Maintenance of Vessels. (a) The Mortgagor will at all times, without cost or expense to the Mortgagee, maintain and preserve the Vessels in all material respects, and cause the Vessels in all material respects to be tight, staunch, strong and well and sufficiently tackled, appareled, victualed, fitted, manned, furnished and equipped and to be maintained and preserved, in good running order and repair so that the Vessels in all material respects shall be well equipped and seaworthy, in good working order, repair and operating condition, ordinary wear and tear excepted. At all times, at its own cost and expense, the Mortgagor will exercise due diligence to maintain and preserve the Vessels in all material respects in as good condition, working order and repair as at the time of the execution of this Fleet Mortgage, ordinary wear and tear and depreciation excepted, and will maintain the Vessels in all material respects in accordance with good marine maintenance practice and procedures and applicable legal or regulatory requirements for the service in which they then are or will be engaged, and in such condition as will enable the Vessels in all material respects to pass such inspection as may be required by marine underwriters as a condition of their writing such insurance and in such amounts as is required under this Fleet Mortgage. Furthermore, the Mortgagor will cause each Vessel to be periodically inspected, drydocked and recoated (hull paint), and its machinery overhauled in accordance with normal marine practices or as may be required by the United States Coast Guard. At the request of the Mortgagee, the Mortgagor shall cause a marine surveyor satisfactory to the Mortgagee to perform a survey, inspection or other actions as may be necessary on a representative sample of the Vessels (the number or location of such Vessels included in such representative sample to be determined by the Mortgagee in its discretion), to prove or establish that the Vessels in all material respects have been maintained and preserved in accordance with the provisions of this Section 2.10(a). In addition, the Mortgagor shall provide at the end of each six-month period commencing six weeks following the date hereof to the Mortgagee a certificate of the chief marine operations officer (currently James J. Farley, Senior Vice President Transportation Services) of thx Xxxxxxxxx xxxting that the Vessels have been maintained and preserved in accordance with the requirements of this Section 2.10(a).
(b) The Mo...
Maintenance of Vessels. At its own cost and expense, maintain, repair, refurbish and keep (or cause to be maintained, repaired, refurbished or kept) each Vessel, (i) according to prudent industry practice, (ii) seaworthy and otherwise capable of performing in all material respects the function for which it was designed and shall be in good working order with allowance for normal wear and tear, (ii) suitable for continued commercial use, (iii) in a manner consistent with maintenance, repair and refurbishment practices used by it in respect of Vessels owned, serviced or leased by it (or any of its Affiliate), (iv) in accordance in all material respects with all manufacturer's warranties in effect and in accordance with all applicable provisions, if any, of insurance policies required to be maintained, and (v) in compliance in all material respects with any applicable laws (including, without limitation, annual inspections required under Panamanian law). In no event shall it adversely discriminate in any material respect as to the use or maintenance, repair or refurbishment of any Vessel as compared to any other vessel of a similar nature which it owns, services or leases. It will maintain, or cause to be maintained, in all material respects all records, logs and other materials required by applicable law, relevant industry standards or any Governmental Authority having jurisdiction over any Vessel. All such records, logs and other materials shall be held for the benefit of the Agent and the Lenders.
Maintenance of Vessels. The Partnership will maintain each Vessel in such condition as will entitle such Vessel to the highest classification and rating for vessels of the same age and type of the American Bureau of Shipping, or such other classification society of like standing which shall accept such Vessel for classification purposes.
Maintenance of Vessels. The Borrower will maintain, or cause to be maintained, the Vessels in the highest classification for such vessels with the American Bureau of Shipping, Lloyds Register of Shipping or such other classification society as the Agent may approve.
Maintenance of Vessels. 5.1 Without limiting anything in the Marina Rules, the Licensee shall keep any vessel occupying the Berth in good serviceable condition and repair so as not to obstruct, interfere with or endanger other vessels navigating or berthed in Port Nikau Marina or damage any Structures.
5.2 If the Licensee breaches clause 5.1, the Licensor may serve a notice on the Licensee requiring the Licensee to repair any vessel occupying the Berth as required by clause 5.1 or remove the vessel from the Berth, within a specified time not less than 30 days. A failure by the Licensee to comply with that notice shall be a breach entitling the Licensor to terminate this Licence under clause 18.1(a).
Maintenance of Vessels. At all times and without cost or expense to Lender, Freedom and 215 will maintain and preserve, or cause to be maintained and preserved, its Vessel in good running order and repair, so that each Vessel shall be, insofar as due diligence can make them so, tight, staunch, strong and sufficiently well tackled, appareled, furnished, equipped in every respect to seaworthy and in good operating condition. Each Vessel shall, and Freedom and 215 covenant that they will, at all times comply with all applicable laws, treaties and conventions of the United States of America and rules and regulations issued thereunder, it shall have on board as and when required thereby valid certificates showing compliance therewith. Freedom and 215 each will cause its Vessel to be dry-docked as per class requirements. Freedom and 215 shall give Lender five (5) business day's prior notice of dry-docking of either Vessel so as to afford Lender the opportunity to be present and inspect the same. Neither Freedom nor 215 shall make, or permit to be made, any substantial change in the structure, type and speed of either Vessel or change in the Vessels rigs that might result in a decrease or reduction in the value or utility of such Vessel.
Maintenance of Vessels. The Borrowers will maintain, or cause to be maintained, the Vessels in the highest classification for such vessels with the American Bureau of Shipping, Lloyds Register of Shipping or such other classification society as the Agent may approve.
Maintenance of Vessels. The Mortgagor will at its own expense at all times maintain, preserve and keep the Vessels in good condition, working order and repair and will from time to time make all needed and proper repairs, renewals, replacements, betterments and improvements, including without limitation those replacements required by Section 4.12 of Article IV. The Vessels shall, and the Mortgagor covenants that they will, at all times comply with all applicable laws, treaties and covenants and rules and regulations issued thereunder.
Maintenance of Vessels. The Borrowers will maintain, or cause to be maintained, the CAJUN HORIZON and the AMERICAN HORIZON in the highest classification for such vessels with the American Bureau of Shipping or such other classification society as the Lender may approve and will, within one hundred eighty (180) days of the date of the advance referred to in Section 2.1(c)(i) above as to the PHOENIX HORIZON and within ninety (90) days of the date of the advance referred to in Section 2.1(c)(iii) above as to the GULF HORIZON, cause such Vessels to be classed in the highest classification for such Vessels with the American Bureau of Shipping and thereafter to maintain such class as to all of the Vessels other than the MR. XXXXX.
Maintenance of Vessels. Owner will exercise due diligence to put the Vessels in good running condition, order and repair, well and sufficiently tackled, appareled, furnished and equipped and make them seaworthy, and Owner will, at all times, at its own expense and risk, so maintain and preserve the Vessels, ordinary wear and tear excepted. Owner shall keep the Vessels in such condition that they comply with all United States laws, treaties, conventions, rules, regulations and class certifications to which the Vessels are currently or may become subject, or that are otherwise applicable to vessels of the same type, and used in the same trade, as the Vessels, and keep on board the Vessels, when required thereby, valid certificates showing compliance therewith. Owner will not make, or permit to be made, any change in the structure, type, or speed of the Vessels, or any change in their rig, without receiving Mortgagee’s prior written approval. Owner shall provide notice of any loss of, or damage in excess of $100,000.00 to, a Vessel during the existence of this Mortgage within three (3) days following the occurrence giving rise thereto. Owner shall promptly repair any damage to such Vessel following a casualty or other occurrence (unless such Vessel has become a total, or constructive total, loss as a result of such casualty) in order to restore the Vessel to the condition required hereunder.
