ISM Code compliance. The Borrower will: (a) procure that the Vessel remains for the duration of the Facility Period subject to a SMS; (b) maintain a valid and current SMC for the Vessel throughout the Facility Period and provide a copy to the Lender; (c) procure that the ISM Company maintains a valid and current DOC throughout the Facility Period and provide a copy to the Lender; and (d) immediately notify the Lender in writing of any actual or threatened withdrawal, suspension, cancellation or modification of the SMC of the Vessel or of the DOC of the ISM Company.
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Samples: Secured Loan Agreement (Poseidon Containers Holdings Corp.), Secured Loan Agreement (Paragon Shipping Inc.), Secured Multi Currency Reducing Revolving Credit Facility Agreement (Safe Bulkers, Inc.)
ISM Code compliance. The Each Borrower will:
(a) procure that the its Vessel remains for the duration of the Facility Period subject to a SMS;
(b) maintain a valid and current SMC for the its Vessel throughout the Facility Period and provide a copy to the LenderAgent;
(c) procure that the ISM Company maintains a valid and current DOC throughout the Facility Period and provide a copy to the LenderAgent; and
(d) immediately notify the Lender Agent in writing of any actual or threatened withdrawal, suspension, cancellation or modification of the SMC of the its Vessel or of the DOC of the ISM Company.
Appears in 1 contract
ISM Code compliance. The Each Borrower will:
(a) procure that the its Borrower’s Vessel remains for the duration of the Facility Period subject to a SMS;
(b) maintain a valid and current SMC for the its Borrower’s Vessel throughout the Facility Period and provide a copy to the LenderAgent;
(c) procure that the ISM Company maintains a valid and current DOC throughout the Facility Period and provide a copy to the LenderAgent; and
(d) immediately notify the Lender Agent in writing of any actual or threatened withdrawal, suspension, cancellation or modification of the SMC of the its Borrower’s Vessel or of the DOC of the ISM Company.
Appears in 1 contract
Samples: Secured Loan Agreement (Poseidon Containers Holdings Corp.)
ISM Code compliance. The Borrower will:
(a) procure that the Vessel remains for the duration of the Facility Period subject to a SMS;
(b) maintain a valid and current SMC for the Vessel throughout the Facility Period and provide a copy to the Lender;
(c) procure that the ISM Company maintains a valid and current DOC throughout the Facility Period and provide a copy to the Lender; and
(d) immediately notify the Lender in writing of any actual or threatened withdrawal, suspension, cancellation or modification of the SMC of the Vessel or of the DOC of the ISM ISM. Company.
Appears in 1 contract
ISM Code compliance. The Borrower will:
(a) procure that the Vessel remains for the duration of the Facility Period subject to a SMS;
(b) maintain a valid and current SMC for the Vessel throughout the Facility Period and provide a copy to the Lender;
(c) procure that the ISM Company maintains a valid and current DOC throughout the Facility Period and provide a copy to the Lender; and
(d) immediately notify the Lender in writing of any actual or `threatened withdrawal, suspension, cancellation or modification of the SMC of the Vessel or of the DOC of the ISM Company.
Appears in 1 contract
Samples: Secured Multi Currency Reducing Revolving Credit Facility Agreement (Safe Bulkers, Inc.)
ISM Code compliance. The Borrower shall procure that each Collateral Owner will:
(a) procure that the its Vessel remains for the duration of the Facility Period subject to a SMS;
(b) maintain a valid and current SMC for the its Vessel throughout the Facility Period and provide a copy to the LenderAgent;
(c) procure that the ISM Company maintains a valid and current DOC throughout the Facility Period and provide a copy to the LenderAgent; and
(d) immediately promptly notify the Lender Agent in writing of any actual or threatened withdrawal, suspension, cancellation or modification of the SMC of the its Vessel or of the DOC of the ISM Company.
Appears in 1 contract
Samples: Secured Loan Agreement (Energy Infrastructure Merger CORP)
ISM Code compliance. The Each Borrower will:
(a) procure that the its Vessel remains for the duration of the Facility Period subject to a SMS;
(b) maintain a valid and current SMC for the its Vessel throughout the Facility Period and provide a copy to the LenderAgent;
(c) procure that the ISM Company maintains a valid and current DOC throughout the Facility Period and provide a copy to the LenderAgent; and
(d) immediately notify the Lender Agent in writing of any actual or threatened withdrawal, suspension, cancellation or modification of the SMC of the its Vessel or of the DOC of the ISM Company.
Appears in 1 contract
ISM Code compliance. The Borrower will:
(a) procure that the Vessel remains for the duration of the Facility Period subject to a SMS;
(b) maintain a valid and current SMC for the Vessel throughout the Facility Period and provide a copy to the Lender;
(c) procure that the ISM Company maintains a valid and current DOC throughout the Facility Period and provide a copy to the Lender; and
(d) immediately notify provide the Lender in writing of any actual or threatened withdrawal, suspension, cancellation or modification of on its demand with such information and documentation regarding ISM Code compliance as the SMC of the Vessel or of the DOC of the ISM CompanyLender may reasonably require.
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