Common use of Condition and Compliance with Laws and Requirements of Insurers Clause in Contracts

Condition and Compliance with Laws and Requirements of Insurers. Keep each Vessel or any Mortgaged Vessel, or as the case may be, shall procure that the bareboat charterer or the sub-bareboat charterer shall keep each Vessel or any Mortgaged Vessel: (i) in a good and safe condition and state of repairs so as to be consistent with first-class ownership and management practice; (ii) in compliance with all laws and regulations applicable to vessels registered at ports in the Parana-Paraguay River System or to vessels trading to any jurisdiction to which the vessels may trade from time to time; and (iii) in compliance with the requirements of the insurers;

Appears in 2 contracts

Samples: Loan Agreement (Ultrapetrol Bahamas LTD), Loan Agreement (Ultrapetrol Bahamas LTD)

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Condition and Compliance with Laws and Requirements of Insurers. Keep each Vessel or any Paraguayan Mortgaged Vessel, or as the case may be, shall procure that the bareboat charterer or the sub-bareboat charterer shall keep each Vessel or any Mortgaged Vessel: (i) in a good and safe condition and state of repairs so as to be consistent with first-class ownership and management practice; (ii) in compliance with all laws and regulations applicable to vessels registered at ports in the Parana-Paraguay River System or to vessels trading to any jurisdiction to which the vessels may trade from time to time; and (iii) in compliance with the requirements of the insurers;

Appears in 2 contracts

Samples: Loan Agreement (Ultrapetrol Bahamas LTD), Loan Agreement (Ultrapetrol Bahamas LTD)

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Condition and Compliance with Laws and Requirements of Insurers. Keep each Vessel or any Mortgaged Vesselowned by it, or as the case may be, shall procure that the bareboat charterer Bareboat Charterer or the sub-bareboat charterer shall keep each Vessel or any Mortgaged Vesselowned by such Borrower: (i) in a good and safe condition and state of repairs so as to be consistent with first-class ownership and management practice; (ii) in compliance with all laws and regulations applicable to vessels registered at ports in the Parana-Paraguay River System or to vessels trading to any jurisdiction to which the vessels may trade from time to time; and (iii) in compliance with the requirements of the insurers;

Appears in 1 contract

Samples: Loan Agreement (Ultrapetrol Bahamas LTD)

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