Operation of Vessels. The applicable Borrower and each other Credit Party which owns or operates, or will own or operate, one or more Vessels will, at all times while owning or operating such Vessels, operate or cause such Vessel to be operated in a manner consistent with the standards set forth in the Collateral Agreements.
Operation of Vessels. At all times while owning or operating one or more Vessels:
Operation of Vessels. (a) From and after the execution and delivery of this Agreement until the Closing, Superior shall own, use and operate the Vessels in the ordinary course of business, consistent with past practices, including maintenance and repair of the Vessels, shall preserve the Vessels in their current condition (ordinary wear and tear excepted), shall not sell, transfer or assign any of the Vessels, shall continue to purchase on-board consumables and similar items in the ordinary course of business and consistent with past practices, shall comply in all material respects with all applicable laws and regulations in regard to the Vessels, shall not take any action which would adversely affect the ability of the parties to consummate the transactions contemplated by this Agreement, shall not subject any of the Vessels to any Encumbrance not affecting the Vessels as of the date hereof and shall not agree to take any action prohibited by this Section 5.3 or anything that would make the representations and warranties of Superior contained in this Agreement untrue or incorrect in any material respect.
Operation of Vessels. At any time operate the Vessels outside the navigation limits of the insurance carried pursuant to the Majestic Star Ship Mortgage or Tunica Ship Mortgage, as applicable.
Operation of Vessels. The applicable Borrower and each other Loan Party which owns or operates, or will own or operate, one or more Vessels will not (a) make or allow any modification to any Vessel, (b) employ or allow the employment of any Vessel or (c) charter any Vessel or permit the Vessel to serve under any contract, in each case, in a manner inconsistent with the standards set forth in the Security Documents, except as required by applicable Legal Requirements or the class society of such Vessel.
Operation of Vessels. The description of services to be performed by non-coastwise qualified vessels set forth in the General Disclosure Package and the Prospectus completely and correctly describes in all material respects the manner in which the Company and its Subsidiaries currently operate the marine vessels described in the General Disclosure Package and the Prospectus (the “Vessels”). At no time during the Company’s or any Subsidiary’s ownership, use or operation of the Vessels have any of the Vessels been operated, sold, chartered or otherwise transferred by the Company or its Subsidiaries to any person or entity in violation of any applicable laws, rules or regulations, except for such violations which would not, singly or in the aggregate, have a Material Adverse Effect. The Vessels and classifications of such Vessels are appropriate for the Company’s business, except for Vessels or classifications which would not, singly or in the aggregate, have a Material Adverse Effect.
Operation of Vessels. Except as has not resulted in, or is not reasonably expected, individually or in the aggregate, to result in, a Material Adverse Effect, each Shipowner will not cause or permit its Vessels to be operated in any manner contrary to applicable law, engage in any unlawful trade or operations or violate any applicable law or carry any cargo, in the case of any of the foregoing, that will unreasonably expose such Vessel to penalty, confiscation, forfeiture, capture or condemnation, and will not do, or suffer or permit to be done, anything that can or may injuriously affect the registration of such Vessel under the laws and regulations of the United States of America and will at all times keep each United States-flagged Xxxxx Act Vessel duly documented under Chapter 121 of Title 46 of the United States Code, eligible for registry and the coastwise trade of the United States under Section 2(c) of the Shipping Act of 1916, as amended; provided, that the foregoing shall not prohibit, and the Shipowner may enter into, Permitted Reflagging Transactions.
Operation of Vessels. 101 7.20 Permitted Tax Distributions................................................................... 101 7.21 Restrictions on Sale and Issuance of Subsidiary Stock......................................... 103 7.22 Membership Interests.......................................................................... 103 7.23 Limitation on Restricted Subsidiary Dividends................................................. 103
Operation of Vessels. 7 Section 3.05. Payment of Taxes, etc...........................................7 Section 3.06. Notice of Mortgage..............................................7 Section 3.07. Release From Arrest.............................................7 Section 3.08. Maintenance of Vessels..........................................7 Section 3.09. Access to Vessels...............................................8 Section 3.10.
Operation of Vessels. The Mortgagor will not (except during any period when the use or title to any Vessel has been taken, requisitioned or chartered by any Governmental Authority) cause or permit any Vessel to be operated in any manner contrary to applicable law or regulation, will not abandon any Vessel in any foreign port (unless an Event of Loss (as hereinafter defined) has occurred as to such Vessel or the safety or welfare of the Mortgagor's employees on such Vessel is endangered), will not engage in any unlawful trade, violate any law or carry any cargo that will expose any Vessel to penalty, forfeiture or capture and will not do, or suffer or permit to be done, anything which can or may injuriously affect the documentation of any Vessel under the existing laws and regulations of the United States of America. Mortgagor shall keep the operation of each Vessel within the permitted navigational limits set forth in the trading warranties of the policies of insurance covering such Vessel and in any case will not operate such Vessel, or permit such Vessel to be operated, in any area where such insurance would not be fully applicable and enforceable with respect to such Vessel and its operation.
