such release if it reasonably considers it to be in the best commercial interests of the Stena AB Group and provided that, unless otherwise agreed by the Agent, and for so long as so doing does not involve any imminent likelihood of a sale of such Ship or Linkspan by order of any court of competent jurisdiction).

Appears in 4 contracts

Samples: Loan Agreement (Stena Ab), Loan Agreement (Stena Ab), Facility Agreement (Stena Ab)

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