Common use of Removal of parts Clause in Contracts

Removal of parts. Each Borrower shall not remove any material part of the Ship owned by that Borrower, or any item of equipment installed on, that Ship unless the part or item so removed is replaced in a timely manner by a suitable part or item which is in the same condition as or better condition than the part or item removed, is free from any Security Interest or any right in favour of any person other than the Security Trustee and, if it was the property of that Borrower prior to its removal, becomes on installation on that Ship the property of that Borrower and subject to the security constituted by the relevant Mortgage Provided that each Borrower 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 Borrower and provided further that that Borrower can remove obsolete equipment or equipment no longer required to ensure compliance with the rules and regulations of the Approved Classification Society of that Ship.

Removal of parts. Each The Borrower shall not procure that no Owner shall remove any material part of the Ship owned by that BorrowerShip, or any item of equipment installed on, that a Ship unless the part or item so removed is forthwith replaced in a timely manner by a suitable part or item which is in the same condition as or better condition than the part or item removed, is free from any Security Interest or any right in favour of any person other than the Security Trustee and, if it was the property of that Borrower prior to its removal, and becomes on installation on that Ship the property of that Borrower the relevant Owner and subject to the security constituted by the relevant Mortgage Provided that each Borrower an Owner may not install equipment owned by a third party if on the Ship unless such equipment is leased and installed in the ordinary course of business and can be removed without any risk of damage to the Ship owned by that Borrower it and without incurring significant expense; and provided further that that Borrower can an Owner may remove obsolete equipment or equipment no longer required to ensure compliance with the rules and regulations of the Approved Classification Society classification society of that Ship.

Removal of parts. Each The Borrower shall not procure that no Owner shall remove any material part of the Ship owned by that Borrowerit, or any item of equipment installed on, that the Ship unless the part or item so removed is replaced in a timely manner by a suitable part or item which is in the same condition as or better condition than the part or item removed, is free from any Security Interest or any right in favour of any person other than the Security Trustee and, if it was the property of that Borrower the relevant Owner prior to its removal, becomes on installation on that the relevant Ship the property of that Borrower the relevant Owner and subject to the security constituted by the relevant Mortgage and/or the relevant Deed of Covenant Provided that each Borrower an Owner 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 Borrower it and provided further that that Borrower an Owner can remove obsolete equipment or equipment no longer required to ensure compliance with the rules and regulations of the Approved Classification Society classification society of that Ship.