Common use of Removal of parts Clause in Contracts

Removal of parts. The relevant Security Party shall not remove any material part of the Ship owned by it, or any item of equipment owned by it installed on, that Ship unless 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, is free from any Security Interest or any right in favor of any person other than the Security Trustee and becomes on installation on that Ship the property of that Security Party and subject to the security constituted by the Mortgage (and Deed of Covenant where applicable), provided that the relevant Security Party may install and remove equipment owned by a third party if the equipment can be removed without any risk of damage to the Ship owned by it.

Removal of parts. The relevant Security No Credit Party shall not remove any material part of the Ship Vessel owned by it, or any item of equipment owned by it installed on, that Ship Vessel unless the part or item so removed is forthwith replaced by a suitable part or item which is in the same condition as or 61 better condition than the part or item removed, is free from any Security Interest or any right liens (other than Permitted DIP Liens) in favor of any person other than the Security Trustee Collateral Agent as security trustee and becomes on installation on that Ship Vessel the property of that Security the Credit Party concerned and subject to the security constituted by the Mortgage (and Deed of Covenant where applicable), relevant Mortgage; provided that the relevant Security a Credit Party may install and remove equipment owned by a third party if the equipment can be removed without any risk of damage to the Ship Vessel owned by it.

Removal of parts. The relevant Security No Credit Party shall not remove any material part of the Ship Vessel owned by it, or any item of equipment owned by it installed on, that Ship Vessel unless 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, is free from any Security Interest or any right liens (other than Permitted DIP Liens) in favor of any person other than the Security Trustee Collateral Agent as security trustee and becomes on installation on that Ship Vessel the property of that Security the Credit Party concerned and subject to the security constituted by the Mortgage (and Deed of Covenant where applicable), relevant Mortgage; provided that the relevant Security a Credit Party may install and remove equipment owned by a third party if the equipment can be removed without any risk of damage to the Ship Vessel owned by it.

Removal of parts. The relevant Security Party shall not remove any material part of the Ship owned by it, or any item of equipment owned by it installed on, that Ship unless 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, is free from any Security Interest or any right in favor of any person other than the Security Trustee and becomes on installation on that Ship the property of that Security Party and subject to the security constituted by the Mortgage (and Deed of Covenant where applicable), provided that the relevant Security Party may install and remove equipment owned by a third party if the equipment can be removed without any risk of damage to the Ship owned by it.