Concerning the Vessel Sample Clauses
The "Concerning the Vessel" clause defines the specific requirements, conditions, or obligations related to the ship or vessel involved in a contract. This clause typically outlines details such as the vessel's specifications, seaworthiness, registration, and compliance with relevant laws or standards. For example, it may require the vessel to be in good operating condition, properly insured, and suitable for the intended cargo or voyage. Its core practical function is to ensure that both parties have a clear understanding of the vessel's condition and responsibilities, thereby reducing disputes and allocating risk related to the vessel's performance or suitability.
Concerning the Vessel. As of the Delivery Date, (a) the name, registered owner, official number, and jurisdiction of registration and flag of the Vessel shall be set forth on Schedule 8.19 (as updated from time to time by the Borrower pursuant to Section 9.13 with respect to flag jurisdiction, and otherwise (with respect to name, registered owner, official number and jurisdiction of registration) upon advance notice and in a manner that does not interfere with the Lenders’ Liens on the Collateral, provided that each applicable Credit Party shall take all steps requested by the Collateral Agent to preserve and protect the Liens created by the Security Documents on the Vessel) and (b) the Vessel is and will be operated in material compliance with all applicable law, rules and regulations.
Concerning the Vessel. (a) The name, registered owner, official number, and jurisdiction of registration and flag of the Vessel is set forth on Schedule 8.19 (as updated from time to time by the Borrower pursuant to Section 9.13 with respect to flag jurisdiction, and otherwise (with respect to name, registered owner, official number and jurisdiction of registration) upon advance notice and in a manner that does not interfere with the Lenders’ Liens on the Collateral, provided that each applicable Credit Party shall take all steps requested by the Collateral Agent to preserve and protect the Liens created by the Security Documents on the Vessel) and (b) the Vessel is and will be operated in material compliance with all applicable law, rules and regulations.
Concerning the Vessel. The Vessel is operated in material compliance with all applicable maritime rules and regulations. The Vessel is maintained and operated in compliance with all applicable Environmental Laws.
Concerning the Vessel. The Vessel complies, in all material respects, with all applicable laws and all applicable regulations thereunder. The Vessel is (i) covered by hull and machinery, protection and indemnity and excess liability insurance in accordance with the requirements of the Vessel Mortgage, and (ii) operated and maintained as a vessel in accordance in all material respects with all applicable laws and regulations. The Vessel is maintained and operated in compliance, in all material respects, with all applicable Environmental Laws.
Concerning the Vessel. The Borrower shall at all times operate the Vessel in compliance in all material respects with all Requirements and in compliance in all material respects with all rules, regulations and requirements of the American Bureau of Shipping or any other classification society selected by the Borrower and reasonably acceptable to the Lender. Upon the Lender's request, the Borrower shall furnish to the Lender a copy of the certificate of such classification society covering the Vessel no later than thirty (30) days after the end of each fiscal year of the Borrower.