Common use of ISM Code Clause in Contracts

ISM Code. Each Vessel Owner shall, and shall procure that the Manager shall (or, in the case of a Collateral Vessel which is subject to a Charter which is a demise or bareboat charter to a Person who is not a member of the Guarantor Group, shall procure that the Charterer of such Collateral Vessel shall): (a) at all times be responsible for compliance by itself and by each Collateral Vessel with the ISM Code; and (b) at all times ensure that: (i) each Collateral Vessel has a valid Safety Management Certificate (as defined in the ISM Code); (ii) each Collateral Vessel is subject to a safety management system (as defined in the ISM Code) which complies with the ISM Code; and (iii) there is a valid Document of Compliance (as defined in the ISM Code), which is held on board the Collateral Vessel, (c) and shall deliver to the Note Administrative Agent, a copy of a valid Safety Management Certificate and a valid Document of Compliance in respect of the relevant Collateral Vessel, in each case duly certified by an officer of the Company; (d) promptly notify the Note Administrative Agent of any actual or, upon becoming aware of the same, threatened withdrawal of an applicable Safety Management Certificate or Document of Compliance; (e) promptly notify the Note Administrative Agent of the identity of the person ashore designated for the purposes of paragraph 4 of the ISM Code and of any change in the identity of that person; and (f) promptly upon becoming aware of the same notify the Note Administrative Agent of the occurrence of any material accident or major non-conformity (as defined in the ISM Code) requiring action under the ISM Code.

ISM Code. Each Vessel Owner shall, and shall procure that the Manager shall (or, in the case of a Collateral Vessel which is subject to a Charter which is a demise or bareboat charter to a Person person who is not a member of the Guarantor Group, shall procure that the Charterer of such Collateral Vessel shall): (a) at all times be responsible for compliance by itself and by each Collateral Vessel with the ISM Code; and (b) at all times ensure that: (i) each Collateral Vessel has a valid Safety Management Certificate (as defined in the ISM Code); (ii) each Collateral Vessel is subject to a safety management system (as defined in the ISM Code) which complies with the ISM Code; and (iii) there is a valid Document of Compliance (as defined in the ISM Code), which is held on board the Collateral Vessel, (c) and shall deliver to the Note Administrative Agent, a copy of a valid Safety Management Certificate and a valid Document of Compliance in respect of the relevant Collateral Vessel, in each case duly certified by an officer of the CompanyBorrower; (d) promptly notify the Note Administrative Agent of any actual or, upon becoming aware of the same, threatened withdrawal of an applicable Safety Management Certificate or Document of Compliance; (e) promptly notify the Note Administrative Agent of the identity of the person ashore designated for the purposes of paragraph 4 of the ISM Code and of any change in the identity of that person; and (f) promptly upon becoming aware of the same notify the Note Administrative Agent of the occurrence of any material accident or major non-conformity (as defined in the ISM Code) requiring action under the ISM Code.

ISM Code. Each Vessel Owner shall, and shall procure that the Manager shall (or, or in the case of a Collateral Vessel which is subject to a Charter which is a demise or bareboat charter to a Person person who is not a member of the Guarantor Group, shall procure that the Charterer of such Collateral Vessel shall): (a) at all times be responsible for compliance by itself and by each Collateral Vessel with the ISM Code; and (b) at all times ensure that: (i) each Collateral Vessel has a valid Safety Management Certificate (as defined in the ISM Code); (ii) each Collateral Vessel is subject to a safety management system (as defined in the ISM Code) which complies with the ISM Code; and (iii) there is a valid Document of Compliance (as defined in the ISM Code), which is held on board the Collateral Vessel, (c) and shall deliver to the Note Administrative Agent, a copy of a valid Safety Management Certificate and a valid Document of Compliance in respect of the relevant Collateral Vessel, in each case duly certified by an officer of the CompanyBorrower; (d) promptly notify the Note Administrative Agent of any actual or, upon becoming aware of the same, threatened withdrawal of an applicable Safety Management Certificate or Document of Compliance; (e) promptly notify the Note Administrative Agent of the identity of the person ashore designated for the purposes of paragraph 4 of the ISM Code and of any change in the identity of that person; and (f) promptly upon becoming aware of the same notify the Note Administrative Agent of the occurrence of any material accident or major non-conformity (as defined in the ISM Code) requiring action under the ISM Code.