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 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 Borrower; (d) promptly notify the 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 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 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.

Appears in 2 contracts

Samples: Credit Agreement (Atlas Corp.), Credit Agreement (Atlas Corp.)

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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 BorrowerCompany; (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.

Appears in 2 contracts

Samples: Note Purchase Agreement (Atlas Corp.), Note Purchase Agreement (Atlas Corp.)

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): (ai) at all times be responsible for compliance by itself and by each Collateral Vessel with the ISM Code; and (bii) at all times ensure that: (i1) each Collateral Vessel has a valid Safety Management Certificate (as defined in the ISM Code); (ii2) each Collateral Vessel is subject to a safety management system (as defined in the ISM Code) which complies with the ISM Code; and (iii3) there is a valid Document of Compliance (as defined in the ISM Code), which is held on board the Collateral Vessel,; (ciii) and shall deliver to the 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 Borrower; (div) promptly notify the Administrative Agent of any actual or, upon becoming aware of the same, threatened withdrawal of an applicable Safety Management Certificate or Document of Compliance; (ev) promptly notify the Administrative Agent of the identity of the person Person ashore designated for the purposes of paragraph 4 of the ISM Code and of any change in the identity of that personPerson; andand 94 #4866-5228-1161 (fvi) promptly upon becoming aware of the same notify the 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.

Appears in 1 contract

Samples: Credit Agreement (Atlas Corp.)

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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 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 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 Borrower; (d) promptly notify the 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 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 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.

Appears in 1 contract

Samples: Credit Agreement (Atlas Corp.)

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