Common use of Classification society undertaking Clause in Contracts

Classification society undertaking. If so requested by the Agent, on or before any Drawdown Date, or immediately on any change of Classification Society for any Vessel, irrevocably instruct (in such form as the Agent and the Majority Lenders may require in their sole discretion) the Classification Society of such Vessel to do all or any of the following during the Facility Period (and use reasonable endeavours to procure that the Classification Society undertakes with the Agent at such time): (a) to send to the Agent, following receipt of a written request from the Agent, certified true copies of all original class records held by the Classification Society in relation to that Vessel; (b) to allow the Agent (or its agents), at any time and from time to time, to inspect the original class and related records of the relevant Owner and that Vessel at the offices of the Classification Society and to take copies of them; (c) to notify the Agent immediately by email (xxxxxxx@xxxxxxx.xxx) if the Classification Society: (i) receives notification from the relevant Owner or any person that that Vessel’s Classification Society is to be changed; (ii) becomes aware of any facts or matters which may result in or have resulted in a change, suspension, discontinuance, withdrawal or expiry of that Vessel’s class under the rules or terms and conditions of that Owner’s or that Vessel’s membership of the classification society; or (iii) has imposed any requirements or recommendations in respect of the relevant Vessel which have not been complied with in accordance with their terms; (d) following receipt of a written request from the Agent: (i) to confirm that the relevant Owner is not in default of any of its contractual obligations or liabilities to the classification society and, without limiting the foregoing, that it has paid in full all fees or other charges due and payable to the classification society; or (ii) if that Owner is in default of any of its contractual obligations or liabilities to the classification society, to specify to the Agent in reasonable detail the facts and circumstances of such default, the consequences thereof, and any remedy period agreed or allowed by the classification society.

Appears in 1 contract

Samples: Facility Agreement (Navios Maritime Partners L.P.)

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Classification society undertaking. If so requested by The Borrower shall procure that each Guarantor and each Collateral Guarantor shall instruct the Agent, on or before any Drawdown Date, or immediately on any change of Classification Society for any Vessel, irrevocably instruct (classification society referred to in such form as the Agent and the Majority Lenders may require in their sole discretionClause 14.3(b) the Classification Society of such Vessel to do all or any of the following during the Facility Period (and use reasonable endeavours to procure that the Classification Society classification society undertakes with the Agent at such timeSecurity Trustee): (a) to send to the AgentSecurity Trustee, following receipt of a written request from the AgentSecurity Trustee, certified true copies of all original class records held by the Classification Society classification society in relation to that Vesselthe Ship owned by the relevant Guarantor or Collateral Guarantor; (b) to allow the Agent Security Trustee (or its agents), at any time and from time to time, to inspect the original class and related records of the relevant Owner that Guarantor or Collateral Guarantor and that Vessel its Ship at the offices of the Classification Society classification society and to take copies of them; (c) to notify the Agent Security Trustee immediately by email (xxxxxxx@xxxxxxx.xxx) in writing if the Classification Societyclassification society: (i) receives notification from the relevant Owner Guarantor or Collateral Guarantor or any person that that Vesselthe Ship’s Classification Society classification society is to be changed;; or (ii) becomes aware of any facts or matters which may result in or have resulted in a change, suspension, discontinuance, withdrawal or expiry of that Vesselthe Ship’s class under the rules or terms and conditions of that Ownerthe relevant Guarantor’s or that VesselCollateral Guarantor’s or its Ship’s membership of the classification society; or (iii) has imposed any requirements or recommendations in respect of the relevant Vessel which have not been complied with in accordance with their terms; (d) following receipt of a written request from the AgentSecurity Trustee: (i) to confirm that the relevant Owner Guarantor or Collateral Guarantor is not in default of any of its contractual obligations or liabilities to the classification society and, without limiting the foregoing, that it has paid in full all fees or other charges due and payable to the classification society; or (ii) if that Owner the relevant Guarantor or Collateral Guarantor is in default of any of its contractual obligations or liabilities to the classification society, to specify to the Agent Security Trustee in reasonable detail the facts and circumstances of such default, the consequences thereof, and any remedy period agreed or allowed by the classification society.

Appears in 1 contract

Samples: Facility Agreement (Navios Maritime Containers Inc.)

Classification society undertaking. If so requested by the Agent, on or before any Drawdown Date, or immediately on any change of Classification Society for any Vessel, irrevocably instruct (in such form as the Agent and the Majority Lenders may require in their sole discretion) the Classification Society of such Vessel to do all or any of the following during the Facility Period (and use reasonable endeavours to The Borrower shall procure that each Owner shall instruct the Approved Classification Society undertakes with the Agent at such time):Society: (a) to send to the AgentSecurity Trustee, following receipt of a written request from the AgentSecurity Trustee, certified true copies of all original class records held by the Approved Classification Society in relation to that Vesselthe Ship owned by it; (b) to allow the Agent Security Trustee (or its agents), at any time and from time to time, to inspect the original class and related records of the relevant that Owner and that Vessel the Ship owned by it at the offices of the Approved Classification Society and to take copies of them; (c) to notify the Agent Security Trustee immediately by email (xxxxxxx@xxxxxxx.xxx) in writing if the Approved Classification Society: (i) receives notification from the relevant that Owner or any other person that that Vesselits Ship’s Approved Classification Society is to be changed;; or (ii) becomes aware of any facts or matters which may result in or have resulted in a change, suspension, discontinuance, withdrawal or expiry of that Vesselits Ship’s class under the rules or terms and conditions of that Owner’s or that Vesselits Ship’s membership of the classification society; or (iii) has imposed any requirements or recommendations in respect of the relevant Vessel which have not been complied with in accordance with their termsApproved Classification Society; (d) following receipt of a written request from the AgentSecurity Trustee: (i) to confirm that the relevant such Owner is not in default of any of its contractual obligations or liabilities to the classification society Approved Classification Society and, without limiting the foregoing, that it has paid in full all fees or other charges due and payable to the classification societyApproved Classification Society; or (ii) if that such Owner is in default of any of its contractual obligations or liabilities to the classification societyApproved Classification Society, to specify to the Agent Security Trustee in reasonable detail the facts and circumstances of such default, the consequences thereofof such default, and any remedy period agreed or allowed by the classification societyApproved Classification Society.

Appears in 1 contract

Samples: Loan Agreement (Scorpio Bulkers Inc.)

Classification society undertaking. If so requested by the AgentAgent and provided that the Classification rules allow, on or before any the relevant Drawdown Date, or immediately on any change of Classification Society for any Vessel, irrevocably instruct (in such form as the Agent and the Majority Lenders may require in their sole discretion) the Classification Society of such each Vessel to do all or any of the following during the Facility Period (and use reasonable endeavours to procure that the Classification Society undertakes with the Agent at such time): (a) to send to the Agent, following receipt of a written request from the Agent, certified true copies of all original class records held by the Classification Society in relation to that Vessel; (b) to allow the Agent (or its agents), at any time and from time to time, to inspect the original class and related records of the relevant Owner Borrower and that Vessel at the offices of the Classification Society and to take copies of them; (c) to notify the Agent immediately by email (xxx@xxxxxxx.xxx, and xxxxxxx@xxxxxxx.xxx) if the Classification Society: (i) receives notification from the relevant Owner Borrower or any person that that Vessel’s Classification Society is to be changed; (ii) becomes aware of any facts or matters which may result in or have resulted in a change, suspension, discontinuance, withdrawal or expiry of that Vessel’s class under the rules or terms and conditions of that Ownerthe Borrower’s or that Vessel’s membership of the classification society; or (iii) has imposed any requirements or recommendations in respect of the relevant Vessel which have not been complied with in accordance with their terms; (d) following receipt of a written request from the Agent: (i) to confirm that the relevant Owner Borrower is not in default of any of its contractual obligations or liabilities to the classification society and, without limiting the foregoing, that it has paid in full all fees or other charges due and payable to the classification society; or (ii) if that Owner the Borrower is in default of any of its contractual obligations or liabilities to the classification society, to specify to the Agent in reasonable detail the facts and circumstances of such default, the consequences thereof, and any remedy period agreed or allowed by the classification society.

Appears in 1 contract

Samples: Facility Agreement (Navios Maritime Holdings Inc.)

Classification society undertaking. If so requested by The Borrower shall instruct the Agent, on or before any Drawdown Date, or immediately on any change of Classification Society for any Vessel, irrevocably instruct (classification society referred to in such form as the Agent and the Majority Lenders may require in their sole discretion) the Classification Society of such Vessel to do all or any of the following during the Facility Period Clause 13.3 (and use reasonable endeavours to procure that the Classification Society classification society undertakes with the Agent at such timeLender): (a) to send to the AgentLender, following receipt of a written request from the AgentLender, certified true copies of all original class records and any other related records held by the Classification Society classification society in relation to that Vesselthe Ship; (b) to allow the Agent Lender (or its agents), at any time and from time to time, to inspect the original class and related records of the relevant Owner Borrower and that Vessel the Ship at the offices of the Classification Society classification society and to take copies of them; (c) to notify the Agent Lender immediately by email (xxxxxxx@xxxxxxx.xxx) in writing if the Classification Societyclassification society: (i) receives notification from the relevant Owner Borrower or any other person that that Vesselthe Ship’s Classification Society classification society is to be changed;; or (ii) becomes aware of any facts or matters which may result in or have resulted in a change, suspension, discontinuance, withdrawal or expiry of that Vesselthe Ship’s class under the rules or terms and conditions of that Ownerthe Borrower’s or that Vesselthe Ship’s membership of the classification society; or (iii) has imposed any requirements or recommendations in respect of the relevant Vessel which have not been complied with in accordance with their terms;and (d) following receipt of a written request from the AgentLender: (i) to confirm that the relevant Owner Borrower is not in default of any of its contractual obligations or liabilities to the classification society and, without limiting the foregoing, that it has paid in full all fees or other charges due and payable to the classification society; or (ii) if that Owner the Borrower is in default of any of its contractual obligations or liabilities to the classification society, to specify to the Agent Lender in reasonable detail the facts and circumstances of such default, the consequences thereof, and any remedy period agreed or allowed by the classification society.

Appears in 1 contract

Samples: Loan Agreement (Box Ships Inc.)

Classification society undertaking. If so requested by the Agent, on or before any Drawdown Date, or immediately on any change of Classification Society for any Vessel, irrevocably instruct (in such form as the Agent and the Majority Lenders may require in their sole discretion) the Classification Society of such Vessel to do all or any of the following during the Facility Period (and use reasonable endeavours to procure that the Classification Society undertakes with the Agent at such time):Each Borrower shall: (a) to send to the AgentSecurity Trustee, following receipt of a written request from the AgentSecurity Trustee, certified true copies of all original class records and any other related records held by the Classification Society classification society in relation to the Ship owned by that VesselBorrower; (b) to allow the Agent Security Trustee (or its agents), at any time and from time to time, to inspect the original class and related records of the relevant Owner and that Vessel Ship at the offices of the Classification Society classification society and to take copies of them; (c) to notify the Agent Security Trustee immediately by email (xxxxxxx@xxxxxxx.xxx) if the Classification Societyin writing: (i) receives notification from the relevant Owner if that Borrower or any person notifies the classification society that that VesselShip’s Classification Society classification society is to be changed;; or (ii) becomes aware of any facts or matters which may result in or have resulted in a change, suspension, discontinuance, withdrawal or expiry of that VesselShip’s class under the rules or terms and conditions of that OwnerBorrower’s or that VesselShip’s membership of the classification society; or Provided that upon the occurrence of an Event of Default or a Potential Event of Default, the Security Trustee may directly instruct the classification society to provide it with the information referred to in paragraphs (iiia) has imposed any requirements or recommendations in respect of the relevant Vessel which have not been complied with in accordance with their terms;to (c) above. (d) following receipt of a written request from the AgentSecurity Trustee: (i) to confirm that the relevant Owner that Borrower is not in default of any of its contractual obligations or liabilities to the classification society and, without limiting the foregoing, that it has paid in full all fees or other charges due and payable to the classification society; or (ii) if that Owner Borrower is in default of any of its contractual obligations or liabilities to the classification society, to specify to the Agent Security Trustee in reasonable detail the facts and circumstances of such default, the consequences thereof, and any remedy period agreed or allowed by the classification society.

Appears in 1 contract

Samples: Loan Agreement (Global Ship Lease, Inc.)

Classification society undertaking. If so requested The Borrower shall procure that each Owner shall instruct the classification society of the Ship owned by the Agent, on or before any Drawdown Date, or immediately on any change of Classification Society for any Vessel, irrevocably instruct (in such form as the Agent and the Majority Lenders may require in their sole discretion) the Classification Society of such Vessel it to do all or any of the following during after the Facility Period occurrence of an Event of Default or an event which with the lapse of time of the giving of notice will constitute an Event of Default (and use reasonable endeavours to procure that the Classification Society classification society undertakes with the Agent Security Trustee at such time): (a) to send to the AgentSecurity Trustee, following receipt of a written request from the AgentSecurity Trustee, certified true copies of all original class records held by the Classification Society classification society in relation to that VesselShip; (b) to allow the Agent Security Trustee (or its agents), at any time and from time to time, to inspect the original class and related records of the relevant that Owner and that Vessel Ship at the offices of the Classification Society classification society and to take copies of them; (c) to notify the Agent Security Trustee immediately by email (xxxxxxx@xxxxxxx.xxx) in writing if the Classification Societyclassification society: (i) receives notification from the relevant that Owner or any person that that VesselShip’s Classification Society classification society is to be changed;; or (ii) becomes aware of any facts or matters which may result in or have resulted in a change, suspension, discontinuance, withdrawal or expiry of that VesselShip’s class under the rules or terms and conditions of that Owner’s or that VesselShip’s membership of the classification society; or (iii) has imposed any requirements or recommendations in respect of the relevant Vessel which have not been complied with in accordance with their terms; (d) following receipt of a written request from the AgentSecurity Trustee: (i) to confirm that the relevant that Owner is not in default of any of its contractual obligations or liabilities to the classification society and, without limiting the foregoing, that it has paid in full all fees or other charges due and payable to the classification society; or (ii) if that Owner is in default of any of its contractual obligations or liabilities to the classification society, to specify to the Agent Security Trustee in reasonable detail the facts and circumstances of such default, the consequences thereof, and any remedy period agreed or allowed by the classification society.

Appears in 1 contract

Samples: Loan Agreement (Tsakos Energy Navigation LTD)

Classification society undertaking. If so requested Each Borrower shall instruct the classification society of the Ship owned by the Agent, on or before any Drawdown Date, or immediately on any change of Classification Society for any Vessel, irrevocably instruct (in such form as the Agent and the Majority Lenders may require in their sole discretion) the Classification Society of such Vessel it to do all or any of the following during after the Facility Period occurrence of an Event of Default or (and use reasonable endeavours to procure that the Classification Society classification society undertakes with the Agent Security Trustee at such time): (a) to send to the AgentSecurity Trustee, following receipt of a written request from the AgentSecurity Trustee, certified true copies of all original class records held by the Classification Society classification society in relation to that Vesselthe Ship; (b) to allow the Agent Security Trustee (or its agents), at any time and from time to time, to inspect the original class and related records of the relevant Owner Borrower and that Vessel the Ship at the offices of the Classification Society classification society and to take copies of them; (c) to notify the Agent Security Trustee immediately by email (xxxxxxx@xxxxxxx.xxx) in writing if the Classification Societyclassification society: (i) receives notification from the relevant Owner that Borrower or any person that that Vessel’s Classification Society Ship's classification society is to be changed;; or (ii) becomes aware of any facts or matters which may result in or have resulted in a change, suspension, discontinuance, withdrawal or expiry of that Vessel’s Ship's class under the rules or terms and conditions of that Owner’s Borrower's or that Vessel’s Ship's membership of the classification society; or (iii) has imposed any requirements or recommendations in respect of the relevant Vessel which have not been complied with in accordance with their terms; (d) following receipt of a written request from the AgentSecurity Trustee: (i) to confirm that the relevant Owner that Borrower is not in default of any of its contractual obligations or liabilities to the classification society and, without limiting the foregoing, that it has paid in full all fees or other charges due and payable to the classification society; or (ii) if that Owner Borrower is in default of any of its contractual obligations or liabilities to the classification society, to specify to the Agent Security Trustee in reasonable detail the facts and circumstances of such default, the consequences thereof, and any remedy period agreed or allowed by the classification society.

Appears in 1 contract

Samples: Loan Agreement (Navios Maritime Holdings Inc.)

Classification society undertaking. If requested to do so requested by the AgentLender, on or before any Drawdown Date, or immediately on any change of Classification Society for any Vessel, irrevocably it shall instruct (the classification society referred to in such form as the Agent and the Majority Lenders may require in their sole discretion) the Classification Society of such Vessel to do all or any of the following during the Facility Period Clause 13.3 (and shall use reasonable its best endeavours to procure that the Classification Society classification society undertakes with the Agent at Lender or, to the extent that the classification society will not give such timeundertakings, shall use its best endeavours itself to comply with the undertakings referred to in paragraphs (a) to (d) below): (a) to send to the AgentLender, following receipt of a written request from the AgentLender, certified true copies of all original class records held by the Classification Society classification society in relation to that Vesselthe Ship owned by it; (b) to allow the Agent Lender (or its agents), at any time and from time to time, to inspect the original class and related records of that Borrower and the relevant Owner and that Vessel Ship owned by it at the offices of the Classification Society classification society and to take copies of them; (c) to notify the Agent Lender immediately by email (xxxxxxx@xxxxxxx.xxx) in writing if the Classification Societyclassification society: (i) receives notification from the relevant Owner that Borrower or any other person that that Vessel’s Classification Society Ship's classification society is to be changed;; or (ii) becomes aware of any facts or matters which may result in or have resulted in a change, suspension, discontinuance, withdrawal or expiry of that Vessel’s the Ship's class under the rules or terms and conditions of that Owner’s Borrower's or that Vessel’s Ship's membership of the classification society; or (iii) has imposed any requirements or recommendations in respect of the relevant Vessel which have not been complied with in accordance with their terms; (d) following receipt of a written request from the AgentLender: (i) to confirm that the relevant Owner that Borrower is not in default of any of its contractual obligations or liabilities to the classification society and, without limiting the foregoing, that it has paid in full all fees or other charges due and payable to the classification society; or (ii) if that Owner Borrower is in default of any of its contractual obligations or liabilities to the classification society, to specify to the Agent Lender in reasonable detail the facts and circumstances of such default, the consequences thereofof such default, and any remedy period agreed or allowed by the classification society.

Appears in 1 contract

Samples: Loan Agreement (Mc Shipping Inc)

Classification society undertaking. If so requested by the Agent, on or before any Drawdown Date, or immediately on any change of Classification Society for any Vessel, irrevocably instruct (in such form as the Agent and the Majority Lenders may require in their sole discretion) the Classification Society of such Vessel to do all or any of the following during the Facility Period (and use reasonable endeavours to The Borrower shall procure that the Classification Society Owner shall instruct the classification society referred to in Clause 14.3 (and procure that the classification society undertakes with the Agent at such timeSecurity Trustee): (a) to send to the AgentSecurity Trustee, following receipt of a written request from the AgentSecurity Trustee, certified true copies of all original class records and any other related records held by the Classification Society classification society in relation to that Vesselthe Ship; (b) to allow the Agent Security Trustee (or its agents), at any time and from time to time, to inspect the original class and related records of the relevant Owner and that Vessel Ship at the offices of the Classification Society classification society and to take copies of them; (c) to notify the Agent Security Trustee immediately by email (xxxxxxx@xxxxxxx.xxx) in writing if the Classification Societyclassification society: (i) receives notification from the relevant Borrower or the Owner or any person that that Vesselthe Ship’s Classification Society classification society is to be changed;; or (ii) becomes aware of any facts or matters which may result in or have resulted in a change, suspension, discontinuance, withdrawal or expiry of that Vesselthe Ship’s class under the rules or terms and conditions of that the Owner’s or that Vesselthe Ship’s membership of the classification society; or (iii) has imposed any requirements or recommendations in respect of the relevant Vessel which have not been complied with in accordance with their terms; (d) following receipt of a written request from the AgentSecurity Trustee: (i) to confirm that the relevant Owner is not in default of any of its contractual obligations or liabilities to the classification society and, without limiting the foregoing, that it has paid in full all fees or other charges due and payable to the classification society; or (ii) if that the Owner is in default of any of its contractual obligations or liabilities to the classification society, to specify to the Agent Security Trustee in reasonable detail the facts and circumstances of such default, the consequences thereof, and any remedy period agreed or allowed by the classification society.

Appears in 1 contract

Samples: Loan Agreement (Capital Product Partners L.P.)

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Classification society undertaking. If so requested by The Borrower shall instruct the Agent, on or before any Drawdown Date, or immediately on any change of Classification Society for any Vessel, irrevocably instruct (classification society referred to in such form as the Agent and the Majority Lenders may require in their sole discretionClause 14.3(a) the Classification Society of such Vessel to do all or any of the following during the Facility Period (and use reasonable endeavours to procure that the Classification Society classification society undertakes with the Agent at such timeSecurity Trustee): (a) to send to the AgentSecurity Trustee, following receipt of a written request from the AgentSecurity Trustee, certified true copies of all original class records held by the Classification Society classification society in relation to that Vesselthe Ship; (b) to allow the Agent Security Trustee (or its agents), at any time and from time to time, to inspect the original class and related records of the relevant Owner Borrower and that Vessel the Ship at the offices of the Classification Society classification society and to take copies of them; (c) to notify the Agent Security Trustee immediately by email (xxxxxxx@xxxxxxx.xxx) in writing if the Classification Societyclassification society: (i) receives notification from the relevant Owner Borrower or any person that that Vesselthe Ship’s Classification Society classification society is to be changed;; or (ii) becomes aware of any facts or matters which may result in or have resulted in a change, suspension, discontinuance, withdrawal or expiry of that Vesselthe Ship’s class under the rules or terms and conditions of that Ownerthe Borrower’s or that Vesselthe Ship’s membership of the classification society; or (iii) has imposed any requirements or recommendations in respect of the relevant Vessel which have not been complied with in accordance with their terms; (d) following receipt of a written request from the AgentSecurity Trustee: (i) to confirm that the relevant Owner Borrower is not in default of any of its contractual obligations or liabilities to the classification society and, without limiting the foregoing, that it has paid in full all fees or other charges due and payable to the classification society; or (ii) if that Owner the Borrower is in default of any of its contractual obligations or liabilities to the classification society, to specify to the Agent Security Trustee in reasonable detail the facts and circumstances of such default, the consequences thereof, and any remedy period agreed or allowed by the classification society.

Appears in 1 contract

Samples: Loan Agreement (DryShips Inc.)

Classification society undertaking. If so requested by the AgentAgent and provided that the Classification rules allow, on or before any the Drawdown Date, or immediately on any change of Classification Society for any Vessel, irrevocably instruct (in such form as the Agent and the Majority Lenders may require in their sole discretion) the Classification Society of such each Vessel to do all or any of the following during the Facility Period (and use reasonable endeavours to procure that the Classification Society undertakes with the Agent at such time): (a) to send to the Agent, following receipt of a written request from the Agent, certified true copies of all original class records held by the Classification Society in relation to that Vessel; (b) to allow the Agent (or its agents), at any time and from time to time, to inspect the original class and related records of the relevant Owner and that Vessel at the offices of the Classification Society and to take copies of them; (c) to notify the Agent immediately by email (xxx@xxxxxxx.xxx, and xxxxxxx@xxxxxxx.xxx) if the Classification Society: (i) receives notification from the relevant Owner or any person that that Vessel’s Classification Society is to be changed; (ii) becomes aware of any facts or matters which may result in or have resulted in a change, suspension, discontinuance, withdrawal or expiry of that Vessel’s class under the rules or terms and conditions of that Owner’s or that Vessel’s membership of the classification society; or (iii) has imposed any requirements or recommendations in respect of the relevant Vessel which have not been complied with in accordance with their terms; (d) following receipt of a written request from the Agent: (i) to confirm that the relevant Owner is not in default of any of its contractual obligations or liabilities to the classification society and, without limiting the foregoing, that it has paid in full all fees or other charges due and payable to the classification society; or (ii) if that Owner is in default of any of its contractual obligations or liabilities to the classification society, to specify to the Agent in reasonable detail the facts and circumstances of such default, the consequences thereof, and any remedy period agreed or allowed by the classification society.

Appears in 1 contract

Samples: Facility Agreement (Navios Maritime Holdings Inc.)

Classification society undertaking. If so requested by the Agent, on or before any Drawdown Date, or immediately on any change of Classification Society for any Vessel, irrevocably instruct Each Guarantor shall (in such form as the Agent and the Majority Lenders may require Borrower shall procure that each Guarantor shall) instruct the classification society referred to in their sole discretionClause 19.2 (Repair and Classification) the Classification Society of such Vessel to do all or any of the following during the Facility Period (and use reasonable endeavours to procure that the Classification Society classification society undertakes with the Agent at such timeSecurity Trustee): (a) to send to the AgentSecurity Trustee, following receipt of a written request from the AgentSecurity Trustee, certified true copies of all original class records held by the Classification Society that classification society in relation to that Vesselthe Collateral Vessel owned by it; (b) without prejudice to the generality of Clause 21.13 (Access to Records), to allow the Agent Security Trustee (or its agentsrepresentatives), at any time and from time to time, to inspect the original class and related records of the relevant Owner that Guarantor and that Collateral Vessel at the offices of the Classification Society that classification society and to take copies of them; (c) to notify the Agent Security Trustee immediately by email (xxxxxxx@xxxxxxx.xxx) in writing if the Classification Societythat classification society: (i) receives notification from the relevant Owner that Guarantor or any person that that Collateral Vessel’s Classification Society classification society is to be changed;; or (ii) becomes aware of any facts or matters which may result in or have resulted in a change, suspension, discontinuance, withdrawal or expiry of that Collateral Vessel’s class under the rules or terms and conditions of that OwnerGuarantor’s or that Collateral Vessel’s membership of the that classification society; or (iii) has imposed any requirements or recommendations in respect of the relevant Vessel which have not been complied with in accordance with their terms; (d) following receipt of a written request from the AgentSecurity Trustee: (i) to confirm that the relevant Owner that Guarantor is not in default of any of its contractual obligations or liabilities to the that classification society and, without limiting the foregoing, that it has paid in full all fees or other charges due and payable to the classification society; or (ii) if that Owner Guarantor is in default of any of its contractual obligations or liabilities to the that classification society, to specify to the Agent Security Trustee in reasonable detail the facts and circumstances of such default, the consequences thereof, of such default and any remedy period agreed or allowed by the that classification society.

Appears in 1 contract

Samples: Credit Facility Agreement (Ship Finance International LTD)

Classification society undertaking. If so requested by the AgentAgent and provided that the Classification rules allow, on or before any the relevant Drawdown Date, or immediately on any change of Classification Society for any either Vessel, irrevocably instruct (in such form as the Agent and the Majority Lenders may require in their sole discretion) the Classification Society of such each Vessel to do all or any of the following during the Facility Period (and use reasonable endeavours to procure that the Classification Society undertakes with the Agent at such time): (a) to send to the Agent, following receipt of a written request from the Agent, certified true copies of all original class records held by the Classification Society in relation to that Vessel; (b) to allow the Agent (or its agents), at any time and from time to time, to inspect the original class and related records of the relevant Owner and that Vessel at the offices of the Classification Society and to take copies of them; (c) to notify the Agent immediately by email (xxx@xxxxxxx.xxx, and xxxxxxx@xxxxxxx.xxx) if the Classification Society: (i) receives notification from the relevant Owner or any person that that Vessel’s Classification Society is to be changed; (ii) becomes aware of any facts or matters which may result in or have resulted in a change, suspension, discontinuance, withdrawal or expiry of that Vessel’s class under the rules or terms and conditions of that Owner’s or that Vessel’s membership of the classification society; or (iii) has imposed any requirements or recommendations in respect of the relevant Vessel which have not been complied with in accordance with their terms; (d) following receipt of a written request from the Agent: (i) to confirm that the relevant Owner is not in default of any of its contractual obligations or liabilities to the classification society and, without limiting the foregoing, that it has paid in full all fees or other charges due and payable to the classification society; or (ii) if that Owner is in default of any of its contractual obligations or liabilities to the classification society, to specify to the Agent in reasonable detail the facts and circumstances of such default, the consequences thereof, and any remedy period agreed or allowed by the classification society.

Appears in 1 contract

Samples: Facility Agreement (Navios Maritime Holdings Inc.)

Classification society undertaking. If so requested by Each Borrower shall instruct the Agent, on or before any Drawdown Date, or immediately on any change of Approved Classification Society for any Vessel, irrevocably instruct (in such form as the Agent and the Majority Lenders may require in their sole discretion) the Classification Society of such Vessel to do all or any of the following during the Facility Period (and use reasonable endeavours to procure that the Classification Society undertakes with the Agent at such time):Society: (a) a. to send to the AgentSecurity Trustee, following receipt of a written request from the AgentSecurity Trustee, certified true copies of all original class records held by the Approved Classification Society in relation to that Vesselthe Ship owned by it; (b) b. to allow the Agent Security Trustee (or its agents), at any time and from time to time, to inspect the original class and related records of that Borrower and the relevant Owner and that Vessel Ship owned by it at the offices of the Approved Classification Society and to take copies of them; (c) c. to notify the Agent Security Trustee immediately by email (xxxxxxx@xxxxxxx.xxx) in writing if the Approved Classification Society: (i) i. receives notification from the relevant Owner that Borrower or any other person that that Vessel’s its Ship's Approved Classification Society is to be changed;; or (ii) . becomes aware of any facts or matters which may result in or have resulted in a change, suspension, discontinuance, withdrawal or expiry of that Vessel’s its Ship's class under the rules or terms and conditions of that Owner’s Borrowers' or that Vessel’s its Ship's membership of the classification society; or (iii) has imposed any requirements or recommendations in respect of the relevant Vessel which have not been complied with in accordance with their termsApproved Classification Society; (d) d. following receipt of a written request from the AgentSecurity Trustee: (i) i. to confirm that the relevant Owner such Borrower is not in default of any of its contractual obligations or liabilities to the classification society Approved Classification Society and, without limiting the foregoing, that it has paid in full all fees or other charges due and payable to the classification societyApproved Classification Society; or (ii) . if that Owner such Borrower is in default of any of its contractual obligations or liabilities to the classification societyApproved Classification Society, to specify to the Agent Security Trustee in reasonable detail the facts and circumstances of such default, the consequences thereofof such default, and any remedy period agreed or allowed by the classification societyApproved Classification Society.

Appears in 1 contract

Samples: Loan Agreement (Scorpio Bulkers Inc.)

Classification society undertaking. If requested to do so requested by the AgentSecurity Trustee, on or before any Drawdown Date, or immediately on any change of Classification Society for any Vessel, irrevocably it shall instruct (the classification society referred to in such form as the Agent and the Majority Lenders may require in their sole discretion) the Classification Society of such Vessel to do all or any of the following during the Facility Period Clause 14.3 (and shall use reasonable its best endeavours to procure that the Classification Society classification society undertakes with the Agent at Security Trustee or, to the extent that the classification society will not give such timeundertakings, shall use its best endeavours itself to comply with the undertakings referred to in paragraphs (a) to (d) below): (a) to send to the AgentSecurity Trustee, following receipt of a written request from the AgentSecurity Trustee, certified true copies of all original class records held by the Classification Society classification society in relation to that Vesselthe Ship owned by it; (b) to allow the Agent Security Trustee (or its agents), at any time and from time to time, to inspect the original class and related records of that Borrower and the relevant Owner and that Vessel Ship owned by it at the offices of the Classification Society classification society and to take copies of them; (c) to notify the Agent Security Trustee immediately by email (xxxxxxx@xxxxxxx.xxx) in writing if the Classification Societyclassification society: (i) receives notification from the relevant Owner that Borrower or any other person that that VesselShip’s Classification Society classification society is to be changed;; or (ii) becomes aware of any facts or matters which may result in or have resulted in a change, suspension, discontinuance, withdrawal or expiry of that Vesselthe Ship’s class under the rules or terms and conditions of that OwnerBorrower’s or that VesselShip’s membership of the classification society; or (iii) has imposed any requirements or recommendations in respect of the relevant Vessel which have not been complied with in accordance with their terms; (d) following receipt of a written request from the AgentSecurity Trustee: (i) to confirm that the relevant Owner that Borrower is not in default of any of its contractual obligations or liabilities to the classification society and, without limiting the foregoing, that it has paid in full all fees or other charges due and payable to the classification society; or (ii) if that Owner Borrower is in default of any of its contractual obligations or liabilities to the classification society, to specify to the Agent Security Trustee in reasonable detail the facts and circumstances of such default, the consequences thereofof such default, and any remedy period agreed or allowed by the classification society.

Appears in 1 contract

Samples: Loan Agreement (Mc Shipping Inc)

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