Operation of the Vessel. (a) The Borrower will comply, or procure compliance in all material respects with the ISM Code and ISPS Code, all Environmental Laws and all other laws or regulations relating to the Vessel, its ownership, operation and management or to the business of the Borrower and shall not employ the Vessel nor allow its employment:
(i) in any manner contrary to any law or regulation in any relevant jurisdiction including but not limited to the ISM Code and ISPS Code; or
(ii) in the event of hostilities in any part of the world (whether war is declared or not), in any zone which is declared a war zone by any government or by the war risks insurers of the Vessel unless the Borrower has (at its expense) effected any special, additional or modified insurance cover which shall be necessary or customary for first class shipowners trading vessels within the territorial waters of such country at such time and has provided evidence of such cover to the Lender.
(b) Without limitation to the generality of Clause 8.4.6(a), the Borrower in respect of the Vessel, shall comply or procure compliance, with, as applicable, all requirements of the International Convention for the Safety of Life at Sea (SOLAS) 1974 as adopted, amended or replaced from time to time including, but not limited to, the STCW 95, the ISM Code or the ISPS Code.
Operation of the Vessel. The Shipowner shall not (unless otherwise required by any military authority of the United States and except during a Government Use (1) cause or permit the Vessel to be operated in any manner contrary to law or to any lawful rules or regulations of the Maritime Administration, or (2) unless there has been an actual or constructive total loss or an agreed or compromised total loss of the Vessel, abandon the Vessel in any foreign port.
(l) Concerning Section 2.02(h). Section 2.02(h) is deleted and the following substituted in lieu thereof:
(i) Material Changes in the Vessel. After the Delivery Date of the Vessel, the Shipowner shall not make, or permit to be made, any material change in the general dimensions or characteristics of the Vessel which changes the capacity of the Vessel to perform as originally intended by the Construction Contract, unless the Shipowner shall have received the Secretary's prior written consent thereto.
(m) Concerning Section 2.03(a). Section 2.03(a) is hereby amended as follows:
(a) The Construction Contract shall be maintained in full force and effect insofar as it relates to the due performance by the Shipowner and the Shipyard of all their respective obligations thereunder and the Shipowner shall not, without the Secretary's prior written consent, amend, modify, assign or terminate the Construction Contract or consent to any change in the Construction Contract which releases the Shipyard from its obligations to comply with the provisions of the Construction Contract or any applicable laws, treaties, conventions, rules and regulations; provided that, the Secretary's prior written consent shall not be necessary, but prompt written notice to the Secretary shall be given for (1) any mandatory or regulatory change to the Construction Contract as a result of any requirements of any governmental agency, or (2) any non-mandatory changes that Shipyard and Shipowner desire to make which do not exceed, with respect to any item of the Vessel's construction, two (2%) percent of the Actual Cost and which do not, in the aggregate, cause the Actual Cost to be increased more than five (5%) percent or the delivery and completion date of the Vessel to be extended more than fifteen (15) days. Notwithstanding the foregoing, no change shall be made in the general dimensions and/or characteristics of the Vessel which changes the capacity of the Vessel to perform as originally intended by the Construction Contract without the Secretary's prior writt...
Operation of the Vessel. Seller shall continue to operate the Vessel in the Ordinary Course of Business, unless the Vessel is in lay-up, and use its commercially reasonable efforts to maintain the Vessel in substantially the same manner as heretofore.
Operation of the Vessel. Except when the Vessel has been in Government Use, the Shipowner shall not (1) cause or permit the Vessel to be operated in any manner contrary to applicable law, rule, or regulation of its country of documentation, all applicable treaties, conventions, or international agreements to which that country is a signatory and the laws, rules, and regulations of the ports it serves, (2) abandon the Vessel in any port unless there has been an actual or constructive total loss or an agreed or compromised total loss of the Vessel.
Operation of the Vessel. The Vessel and all related equipment shall at all times be operated and maintained in accordance with good industry practice.
Operation of the Vessel a) The Borrower shall procure the compliance in all material respects with the ISM Code and the ISPS Code, all Environmental Laws and all other laws or regulations relating to the Vessel, its ownership, operation and management or to the business of the Company and shall procure that the Company employs the Vessel and allow its employment:
(i) in any manner contrary to law or regulation in any relevant jurisdiction including but not limited to the ISM Code; and
(ii) in the event of hostilities in any part of the world (whether war is declared or not), in any zone which is declared a war zone by any government or by the war risk insurers of the Vessel unless the Company has (at its expense) effected any special, additional or modified insurance cover which shall be necessary or customary for first class shipowners trading vessels within the territorial waters of such country at such time and has provided evidence of such cover to the Lender. Without limitation to the generality of this Clause 22.4, the Borrower shall procure compliance, with, as applicable, all requirements of the International Convention for the Safety of Life at Sea (SOLAS) 1974 as adopted, amended or replaced from time to time including, but not limited to, the STCW 95, the ISM Code or the ISPS Code.
b) The Vessel shall be employed under the Charterparty.
Operation of the Vessel a) The Borrower shall comply, or procure the compliance by any manager, in all material respects with the ISM Code, the ISPS Code, Marpol, all Environmental Laws and all other laws or regulations applicable to the Vessel, their ownership, operation and management or to the business of the Borrower and shall not employ the Vessel nor allow its employment: (i) in any manner contrary to law or regulation in any relevant jurisdiction including but not limited to the ISM Code; (ii) in U.S. waters contrary to COFR regulations, always ensuring as required that a Certificate of Financial Responsibility is maintained for such purpose; and (iii) in the event of hostilities in any part of the world (whether war is declared or not), in any zone which is declared a war zone by any government or by the war risk insurers of the Vessel unless the Borrower has (at its expense) effected any special, additional or modified insurance cover which shall be necessary or customary for first class shipowners trading vessels within the territorial waters of such country at such time and has provided evidence of such cover to the Agent.
Operation of the Vessel. The Shipowner shall not (except when the Vessel is in Government Use)
(1) cause or permit the Vessel to be operated in any manner contrary to law or to any lawful rules or regulations of the Maritime Administration, or (2) unless there has been an actual or constructive total loss or an agreed or compromised total loss of the Vessel, abandon the Vessel in any foreign port.
(2) In connection with Section 2.02(g), the Vessel shall, on and after the Delivery Date, meet all requirements to entitle it to the highest classification and rating for vessels of the same age and type in the American Bureau of Shipping ("ABS"). While the Obligations are Outstanding, the Vessel shall be maintained in ABS class. The Shipowner shall submit a certificate annually stating that the Vessel continues to remain in ABS class.
(3) Section 2.02(h) is deleted and the following substituted in lieu thereof:
Operation of the Vessel a) The Borrower shall comply, or procure the compliance by any manager, in all material respects with the ISM Code, the ISPS Code, Marpol, all Environmental Laws and all other laws or regulations applicable to the Vessel, their ownership, operation and management or to the business of the Borrower and shall not employ the Vessel nor allow its employment: (i) in any manner contrary to law or regulation in any relevant jurisdiction including but not limited to the ISM Code; (ii) in U.S. waters contrary to COFR regulations, always ensuring as required that a Certificate of Financial Responsibility is maintained for such purpose; and 10127241/1 67 (iii) in the event of hostilities in any part of the world (whether war is declared or not), in any zone which is declared a war zone by any government or by the war risk insurers of the Vessel unless the Borrower has (at its expense) effected any special, additional or modified insurance cover which shall be necessary or customary for first class shipowners trading vessels within the territorial waters of such country at such time and has provided evidence of such cover to the Agent.
Operation of the Vessel a) The Borrower shall comply, or procure the compliance in all material respects with the ISM Code and the ISPS Code, all Environmental Laws and all other laws or regulations relating to the Vessel, its ownership, operation and management or to the business of the Borrower and shall not employ the Vessel nor allow its employment:
(i) in any manner contrary to law or regulation in any relevant jurisdiction including but not limited to the ISM Code; and
(ii) in the event of hostilities in any part of the world (whether war is declared or not), in any zone which is declared a war zone by any government or by the war risk insurers of the Vessel unless the Borrower has (at its expense) effected any special, additional or modified insurance cover which shall be necessary or customary for first class shipowners trading vessels within the territorial waters of such country at such time and has provided evidence of such cover to the Agent. Without limitation to the generality of this Clause 22.4, the Borrower shall comply or procure compliance, with, as applicable, all requirements of the International Convention for the Safety of Life at Sea (SOLAS) 1974 as adopted, amended or replaced from time to time including, but not limited to, the STCW 95, the ISM Code or the ISPS Code.
b) The Vessel shall be employed under the Bareboat Charterparty and, except as contemplated under the Operating Agreement, the Borrower shall not, without the prior written consent of the Agent (on behalf of the Majority Lenders), neither terminate, cancel, make any [material] amendments or supplements to the Bareboat Charterparty nor assign the Bareboat Charterparty to any of the person (save for the Bareboat Charterparty Assignment).
