Common use of Removal and installation of parts Clause in Contracts

Removal and installation of parts. (a) Subject to paragraph (b) below, no Guarantor shall remove any material part of any Ship, or any item of equipment installed on any Ship unless: (i) the part or item so removed is forthwith replaced by a suitable part or item which is in the same condition as or better condition than the part or item removed; (ii) is free from any Security (other than Permitted Security) in favor of any person other than the Security Trustee; and (iii) becomes, on installation on that Ship, the property of that Guarantor and subject to the security constituted by the Mortgage on that Ship. (b) A Guarantor may install equipment owned by a third party if the equipment can be removed without any risk of damage to the Ship owned by that Guarantor.

Removal and installation of parts. (a) Subject to paragraph (b) below, no Collateral Guarantor shall remove any material part of any Ship, or any item of equipment installed on any Ship unless: (i) the part or item so removed is forthwith replaced by a suitable part or item which is in the same condition as or better condition than the part or item removed; (ii) the replacement part or item is free from any Security (other than Permitted Security) in favor favour of any person other than the Security TrusteeAgent; and (iii) the replacement part or item becomes, on installation on that Ship, the property of that Collateral Guarantor and subject to the security constituted by the Mortgage on that ShipShip and, if applicable, the related Deed of Covenant. (b) A Collateral Guarantor may install equipment owned by a third party if the equipment can be removed without any risk of damage to the Ship owned by that Collateral Guarantor.

Removal and installation of parts. (a) Subject to paragraph (b) below, no Guarantor shall remove any material part of any ShipVessel, or any item of equipment installed on any Ship Vessel unless: (i) the part or item so removed is forthwith replaced by a suitable part or item which is in the same condition as or better condition than the part or item removed; (ii) the replacement part or item is free from any Security (other than Permitted Security) in favor of any person other than the Security TrusteeAgent; and (iii) the replacement part or item becomes, on installation on that ShipVessel, the property of that Guarantor and subject to the security constituted by the Mortgage on that ShipMortgage. (b) A Guarantor may install equipment owned by a third party if the equipment can be removed without any the risk of material damage to the Ship Vessel owned by that Guarantor.