Common use of Condition of the Vessel Clause in Contracts

Condition of the Vessel. The Borrower shall procure that the Vessel and every part thereof is kept in a good and safe condition and state of repair, ordinary wear and tear excepted and shall ensure that all repairs to the Vessel or replacements of lost, damaged or worn parts and equipment in respect of the Vessel, are effected in such a manner so as not to diminish the value of the Vessel and in any event: (a) consistent with first-class ship ownership, operation and management standards in relation to ships of the Vessel’s age and type; (b) so as to maintain the Vessel’s present class, namely 1+HULL+MACH+Liquefied gas carrier/LNG, Shiptype 2G (-163°C, 500 kg/m3., 0.25 bar unrestricted navigation + VeriSTAR-HULL, + AUT-UMS,+SYS-NEQ-1,+MON-SHAFT, INWATERSURVEY, with the American Bureau of Shipping or the equivalent with another Classification Society approved by the Majority Lenders in writing and in each case free from any overdue recommendations and conditions affecting the Vessel’s class; and (c) so as to comply with the material provisions of all laws and regulations applicable to the Vessel, including, without limitation, Environmental Law and Environmental Approval, and to maintain all certificates, licences and permits applicable to vessels registered in the state of registration for the time being of the Vessel and to vessels trading to any jurisdiction to which the Vessel may trade from time to time in any such case.