Covenants of the Shipowner Sample Clauses

Covenants of the Shipowner. The Shipowner covenants and agrees with the Mortgagee as follows: (a) The Shipowner acknowledges it is justly indebted in accordance with the terms of the Third Lien Indenture, its Guaranty, and any other Third Lien Note Documents. The Shipowner will pay when due all Secured Obligations from time to time payable by the Shipowner under the Third Lien Indenture, its Guaranty, and the other Third Lien Note Documents and will observe, perform and comply with the covenants, terms and conditions herein and, as applicable, in the Third Lien Indenture, its Guaranty and any other Third Lien Note Documents, on its part to be observed, performed or complied with. The formula for the calculation of interest on the amounts due under the Notes and the other Third Lien Note Documents, and the terms of payment together with the terms of the repayment of the principal of the Secured Obligations that is in existence as of the date hereof are provided in the Third Lien Indenture and the other Third Lien Note Documents, as applicable. (b) [reserved]. Section 2.2 The Shipowner is and shall remain duly qualified to own, document and operate the Vessel under the applicable Legal Requirements of the Republic of Panama. The Vessel is duly documented in the name of the Shipowner as owner under the laws of the Republic of Panama with the Permanent Patent Number set forth in Whereas Clause 1 hereof. Section 2.3 The Shipowner lawfully owns and is lawfully possessed of the Vessel free from any Lien, charge or encumbrance whatsoever (except for this Mortgage, the First Mortgage, the Second Mortgage and Permitted Liens), and will warrant and defend the title and possession thereto and to every part thereof for the benefit of the Mortgagee against the claims and demands of all Persons whomsoever. Section 2.4 The Shipowner has caused this Mortgage to be duly filed and recorded and will comply with and satisfy all of the provisions and requirements of the Republic of Panama relating to the mortgaging of Panamanian flag vessels (including, but not limited to, the provisions and requirements of Chapters V and VI, Title IV of Law No. 55 of August 6, 2008 of the Republic of Panama amended by Law 27 of October 28th, 2014 and the pertinent provisions of the Civil Code and other laws of the Republic of Panama) (the “Panamanian Ship Mortgage Law”) and the regulations in effect thereunder from time to time, as amended, in order to establish, perfect and maintain this Mortgage as a valid, enforceable...

Covenants of the Shipowner. The Shipowner will pay, when due, the Indebtedness, represented by the Indenture, the Notes, the Guarantees and the Security Documents, and will observe, perform and comply with the covenants, terms and conditions herein and in the Indenture expressed or implied, on its part to be observed, performed or complied with.

Covenants of the Shipowner. 1.01. The Shipowner will pay, when due, the Indebtedness, represented by the Indenture, the Notes, the Guarantees and the Security Documents, and will observe, perform and comply with the covenants, terms and conditions herein and in the Indenture expressed or implied, on its part to be observed, performed or complied with. 1.02. The Shipowner represents and warrants to the Mortgagee that the Shipowner: (a) was duly organized and is now existing as a corporation under the laws of its jurisdiction of incorporation and is duly authorized to mortgage the Vessel and all corporate action necessary and required by law for the execution and delivery of this Mortgage has been duly and effectively taken and this Mortgage is and will be a valid and enforceable obligation of the Shipowner in accordance with its terms; (b) lawfully owns and is lawfully possessed of One Hundred per cent (100%) of the Vessel free from any lien or other encumbrance whatsoever prior to the lien of the Mortgagee under this Mortgage, except for liens for crew’s wages and other Permitted Liens (as defined in the Indenture) and, subject to such liens, will warrant and defend the title and possession thereof and to every part thereof for the benefit of the Mortgagee against the claims and demands of all persons whomsoever; (c) has not heretofore assigned or pledged or in any other way encumbered the Earnings, or the Requisition Compensation or any Charter or Contract of Affreightment or any part thereof; and (d) is not in default in any material respect under any Charter or Contract of Affreightment. 1.03. The Shipowner shall at all times comply with and satisfy all of the applicable provisions of the laws of the flag of the Vessel (including without limitation all rules and regulations issued thereunder) in order to maintain this Mortgage upon the Vessel and upon all renewals, replacements and improvements made in or to the same. The Shipowner will take all such action and execute all such instruments, as the Mortgagee may reasonably request from time to time in order to give full effect to this Mortgage and to further assure to the Mortgagee the security and benefit of this Mortgage and the right in rem and lien granted hereby. The Shipowner shall pay all reasonable fees and expenses in connection with the foregoing. 1.04. The Shipowner shall notify the Mortgagee forthwith by fax, thereafter confirmed by letter, of: (a) any damage to the Vessel requiring repairs the cost of which will exceed...

Covenants of the Shipowner. The Shipowner covenants and agrees with the Mortgagee as follows: SECTION

Covenants of the Shipowner. The Shipowner covenants that until all amounts owing under this Agreement and the Floating Rate Note have been paid in full, the Shipowner will, unless the Agents and the Lenders shall have consented in writing:

Covenants of the Shipowner. The Shipowner represents and, until termination of this Guarantee Commitment, agrees: (a) that the Vessel will be constructed substantially in accordance with the plans and specifications, as applicable, pursuant to the Construction Contract, as amended, by LETOXXXXXX, XXC., a shipyard within the United States approved by the Secretary, and on the Delivery Date will be and shall remain documented under the laws of the United States; (b) to furnish to the Secretary, promptly upon written request, such reasonable, material and pertinent reports, evidence, proof or information, in addition to that furnished pursuant to the further provisions of this Guarantee Commitment or in the application for this Guarantee Commitment under Title XI or otherwise available to the Secretary, as the Secretary may reasonably deem necessary or appropriate in connection with the performance by the Secretary of his duties and functions under the Act; (c) to maintain records of all amounts paid or obligated to be paid by or for the account of the Shipowner for the construction of the Vessel; (d) to permit the Secretary, promptly upon request, to make such reasonable, material and pertinent examination and audit of the Shipowner's books, records and accounts and to take (e) to maintain its United States citizenship within the meaning of Section 2 of the Shipping Act, 1916, as amended, for the purpose of operation of the Vessel in the trade or trades in which the Shipowner proposes to operate the Vessel, to the satisfaction of the Secretary and, at the time of the execution and delivery of the Authorization Agreement, to submit to the Secretary such supplemental proof of citizenship as the Secretary may deem appropriate to evidence the continued United States citizenship of the Shipowner for said purpose; and (f) to execute and deliver on the Closing Date, the Credit Agreement, the Obligations, the Indenture, the Security Agreement, the Secretary's Note, the Title XI Reserve Fund and Financial Agreement, and the Depository Agreement, and on the Delivery Date, to execute and deliver the Mortgage.

Covenants of the Shipowner. The Shipowner covenants and agrees with the Mortgagee as follows: Section 1. The Shipowner will pay the indebtedness secured hereby and interest thereon and the Shipowner will observe, perform and comply with each and every one of the covenants, terms and conditions herein and in the Credit Agreement and in the other Loan Documents, expressed or implied, on its part to be observed, performed or complied with.

Covenants of the Shipowner. 3 (1) Maintenance of Entity Status................................... 3 (2) Liens.......................................................... 3 (3) Maintenance of Mortgage........................................ 3

Covenants of the Shipowner. The Shipowner covenants and agrees until the date that this Mortgage ceases, determines and/or otherwise becomes void in accordance with Clause 3(a) that it:

Covenants of the Shipowner. 3 SECTION 1.