Common use of Classification and repairs Clause in Contracts

Classification and repairs. (a) The Borrower shall, and shall procure that any Charterer or Technical Manager shall, keep or shall procure that the Vessel is kept in a good, safe and efficient condition consistent with first class ownership and management practice and in particular: so as to maintain its class at the highest level with American Bureau of Shipping (with notation +A1, Oil Carrier, +AMS, +ACCU, ESP, CSR, AB-CM, UWILD, TCM, SPMA, CPS, VEC, BWE, BWT, RW, ENVIRO+, POT,GP, NBLES) or another IACS classification society approved by the Agent, free of overdue recommendations and qualifications; and (b) so as to comply with the laws and regulations (statutory or otherwise) applicable to units registered under the flag state of the Vessel or to vessels trading to any jurisdiction to which the Vessel may trade from time to time; (c) not, without the prior written consent of the Agent (which shall not be unreasonably withheld), change the classification society of the Vessel; (d) not, without the prior written consent of the Agent, bring the Vessel or allow the Vessel to be brought to any yard for repairs or for the purpose of work being done upon her where the costs of such repairs or work is likely to exceed USD 5,000,000 (or the equivalent thereof in any other currency), unless such person shall first have given to the Agent and in terms reasonably satisfactory to it, a written undertaking not to exercise any lien on the Vessel or her Insurances or Earnings for the cost of such repairs or work or otherwise; and (e) not, without the prior written consent of the Agent, permit any major change or structural alteration to the Vessel. Within 15 days prior to the Utilisation Date the Borrower shall inform the Agent of the classification society of the Vessel.

Classification and repairs. (a) The Borrower Borrowers shall, and shall procure that any Charterer or Technical the relevant Manager shall, keep or shall procure that the each Vessel is kept in a good, safe and efficient condition consistent with first class ownership and management practice and in particular: : (a) so as to maintain its class at the highest level with American Bureau of Shipping (with notation +A1, Oil Carrier, +AMS, +ACCU, ESP, CSR, AB-CM, UWILD, TCM, SPMA, CPS, VEC, BWE, BWT, RW, ENVIRO+, POT,GP, NBLES) DNV GL or another IACS classification society approved by to the AgentMajority Lenders, free of overdue material recommendations and qualifications; and (b) so as to comply with the laws and regulations (statutory or otherwise) applicable to units registered under the flag state of the that Vessel or to vessels trading to any jurisdiction to which the that Vessel may trade from time to time; (c) not, without the prior written consent of the Agent (which shall not be unreasonably withheld)Lenders, change the classification society of the a Vessel; (d) not, without the prior written consent of the Agent, bring the a Vessel or allow the a Vessel to be brought to any yard for repairs or for the purpose of work being done upon her where the costs of such repairs or work is likely to exceed USD 5,000,000 3,000,000 (or the equivalent thereof in any other currency), unless such person shall first have given to the Agent and in terms reasonably satisfactory to it, a written undertaking not to exercise any lien on the that Vessel or her Insurances or Earnings for the cost of such repairs or work or otherwise; and (e) not, without the prior written consent of the Agent, not permit any major change or structural alteration to be made to a Vessel, nor any modification of, or part removal from, a Vessel in a way which would materially diminish her value; (f) procure that each Vessel is kept in a good, safe and efficient condition and state of repair consistent with the Vessel. Within 15 days prior industry’s best ownership and management practice with dry-docking to be completed at the Utilisation Date frequency required; and (g) not permit a Vessel to enter the Borrower shall inform the Agent territorial waters (12 mile limit) of the classification society US unless a valid Certificate of Financial Responsibility as required by the VesselUnited States Coast Guard has been obtained for that Vessel in advance.

Classification and repairs. (a) The Borrower shall, and shall procure that any Charterer or Technical the Manager shall, keep or shall procure that the Vessel is kept in a good, safe and efficient condition consistent with first class ownership and management practice and in particular: : (a) so as to maintain its class at the highest level with American Bureau of Shipping (with notation +A1, Oil Carrier, +AMS, +ACCU, ESP, CSR, AB-CM, UWILD, TCM, SPMA, CPS, VEC, BWE, BWT, RW, ENVIRO+, POT,GP, NBLES) DNV GL or another IACS classification society approved by to the Agent, free of overdue material recommendations and qualifications; and (b) so as to comply with the laws and regulations (statutory or otherwise) ), constitutional documents and international conventions applicable to units registered under the flag state of the Vessel or to vessels trading to any jurisdiction to which the Vessel may trade from time to time; (c) not, without the prior written consent of the Agent (which shall not be unreasonably withheld)Agent, change the classification society of the Vessel; (d) not, without the prior written consent of the Agent, bring the Vessel or allow the Vessel to be brought to any yard for repairs or for the purpose of work being done upon her where the costs of such repairs or work is likely to exceed USD 5,000,000 1,000,000 (or the equivalent thereof in any other currency), unless such person shall first have given to the Agent and in terms reasonably satisfactory to it, a written undertaking not to exercise any lien on the Vessel or her Insurances or Earnings for the cost of such repairs or work or otherwise; and; (e) not, without the prior written consent of the Agent, not permit any major change or structural alteration to be made to the Vessel. Within 15 days prior , nor any modification of, or part removal from, the Vessel in a way which would materially diminish her value; (f) procure that the Vessel is kept in a good, safe and efficient condition and state of repair consistent with the industry’s best ownership and management practice with dry-docking to be completed at the Utilisation Date frequency required under the Borrower shall inform Charterparty; and (g) not permit the Agent Vessel enter the territorial waters (12 mile limit) of the classification society US unless a valid Certificate of Financial Responsibility as required by the VesselUnited States Coast Guard has been obtained for the Vessel in advance.